ITALIAN COMMERCE IN THE MIDDLE AGES.
“Your mind is tossing on the ocean;
There, where your argosies with portly sail,
Like signiors and rich burghers of the flood,
Or, as it were, the pageants of the sea,
Do overpeer the petty traffickers,
That curt’sy to them, do them reverence,
As they fly by them with their woven wings.”
Merchant of Venice, act i. sc. i.
Thucydides, in the introduction to his history, remarks that one of the principal causes that raised some of the Greek cities to such a high degree of prosperity and power was their engagement in mercantile pursuits. All the great peoples of antiquity by whom the shores of the Mediterranean were occupied—Phœnicians, Carthaginians, Etruscans, Ionians of Asia Minor—rose to wealth and importance by the same means. The Romans alone despised it.
After the subversion of the Western Empire and the last inroads of the barbarians, the natives of Italy were the first to emerge from the ruins of the ancient world. Except religion, they found no worthier or more potent element of civilization than commerce, which procures, to use the words of a celebrated writer, what is of far greater value than mere money—“the reciprocation of the peculiar advantages of different countries”; and throughout the middle ages, until the passage to India by the Cape of Good Hope and the discovery of America, Italy was the most forward nation in Christendom for wealth, refinement of manners, and intellectual culture.
Italian commerce reached its greatest development between the thirteenth and fifteenth centuries—that is, between the ages when Marco Polo travelled to Tartary, China, and the Indies and Christopher
Columbus discovered America. In these two men, representatives of Venice and Genoa, are embodied the geniuses of trade and navigation; and as though Florence, seated between the rival cities and engaged rather in reaping the fruits than in sowing the seeds of enterprise, were destined to unite in herself the glory of both Italian shores, one of her citizens—Americus Vespucius—gives his name to the New World. This commerce began slowly but progressed rapidly, and attained its noblest proportions during the fourteenth century, when for a hundred years it spread over every sea and land then known in the eager search after riches, bringing back to its votaries whatever luxury Europe, Asia, and Africa produced or man’s invention had evolved out of the necessities of his nature. Next, it gradually fell away and almost disappeared in the sixteenth century, leaving behind it only the cold consolation that there was no reason why it alone should be excepted from the common doom of human affairs, which, when they have enjoyed a certain measure of success, must surely decline and fall.
When the Goths, Longobards, and Carlovingians had conquered Italy, although most of the arts and sciences were lost or hidden in cloisters, neither trade nor commerce was quite neglected; but, despite the
dangers from pirates, the ignorance of the sea, and the exactions of the lawless on land, the Adriatic and Mediterranean were timidly attempted by the inhabitants of the coast, while in the interior of the country an interchange of commodities was carried on between neighboring districts at places set apart for the purpose. These places were generally the large square or principal street of a town, or under the walls of a monastery, and the interchange took place on certain days appointed by public authority.
The assemblies of the people were usually held on the Saturday, and were at first called markets; but afterwards the rarer and more important ones, which were held annually and for several consecutive days, were termed fairs, from the Latin word feria, because they always took place on the feast of some saint. Many rights and privileges were granted at an early period to the merchants who exhibited wares at these yearly gatherings; for without such inducements few cared to undertake a journey with a part, or perhaps the whole, of their earthly substance about them, along roads and across ferries beset by robber-nobles, who levied toll from passers-by and sometimes seized goods and persons for their own use.
The Venetians began earlier to sail on distant seas, and maintained themselves longer on the water, than did the natives of any other parts of Italy. Cassiodorus represents them in the sixth century as occupied solely in salt-works, from which they derived their only profit; but in course of time they issued from their lagoons to become the most industrious and venturesome traffickers in the world. At the beginning of the ninth century they had already introduced into Italy
some of the delicacies of the East, but drew odium on themselves for conniving with pirates and men-stealers to capture people and sell them into slavery in distant quarters of Europe and Asia. On the opposite shore of Italy the inhabitants of Amalfi showed themselves the most successful navigators during the early middle ages, trading with Sicily and Tarentum, and even with Egypt, Syria, and Constantinople. Their city is described by the poet-historian William of Apulia, in the eleventh century, as the great mart for Eastern goods, and the enterprise of its sailors as extending to all the ports of the Mediterranean. Flavio Gioja, a citizen of Amalfi, if he did not invent the mariner’s compass, as is somewhere asserted, certainly improved it about the year 1302, either by its mode of suspension or by the attachment of the card to the needle itself. This discovery gave such an impulse to navigation that what had been for ages hardly more than a skilful art became at once a science, and vessels no longer crept along the shore or slipped from island to island, but attempted “the vasty deep” and crossed over the ocean to the New World.
