“‘The great wars of Romagna had ended; Cæsar Borgia, who had completed his conquest, had need of money to purchase all Italy. The pope had also need of money to bring matters to an end with Louis XII. King of France, who was formidable still in spite of his recent reverses; and it was necessary, therefore, to have recourse to some profitable scheme, which was a matter of great difficulty in the impoverished condition of exhausted Italy. His holiness had an idea. He determined to make two cardinals.’
“By choosing two of the greatest personages of Rome, especially rich men—this was the return the Holy Father looked for. In the first place, he could sell the great appointments and splendid offices which the cardinals already held; and then he had the two hats to sell besides. There was a third point in view, which will appear hereafter.
“The pope and Cæsar Borgia first found the two future cardinals; they were Giovanni Rospigliosi, who held four of the highest dignities of the Holy See, and Cæsar Spada, one of the noblest and richest of the Roman nobility; both felt the high honor of such a favor from the pope. They were ambitious, and Cæsar Borgia soon found purchasers for their appointments. The result was, that Rospigliosi and Spada paid for being cardinals, and eight other persons paid for the offices the cardinals held before their elevation, and thus eight hundred thousand crowns entered into the coffers of the speculators.