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Accompanied by Peruzzi and Barbadori, and followed by a disorderly squad of armed supporters, Rinaldo rode off to see the Pope soon after six o’clock in the evening. As they approached the houses of the Martelli family, whose senior members were close friends and sometimes business associates of the Medici, an attempt was made to block their way. Fighting broke out, several men were badly wounded, and after the Martelli’s guards had been driven back inside their walls, Rinaldo had the utmost difficulty in inducing his men to follow him to Santa Maria Novella rather than to break into the Palazzo Martelli and plunder it.7 When at last they arrived grumbling before the monastery they sat down in the Piazza, obviously unwilling to wait there long.

Few of them did wait long. Night had long since fallen when Rinaldo emerged from the monastery to find only a small group of them still sitting in the Piazza. It was clear that his spirit was broken. The Pope, so commanding in appearance and manner, so skilled in argument, had persuaded him of the futility of further resistance to the wishes of the Signoria which were also, so Rinaldo was informed, the wishes of the Curia. Little reassured by the Pope’s promise to do what he could to protect the Albizzi from the vengeance of their opponents, Rinaldo returned to his palazzo.

Two days later, for a full hour, the huge Vacca in the tower of the Palazzo della Signoria was tolled to summon the citizens to a Parlamento. As the people gathered in the Piazza, which was ringed by troops, Cardinal Vitelleschi and two other representatives of the Pope appeared on the ringhiera. Soon afterwards, to the clamorous welcome of fanfares, they were joined there by all the members of the Signoria and the officials of the Republic, including the Notaio delle Riformagioni who in the time-honoured way called out, ‘O, people of Florence, are you content that a Balìa shall be set up to reform your city for the good of the people?’ The crowd obediently gave their consent; and a Balìa of three hundred and fifty citizens was accordingly elected. The sentence of banishment passed on the Medici was immediately revoked, and the family were commended for their good behaviour during the time of their exile from which they were now formally recalled.

On the same day, 28 September 1434, Cosimo left Venice with an escort of three hundred Venetian soldiers; and a few days later, cheered by the peasants in the villages through which he passed, he arrived at his villa at Careggi in time for dinner.8 The grounds were crowded with welcoming people. There were crowds, too, along the road leading into Florence, and in the city itself masses of people were waiting in the streets, hoping to witness the triumphal return of the Medici to their palace. For fear of uproar, the Signoria sent an urgent request to Cosimo not to enter the city that day, but to wait until nightfall. So, after sunset, accompanied by his brother, Lorenzo, one servant and a mace-bearer from the city, he re-entered Florence by a small gateway near the Balikrgello. He spent the night in a room which had been specially prepared for him in the Palazzo della Signoria; and the next morning, after visiting the Pope to thank him for all he had done for him, he returned to the Palazzo Bardi to the tumultuous cheers of the crowds gathered in the streets ‘as though he were returning from a great victory’.

Already sentences had been passed on his opponents. Rinaldo degli Albizzi, his sons and descendants were all banished from Florence – so were branches of several other families, and, in some cases, families in their entirety, in accordance with the custom of considering a crime as much a collective as a personal responsibility. Included in the decrees of banishment were members of the Peruzzi, Guasconi, Guadagni and Guicciardini families, Niccolò Barbadori, and Matteo Strozzi. Indeed, so many well-known names – over seventy in all – appeared in the list of exiles that someone complained to Cosimo that he was almost emptying Florence of its leading citizens. His typically brusque and sardonic reply was, ‘Seven or eight yards of scarlet will make a new citizen.’

Rather than risk sharing the fate of the Albizzi upon Cosimo’s return, Francesco Filelfo had already fled to Siena where, in the service of the Visconti, he wrote a stream of slanderous abuse of the Medici, incited the Florentines to rise up against them, and even, so it seems, helped to hire a Greek assassin to murder Cosimo. Few regretted the departure from Florence of this tiresome, vain and cantankerous scholar. But many lamented the banishment to Padua of the revered and honest Palla Strozzi, who had never given his full support to the Albizzi and had ultimately abandoned them altogether. Cosimo, however, recognizing that his position in Florence would be more secure if Palla Strozzi, so enormously rich and so dangerously impressionable, were to be compelled to leave, decided not to risk his being pardoned. When asked to put in a good word for him for the sake of past friendship, he did so in a characteristically ambivalent manner, raising no protest when the decision to banish him was finally taken. He apparently comforted himself with the thought that Palla Strozzi would be much happier in Padua where, free from the temptation to meddle in politics, which were not his métier, he would settle down contentedly – as, in fact, he did – to a life of quiet study, conversation and bibliomania.

There were to be many times during the next few years when Cosimo had good cause to wish that he could have been left to such a life himself. To assume power in many another Italian state, where executions rather than banishments were commonplace punishments and where the ruler was supported and protected by a powerful army, would have been comparatively simple. But executions and military dictatorships were not in the Florentine tradition, and Florentine tradition was not to be flouted. If Cosimo were to rule successfully, he must appear scarcely to rule at all; if changes in the political structure were to be made, they must be changes calculated to arouse the least offence. Had it been possible to control and expand his bank without political influence he might, perhaps, have been content to remain even further in the background than he actually contrived to do. For he derived the greatest satisfaction from his business, saying that even if it were possible to procure money and possessions with a magic wand he would still continue to work as a banker. But as his father had been forced to recognize, a rich merchant in Florence was ill-advised to try to avoid public office. Even so, Cosimo succeeded in remaining the most powerful man in Florence for years without ever appearing to be much more than an extremely prosperous, generous and approachable banker, prepared to undertake whatever political or diplomatic duties were imposed upon him, and to help direct the financial policies of the State. He acted with the greatest skill to preserve his power, his friend, Vespasiano da Bisticci the bookseller, wrote. ‘And whenever he wished to achieve something, he saw to it, in order to escape envy as much as possible, that the initiative appeared to come from others and not from him.’ Unable to disguise his enormous wealth, he paid tax at a far higher rate than anyone else in Florence; but, like all rich men of prudence, he kept special accounts which, by exaggerating bad debts, showed his taxable income to be much lower than it was. So no one was quite sure just how rich he was. He was Gonfaloniere no more than three times in his entire life; he never considered the possibility of assuming a more obviously permanent control over the government, nor of offending Florentine susceptibilities by attempting any basic reform of the far from satisfactory constitution, other than by establishing a new council known as the Consiglio Maggiore, which was intended to have absolute control over national security and taxation and which later developed into the Council of One Hundred, the Cento. He scrupulously avoided display and ostentation of any kind, riding a mule rather than a horse, and when it suited him to do so, allowing the vain and talkative, flamboyant and ambitious but not over-intelligent Luca Pitti to appear to be the most powerful man in the Republic.