Another rich emporium at an early period, on the same side of Italy, was Pisa. The city was four or five miles from the sea, but had a port formed by a natural bay to the southward of the old mouth of the Arno at a place called Calambrone. The Pisans at first traded principally with Sicily and Africa. They fitted out expeditions against the Saracens,[31] seized several islands
in the Mediterranean, and with both land-troops and seamen took an important part in the first Crusade, being careful, before returning from the East, to establish factories at Antioch and Constantinople. They also sent fleets to humble the Mohammedan cities of Northern Africa. Through commercial jealousy and political reasons they became involved in bitter wars with the Genoese for the possession of Corsica, and with the Amalfitans, who had sided against the emperor. The Pisans, as auxiliaries of the Emperor Lothaire, sent a strong squadron to Amalfi, which was held by the Normans, and, after a rigorous blockade, took it by storm in 1137. It was on this occasion that a copy of the long-lost Pandects of Justinian was found, which is said to be the original from which all subsequent copies in Italy were made, thus reviving the study of Roman law. It was taken from its captors by the Florentines in 1411, and is now preserved in the Laurentian Library at Florence. The monk Donizo, in his metrical life of the Countess Matilda, being annoyed that the mother of the countess should have been buried in Pisa, describes the city somewhat contemptuously as a flourishing emporium whose port was filled with large ships and frequented by many different races of people, even by swarthy Moors.
To the north of Pisa rose her haughty rival, Genoa, surnamed the Superb from her pride and magnificent natural position. After four sanguinary wars with the Pisans, the Genoese swept their fleets from the sea, destroyed their port, and ruined their foreign commerce. The city never recovered from that blow, and the population, which once exceeded 100,000, has fallen to a fifth of that number.
The Genoese had at first been the allies of the Pisans, and united with them to drive the Saracens out of several important islands. They also ravaged the coast of Northern Africa in the eleventh century, and, taking part in the first Crusade, obtained settlements on the shore of Palestine, particularly at Acre. Owing to their secure position at home and their foothold in the East and the islands of the West, their city became one of the two great maritime powers of Italy and the only noteworthy rival of Venice. The power of the Genoese and Venetians was immensely increased by the Crusades, and at one time so feared were they in the Levant that they were able to draw pensions and exact tribute from the pusillanimous emperor at Constantinople. The Venetians were especially favored by Alexius Comnenus, through whom they acquired convenient establishments along the Bosphorus and at Durazzo in Albania. Their doge was honored with the pompous title of Protosebaste. In the meanwhile intestine disturbances and wars with neighboring republics had reduced several of those cities which had lately been most flourishing, and none could compete successfully in the fourteenth century with Venice and Genoa, to which the foreign trade of Italy was left, and to whose marts the produce of the Levant and the countries bordering on the lower Mediterranean was brought, and either there or at the great cities of the interior exchanged for domestic manufactures and the industries of Central and Northern Europe. The carrying trade was almost exclusively their own, but the home or inland business was shared by many other cities—principally by Bologna, Ferrara, Florence, Lucca, and Milan.
At that period the Atlantic ocean and northern coasts of Europe were but rarely navigated by Italian merchants. The Venetians alone despatched annually a large fleet, which—taking its name, the Flanders fleet, from its destination—carried on an enterprising and lucrative traffic with the Low Countries, and, in connection with the Hanseatic League or directly, spread over England, Scotland, and the nations lying on the North Sea and the Baltic, the spices, gums, silks, pearls, diamonds, and numerous other articles of oriental origin which they had procured from the Levant and further Indies. The Genoese furnished the same things to the French, Spaniards, and Moors of Andalusia; but Portugal was served by their rivals.
A maritime power had risen before this time which disputed with the Genoese and Venetians the ascendency on the Mediterranean. This was Barcelona, whose sailors were among the best on the sea, and whose merchants were largely engaged in commerce. Many bold encounters took place between the Catalans and Italians, through jealousies of trade, but the former finally succumbed.
