arts of factious and ambitious leaders. In his own life he had pursued
this course of conduct, acquiring a reputation for civic moderation
and impartiality that endeared him to the people and stood his
children in good stead. Early in his youth Giovanni found himself
almost destitute by reason of the imposts charged upon him by the
oligarchs. He possessed, however, the genius for money-making to a
rare degree, and passed his manhood as a banker, amassing the largest
fortune of any private citizen in Italy. In his old age he devoted
himself to the organisation of his colossal trading business, and
abstained, as far as possible, from political intrigues. Men observed
that they rarely met him in the Public Palace or on the Great Square.

Cosimo de' Medici was thirty years old when his father Giovanni died,
in 1429. During his youth he had devoted all his time and energy to
business, mastering the complicated affairs of Giovanni's
banking-house, and travelling far and wide through Europe to extend
its connections. This education made him a consummate financier; and
those who knew him best were convinced that his ambition was set on
great things. However quietly he might begin, it was clear that he
intended to match himself, as a leader of the plebeians, against the
Albizzi. The foundations he prepared for future action were equally
characteristic of the man, of Florence, and of the age. Commanding the
enormous capital of the Medicean bank he contrived, at any sacrifice
of temporary convenience, to lend money to the State for war expenses,
engrossing in his own hands a large portion of the public debt of
Florence. At the same time his agencies in various European capitals
enabled him to keep his own wealth floating far beyond the reach of
foes within the city. A few years of this system ended in so complete
a confusion between Cosimo's trade and the finances of Florence that
the bankruptcy of the Medici, however caused, would have compromised
the credit of the State and the fortunes of the fund-holders. Cosimo,
in a word, made himself necessary to Florence by the wise use of his
riches. Furthermore, he kept his eye upon the list of burghers,
lending money to needy citizens, putting good things in the way of
struggling traders, building up the fortunes of men who were disposed
to favour his party in the State, ruining his opponents by the
legitimate process of commercial competition, and, when occasion
offered, introducing