however, it was one of those districts of Rome that retained more than a shadow of its former glory. The streets were broad and clean. There was plenty of running water, and this kept the sewers in going order.
The Great God Mammon places heavy demands on the time of even his humblest devotees. But he also imposes an order on their minds that is often reflected in their surroundings. I could almost see the money behind the blank walls of the houses. At every corner, private armed guards were stationed. There was no need here of the prefect and his haphazard keeping of the peace. The riffraff was kept securely out. Any thief who did get through risked being beaten half to death and tossed in the river.
Otherwise, there were some magnificent churches. There was even a synagogue. This was the first I’d ever seen – built in the most extravagant oriental style, a Star of David topping each minaret. From within its walls I could hear the strange wails and chanting of the Jews.
The main Exchange was in a tall, circular building roofed with two domes. It was the most prominent building in a square lined with churches that couldn’t all be for the True Faith of Holy Mother Church. There was another synagogue placed between two of these. So long as nothing was advertised, I think every known faith and variation on it was catered for in that square.
In this part of Rome, I could see, the only differences men recognised between each other were solvency and insolvency.
The inside of the Exchange was mostly a single room. It was smaller than the temple I’d visited with Lucius, and had no gorgeous marble on the walls. But it was in similar style. It gave plenty of space for the jostling, shouting crowd of dealers who spent much of their waking lives there.
In the middle of the room, I saw a circle of boards facing outwards. On these, slaves were hard at work chalking up the latest prices. Within the circle, on a high platform, sat an official dressed in blue silk. Behind him was a water clock in working order. Hung on these were icons of the emperor, the pope and various saints.
The diplomat’s plan didn’t go quite as expected. The rumour of the pope’s death was quickly disbelieved. The shares fell by a little, and then began to recover. They were helped by a counter-rumour that Athens and all the Greek cities had declared for the exarch of Africa and closed their ports to Italy so long as it stood by Phocas.
The shouting of offers and counter-offers mounted to a steady roar. I looked round, confused. What little the diplomat had told me about the markets hadn’t prepared me for the chaos around me. It was as if I’d stepped into a riot. For a moment, it looked even to me that the plan would have to be called off. If the shares rose back to their unmanipulated level, no one would sell options to buy for less.
Then everything changed without warning. Other rumours began to circulate. They passed in quick succession from one chattering dealer to another. I couldn’t keep up with them. They came so quickly that no one believed them. The only question now debated was who was coining the rumours and for what purpose.
Now suspicious and confused, the dealers began to mark all the prices down. They fell steadily. The slaves rubbed the boards and scraped wildly with their chalk. I later realised that this was one of those rare opportunities when nerve and ready cash can bring in a rich harvest of gold. At the time, I didn’t understand a tenth of what was going on. But I had fixed in my head the notion of the unmanipulated price of the shares in question; and I could see that the market price was heading firmly downwards.
As agreed, I went over to Silas, a monstrously fat Syrian with a suspiciously black beard and gold rings sunk into all his fingers. You see, the diplomat had heard he fancied my type, and might be too excited to ask many questions. I showed him one of my letters of authority and asked him to help me buy the options. I flashed him a broad, open smile that screamed stupidity.
‘A nice boy like you needs to be careful in a place like this,’ he said, breathing garlic into my face. ‘But you’ve come to the right man. I’ll see you right, just you trust me.’
And he did. I got options to buy at about three-fifths of the unmanipulated price. Silas weighed the coin while a clerk drew the contract. He took out some of the less regular pieces and tested them between his teeth. A few of them he tossed back to me. I replaced them with an equal weight of the imperial coins in my own purse.
He looked oddly at these. But I fluttered my eyelashes and asked admiringly about the icon of Saint Simeon Stylites set up on his counting table. That took his mind off the good coins I’d handed over.
