In the month of March of the following year Cane received a visit from the ambitious usurer at his palace in Verona. Pepi had grown wise by experience, and in this interview managed his treaty with great skill. He bought for the occasion a vest of scarlet silk and boots of Tartarian fur; fastening on his gilt spurs, throwing his gold fringed cloak over his shoulders, and putting on his head a conical cap of the newest fashion, encircled with a golden band, he mounted a good horse; and, thus caparisoned, he appeared, in his own and in his old woman’s eyes, as accomplished and noble a knight as by the stroke of a sword it were possible to dub; nor did he, in his conference with Cane, mention what his means were by which he intended to betray the city, but merely boasted of his power of admitting the army of the lord of Verona, if it should appear before the gates, and named, as the condition of this service, his being instituted its lord in vassalage to Cane, if his Ghibeline townsmen should agree to receive him as their chief. The veteran commander easily acceded to these stipulations; and, the time and other circumstances being agreed upon, Pepi returned to Cremona to prepare for his future government.

His great art consisted in attacking all the nobles for their debts at the same time; and these were so numerous, and of so considerable an amount, that it created much confusion in a town which had been enfeebled by perpetual wars. The nobles, as Castruccio had predicted, reflected that they had arms in their hands, and that their debts being all due to one man, they could by his death easily free their shoulders from a heavy burthen. It was then that Pepi began to disclose to each separately his readiness to destroy their bonds, if through their means he was admitted to be lord of Cremona. The Ghibelines objected the strong opposition they should meet with from the Guelphs; to these he confided the hopes he entertained of aid from Cane della Scala. The Guelphs, now much enfeebled, appeared more tractable, since he endeavoured to persuade them that it would be wholly in his power to prevent the Ghibelines from exiling them; and he promised to act as a moderator between the parties. He was listened to, and many promised him their assistance, each in his heart despising the usurer, but believing that each by his single vote would be of no service to raise him to the sovereignty, and that by fair words they should discharge their heavy debts.

Pepi had so managed, that he had got the keys of one of the gates into possession; he admitted the troops of the lord of Verona; but he found that after all he did not possess the influence he had hoped over the minds of his townsmen. When the Ghibeline war-cry was raised, all the Guelphs of the city, distrusting either the promises or the power of their creditor, assembled in arms; and a tumult ensued, which ended in the defeat of the popular party, and the triumphant entrance of Cane into the town.

Pepi fell in that tumult: whether by a chance-blow, or by the resolved dagger of one of his debtors, cannot be ascertained. But his dead body was discovered among the slain; and, so great was the enmity of his townsmen against him, that, although Cane and his troops had already entered the city, the whole population rushed in fury towards his palace, and in a few hours the massy walls, the high tower, and all the boasted possessions of Pepi were, as himself, a loathsome and useless ruin. The hidden and unknown vaults were undisturbed; and the paper wealth of the usurer lay buried there, to rot in peace among the mildews and damps of those miserable dungeons.