The system of the world - By Neal Stephenson Page 0,20

darting into little vales and bounding over rises. To the right side it was all built-up: a development that had been only a gleam in Sterling’s* eye twenty years ago: Soho Square. Gesturing first this way, then that, Daniel continued: “For the country draws its revenue from a fixed stock: sheep eating grass. Whereas, the City draws its wealth from foreign trade, which is ever-increasing and, I say, inexhaustible.”

“Oh, Dr. Waterhouse, I am so pleased that Providence has given me the opportunity to set you right on that score, before you got to London and embarrassed yourself by holding views that stopped being true while you were gone. For look, we are come to Tottenham Court Road, the city begins in earnest.” Mr. Threader pounded on the roof and called out the window to the driver, “High Street is impassable for re-paving, jog left and take Great Russell round to High Holborn!”

“On the contrary, Mr. Threader. I know that the Tories have established their own Bank, as a rival and a counterpoise to the Bank of England. But the Bank of England is capitalized with East India shares. The equity of the Tories’ Land Bank is, simply, land. And East India trade grows from year to year. But of land there is a fixed quantity, unless you mean to emulate the Dutch, and manufacture your own.”

“This is where you need to be set to rights, Dr. Waterhouse. The Land Bank is an antiquarian folly, for just the reasons you have set forth. But this in no way signifies that the Bank of England holds a monopoly. On the contrary. With all due respect to the busy, but misguided men of the Juncto, their Bank’s health is as precarious as the Queen’s. The war we have just brought to an end was a Whig war, pressed upon a reluctant Queen by the importunities of a warlike Parliament, led by a Juncto intoxicated by dreams of adventures on foreign soil. They got the money by taxing the people of the country—and I know whereof I speak, for they are my friends!—and they got that money into the coffers of the Duke of Marlborough’s army by means of loans, brokered in the City, at great personal profit, by Whig bankers and money-goldsmiths. Oh, it was very lucrative for a time, Mr. Waterhouse, and if you were to believe the representations made by my lord Ravenscar, why, you might be forgiven for thinking it was all profitable to the Bank of England. There is his house, by the way,” Mr. Threader remarked, as he peered at a spreading Barock pile on the north side of Great Russell Street. “Unspeakably vulgar, quintessentially nouveau…”

“I was the architect,” Daniel said mildly.

“Of the first bit,” said Mr. Threader after only a moment’s break, “which was admirable, a jewel-box. Pity what has been inflicted on it since you left. You know both the Golden, and the Silver, Comstocks. Fascinating! Ravenscar is no longer in a position to afford the best, and so, as you can plainly see, he makes up in ostentation and volume what he cannot have in taste and quality. His mistress seems to find it pleasing.”

“Oh.”

“You do know who my lord Ravenscar’s mistress is?”

“I’ve no idea, Mr. Threader; when I knew him, he had a different whore every week, and sometimes three at once. Who is his whore presently?”

“The niece of Sir Isaac Newton.”

Daniel could not bear this and so he said the first thing that came into his head: “That is where we used to live.”

He nodded southwards across Waterhouse Square, and slipped far down in his seat so that he could get a look at the house that brother Raleigh had built on the rubble of the one where Drake had been blown up. This change of position brought him knee-to-knee with Mr. Threader, who seemed to know the story of Drake’s demise, and observed a respectful silence as they circumvented the square. Gazing, from his low-down position, over the skyline of the city, Daniel was shocked by a glimpse of an enormous dome: the new St. Paul’s. Then the carriage rounded a turn onto Holborn and he lost it.

“You were making some comment about banks, earlier?” Daniel inquired, in a desperate bid to purge his mind of the image of Roger Comstock putting his poxy yard into Isaac’s niece.

“It went poorly for the Whigs, very poorly indeed, in the last years of the war!” Mr. Threader answered, grateful to’ve been given the opportunity