the close of the thirteenth century, lay the government of the State. The guilds of the money-changers and of the woolstaplers were the principal, for the first gave the law to all foreign banks, the last, to which smaller societies were subject, governed all foreign markets. Giovanni di Bicci was one of those who knew how to avail himself skilfully of the favourable opportunities offered by the conclusion of peace at the beginning of the fifteenth century. At the time of the Council of Constance, which agitated the world to an unusual degree, all the great monetary affairs in which Italy was concerned passed through Giovanni’s hands. He is said to have gained enormous sums of money, which were increased when the acquisition of Livorno afforded an advantageous outlet to the commerce of Florence. The advantage would have been lasting, but for the war with Milan, which broke out a few years later, and caused grave troubles. If Giovanni gained much, he was generous with his gains. Where need was, he showed no stint, and for public works his contribution was always ready. Having promised a chapel and sacristy for San Lorenzo, when the enlargement of the whole church was taken in hand (1419) he prompted Filippo Brunelleschi to design a grand plan for its entire reconstruction, which was begun in 1421, and in which the Medici and seven other families took an especial interest. Giovanni, though he did not seek offices in the State, never refused any to which he was called. He conducted negotiations with Ladislaus, King of Naples, went to congratulate Alexander V. on his election as Pope by the Council of Pisa, and accompanied Martin V. when the latter, on his return from Constance, passed through Florence to Rome. Giovanni was elected to the office of Podestà in Pistoja, and in 1421 was chosen Gonfalonier in Florence. The choice was not quite agreeable to the ruling party, for popular traditions were associated with the name of Medici, and Giovanni stood so high in the favour of the multitude that he could, if he had wished, easily have stirred up an insurrection against the oligarchy. Niccolo Uzzano, a prudent and moderate man, who, after Maso degli Albizzi’s death in 1417, shared with Rinaldo the leadership of the conservative party, opposed the election of Giovanni, but did not push his opposition to extremes, for he saw there was a struggle coming on. Giovanni, on his side, made no attempt during his term of office at anything that would disturb the peace.