The products of the more distant East reached Italy in Genoese and Venetian ships, through Armenian merchants at Trebizond, and through Arabs by way of Alexandria and Damascus. Those of the north, so necessary for a seafaring people, were brought from the mouth of the Don, the merchandise being floated down that great river in boats from the interior. The Mongols were the masters of all the region thereabouts; but the insinuating Italians, aware of the interest of this branch of commerce, played upon their barbarous pride with so
much dexterity that they succeeded in making treaties with them by which they were allowed to occupy certain trading posts where the goods ordered might accumulate and their own wares be exchanged for the productions of Russia, Tartary, and Persia. The wily Genoese had bought from a Tartar prince, at the beginning of the fourteenth century, a small piece of land on the south-eastern shore of the Crimea on which to build a factory. Only a few rude cabins were raised at first, for stores and the dwellings of their agents; but the traffic soon brought together a large population, sumptuous palaces were erected, a strong and lofty wall was built around, and Kaffa[32] became one of the most opulent colonies of the republic, with a population at one time of 80,000.
The rival Venetians had their great deposit at the city of Azov, on the banks of the Don, twenty miles from its mouth. They were not the proprietors, and, although they received numerous favors from the Tartar governor, they were obliged to share them with the Genoese, Florentines, and others, who also did a flourishing business. The amount of goods collected there was so immense and the value so considerable, that when, as sometimes happened, a destructive fire broke out or the place was plundered, the loss was felt as a shock to commerce throughout the whole of Europe.
All along the coast of the Black Sea the Italians plied a profitable trade, and many merchants were settled at Trebizond, from which
vantage-ground they had an important communication open with Armenia, whose people, being united by religion to the Latins, granted them very valuable commercial privileges. The Venetians were favored above the rest. They had churches, magazines, and inns, coined money, and in all matters in dispute were tried by judges chosen among their countrymen, or rather their own fellow-citizens. They could introduce their goods without paying duty, freely traverse the kingdom, and monopolize the exportation of camel’s hair, which was an important article of traffic. The Genoese were no less enterprising than their rivals, and restored in the port of Trebizond a mole that had been built by the Roman Emperor Hadrian. Large quantities of India goods, and especially spiceries, were stored by Italian merchants in the warehouses of Trebizond, Damascus, and Alexandria. There were several overland routes by which this merchandise was transported, but none of them was safe, on account of the frequent revolutions in the countries through which they ran. Some of the caravans that brought the commodities of India and China passed through Balkh, the Baetria of the ancients and at one time the commercial centre of eastern Asia, then up to Bokhara, whence they descended the Oxus for a distance, touched at Khiva, and, traversing the Caspian Sea, ascended the river Kour (the Cyrus of Strabo, xi. p. 509) for seventy miles to its junction with the Aras (the Araxes of Herodotus, iv. 40), from which they crossed by a journey of four or five days into the historical Phasis at Sharapan and down to the Euxine. Another beaten track entered Syria by the Tigris and the Euphrates, and diverged towards the several
ports of Palestine and Asia Minor. It passed through Bagdad, which was a great commercial emporium during the middle ages and an entrepôt for the commodities of eastern and western Asia. A memorial of those days when Frank merchants, mingling with Persians, Arabs, Turks, Hindoos, Koords, and Armenians, ransacked her splendid bazaars, remains in our language in the word Baldachin, because canopies made of costly stuff interwoven with gold thread were manufactured in this city, which was known to the Italians as Baldacca, and in the adjective form Baldacchino. Much trade was also done by way of the Red Sea, Cairo, and Alexandria.
In all the ports of the Euxine and Mediterranean the Italians had shops and warehouses, and every rich company kept a number of factors, who despatched goods as they got orders and maintained the interests of their principals. An officer called a consul, who was appointed by the government at home, resided in each of these foreign sea-ports, to defend the rights of his countrymen, and decide differences among themselves, or between them and strangers. Consuls were recognized as official personages by the sovereign in whose territory they resided, and were honored as public magistrates by their own people, from whom they received certain fees for their support, according to the quality and amount of business they were called upon to perform.
The maritime republics of Italy were very fortunate in having transported the Crusaders to the Holy Land in their ships, for by this they acquired many rich establishments in the Levant, and it was not long before the dissolute and degraded
Greeks, who would neither take counsel in peace nor could defend themselves in war, became subject to the imperious will of the Italians.
