The Confusion

“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 role as Secretary of State for the Navy, than that of controleur-general. 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,” Etienne 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 Depot. 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.”