He reached out and dabbled his podgy fingers over my bottom. I could feel the patting through the tight fabric of my trousers. I forced out a dazzling smile and tried not to shudder. His face sweaty with lust, he told me I’d done a brilliant deal – especially since he might not be inclined to be hard on me should I need to sell them back at some point. He was sure we could ‘come to some agreement’. He crossed himself and kissed the icon.
I didn’t need to take up his kind offer. A shouting crowd had surrounded the diplomat. His secretary’s disguise had been uncovered in short order, and he was being pressed to explain his subterfuge. He looked wildly around. He caught my eye, and pulled hard on his crinkly beard. That was the message we’d earlier agreed. The planned actions were all off. I was to use my initiative. I heard him shouting loud above the surrounding roars of disapproval. The pope was expected back tomorrow, he cried. There were no other shipments of incense, from Athens or anywhere else. He was ever so sorry for any trouble he’d caused.
‘In the name of God and the double nature of Christ,’ he looked at the Syrians, ‘not forgetting His Single Directing Will, be merciful with me. I am but a poor black from the land of Kush. You have discovered me. Let that be my punishment.’
One of the dealers made a gesture of wiping his arse with one of the options he’d lately bought. He sneered a question at the diplomat: would he be able to execute without selling his horse?
More than ever, rumour clashed with rumour in that great trading room. The dealers ran about like disturbed ants, clasping hands when they met one another, and exchanging promises and slips of papyrus. The slaves scrubbed madly at the boards, chalking and rechalking the prices. The presiding official alone sat silent and serene.
In this commotion, the shares rose sharply. They went straight back to par and then rose to one solidus and a tenth. As they headed towards one and a fifth, I sold my own options on to an Armenian. He sold them straight on for more. I could feel the sudden rush of confidence in the room. Every price was rising.
I was tempted to spend some of my own money on what seemed an attractive forward contract on some Spanish slaves bound for a silver mine. But I knew enough about the markets to be aware of how little I yet understood them. I kept my purse resolutely closed.
Looking over at him, I saw that the diplomat had suddenly lost his crestfallen look. He hadn’t made the absolute killing he’d described to me, but was somehow looking very perky. He was producing document after document before the other dealers. These had stopped shouting at him. Their laughter stilled; they were now pulling on their beards and looking nervously over at the Exchange officials. Some of them had gathered together under a clump of icons, and were talking very quickly in a language I didn’t know.
I now realise the diplomat had been involved in an immense double or even treble bluff. My own part in the plan had been to help in a diversion from the main business of ripping off everyone in earnest. At the time, I suspected something of the sort, but lacked the understanding of the markets needed to say exactly what was going on.
But I had no cause for complaint. I had a draft safely in my tunic for over a hundred pounds of gold. I’d seen for myself what fertiliser a few lies could be with just five pounds of the stuff. I’d had the draft made out to me. Once it was cleared at the Papal Bank, the diplomat could have his share. But I’d harvested a straight, easy, forty- five pounds of gold for myself.
No more moonlit frauds for me, I thought. From now on, I’d do them all indoors. And every ounce of gold thereby gained would go on securing me from the common vicissitudes of life, and on preserving every ancient book I could lay hands on.
I can now see where the diplomat had ostensibly gone wrong. His own part of the fraud was too gross to be believed. What he should have done was to say that the pope had been advised to put off the consecration to the autumn. That would have been more credible, and would probably have still sent the shares down before the truth came out. He also should have planned for a sudden rebound.
But all this is irrelevant. I had been involved in a fraud that was meant to be uncovered. The real fraud was something much larger, involving many more securities besides the incense shipment. While the other dealers were laughing at him, the diplomat had made a killing on the markets. At the time, it really was all beyond me. Still, I hadn’t done badly. I’d saved the day where the secondary fraud was concerned. Perhaps I could even still insist on half. Bear in mind, I had all the takings in my own name.
As I was balancing the certainty of keeping more of the gold, if I had a mind to, against the prospect of
