“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 to recount the misfortunes of the Juncto. “Bankruptcy forced England to do what France could not: sue for peace, without having accomplished the chief goals of the war. No wonder Marlborough fled the country in disgrace, no wonder at all!”

“I cannot believe East India trade will be depressed for very long, though.”

Mr. Threader leaned forward, ready with an answer, but was tripped up by an interruption, of a professional nature, from the driver.

“Dr. Waterhouse, if you would be so good as to specify any destination in greater London, it would be my honor and privilege to convey you to it; but we are approaching Holborn Bridge, the gates and wall of the ancient City are within view, and you must decide now, unless you really want to accompany me all the way to Change Alley.”

“That is very kind of you, Mr. Threader. I shall lodge at the Royal Society to-night.”

“Right, guv’nor!” said the driver, who could overhear conversations when he needed to. He turned his attention to his horses, then, and addressed them in altogether different language.

“Bad luck that that the Royal Society has moved out of Gresham’s College,” Mr. Threader asserted.

“The delicacy of your discourse is a continual wonder to me, sir.” Daniel sighed, for in truth, the Royal Society had been thrown out of that mouldering pile after Hooke-who, for many years, had defended their lease with his usual vicious tenacity-had died in 1703. Without Hooke, they had only been able to delay the eviction. And they had delayed it superbly, but as of four years ago they were in new quarters off Fleet Street. “Those of us who sank our money into the bonds that paid for the new building, might employ stronger language than ‘bad luck.’ ”

“It is apropos, sir, that you should bring up the topic of investments. I had been about to mention that, should we have taken you to Gresham’s College, we should have passed by the front of a new edifice, at Threadneedle and Bishopsgate, that might fairly be called a new Wonder of the World.”

“What-your offices, Mr. Threader?”

Mr. Threader chuckled politely. Then he got a distracted look, for the carriage had slowed down, and tilted slightly, depressing him and elevating Daniel. They were climbing a gentle grade. Mr. Threader’s gaze bounced from the left window to the right, and stuck there, fixed on the sight of St. Andrew’s church-yard, a huddled mob of gray head-stones fading into the twilight of the absurdly truncated mid-winter day. Daniel, who even in daylight would have been at some difficulty to keep track of where they were in this new London, realized that they were still rattling eastwards down High Holborn; they had missed several turns, viz. Chancery Lane and Fetter Lane, that would have taken them down toward Fleet Street. As St. Andrew’s fell away aft, they missed yet another: Shoe Lane. They were climbing the approaches to the bridge where Holborn, like a country gentleman stepping over a turd-pile, crossed the Fleet Ditch.

Mr. Threader rapped on the roof. “The Royal Society is no longer at Gresham’s College!” he explained to the driver. “They have moved to a court off of Fleet Street-”

“Crane Court,” Daniel said. “Near Fetter Lane, or so I am informed.”

The driver now murmured something, as if he were ashamed to speak it aloud.

“Would you be offended, affrighted, sickened, or in any wise put out, if we were to go down the Fleet?”

“As long as we do not attempt it in a boat, Mr. Threader.”

Mr. Threader put the tips of his fingers to his mouth, lest the mere suggestion should cause him to throw up. Meanwhile with his other hand he made a coded rap on the ceiling. The driver immediately guided his team toward the right edge of the street. “The brink of our Cloaca Maxima has been shored up since you last, er-”

“Made a Deposit into a Vault?”

“As it were, Dr. Waterhouse. And it is still early enough that the nocturnal traffic shall not have built to the pitch of activity one would so desperately wish to avoid, later.”

Daniel could not see where they were going, but he could smell it now, and he could feel the carriage swerving away from the foot of the Holborn Bridge, and slowing to negotiate the turn southwards. He leaned forward and looked out the window down the length of the Fleet Ditch, a black and apparently bottomless slot in a long slab of unspeakably stained pavement, running due south to the Thames. The sky above the river shed a flinty twilight on this gap, from which the buildings of the city seemed to draw back in dismay. In defiance of Mr. Threader’s optimistic prediction, an ox-cart, consisting of a giant barrel on wheels, had backed up to the edge of the ditch and opened a large orifice in its rear to spew a chunky brown cataract into this, the least favored tributary of the Thames. The sounds coming up from the depths below, indicated that it was striking something other than clear running water. Making a quick scan of the length of the Ditch between them and the Fleet Bridge, about a quarter of a mile downstream-if “downstream” had any meaning here-Daniel saw two other such carts doing the same thing, or getting ready to. Other than the usual crew of idlers, vagrants, thieves, shake-rags, and disgraced preachers selling instant weddings, there was no traffic, other than a single sedan-chair, which was just emerging from an alley on the opposite bank of the ditch, and in the act of turning north towards Holborn. As Daniel caught sight of it, it faltered and stopped. The faces of the two men carrying it waxed like a pair of moons as they turned to look at Mr. Threader’s train. Then the carriage in which Daniel was riding executed its turn. The Ditch swung out of Daniel’s view, and was replaced by the first in a various row of cookeries and market-stalls, not all that bad here, close to Holborn, but bound to degenerate rapidly as they moved on. Daniel turned his head the other way to look out at the Ditch. A slablike wall rose from the opposite bank, ventilated by a few windows barred with heavy grids: the front of the Fleet Prison. His view was then blocked by the nostrils of an ox towing a vault-wagon. A whiff came in the window that paralyzed him for a few moments.