Page 126 of The Infernal Battalion

“Each mark of income is about thirteen thousand percent overpledged,” Cora agreed. “There are a lot of investors holding a lot of paper that will suddenly be worth essentially nothing. When they find out, there’ll be a panic.”

“You—” Goodman looked from Cora to Raesinia and back again. “You didn’t. That’s absurd.”

“I suppose I’m just not very good with numbers,” Cora said.

“Given the size of the company, if VRT goes down hard, the whole market in Vordanai derivatives is going down with it,” Raesinia said. “Once it gets out where our loans came from, there’ll be runs on the banks. And then the banks that lent to those banks, and so on.”

“Including the Yellow Shield Bank,” Cora said. “They’re one of our largest creditors. And I believe you’re the majority owner, aren’t you, Master Goodman?”

“Do you have any idea what you’ve done?” Goodman said. “If a breath of this hits the market—”

“Then everything collapses like a house of cards. That was more or less the point.” Raesinia picked up the tumbler again. “Are you sure I can’t offer you that drink?”

This time Goodman took it. He dragged one of the chairs away from the table, sank into it, and downed half the liquor in a single swallow. He coughed, then slammed the glass down, amber slopping over the rim. A muscle jumped in his cheek.

“You stupid little girls,” he snarled. “Playing with things you can’t possibly understand.”

“I would say we understand them considerably better than you.”

“You’ll face justice for this. Queen or not. The people will demand it.” His lips tightened. “You’ll never see Vordan again.”

“It’s possible,” Raesinia admitted. “That will mean war, of course. Which, as I understand it, is the one thing Georg is desperate to avoid. Are you ready to explain to him what’s happened?”

“On the other hand,” Cora said, as though she were just thinking of it, “Georg might welcome the prospect of a general collapse. He could repudiate the Crown’s debt fairly easily under the circumstances, couldn’t he? Bad news for anyone who’d lent him money, of course.”

Goodman had gone very pale, and he flinched visibly at this last shot. When he reached for the sticky tumbler again, Raesinia knew they’d won.

“What do you want?” he whispered.

“Tell the king that my marriage to the second prince is off. In addition to the squadron already dispatched, he’s to follow through on his promise to send an army to help defeat Janus, which we agree is in everyone’s best interest.”

“I think,” Goodman said, “that I might—”

“I’m not finished,” Raesinia snapped. “You’ll also agree to Cora’s plan for repayment of Vordan’s debts, which she assures me is the most generous we can afford.”

“Ah.” Goodman swallowed. “Anything else?”

“Ihannes Pulwer-​Monsangton is to be replaced as ambassador to Vordan by Second Prince Matthew. He gets to name his own escort from among the Life Guards.”

Goodman looked briefly puzzled, then shook his head. “And what do I get in exchange for all of this?”

“Once we’re back in Vordan, Cora will wind down VRT. Slowly, so as not to cause a panic. I suggest you take steps to suppress the market in Vordanai debt speculation, so when the details are announced it doesn’t rock the boat too much.”

“Of course,” Cora added, “if you change your mind, then we can simply go public with VRT and flip the table.”

“His Majesty won’t like it,” Goodman said.

“My understanding is that you have considerable influence with the king,” Raesinia said. “I suggest you use it.”

Goodman glared at her for a moment, then gulped the rest of the liquor from the tumbler and bowed his head.

*

“Another messenger,” Barely called.

“Tell him we’re not interested,” Raesinia said. She was watching as Matthew’s servants packed up her things, which had gotten a bit disorganized when they’d been hurriedly moved from her old quarters. I don’t remember bringing so many dresses. I suppose I wasn’t paying much attention when we packed.

“He’s got fancy gold braid all over him,” Barely said. “Says he’s the chief herald, or something like that.”