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Seeing the discontent so prevalent, the Signory resolved to assemble a few citizens, and with soft words endeavor to soothe the popular irritation. On this occasion, Rinaldo degli Albizzi, the eldest son of Maso, who, by his own talents and the respect he derived from the memory of his father, aspired to the first offices in the government, spoke at great length; showing that it is not right to judge of actions merely by their effects; for it often happens that what has been very maturely considered is attended with unfavorable results: that if we are to applaud evil counsels because they are sometimes followed by fortunate events, we should only encourage men in error which would bring great mischief upon the republic; because evil counsel is not always attended with happy consequences. In the same way, it would be wrong to blame a wise resolution, because if its being attended with an unfavorable issue; for by so doing, we should destroy the inclination of citizens to offer advice and speak the truth. He then showed the propriety of undertaking the war; and that if it had not been commenced by the Florentines in Romagna the duke would have assailed them in Tuscany. But since it had pleased God, that the Florentine people should be overcome, their loss would be still greater if they allowed themselves to be dejected; but if they set a bold front against adversity, and made good use of the means within their power, they would not be sensible of their loss or the duke of his victory. He assured them they ought not to be alarmed by impending expenses and consequent taxation; because the latter might be reduced, and the future expense would not be so great as the former had been; for less preparation is necessary for those engaged in self-defense than for those who design to attack others. He advised them to imitate the conduct of their forefathers, who, by courageous conduct in adverse circumstances, had defended themselves against all their enemies.

Thus encouraged, the citizens engaged Count Oddo the son of Braccio, and united with him, for directing the operations of the war, Niccolo Piccinino, a pupil of his father's, and one of the most celebrated of all who had served under him. To these they added other leaders, and remounted some of those who had lost their horses in the late defeat. They also appointed twenty citizens to levy new taxes, who finding the great quite subdued by the recent loss, took courage and drained them without mercy.

These burdens were very grievous to the nobility, who at first, in order to conciliate, did not complain of their own particular hardships, but censured the tax generally as unjust, and advised that something should be done in the way of relief; but their advice was rejected in the Councils. Therefore, to render the law as offensive as possible, and to make all sensible of its injustice, they contrived that the taxes should be levied with the utmost rigor, and made it lawful to kill any that might resist the officers employed to collect them. Hence followed many lamentable collisions, attended with the blood and death of citizens. It began to be the impression of all, that arms would be resorted to, and all prudent persons apprehended some approaching evil; for the higher ranks, accustomed to be treated with respect, could not endure to be used like dogs; and the rest were desirous that the taxation should be equalized. In consequence of this state of things, many of the first citizens met together, and it was resolved that it had become necessary for their safety, that some attempt should be made to recover the government; since their want of vigilance had encouraged men to censure public actions, and allowed those to interfere in affairs who had hitherto been merely the leaders of the rabble. Having repeatedly discussed the subject, they resolved to meet again at an appointed hour, when upwards of seventy citizens assembled in the church of St. Stephen, with the permission of Lorenzo Ridolfi and Francesco Gianfigliazzi, both members of the Signory. Giovanni de' Medici was not among them either because being under suspicion he was not invited or that entertaining different views he was unwilling to interfere.

Rinaldo degli Albizzi addressed the assembly, describing the condition of the city, and showing how by their own negligence it had again fallen under the power of the plebeians, from whom it had been wrested by their fathers in 1381. He reminded them of the iniquity of the government which was in power from 1378 to 1381, and that all who were then present had to lament, some a father, others a grandfather, put to death by its tyranny. He assured them they were now in the same danger, and that the city was sinking under the same disorders. The multitude had already imposed a tax of its own authority; and would soon, if not restrained by greater force or better regulations, appoint the magistrates, who, in this case, would occupy their places, and overturn the government which for forty-two years had ruled the city with so much glory; the citizens would then be subject to the will of the multitude, and live disorderly and dangerous, or be under the command of some individual who might make himself prince. For these reasons he was of opinion, that whoever loved his country and his honor must arouse himself, and call to mind the virtue of Bardo Mancini, who, by the ruin of the Alberti, rescued the city from the dangers then impending; and that the cause of the audacity now assumed by the multitude was the extensive Squittini or Pollings, which, by their negligence, were allowed to be made; for thus the palace had become filled with low men. He therefore concluded, that the only means of remedying the evil was to restore the government to the nobility, and diminish the authority of the minor trades by reducing the companies from fourteen to seven, which would give the plebeians less authority in the Councils, both by the reduction in their number and by increasing the authority of the great; who, on account of former enmities, would be disinclined to favor them. He added, that it is a good thing to know how to avail themselves of men according to the times; and that as their fathers had used the plebeians to reduce the influence of the great, that now, the great having been humbled, and the plebeians become insolent, it was well to restrain the insolence of the latter by the assistance of the former. To effect this they might proceed either openly or otherwise, for some of them belonging to the Council of Ten, forces might be led into the city without exciting observation.

Rinaldo was much applauded, and his advice was approved of by the whole assembly. Niccolo da Uzzano who, among others, replied to it, said, "All that Rinaldo had advanced was correct, and the remedies he proposed good and certain, if they could be adopted without an absolute division of the city; and this he had no doubt would be effected if they could induce Giovanni de' Medici to join them; for with him on their side, the multitude being deprived of their chief and stay, would be unable to oppose them; but that if he did not concur with them they could do nothing without arms, and that with them they would incur the risk of being vanquished, or of not being able to reap the fruit of victory." He then modestly reminded them of what he had said upon a former occasion, and of their reluctance to remedy the evil when it might easily have been done; that now the same remedy could not be attempted without incurring the danger of greater evils, and therefore there was nothing left for them to do but to gain him over to their side, if practicable. Rinaldo was then commissioned to wait upon Giovanni and try if he could induce him to join them.