Cosimo protected the commercial interests of Florence, identifying them with his own. He knew that peace was essential to the foreign trade, and tried to keep on friendly terms with the neighbours whose hostility would have destroyed it. He lived with simplicity in private life, but he needed wealth to maintain his position as patron of art and the New Learning; nor did he grudge the money which was scattered profusely to provide the gorgeous spectacles, beloved by the unlearned. He knew that nothing would rob the Florentines so easily of their ancient love of liberty as the experience of sensuous delights, in which all southern races find some satisfaction. He entertained the guests of the Republic with magnificence, that they might be impressed by the security of his unlawful government.

Lorenzo, the grandson of Cosimo dei Medici, carried on his policy. It had been successful, for the Florentines of their own accord put themselves beneath the sway of a second tyrant.

"Poets of every kind, gentle and simple, with golden cithern and with rustic lute, came from every quarter to animate the suppers of the Magnifico; whosoever sang of arms, of love, of saints, of fools, was welcome, or he who, drinking and joking, kept the company amused.… And in order that the people might not be excluded from this new beatitude (a thing which was important to the Magnifico), he composed and set in order many mythological representations, triumphal cars, dances, and every kind of festal celebration, to solace and delight them; and thus he succeeded in banishing from their souls any recollection of their ancient greatness, in making them insensible to the ills of the country, in disfranchising and debasing them by means of temporal ease and intoxication of the senses."

Lorenzo the Magnificent was endowed with charms that were naturally potent with a beauty-loving people. He had been very carefully trained by the prudent Cosimo, so that he excelled in physical exercises and could also claim a place among the most intellectual in Florence. Although singularly ill-favoured, he had personal qualities which attracted men and women. He spared no pains to array himself with splendour whenever he appeared in public. At tournaments he wore a costume ornamented with gold and silver thread, and displayed the great Medicean diamond—Il Libro—on his shield, which bore the fleur-de-lis of France in token of the friendship between the Medici and that nation. The sound of drums and fifes heralded the approach of Lorenzo the Magnificent, and cheers acclaimed him victor when he left the field bearing the coveted silver helmet as a trophy.

Lorenzo worshipped a lady who had given him a bunch of violets as a token, according to the laws of chivalry. He wrote sonnets in honour of Lucrezia Donati, but he was not free to marry her, the great house of Medici looking higher than her family. The bride, chosen for the honour of mating with the ruler of Florence, was a Roman lady of such noble birth that it was not considered essential that she should bring a substantial dowry. Clarice Orsini was dazzled at her wedding-feast by the voluptuous splendour of the family which she entered.

The ceremony took place at Florence in 1469 and afforded an excuse for lavish hospitality. The bride received her own guests in the garden of the villa where she was to reign as mistress. Young married women surrounded her, admiring the costliness of her clothing and preening themselves in the rich attire which they had assumed for this great occasion. In an upper room of the villa the bridegroom's mother welcomed her own friends of mature years, and listened indulgently to the sounds of mirth that floated upward from the cloisters of the courtyard. Lorenzo sat there with the great Florentines who had assembled to honour his betrothal. The feast was served with solemnity at variance with the wit and laughter that were characteristic of the gallant company. The blare of trumpets heralded the arrival of dishes, which were generally simple. The stewards and carvers bowed low as they served the meats; their task was far from light since abundance was the rule of the house of Medici. No less than five thousand pounds of sweetmeats had been provided for the wedding, but it must be remembered that the banquets went on continuously for several days, and the humblest citizen could present himself at the hospitable boards of the bridegroom and his kinsfolk. The country-folk had sent the usual gifts, of fat hens and capons, and were greeted with a welcome as gracious as that bestowed on the guests whose offerings were rings or brocades or costly illuminated manuscripts.

After his marriage, Lorenzo was called upon to undertake a foreign mission. He travelled to Milan and there stood sponsor to the child of the reigning Duke, Galeazzo Sforza, in order to cement an alliance. He gave a gold collar, studded with diamonds, to the Duchess of Milan, and answered as became him when she was led to express the hope that he would be godfather to all her children! It was Lorenzo's duty to act as host when the Duke of Milan came to visit Florence. He was not dismayed by the long train of attendants which followed the Duke, for he knew that these richly-dressed warriors might be bribed to fight for his State if he conciliated their master. There were citizens in Florence, however, who shrank from the barbaric ostentation of their ally. They looked upon a fire which broke out in a church as a divine denunciation of the mystery play performed in honour of their guests, and were openly relieved to shut their gates upon the Duke of Milan and his proud forces.

Lorenzo betrayed no weakness when the town of Volterra revolted against Florence, which exercised the rights of a protector. He punished the inhabitants very cruelly, banishing all the leaders of the revolt and taking away the Volterran privilege of self-government. His enemies hinted that he behaved despotically in order to secure certain mineral rights in this territory, and held him responsible for the sack of Volterra, though he asserted that he had gone to offer help to such of the inhabitants as had lost everything.

But the war of the Pazzi conspiracy was the true test of the strength of Medicean government. It succeeded a time of high prosperity in Florence, when her ruler was honoured by the recognition of many foreign powers, and felt his position so secure that he might safely devote much leisure to the congenial study of poetry and philosophy.

Between the years 1474-8 Lorenzo had managed to incur the jealous hatred of Pope Sixtus IV, who was determined to become the greatest power in Christendom. This Pontiff skilfully detached Naples from her alliance with Florence and Milan by promising to be content with a nominal tribute of two white horses every year instead of the handsome annual sum she had usually exacted from this vassal. He congratulated himself especially on this stroke of policy, because he believed Venice to be too selfish as a commercial State to combine with her Italian neighbours and so form another Triple Alliance. He then proceeded to win over the Duke of Urbino, who had been the leader of the Florentine army. He also thwarted the ambition of Florentine trade by purchasing the tower of Imola from Milan. The Medici, coveting the bargain for their traffic with the East, were too indignant to advance the money which, as bankers to the Papacy, they should have supplied. They preferred to see their rivals, the great Roman banking-house of the Pazzi, accommodating the Pope, even though this might mean a fatal blow to their supremacy.