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Florence, widowed of so great a citizen, one so generally beloved, seemed to be universally sunk in despondency; victors and the vanquished were alike in fear. Rinaldo, as if inspired with a presage of his future calamities, in order not to appear deficient to himself or his party, assembled many citizens, his friends, and informed them that he foresaw their approaching ruin for having allowed themselves to be overcome by the prayers, the tears, and the money of their enemies; and that they did not seem aware they would soon themselves have to entreat and weep, when their prayers would not be listened to, or their tears excite compassion; and that of the money received, they would have to restore the principal, and pay the interest in tortures, exile, and death; that it would have been much better for them to have done nothing than to have left Cosmo alive, and his friends in Florence; for great offenders ought either to remain untouched, or be destroyed; that there was now no remedy but to strengthen themselves in the city, so that upon the renewed attempts of their enemies, which would soon take place, they might drive them out with arms, since they had not sufficient civil authority to expel them. The remedy to be adopted, he said, was one that he had long before advocated, which was to regain the friendship of the grandees, restoring and conceding to them all the honors of the city, and thus make themselves strong with that party, since their adversaries had joined the plebeians. That by this means they would become the more powerful side, for they would possess greater energy, more comprehensive talent and an augmented share of influence; and that if this last and only remedy were not adopted, he knew not what other means could be made use of to preserve the government among so many enemies, or prevent their own ruin and that of the city.

Mariotto Baldovinetti, one of the assembly, was opposed to this plan, on account of the pride and insupportable nature of the nobility; and said, that it would be folly to place themselves again under such inevitable tyranny for the sake of avoiding imaginary dangers from the plebeians. Rinaldo, finding his advice unfavorably received, vexed at his own misfortune and that of his party, imputed the whole to heaven itself, which had resolved upon it, rather than to human ignorance and blunders. In this juncture of affairs, no remedial measure being attempted, a letter was found written by Agnolo Acciajuoli to Cosmo, acquainting him with the disposition of the city in his favor, and advising him, if possible, to excite a war, and gain the friendship of Neri di Gino; for he imagined the city to be in want of money, and as she would not find anyone to serve her, the remembrance of him would be revived in the minds of the citizens, and they would desire his return; and that if Neri were detached from Rinaldo, the party of the latter would be so weakened, as to be unable to defend themselves. This letter coming to the hands of the magistrates, Agnolo was taken, put to the torture, and sent into exile. This example, however, did not at all deter Cosmo's party.

It was now almost a year since Cosmo had been banished, and the end of August, 1434, being come, Niccolo di Cocco was drawn Gonfalonier for the two succeeding months, and with him eight signors, all partisans of Cosmo. This struck terror into Rinaldo and his party; and as it is usual for three days to elapse before the new Signory assume the magistracy and the old resign their authority, Rinaldo again called together the heads of his party. He endeavored to show them their certain and immediate danger, and that their only remedy was to take arms, and cause Donato Velluti, who was yet Gonfalonier, to assemble the people in the piazza and create a Balia. He would then deprive the new Signory of the magistracy, appoint another, burn the present balloting purses, and by means of a new Squittini, provide themselves with friends. Many thought this course safe and requisite; others, that it was too violent, and likely to be attended with great evil. Among those who disliked it was Palla Strozzi, a peaceable, gentle, and humane person, better adapted for literary pursuits than for restraining a party, or opposing civil strife. He said that bold and crafty resolutions seem promising at their commencement, but are afterward found difficult to execute, and generally pernicious at their conclusion; that he thought the fear of external wars (the duke's forces being upon the confines of Romagna), would occupy the minds of the Signory more than internal dissensions; but, still, if any attempt should be made, and it could not take place unnoticed, they would have sufficient time to take arms, and adopt whatever measures might be found necessary for the common good, which being done upon necessity, would occasion less excitement among the people and less danger to themselves. It was therefore concluded, that the new Signory should come in; that their proceedings should be watched, and if they were found attempting anything against the party, each should take arms, and meet in the piazza of San Pulinari, situated near the palace, and whence they might proceed wherever it was found necessary. Having come to this conclusion, Rinaldo's friends separated.

The new Signory entered upon their office, and the Gonfalonier, in order to acquire reputation, and deter those who might intend to oppose him, sent Donato Velluti, his predecessor, to prison, upon the charge of having applied the public money to his own use. He then endeavored to sound his colleagues with respect to Cosmo: seeing them desirous of his return, he communicated with the leaders of the Medici party, and, by their advice, summoned the hostile chiefs, Rinaldo degli Albizzi, Ridolfo Peruzzi, and Niccolo Barbadoro. After this citation, Rinaldo thought further delay would be dangerous: he therefore left his house with a great number of armed men, and was soon joined by Ridolfo Peruzzi and Niccolo Barbadoro. The force accompanying them was composed of several citizens and a great number of disbanded soldiers then in Florence: and all assembled according to appointment in the piazza of San Pulinari. Palla Strozzi and Giovanni Guicciardini, though each had assembled a large number of men, kept in their houses; and therefore Rinaldo sent a messenger to request their attendance and to reprove their delay. Giovanni replied, that he should lend sufficient aid against their enemies, if by remaining at home he could prevent his brother Piero from going to the defense of the palace. After many messages Palla came to San Pulinari on horseback, accompanied by two of his people on foot, and unarmed. Rinaldo, on meeting him, sharply reproved him for his negligence, declaring that his refusal to come with the others arose either from defect of principle or want of courage; both of which charges should be avoided by all who wished to preserve such a character as he had hitherto possessed; and that if he thought this abominable conduct to his party would induce their enemies when victorious to spare him from death or exile, he deceived himself; but for himself (Rinaldo) whatever might happen, he had the consolation of knowing, that previously to the crisis he had never neglected his duty in council, and that when it occurred he had used every possible exertion to repel it with arms; but that Palla and the others would experience aggravated remorse when they considered they had upon three occasions betrayed their country; first when they saved Cosmo; next when they disregarded his advice; and now the third time by not coming armed in her defense according to their engagement. To these reproaches Palla made no reply audible to those around, but, muttering something as he left them, returned to his house.