"That is the point."
"You shall amass some sort of capital, and lend out money."
"This is the timeless function of a banca."
"I can only perceive two drawbacks to what is otherwise an excellent plan, my lord…"
"Don't say it. We have no capital…and no money."
"Just so, my lord."
"Is it not admirable, how simple things are in the beginning? Oh, how I love to begin things."
"Let's take them in order…what is the capital to be?"
"England."
"Ah, very well, I should have guessed from the name, ‘Bank of England.' Now, how about the money?"
"The Bank will issue some paper. But you are right. We need coinage. To be specific, we need recoinage."
A silence now fell over this snuggery in the corner of Mrs. Bligh's coffee-house. Roger had spent enough man-years orating in Parliament that he knew when a Pause for Effect was called for. And Daniel for his part was strangely affected, and lost all interest in speaking for a short time. The notion of recoinage made him strangely sad, and he was desirous of figuring out why. It would mean calling in all old coins—as well as the plate, candlesticks, bullion, et cetera—and melting them in the great crucibles of the Tower. Crucibles that purified and separated the genuine metal from the dross of the counterfeiters but thereby melted all those discrete objects together, destroying their individual characters.
Daniel had in his purse a pound coin stamped with a picture of Queen Elizabeth. He knew this because such coins were rarer than flawless diamonds now, and he was holding it back in case he had to ransom his life somehow. The Golden Comstocks—Roger's ancestors—had imported the metal from Spain and Thomas Gresham had caused the coin to be minted at such-and-such a weight, and had used some of his rake-off to build Gresham's College. The coin had been passing from hand to hand and purse to purse for more than a hundred years, and probably had more tales to tell than a ship full of Irish sailors—yet it was just a single mote in the dust-pile that was the English money supply. In a certain way to take that dust and shovel it into the maw of the crucibles was monstrous, like burning a library.
But imagine the glowing rivers that would spring from the lips of those crucibles when all of that tarnished silver was made clean, and made quick, and con-fused, and all of its old stories driven off as clouds of smoke that the river wind would carry away. Imagine the shining coins in purses everywhere—Mrs. Bligh striking out the debts from her ledger-book, her strong-box becoming a catch-basin for the new money, overflowing and spilling out gleaming rivulets down the street to the bankside coffee-merchants, and thence down the Thames into the wide.
"We've no choice," Daniel understood.
"We've no choice. The Pope has all the gold, all the silver, all the men, and the rich lands where the sun shines. We cannot long stand against Spain, France, the Empire, the Church. Not as long as power is like a scale, with our riches on one pan, and our adversaries' on the other. What are we to do, then? Daniel, you know that I think Alchemy is nonsense! Yet there is something in the idea of Alchemy; the conceit that we may cause gold to appear where 'twas not, by dint of artfulness and machinations up here." He pressed the tip of one index finger delicately to his forehead. "We have no mines, no El Dorado. If we want gold and silver we must look not to treasure-fleets from America. Yet if we conduct commerce here, and build the Bank of England, why, gold and silver will appear in our coffers as if by magic—or Alchemy if you prefer."
A pause to sip cold coffee. Then Daniel remarked, "You'll want to take a page from Gresham's book. ‘Bad money drives out good.' If the new coin is good, 'twill drive away the bad, not only from this island but everywhere. Everyone will desire English guineas, as they desire Pieces of Eight now. The demand will cause ever more gold and silver to wash up on our shores to be coined in the Tower, just as you prophesy."
Roger was nodding patiently, as if he and the Juncto had figured it all out long ago—which might or might not have been the case—but Daniel found it strangely reassuring all the same, and continued: "At the risk of sounding like a Royal Society partisan—"
"It is not much of a risk. Half of the Juncto are Fellows. And all are partisans of something."
"Very well, then, I submit that you want a Natural Philosopher running the Mint—not the usual corrupt, drunken, time-serving political hack."
This drew a brisk turn of the head from a gentleman who had been standing a short distance behind Roger, talking to another gent, or pretending to. Daniel realized he had spoken too loudly.
The gentleman was glaring at Daniel from beneath a copper-colored wig, one of the new model, narrow, with long ringlets trailing far down the back. The wig said that he had money and rank, yet was no admirer of the French. He would be High Church, Old Money, a reflexive backer of Monarchy—a Tory, as they were called nowadays. Odd that he should be passing the time of day in here—Mrs. Bligh's was a Whig haunt. For that reason Daniel rated it as unlikely that this fellow would challenge him to a duel.
Roger had noticed Daniel noticing all of these things, and had the good instincts not to look back. But his eyes flicked slightly upwards to a windowpane just above Daniel's head, and he scanned the reflections interestedly for a moment. Which in no way prevented his talking at the same time. "Indeed, Daniel, any man plucked from this coffee-house—with one or two exceptions—would be preferable to the fellows running our mint now, who are tapeworms."
Daniel was staring fixedly into Roger's eyes, but in the background he could see the Tory turning away. The Tory planted himself with his back toward Roger, set his coffee-cup down on a sideboard, rested a hand idly on the hilt of his small-sword, and seemed to survey the crowd of merry Whigs filling the house.
"It follows that any Fellow of the Royal Society would be excellent—but merely excellent is not quite good enough, Daniel. Normally it takes me hours to explain why this is true. You, thank God, have perceived it instantly. The fate of Britain and of Christendom hinge upon the power of the new good Pound Sterling to drive out the bad—to sweep all opposition from the field and bring gold and silver to our shores from every corner of the earth. The quality of money is only partly due to the purity of its metal—which any Natural Philosopher could see to. It is also a matter of trust, of prestige."
Daniel had now realized what was coming, and slid down in his chair, and put his hands over his face. "You don't want me to enlist him, Roger! I no longer have his ear. You want Fatio, Fatio, Fatio!"
"Everyone knows he is in-Fatio-ated—but passions are fleeting. You have known him longer than anyone, Daniel. You are the man for it. England needs you! Your Massachusetts sinecure awaits!"
Daniel had parted his fingers now and was peering out through slits in between. Unable to look Roger in the face, he was surveying the distant background. Andrew Ellis—a compact young man with a blond ponytail, an enjoyable, harmless young Parliamentarian—was coming over with a glass of claret in each hand, intent on breaking into the conversation and sharing his enjoyableness with Roger. If Daniel had hopes of weaseling out, he had to do it now. To Roger Comstock, silence implied not merely consent, but a blood oath.
"You cannot know what you are proposing, ensconcing such a man at the Tower, giving him control of our money. He has strange ideas, dark secrets—"
"I know all about the beastliness."
"No, that's not what I mean."
"Alchemy is an even more common vice."
"That's not it, either. He is a heretic, Roger."
"Look who's talking!"
"I mean, he does not even believe in the Trinity!"
Roger got a glazed-over look, as he always did when abstract theological matters were dragged into the conversation. Unlike ordinary men, who required several minutes to become fully glazed over, Roger could do it in an instant, as if a window-sash had dropped in front of him from a great height. Daniel parted his fingers more to observe this phenomenon. But instead his attention was drawn to something even odder: an expensive copper-colored wig hanging in midair behind Roger's chair. Its owner had ducked and darted out from under it as fast as a striking cobra and simply left it behind. It fell to the floor, of course. By that time the owner—who had red hair in a close Caesar crop—was whispering something into Andrew Ellis's ear. It must have been something extremely shocking, to judge from the look of astonishment—nay, horror—that had come over the normally beaming face of Mr. Ellis.