In coming weeks, I’ll be moving around quite a bit, and so there is little point in your trying to guess my whereabouts. Rather, you should send the particulars to me in care of my good friend and confidant, Captain Jean Bart, of Dunkerque. Captain Bart is a trustworthy fellow; there is no need (and there shall be no time!) to encrypt the message. You know more than I about getting messages out fast, so I’ll hold my tongue where that is concerned; but I am guessing you’ll want to send riders out from Amsterdam to Scheveningen and there transfer the message to a fast boat, Dunkerque-bound. There should be plenty of time to arrange this; but if you want help setting up the boat, just inform Captain Bart.
I think I have given you enough information now that you shall be able to place bets of your own in the silver market, which are likely to profit you; but if, when all is said and done, you have spent more than you have gained, forward your complaints to me in St.-Malo and they’ll not fall on deaf ears.
Eliza
Eliza to the Marquis of Ravenscar
15 MAY 1692
Your Grace’s recent letter to me was so courteous as to put the lucubrations of these French flatterers to shame. I must warn you, however, that en route it must have fallen into the hands of some mischievous boy, who added a very rude postscript.
It was most considerate of you to answer all of my silly questions about the Mint. As you must have surmised, I do have in mind taking part in a transaction that will only profit me if the price of silver should happen to rise late in the month of May. I only hope and pray that all of the silver in London is not bought up in the meantime! I tell you this in confidence, my lord, not wishing that you, who have been so forward in assisting me, should suffer any reverses in consequence of what I am about to do. Know, then, that to be in possession of a large quantity of silver, in London, late in the month of May, would be no bad thing. But do you make your purchases discreetly, lest you touch off a buying panic that would drive up the price to absurd heights. For if people see that the Marquis of Ravenscar is selling gold to buy silver, they will assume he is privy to something, and flock to Threadneedle Street to follow his example. While you might admittedly profit from such a speculative bubble by selling into it at the peak (by no means later than the middle of June), it would cause any amount of disturbance and trouble to the current Government; which I am certain you, a good English patriot, should prefer to avoid, even if you are a Whig and that government be run by the Tories.
Eliza
18 MAY 1692
Monsieur Bernard,
I am en route from St.-Malo to Cherbourg aboard the jacht of my husband. In Cherbourg I’ll post this on to Le Havre; I pray it reaches you soon in Paris. I shall tarry in Cherbourg until the invasion is launched.
In St.-Malo this morning I received your despatch of the 12th instant stating that you have the Bills of Exchange in your pocket and want only instructions as to whom they should be endorsed.
This amounts to asking me for the names of the agents who shall be sent across the Channel to present the Bills for payment in London. I regret to inform you that the names of these agents are not known to me yet (though I have some ideas as to who they shall be). Even if they were, I should be chary of sending them to you in a letter during wartime; for the enemy has spies everywhere, and consider what disaster would ensue if our agents’ names became known. For most of them are Englishmen secretly loyal to James Stuart-and if they were caught in England with these Bills in their pockets, they should suffer the penalty for High Treason, which is to be half-hanged, drawn, and quartered at Tyburn Cross.
A safer expedient would be for you to endorse the bills to a trusted intermediary who is resident here at Cherbourg, and who shall not be setting foot outside of France until after the invasion. That intermediary can then hold the Bills until the last moment and then endorse them to the several agents just before they cross the Channel. In this way the identity of the agents shall never be exposed to any risk of discovery.
To serve in this role of intermediary, several candidates come to mind, for Cherbourg is crowded just now with notable personages. But all of them are busy and distracted. I, meanwhile, have nothing to do save gaze out the window of my cabin in the sterncastle of this jacht, and watch the preparations. As odd as it might sound, I may be the safest person to choose for this role, since there is obviously no likelihood whatever of my crossing the Channel and falling into the hands of enemy interrogators; this alone should be a great comfort to the agents whose names I shall write across the backs of those bills before they set forth on their perilous missions. So, unless you object very strongly, simply endorse the Bills to me and send them to me at Cherbourg.
I don’t know how Lothar is sending the avisas to London, but presumably his channels are swifter than ours, and his payers in England will be ready and waiting for our payees whensoever they arrive.
Eliza
P.S. I look forward to continuing our conversation about St.-Malo. The merchants of the Compagnie des Indes, who on a normal day swagger about that town as if they owned it, have been displaced, and quite out-classed, by the captains and admirals of our invasion fleet. As a result they are almost pathetically eager to talk to anyone about anything-including the state of our commerce with India. My head is full of more information than it can hold, and all of it useless to me. After the invasion, we must meet again at the Cafe Esphahan, and I’ll tell you all that I know.
23 MAY 1692
Madame la comtesse,
Five Bills should be enclosed, each in the amount of one hundred thousand livres tournoises and each endorsed, for the time being, to you. These are drawn ultimately on the credit of the French treasury as personified by M. le comte de Pontchartrain. If you see him, perhaps you could think of a polite way of reminding him that the chain of credit passes through yours truly; my friend Monsieur Castan; and diverse members of the Depot of Lyon.
It is a good thing that I went to Lyon, for in the end it was necessary for me to involve myself in the negotiations with Lothar (he was obviously present in Lyon, but we were never in the same room together; his factor Gerhard Mann mediated all of our discussions).
Monsieur Castan is cunning and assiduous, but when presented with something outside his scope he does not respond well, and is apt to become flustered and then irritable. This happened very early in our talks with the House of Hacklheber. It took some time for me to understand why: Lothar believes that the invasion will never actually happen; or that if it does, it will be snuffed out within a few hours. In consequence, our negotiations over the terms of these Bills were strangely duplicitous. The nominal purpose was to pay troops in England, and so we had to settle terms in such a way that we-meaning France-could get silver coin in England, while allowing Lothar to realize some profit. In that sense I got what we wanted, viz. wholly legitimate, negotiable Bills which you now have in your hand. But Lothar’s true purpose, as I eventually came to understand, was to reap a large windfall at very little risk by expressing a willingness to forward silver for an invasion that would never materialize. In effect he was selling us insurance against the contingency that our invasion fails to fail. It was this subtext that M. Castan had not understood, with the result that he was bewildered by what he saw as erratic demands made by the House of Hacklheber.