The Venetians obtained in 1204 the fertile island of Candia, which became the centre of their extensive Egyptian and Asiatic trade. They also had a quarter in Constantinople, which they surrounded by a wall, the gates of which were guarded by their own soldiers, and a distinct anchorage for their own vessels in the Golden Horn. A senate and bailiff representing the doge held authority in this settlement, and exercised jurisdiction over the minor establishments of the republic in Roumelia.
The Genoese were still more powerful at the capital, and the Emperor Michael Palæologus, who was indebted to them for his return to the throne, had given them the beautiful suburbs of Pera and Galata, on an elevated plateau, which they made still more secure, under the elder Andronicus, by a moat and triple row of walls. To these places they transferred their stores and stock; nor was it long before the churches, palaces, warehouses, and public buildings of Pera vied in magnificence with those of the metropolis itself. The island of Chios, where gum-mastic was collected and the finest wine produced, was another of their colonies. These were all ruled by a podestà annually sent from Genoa. The Genoese and Venetians had also factories in Barbary, through which they drove a brisk trade with the interior of Africa. To them more than to any others was it due that for three hundred years the commerce of Italy was famous from the Straits of Gibraltar to the remotest gulf in the Euxine.
The maritime strength of the
Italian republics, especially of Genoa and Venice, corresponded to their vast commercial interests and the number of colonies they were expected to enlarge and defend. Thus, the Pisans in 1114 sent an armament, consisting of 300 vessels of various sizes, carrying 35,000 men and 900 horses, to the conquest of the Balearic Islands, which had become a nest of Moorish pirates. A great part of these troops were mercenaries procured from all parts of the world, and contingents drawn from their possessions in Sardinia. In 1293 the Genoese fitted out in a single month, against the Venetians, 200 galleys, each of which bore from 220 to 300 combatants recruited within the continental limits of the republic; and in the vast arsenal of Venice during the fourteenth century 800 men were continually at work, and 200 galleys, not to count the smaller craft, were kept ready in port for any emergency that might arise. Such formidable fleets were manned either by voluntary enlistments or impressment; the hope of heavy plunder, according to the barbarous war-system of those days, which the church strove against but could not wholly change, appealing to young men to serve as sailors or soldiers. The furious rivalry between Genoa and Venice began to show itself soon after the taking of Constantinople by the Franks in 1244, each desiring to reap alone the profits of the Levant trade. After many bloody encounters a peace was patched up in 1298, by which the latter was excluded for thirteen years from the Black Sea, along whose shores the former had colonies, forts, and factories, and was forbidden to send armed vessels to Syria. Terms so propitious raised the pride and influence of Genoa to
the utmost; and feared by all, and claiming to be mistress of the seas, she upheld the honor of her flag with extravagant solicitude. In 1332 she wasted the coast of Catalonia with a force of 200 galleys, and inflicted great injury on the commerce of Barcelona; and two years later, having captured twelve ships of the enemy, heavily freighted with merchandise, in the waters of Sicily, Cyprus, and Sardinia, with an example of ferocious cruelty which only the “accursed greed of gold” and a determination to exclude the Catalans from any share in Eastern commerce could prompt, six hundred prisoners were hanged at a single execution. She was resolved to command the seas, and consequently the trade of the world; but her rival, although crippled, was not prostrate, and the fourth war broke out between them in 1372 for possession of the classical island of Tenedos, so valuable as a naval station and renowned for its wheat and excellent red wine. The Genoese actually got into the lagoons of Venice, vowing to reduce her to the stagnant level of the waters, and approached so near to the city that their admiral could shout to the affrighted people on the quays, Delenda est Carthago! but by a singular freak of fortune they were themselves totally defeated, and glad to accept the mediation of Amadeus VI., Duke of Savoy. It was agreed that neither party should have the island in dispute, but that the duke should hold it at their common expense for two years and then dismantle the fortress.
During this war, called the War of Chioggia, which lasted until 1381, an unusually large number of corsairs roved the seas; but the Italians had long practised piracy, and whole communities were corsairs by
profession, just as on land condottieri could be hired to sack cities and castles and desolate whole provinces. The little town of Monaco was notorious during the middle ages for its pirates, as it still is for its ravenous land-sharks. There were two sorts of corsairs. Some were private individuals who went to sea through lust of gain, or because driven from their homes during the fights of faction, and seized whatever they could. These robberies and depredations marked piracy in its original form. Nevertheless during the twelfth, thirteenth, and fourteenth centuries many otherwise honorable characters, who were often unjustly despoiled of their patrimony and driven as outcasts from their native cities, took to this occupation not entirely from inclination, but impelled by the brutality of their countrymen. We may recall as an extenuating circumstance what that grave judge, Lord Stowell, observed (2 Dods. 374) of the buccaneers, whose spirit at one time approached to that of chivalry in point of adventure, and whose manner of life was thought to reflect no disgrace upon distinguished Englishmen who engaged in it.
