"They want me to give the Wisselbank to Don Fernando? That is ridiculous. Besides, I can't do it. The Wisselbank, the Lombard Bank and the exchange are chartered by the city of Amsterdam, not by me."
Rebecca just looked at him. They had gotten to know each other a bit over the last month or so. Rebecca knew full well that the offer wasn't ridiculous, but rather a first offer to begin the bargaining. She knew that he knew it, too. Rebecca also knew that even though the Wisselbank was chartered by the city of Amsterdam, under the current circumstances whatever Frederik Hendrik agreed to was going to happen.
"All right, Rebecca," Frederik muttered unhappily. "So Don Fernando is proving to be clever. I had almost hoped… Well, no matter."
"I understand how you feel, but it's still better this way. Just as things are better without another Alva," Rebecca commented. "Now, we must counteroffer, as well you know. What would Don Fernando agree to?"
"He's not getting the Wisselbank in Brussels. I'll not agree to that. Neither will the members of the city council who are still in town. In fact, getting them to agree to move it at all will not be easy. They will have to get something for it, something substantial."
"That seems like a reasonable assumption. I'm sure we can eventually find a compromise," Rebecca agreed.
Rebecca had performed the introductions and Frederik Hendrik had been very gracious, offering everyone a seat in the meeting room and listening carefully to their explanations. Andries Bicker, the representative of the city council, was obviously disturbed. Bicker wanted the bank open, but he wanted it kept in Amsterdam. His attitude came across as a sort of groveling resentment.
"What brings you through a siege to visit Amsterdam?" Frederik Hendrik asked. "I know the outline of what you have done but not really the why of it."
Looks were passed among the group and ended up on Fletcher. "We want the Dutch guilder to survive as a viable currency, especially the bank money. It facilitates trade and allows a fairly constant money for other currencies, including the New U.S. dollar and probably soon the USE dollar, to trade against."
"Why? The failure of the Wisselbank and the loss of bank money would seem to be an advantage to you."
"We want to limit the number of New U.S. dollars to those supported by the product of New U.S. industry. On the other hand, we want enough good dependable money to allow the economy to grow. If we do the first, we can't do the second, not with our own money. So, we suggest that the Wisselbank be moved. Don Fernando offers Brussels as a suitable location."
"Brussels?" Andries Bicker squeaked. "What good does the Wisselbank do Amsterdam in Brussels? Is this the sort of aid you bring us after all the money the citizens of Amsterdam…"
"Calmly, Herr Bicker," Frederik Hendrik instructed. He then turned to Fletcher. "I would likely make the same suggestion if I were Don Fernando. If I agree with this, he can sit back, relax and let the besieged city cart all its wealth to his treasury without having to actually take the city to get it. And, at the same time, he would receive the praise of Europe's merchants. At least, they will praise him until his brother needs some extra cash. Then the merchants of Europe may not be so pleased. The Spanish Habsburgs don't have the best reputation where money is concerned, you understand."
"Yes, sir, that is true," Prince Karl agreed. "However, Don Fernando is not his brother."
"He is his brother's subject," Frederik Hendrik insisted. "To place the Wisselbank in his capital is to place the key to the vault in the hands of King Philip of Spain. Olivares will talk Philip into looting the bank because Gaspar Olivares thinks he can restore the glory of Spain if he hires enough mercenaries. I won't put the Wisselbank into Olivares' control, not even indirectly."
"Yet if the Wisselbank remains here it does neither Europe nor your nation any good," Don Alfredo pointed out. "Not unless you are prepared to loot the Wisselbank yourself. What is the benefit to Europe if you do so, rather than His Majesty, the king of Spain?"
"I would pay it back," was Frederik Hendrik's quick response, "assuming it became necessary to use the funds at all."
"Granted," Franz Kunze gave Frederik Hendrik a respectful nod. "Miss Wendell, the daughter of Herr Wendell here," Franz indicated Fletcher, "had the excellent notion of seeing if things could be settled peacefully through negotiations. When we had the notion of moving the bank, Don Fernando offered Brussels as a possible site. I don't expect you to agree to it, nor do I believe that Don Fernando does. It was an opening bid. The question now is: what is your counter offer?"
Frederik Hendrik sat quietly for a moment. "I see," he finally answered. "I must have some time to consider. Perhaps you will attend me tomorrow?"
As the party left his reception room, Frederik Hendrik motioned for Rebecca to stay behind. When he was sure that no one could overhear his remarks, he turned to Rebecca, with a grin on his face. "That went quite well, I think. What do you think, Rebecca?"
"It went moderately well, yes." Rebecca responded with her own grin. "What will you tell them at tomorrow's meeting?"
"The truth, Rebecca. And the truth is that I will not allow the Wisselbank to be moved to Brussels. Whatever they may say, or even believe, that would be too much of a temptation for Philip, and I cannot trust that Don Fernando will not comply with his wishes. I will suggest Groningen, I think. We won't get an agreement for that, and it's a stupid place to put the Wisselbank, anyway. Still it may encourage my young opponent to make a serious offer."
Frederik Hendrik smiled thoughtfully. "It will do us no harm, in the long run, for Don Fernando to realize that his word is not in question. I do not question his word, myself, even. But, as long he is under his brother's orders and cannot guarantee his brother's actions, any agreement we make with him might be overridden."
"Just how good a point does Frederik Hendrik have about King Philip and Olivares?" Fletcher asked Don Alfredo, when the servants had left the room.
Don Alfredo hesitated. "His Majesty came to the throne when he was very young, just sixteen. His advisors felt that at such a young age he was not ready to assume the duties of the king of Spain." Don Alfredo looked around at his companions, but they were nodding in agreement. "Olivares is an honest man and was chosen to run things until the king came of age. Olivares did, in fact, do a great deal to remove corruption from the court.
"However," he continued, "Philip wasn't encouraged to study or prepare to take on his royal duties. Instead, he was encouraged to enjoy the privileges of his birth. His Majesty is now twenty-eight years old, but Olivares is still mostly running things."
"Sounds like what I've heard," Fletcher agreed. "How are relations between Don Fernando and Philip?"
"Not good," Don Alfredo conceded. "Olivares has encouraged, shall we say, a certain, ah… distrust. Don Fernando is generally sent to posts as far from Castile as Olivares can manage. Don Fernando and his brother have never been allowed to become close."
"All of which means that Frederik Hendrik has an excellent point," Prince Karl said.
Franz Kunze nodded his agreement. "Olivares will want the silver and not just because it's a lot of money. He will want it because he won't want Don Fernando to have it. For that matter, the credit rating and popularity that Don Fernando will get out of this if everything goes well will likely give Olivares pause. It's likely to become a test of loyalty."
"Test of loyalty?" David asked, confused. "How could it be a test of loyalty?"
"Perhaps, a surety of loyalty," Karl explained. "Try to look at this situation from Philip's point of view, or the point of view of Olivares. Here is Don Fernando, a successful general and competent administrator. Why should he not want the throne? To turn the silver over weakens Don Fernando and strengthens the king. If they demand the silver and Don Fernando refuses them, they will take it to mean that he is no longer loyal. Even if he's loyal at the moment, they will feel that that could change as Don Fernando falls under the influence of others. Olivares, and Phillip, for that matter, will feel that the only sure safety is to keep Don Fernando weak."