Étienne's face pinkened. "I pray it shall not be so cheeky as to create an embarrassment for our guests—"
"On the contrary, monsieur, 'tis meant to embarrass the English!"
"Oh, well, that is all right then."
"Pray continue, madame!"
"I shall, monsieur," said Eliza, "but first you must indulge me as I speculate."
"Consider yourself indulged."
"The jacht on which you arrived is under conspicuously heavy guard. I speculate that it is laden with specie that is meant to cross the Channel with the invasion force and be used to pay the French and Irish soldiers during their campaign in England."
Pontchartrain smiled weakly and shook his head. "So much for my efforts at secrecy. It is said of some that he or she has a nose for money; but I truly believe, madame, that you can smell silver a mile away."
"Do not be silly, monsieur, it is, as you said, an obvious necessity of a foreign invasion."
For some reason she glanced, for a moment, at D'Erquy, and then regretted it. The poor chevalier was so transfixed that it took all her discipline not to laugh aloud. This poor fellow had melted down the family plate and loaned it to the King in hopes that it would get him invited to a few parties at Versailles. The interest payments had at first been delayed, then insufficient, later nonexistent. The man with the power to make those payments, or not, was seated less than arm's length away—and now it had been revealed that he had sailed into St.-Malo on top of a king's ransom in silver, which was locked up on a jacht a few hundred yards down the hill. A word, a flick of the pen, from Pontchartrain would pay back the loan, or at least pay the interest on it—and not just in the form of a written promise to pay, but in actual metal. This was the only thing D'Erquy could think about. And yet there was not a single word he could say, because to do so would have been impolite. Etiquette had rendered him helpless as effectively as the iron collar around a slave's neck. All he could do was watch and listen.
"Want of silver is not your difficulty, then," Eliza continued. "Very well. You must needs translate it across the Channel—very risky. For in the annals of military history, no tale is more tediously familiar than that of the train of pay-wagons, bringing specie to the troops at the front, that is ambushed and lost en route, with disastrous consequences to the campaign."
"We have been reading the same books," Pontchartrain concluded. "Even so, as we laid plans for this operation during the winter, I am afraid I paid more attention to my rôle as Secretary of State for the Navy, than that of contrôleur-général. Which is to say that I placed more emphasis on preparations of a purely military nature than on the attendant financial arrangements. Not until I reached Cherbourg the other day, and was confronted with the invasion in all of its complexity and scale, did I really grasp the difficulty of getting this specie to England. To send it across in an obvious and straightforward manner seems madness. I have considered breaking it up into small shipments and sending them over in the boats of those who smuggle wine and salt to remote ports of Cornwall."
"That would distribute the risk, but multiply the difficulties," said Eliza. "And even if it succeeded, it would not address the great difficulty, which is that if the silver is not accepted on the local—which is to say, English—market, then the troops will not deem themselves to have been paid."
"Naturally we should like to pay them in English silver pennies," said Pontchartrain, "but matters being what they are, we may have to use French coins."
"This brings us back to the conversation we had in the sleigh at La Dunette two years and some months ago," Eliza said; and the answering look on Pontchartrain's face told her that she had struck home.
But here Madame Bearsul threw a quizzical look in the direction of the Politest Man in France, who intervened. "On behalf of those of our guests who were not in that sleigh," Étienne said, "I beg permission to interrupt, so we may hear—"
"I speak of the recoinage, when all of the old coins were called in and replaced with new," said Eliza. "By royal decree, the new had the same value, and so to those of us who live in France, it made no difference. But they contained less silver or gold."
"Madame la duchesse, who in those days was Mademoiselle la comtesse, said to me, then, that it must have consequences difficult to foretell," said Pontchartrain.
"Before Monsieur le comte says a word against himself," said Eliza, "I would have the honor of being the first to rush to his defense. The favorable consequences of the recoinage were immense: for it raised a fortune for the war."
"But Madame la duchesse was a true Cassandra that evening in the sleigh," said Pontchartrain, "for there have been consequences that I did not foretell, and one of them is that French coins are not likely to be accepted at full value in English market-places."
"Monsieur, have you given any thought to minting invasion coin?" asked d'Erquy.
"Yes, monsieur, and to using Pieces of Eight. But before we take such measures, I am eager to hear more from our hostess concerning the English Mint."
"I am simply pointing out to you, monsieur," said Eliza, "that there already exists a mechanism for importing silver bullion to England, at no risk to France; having it made into good English coin in London; and transferring the coin into the hands of trusted French agents there."
"What is this mechanism, madame?" inquired d'Erquy, suspicious that Eliza was having them on.
"France's chief connection to the international money market is not here in St.-Malo, or even in Paris, but rather down in Lyon. The King's moneylender is of course Monsieur Samuel Bernard, and he works hand-in-glove with a Monsieur Castan. I know Castan; he is a pillar of the Dépôt. He can deliver money to any of several merchant banking houses who maintain agencies in Lyon, and get negotiable Bills of Exchange which can be endorsed to French agents who can transport them to London in advance of the invasion. These may be presented well in advance of the expiry of their usance to bankers in London who, upon accepting them, will make whatever arrangements may be necessary to have the coin ready on the date the bills come due—which may mean that they shall have to ship bullion over from Amsterdam or Antwerp and have it minted at the Tower. But that is their concern, not ours, and their risk. The coin shall be delivered to our agents, who need merely transport it to the front to pay the troops."
Early in this discourse, the mouth of Madame de Bearsul fell open, as if she might more easily take in these difficult words and notions through her mouth than her ears; and as Eliza went on, similar transformations came over the faces of all her other auditors, including some at adjacent tables; and by the time she reached the terminal phrase pay the troops, they had all begun glancing at each other, trying to build solidarity in their confusion. And so before anyone could give voice to his amazement, Eliza, with unfeigned, uncharacteristic ardor for her role as entertainer to the bored nobility of France, had got to her feet (obliging Étienne, Pontchartrain, and d'Erquy to stand) and begun to arrange a new parlor-game. "We are going to put on a little masque," she announced, "and all of you must sit, sit, sit!" And she called to a servant to bring quills, ink, and paper.
"But, Eliza, how can gentlemen sit in the presence of a lady who stands?" asked Étienne.
"The answer is simple: In the masque, I am no lady, but a God: Mercury, messenger of Olympus, and patron deity of Commerce. You must phant'sy wings on my ankles."
The mere mention of ankles caused a little intake of breath from Étienne, and a few eyes flicked nervously his way. But Eliza forged on: "You, Monsieur de Pontchartrain, must sit. You are the Deliverer: the contrôleur-général of France."