Other corsairs were patriotic citizens who armed their ships to injure the enemy during lawful hostilities; and although there was abuse in the system, they were not pirates, but privateersmen. Foreign nations used to buy ships from the Italians to increase their own armaments, or engage them to harass their opponents. It is curious, considering how completely maritime supremacy has deserted the Mediterranean for northern seas, to know that the poet Chaucer was sent by King Edward III. in November, 1372, as envoy to the republic of
Genoa to hire vessels for his navy; and Tytler says (Hist. of Scotland, vol. ii. p. 261) that in the same century many of the privateers employed by the Scots against England appear to have been vessels of larger dimensions and more formidable equipment than those of England, probably from their being foreign built, and furnished by the Genoese or the Venetians, for the purposes both of trade and piracy.
It was now that the word Jane came into the language—Chaucer and Spenser use it—for a small coin so-called from Janua (Genoa). It is termed in the old English statutes a galley half-pence.
The Florentines had originally no seaboard, and were obliged to charter ships wherever they could. In 1362, having taken into the service of the republic Pierin Grimaldi of Genoa, with two galleys, and hired two more vessels, their little fleet took the island of Giglio from the Pisans, and the following year, having broken into the port of Pisa itself, they took away the chains that protected it and hung them as trophies on the porphyry columns of their Baptistery.
The foreign commerce for which the maritime cities of Italy, and particularly Genoa and Venice, so savagely disputed, to the scandal of the Christian name among the infidels, as the old English traveller Sir John de Mandeville shows, was certainly very considerable, and a source of almost fabulous profit to those engaged in it who were fortunate in their ventures. Commerce was the foundation of Italy’s prosperity, which was greater than that of any other European country from the twelfth to the fourteenth century. The Italian merchants got cottons, silken goods, brocades, Cashmere shawls, spices, rhubarb
and other medicines, amber, indigo, pearls, and diamonds from India and Central Asia. From Persia there came silks, carpets, skins, and manufactured articles used by the great for clothing or for the comfort of their homes. Tartary and Russia furnished hemp, canvas, ship-timber, tar, wax, caviare, raw-hides, and peltries. From the ports of Syria and Asia Minor, and particularly from Smyrna, were shipped to Italy hare-skins, leather, camel’s hair, valonia, cotton stuffs, damasks, dried fruits, beeswax, drugs and electuaries, arms, armor, and cutlery; and many articles of Asiatic luxury and magnificence found their way thence through Italian merchants to the courts and castles of England, Scotland, France, Germany, and other northern nations. Greece sent fine wines, raisins, currants, filbert-nuts, silk, and alum. A large quantity of grain was brought into Italy from Egypt and the Barbary States; but the supply to the colonies in the Levant came mostly from the Black Sea. Wool, wax, sheep-skins, and morocco came from the Moorish provinces of Africa. These were the principal imports, and were exchanged for the products and manufactures of Italy and the countries to the north, for which the Italians acted as agents. The Genoese exported immense quantities of woven fabrics from the looms of Lombardy and Florence, fine linens from Bologna, and cloths of a coarser make from France, for which a ready market was found in the East and among the Italians settled in the Archipelago and Levant. The oils of Provence and the Riviera of Genoa, soaps, saffron, and coral, were also largely exported. Quicksilver was a valuable article in the hands of the Venetians, who got it
from Istria and sold it in Spain and the Levant; they also extracted a great amount of salt from Istria and Dalmatia, which was sold at a good profit in Lombardy and other parts of Italy. Sardinia, Sicily, and Naples also did a large foreign business; the last city importing cargoes of delicate Greek and Oriental wines, such as the famous Cyprian, Malmsey, and Muscatel, much of which was sent to different parts of Italy, and into England and the Netherlands. Spain, Portugal, and Flanders were supplied with the products of the Indies and Levant principally by Genoese and Venetian merchants. The latter especially had many privileges and fiscal exemptions in Flanders, and in returning from the North loaded their ships in Portugal with tin, silver bars, wines, and raisins; while the former had the greater part of the trade with the Moors of Africa and southern Spain, from whom, in return for spiceries and other Eastern products, they got gold, cordovans, and merino wool, which were sold to advantage in France and Italy.
