"That's all?"

He smiled. "That, and a note from the contrôleur-général saying that the French Treasury owes him whatever amount of money he spent."

"Aha! So that's how it works: These nobles are exchanging hard money for soft: metal for French government debt."

"Technically I suppose that is true. Such an exchange is a loss of power and independence. For gold can be spent anywhere, for anything. Paper may have the same nominal value but its usefulness is contingent on a hundred factors, most of which are impossible to comprehend, unless you live at Versailles. But it is all nonsense."

"What do you mean, it is all nonsense?"

"Those debts are worthless. They will never be repaid."

"Worthless!? Never!?"

"Perhaps I exaggerate. Let me put it thus: The nobleman who built these new fortifications around the harbor knows he may never see his money again. But he does not care, for it was just some gold plate in his cellar. Now the plates are gone, but he has currency of a different sort at Versailles; and that is what he desires."

"I am tempted to share in your cynicism, for I don't wish to seem a fool," Eliza said slowly, "but if the debt is secured by a sealed document from the contrôleur-général, it seems to me that it must possess some value."

"I don't wish to speak of fortifications," he said. "These were built by Monsieur le comte d'——" and he mentioned someone Eliza had never heard of. "You may make inquiries with him if you are curious. But you and I must not let our attention stray from the matter at hand: timber for his majesty's shipyards."

"Very well," Eliza said, "I see some down there. Where did it come from?"

"The Baltic," he returned, "and it was brought in a Dutch ship, in the spring of this year, before war was declared."

"No shipyard could exist in Dunkerque, unless it got its supplies from the sea," Eliza pointed out, "and so may I assume that this was a habitual arrangement, before the war?"

"It has not been habitual for rather a long while. When I came back from my travels in the East, around 1670, my father put me to work in the Company of the North down at La Rochelle. This was a brainchild of Colbert. He had tried to build his navy out of French timber and ran afoul of the same troubles as you. And so the purpose of this Compagnie du Nord was to trade in the Baltic for timber. Of necessity, this would be shipped mostly in Dutch bottoms."

"Why did he put it all the way down in La Rochelle? Why not closer to the North—Dunkerque or Le Havre?"

"Because La Rochelle was where the Huguenots were," the Marquis answered, "and it was they who made the whole enterprise run."

"What did you do, then, if I may inquire?"

"Traveled to the north. Watched. Learned. Gave information to my father. His position in the Navy is largely ornamental. But the information that he gets about what the Navy is doing has enabled him to make investments that otherwise would have been beyond his intellectual capacity."

Eliza must have looked taken aback.

"I am a bastard," said the Marquis.

"I knew he was wealthy, but assumed 'twas all inherited," Eliza said.

"What he inherited has been converted inexorably to soft money, in just the manner we spoke of a few minutes ago," d'Ozoir said. "Which amounts to saying that he has slowly over time lost his independent means and become a pensioner of the French Government—which is how le Roi likes it. In order for him to preserve any independent means, he has had to make investments. The reason you are not aware of this is that his investments are in the Mediterranean—the Levant, and Northern Africa—whereas your attentions are fixed North and West." And here he reached out and took Eliza firmly by the hand and looked her in the eye. "Which is where I would like them to stay—and so let us attend to the matter of Baltic timber, I beg you."

"Very well," Eliza said, "You say that in the early seventies, you had Huguenots doing it in Dutch ships. Then there was a long war against the Dutch, no?"

"Correct. So we substituted English or Swedish ships."

"I am guessing that this worked satisfactorily until four years ago when le Roi expelled most of the Huguenots and enslaved the rest?"

"Indeed. Since then, I have been desperately busy, trying to do all of the things that an office full of Huguenots used to do. I have managed to keep a thin stream of timber coming in from the Baltic—enough to mend the old ships and build the occasional new one."

"But now we are at war with the two greatest naval powers in the world," Eliza said. "The demand for ship timber will go up immensely. And as the de la Vegas and I have just finished proving, we cannot get it from France. So you want my help in reëstablishing the Compagnie du Nord here, at Dunkerque."

"I should be honored."

"I will do it," she announced, "but first you must answer me one question."

"Only ask it, mademoiselle."

"How long have you been thinking about this? And did you discuss it with your half-brother?"

Jean-Jacques, with an uncanny sense of timing for a six-monthold, began to cry from the next room. D'Ozoir considered it. "My half-brother Étienne wants you for a different reason."

"I know—because I breed true."

"No, mademoiselle. You are a fool if you believe that. There are many pretty young noblewomen who can make healthy babies, and most of them are less trouble than you."

"What other possible reason could he want me?"

"Other than your beauty? The answer is Colbert."

"Colbert is dead."

"But his son lives on: Monsieur le marquis de Seignelay. Secretary of State for the Navy, like his father before him, and my father's boss. Do you have the faintest idea what it is like, for one such as my father—a hereditary Duke of an ancient line, and cousin of the King—to see a commoner's son treated as if he were a peer of the realm? To be subordinated to a man whose father was a merchant?"

"It must be difficult," Eliza said, without much sympathy.

"Not as difficult for the Duc d'Arcachon as some of the others—for my father is not as arrogant as some. My father is subservient, flexible, adaptable—"

"And in this case," Eliza said, completing the thought—for the Marquis was in danger of losing his nerve—"the way he means to adapt is by marrying Étienne off to the female who most reminds him of Colbert."

"Common origins, good with money, respected by the King," said the Marquis. "And if she is beautiful and breeds true, why, so much the better. You may imagine that you are some sort of outsider to the Court of Versailles, mademoiselle, that you do not belong there at all. But the truth of the matter is thus: Versailles has only existed for seven years. It does not have any ancient traditions. It was made by Colbert, the commoner. It is full of nobles, true; but you fool yourself if you believe that they feel comfortable there—feel as if they belong. No, it is you, mademoiselle, who are the perfect courtier of Versailles, you whom the others shall envy, once you go there and establish yourself. My father feels himself slipping down, sees his family losing its wealth, its influence. He throws a rope up, hoping that someone on higher and firmer ground will snatch it out of the air and pull him to safety—and that someone is you, mademoiselle."

"It is a heavy charge to lay on a woman who has no money, and who is busy trying to raise an infant," Eliza said. "I hope that your father is not really as desperate as you make him sound."

"He is not desperate yet. But when he lies awake at night, he schemes against the possibility that he, or his descendants, may become desperate in the future."

"If what you say is creditable, I have much to do," said Eliza, turning from the window, and smoothing her skirt down with her hands.

"What shall you do first, mademoiselle?"