Chapter 25: Borrowing Money from the Iron Bank

Upon hearing Maester Luwin's advice, Eddard murmured, "Going to King's Landing, seeking the King's judgment, is certainly an option. However, we currently lack evidence."

Maester Luwin replied, "Mikken told me that any skilled blacksmith can recognize that the battle axes and armor sent by Lord Roose Bolton are the work of Ironborn smiths. The Rockborn pirates even sail in longships from the Iron Islands—this itself is evidence."

Eddard shook his head helplessly. "King Balon will surely argue that weapons and armor made with Ironborn craftsmanship can be purchased in any port city in Westeros. As for the longships, the Ironborn have sold many, and shipyards elsewhere have imitated them as well."

In Eddard's plan, once the Northern army had purged the Rockborn pirates raiding the eastern coast of the North, they would cross the sea to sweep Skagos. If evidence of Balon Greyjoy's collusion with the Rockborn was found, Eddard would send a raven to King's Landing to seek King Robert's judgment.

Eddard was a close friend of Robert, whereas Balon Greyjoy, the leader of the Ironborn raiders, was a former rebel who had waged war against the Iron Throne. Eddard trusted that Robert and his Hand, Jon Arryn, would support him if a conflict arose between the North and the Iron Islands. However, going to King's Landing without concrete proof would be futile—even with Eddard's allies at court.

Maester Luwin fidgeted with the links of his maester's chain. "If we are to find evidence, we must penetrate deep into Skagos. Can the Northern fleet manage that? Even if Lord Eddard chooses not to seek Robert's judgment just yet, he could still request that King Robert dispatch the Royal Fleet to help us eradicate the Rockborn pirates."

"The King's younger brother, Stannis Baratheon, is currently the Master of Ships. During Balon Greyjoy's rebellion, he shattered the Iron Fleet at Fair Isle. Stannis is one of the most formidable naval commanders in the realm. Even the Ironborn struggle against him. If King Robert sends Stannis and the Royal Fleet north, the Rockborn pirates will be crushed in an instant."

Eddard considered this for a moment before shaking his head. "Better not. Even if Robert is willing to aid me, his small council would oppose it. The Royal Fleet safeguards King's Landing and its hundreds of thousands of residents. If the fleet sails north, the capital's defenses will be left vulnerable. Who knows if the pirates of the Stepstones might seize the opportunity to threaten King's Landing?"

At the small council, Eddard had few allies aside from Jon Arryn. Knowing Jon Arryn well, Eddard doubted he would agree to send the Royal Fleet north.

In his own lands of the Vale, Jon Arryn dealt with frequent raids by the mountain clans. Yet, he had never requested the full power of the Seven Kingdoms to suppress them.

Even if everything went smoothly—if Robert and Jon Arryn were generous enough to send the Royal Fleet north—exposing the North's internal struggles to the court and the rest of the realm was risky. It would signal that House Stark was incapable of quelling internal threats, drawing the attention of schemers who might use the Rockborn against the North.

Eddard traced his fingers over the map of Skagos.

"Luwin, that's enough discussion. Now, send the ravens. Command our bannermen to gather their forces at Winterfell. The North is vast—we must call our lords to arms as soon as possible."

Once the ravens were sent, the forces of House Glover from Deepwood Motte, the archers of the forest clans, the horse archers of House Tallhart from Torrhen's Square, the cavalry of House Ryswell from the Rills, the mounted and foot soldiers of Lady Barbrey Dustin from Barrowton, the White Harbor knights of Lord Wyman Manderly, the mountain clans' warriors, and the soldiers of Bear Island would all march toward Winterfell.

Mustering an army would undoubtedly affect agriculture and impose burdens on the smallfolk. The bannermen would grumble. But Eddard had no choice. If the Rockborn were left unchecked, they would wreak even greater havoc on the economy and farmlands of the eastern coast. Should they extend their reach into White Harbor's waters in the Bite, the entire North would suffer massive losses.

After Maester Luwin departed, Eddard summoned his financial advisor, Klar.

"If the Iron Bank is willing to lend us money, would fifty thousand gold dragons be sufficient?"

The sapphire ring on Klar's finger gleamed as he smirked. "Lord Eddard, why use the word 'if'? Do you not trust me?"

Eddard frowned. "Are you certain the Iron Bank will lend to us? Fifty thousand is a vast sum."

Klar chuckled. "The Iron Bank thrives on lending. Lord Eddard, you are the Warden of the North, and House Stark was once the King in the North. The Iron Bank would be foolish to turn down such a prestigious client."

Eddard was somewhat reassured. "Once we secure this loan, it will be used to expand Winter Town, build ships, and eliminate the Rockborn pirates. Do you think it will be enough?"

Klar stroked his chin. "Originally, the sum would have been more than sufficient for expanding Winter Town and establishing a small fleet. But now that war is on the horizon… Lord Eddard, I have heard that the last campaign against the Rockborn rebellion took three years to suppress. Once war begins, even a mountain of gold can be drained. If you are willing to borrow an additional twenty thousand gold dragons, it would provide a safer margin."

Eddard replied, "Aside from the Iron Bank, I have decided to borrow ten thousand gold dragons from Lord Wyman Manderly of White Harbor. Klar, borrowing from the Iron Bank already places me at great risk. I won't take a single coin more from them."

Klar smiled slyly. "Then why not borrow from King Robert instead? He, too, is a client of the Iron Bank and owes them a staggering amount."

Eddard scoffed, "You just said it yourself—Robert is drowning in debt. You suggest I borrow from him?"

Klar shrugged. "Borrowing ten or twenty thousand gold dragons from Robert wouldn't be an issue. I have heard that he spends thousands of gold dragons just to host a single tourney. And let's not even mention his expenses on feasts and whores. Robert has the right attitude—whether he owes a million or five million dragons, it makes no difference. He can't pay it back anyway. I also heard that Robert has promised to help a Summer Isles prince reclaim his throne, planning an expedition to the Summer Isles."

If Robert truly intended to launch a military campaign in the distant Summer Isles, Eddard could only describe it as madness. The Seven Kingdoms had failed to annex the Stepstones, yet Robert planned to send forces across thousands of leagues of ocean to a land where the people worshipped foreign gods and had ebony skin? Jon Arryn would never allow it.

Eddard dismissed the idea. "No matter how much debt Robert has, I won't borrow from the Crown. Klar, you once served the Iron Bank for many years—tell me, when their representatives negotiate with clients, how much authority do they have to adjust terms? Or do they simply follow fixed interest rates?"

Klar licked his lips. "Are you asking if we can haggle? Of course we can. When the Iron Bank's envoy arrives in Winterfell, you'll see how I handle him."

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