The Italians were the best cloth-weavers in Europe in the fourteenth century, although the Flemings were not contemptible rivals. The manufacture of cloth was industriously carried on in many of their cities; in those of Tuscany particularly, the finest kind of work being done in Lucca. When this city was taken by Uguccione della Faggiuola, in 1314, the factories and goods were destroyed, and many citizens emigrated to other parts of Italy, and even into France, Germany, and England. Yet long before this Italian operatives had introduced, or at least improved, the art in the northern countries. Crapes, taffetas, velvets, silks, camelots, and
serges were extensively made in Italy, the richest quality being sold at Florence, where the home industries seemed to centre, and only the most skilled artisans were employed. The art of weaving wool was practised by thousands of citizens, and, nominally at least, by some of the noblest families of the city and contado (commune), since there was a law that no one could aspire to public office unless he were a member of one of the trades-corporations of the republic. The citizens of Florence were classed from 1266 into twelve companies of trades or professions, seven of which were called arti maggiori, viz., 1. lawyers and attorneys; 2. dealers in foreign stuffs; 3. bankers and money-changers; 4. woollen manufacturers and drapers; 5. physicians and apothecaries; 6. silk manufacturers and mercers; 7. furriers. The lower trades were called arti minori. The records of these corporations are now preserved in a part of the Uffizi palace devoted to the public archives of Florence. They range from A.D. 1300 to the end of the eighteenth century. Around the hall, which was fitted up a few years ago to receive them, are the portraits of some of the distinguished men who belonged to these guilds: Dante, Cosimo de’ Medici, Francesco Guicciardini, and others. Balmes gives an interesting account, after Capmany, in his European Civilization, p. 476, of “the trades-unions and other associations which, established under the influence of the Catholic religion, commonly placed themselves under the patronage of some saint, and had pious foundations for the celebration of their feasts, and for assisting each other in their necessities.” Although his long note refers principally to the industrial organization
of the city of Barcelona, it is acknowledged that Catalonia borrowed many of its customs and usages in this matter from the towns of Italy.
Before the middle of the fourteenth century there were over two hundred drapers’ shops in Florence, in which from seventy to eighty thousand pieces of cloth were made every year, to the value of 1,200,000 gold florins, and employing more than thirty thousand people. The historian John Villani says that the trade had been still more flourishing, when there were three hundred shops open and one hundred thousand pieces were made yearly, but that they were of a coarser quality and consequently did not bring as much money into the city, although more people got work. The art of dyeing cloths and other stuffs was cultivated by the Italians during the middle ages with considerable success. Alum, which is much used for this purpose, was eagerly sought after, and the Genoese obtained from Michael Palæologus, on payment of an annual sum, the exclusive right of extracting it from a certain mine in the Morea that had previously been worked by Arabs, Catalans, and others. The lessees began operations with a force of fifty men, and soon built a castle to protect themselves, and finally a town, which was destroyed by the Turks in 1455. The Florentines were so expert in dyeing wool that the material was sent to them for the purpose from other parts of Italy, and even from Germany and the Netherlands. It was only in 1858 that an immense wooden building for stretching and drying cloth in the sun, called Il tiratoio della lana, which had been used for over five hundred years, was torn down as too liable to catch fire.
The cloths of France and other northern countries found a sale in Florence, not so much for home use as for exportation through the Genoese and Venetians. An exception, however, must be made for a rich article called say, manufactured in Ireland, and esteemed so beautiful as to be worn by the ladies of that refined city.[33] John Villani, already mentioned, says that there was a quarter of Florence called Calimala, containing twenty stores of the coarser cloths of the North, of which thirty thousand pieces, of the value of three hundred thousand gold florins, were yearly imported.
