Lorenzo De Medici - tendency of Dec 09
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Lorenzo De Medici

Information about Lorenzo De Medici

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Efforts to acquire revenue from the mining of alum in Tuscany unfortunately marred Lorenzo's reputation. Alum had been discovered by local citizens of Volterra, who turned to Florence to get backing to exploit this important natural resource. A key commodity in the glass-making, tanning and textile industries, alum was available from only a few sources under the control of the Ottomans and monopolized by Genoa before the discovery of alum sources in Italy at Tolfa. First the Roman Curia in 1462, and then Lorenzo and the Medici Bank less than a year later, got involved in backing the mining operation, with the pope taking a two-ducat commission for each cantar quintal of alum retrieved and ensuring a monopoly against the Turkish-derived goods by prohibiting trade in alum with infidels. When they realized the value of the alum mine, the people of Volterra wanted its revenues for their municipal funds rather than having it enter the pockets of their Florentine backers. Thus began an insurrection and secession from Florence, which involved putting to death several opposing citizens. Lorenzo sent mercenaries to suppress the revolt by force, and the mercenaries ultimately sacked the city. Lorenzo hurried to Volterra to make amends, but the incident would remain a dark stain on his record.