"In fact," Fletcher added, "if Philip takes the silver in Don Fernando's territory, it's the sort of thing that could push Don Fernando into rebelling. Especially since the whole pile won't be in Philip's hands. The silver that stays in Amsterdam will act as a guarantee of the good faith of Don Fernando and his brother."
"Be careful, gentlemen," Don Alfredo advised. "You're coming perilously close to advocating or accusing or something . . . Well, never mind. But, please, let's keep our speculation to financial matters. For my peace of mind, if for no other reason."
"Certainly," Fletcher agreed and continued. "A chunk of the silver will be in one of Don Fernando's cities and be available for anyone with bank money to withdraw. I think that there should be another part of the agreement, too. There should be an arrangement to move more silver if the Antwerp reserves run low. For that matter, there ought to be an arrangement to shift reserves to Amsterdam if the bank gets a lot of deposits in Antwerp. That would restore most of the confidence in the Dutch guilder, don't you think? The same thing can be done with the lending bank."
"It looks to be the best we can do," Don Alfredo agreed.
Rebecca continued to sit quietly, hands folded in her lap, waiting for Frederik Hendrik to finish thinking. The delegation had made their proposal of a split silver reserve.
Frederik Hendrik looked up, smiling. "I will move the Wisselbank to Antwerp. I'll do it in spite of Herr Gunthor's objections. It is the best choice, given the sureties the merchants suggest. It is a symbolic victory for Don Fernando that doesn't really hurt us, at least not any more than any other city he controls does. Best if I offer it, I think. Your merchants have done a dangerous thing, Rebecca Abrabanel. They have given me a hope to cling to.
"I told you at our first meeting that I would win the siege but lose the war. I wasn't just talking about the war of armies, as you know. Amsterdam can hold out for at least a year. With the warehouses and their contents, we could probably hold out much longer. A year, though, that will be long enough for Don Fernando to see the wisdom of a negotiated settlement. I knew that before the siege closed in. My biggest concern all along has been what would be left of the Dutch Netherlands after the war is over. A siege would not destroy Amsterdam, not really. A year in which all the business that was done in Amsterdam had to be done somewhere else—that would be different. A year in which the bank and the exchange are closed and the merchants have to take their business elsewhere, what effects will that have?
"I'm the leader of a nation of merchants, Rebecca." There was a glistening in Frederik Hendrik's eyes. "Fifty years, at least, is what it would take before Amsterdam recovered, if it ever did. Now, though, if we can reach agreement, it will not be so bad. If the Wisselbank can reopen its doors and the exchange can resume its functions, Amsterdam could recover in a decade, possibly less. For that . . . I'll throw the dice, Rebecca. For that, I will risk it all.
"I will only allow it if I am provided with concessions in return and not all of those concessions will be from Don Fernando. From him, well, raw materials will be running out soon, and a tradesman must have supplies. The tradesmen also need customers. Perhaps Don Fernando would see his way clear to allow the import of certain items.
"I'm sure he won't allow food to be imported, but with the amount of grain that is stored in the city's warehouses, I am not greatly worried about food. Leather, though, leather for the boot makers and saddle makers, perhaps that might be allowed, I hope, as well as a few other requirements."
Rebecca nodded, heart pounding with hope. Maybe the Spanish prince would see reason.
Frederik Hendrik continued. "I will also need some solid assurance that the bank will not be looted. The splitting of the reserves, it will help, but I will need more. So from you, Rebecca, I need your miraculous radio between here and Antwerp, so that the merchants of Amsterdam may keep in contact and arrange deals and do business. The radio, it will also be a way to confirm that any more silver shipped from Amsterdam does indeed represent silver that has been legally withdrawn from the Wisselbank and not a loan coerced by Philip."
Rebecca found herself holding her breath.
"I am serious, Rebecca. I will not let it go, not without this concession." Frederik Hendrik slapped his hand on his thigh for emphasis, the sound causing her to start a bit and begin breathing again. "I will not."
"I shall see what can be arranged," Rebecca agreed. "I cannot make a promise, you understand. There are many things to be considered."