Florence in the middle ages had a territory extending only a few miles round its walls; but the industry and speculative spirit of its citizens wonderfully enriched them, and, since “all things obey money” (Ecclesiastes x. 19), they soon became the predominant power, and finally the masters in Tuscany. They were money-changers, moneylenders, jewellers, and goldsmiths for the whole of Europe and no little part of the East. The elements of a business education were given to its youth in numerous schools, attended by some twelve hundred boys, who were taught arithmetic and book-keeping. A great deal of money circulated within the city itself, and a large amount was necessary, particularly before the introduction of bills of exchange, to accommodate merchants in their visits to other countries. The public mint coined annually during the fourteenth century from three hundred and fifty thousand to four hundred thousand gold florins, and about twenty thousand pounds weight of coppers, called danari da quattro, or half-farthings; and eighty private
banks assisted the circulation. The beautiful golden florins were first coined in the year 1252, bearing on one side the impression of St. John Baptist, the patron, and on the other that of a lily, the device of the city. This was considered the finest coin in the world, and so much admired that many princes and governments began to imitate it while preserving its original name, and consequently perpetuating the monetary renown of Florence. It was current in Europe, Asia, and Africa. The workmanship of the Florentines was so superior that they were often called upon to conduct or superintend the coinage in foreign countries. During the reign of King David II., in the first half of the thirteenth century, he appointed a Florentine one of the two keepers of the exchange for all Scotland, and masters of the mint; and under King Robert III. (1390-1424) gold was minted for that kingdom by Bonaccio of Florence.[34] In 1278 the Exchange at London was under the direction of some Lucca merchants; and it seems to be directly from the Italian that we get our English word cash, derived from cassa, the chest in which Italian merchants kept their money. We may have some idea of what a money-centre Florence was in that age from the fact that the notorious French adventurer, the Duke of Athens, who was elected Lord of Florence in 1342, contrived in the course of only ten months to draw four hundred thousand golden florins out of the city. The Florentines, who had the reputation of being the smartest people in Italy, were extremely fond of banking in all its branches. While the middle and lower orders of society were mostly engaged in mechanical occupations,
the higher classes handled the money, and would appear to have taken lessons of the Jews. The great feudal nobles of the north, with more land than gold, would often ask their chaplains to reprove them with some holy text of Scripture—Ecclesiasticus x. 10 being a favorite one—when interest was demanded or mortgages were forfeited. They were not by any means the only Italians who publicly courted the queen Regina Pecunia; the ancient name in England for a banker, which was Lombard, and the street in London called Lombard Street, preserving the memory of the Milanese and others out of Lombardy who took up their first residence there before the year 1274, and were great moneychangers and usurers. The stupendous fortunes of the Chigi, who gave Pope Alexander VII. to the church and are now Roman princes, and before them of the Medici family, which became royal, were amassed chiefly in the banking business; but it is a popular error that the well-known sign of the pawnbrokers’ three gilt balls is derived from the armorial bearings of the latter, which their agents in England and other countries placed over the doors of their loan-shops. The arms of the Medici were or, six torteaux gules except the one in chief, which was azure charged with three fleurs-de-lis or. Whether these roundlets had any allusion, as has been suggested, to doctors’ pills and the professional origin whence the family name is supposed to be derived, we cannot determine; but the gold pieces called bezants because coined at Constantinople—Byzantium—and so common at an early period in Italy that the saying Aver buoni Bisanzi was a proverbial expression of one
who had plenty of money, seem to have been early the distinguishing sign of money-lenders and changers, and are the true origin of the pawnbrokers’ balls.
The shrewdness of the Italians in money matters did not always save them from disastrous failures and bankruptcies caused by wars, breach of faith in persons too high to be reached, loss of goods and bullion by fire, piracy, shipwreck, and other accidents. The first great failure of this kind was that of a mercantile company in 1296, which had existed for one hundred and twenty years, and became insolvent for 400,000 gold florins, due to citizens and strangers. It was felt throughout the republic of Florence like the loss of a battle. Even worse was the failure of the Bardi and Peruzzi in 1347. They were both merchants and bankers, and stood at the head of their class in Italy. Loans to the kings of England and Sicily brought them down. The first owed them 900,000 and the second 450,000 gold florins. These were unavailable assets when the 550,000 florins they owed their fellow-citizens and others began to be called for, and therefore they broke. This downfall carried with it a large number of smaller houses, and among them that of Corsini, of the since princely family of that name, which gave St. Andrew and Pope Clement XII. to the church. The celebrated historian John Villani was a great loser by this failure, and was even imprisoned in the Stinche in consequence of it as an insolvent. The law punished fraudulent failures very severely; but if it could be proved that the failures resulted from unavoidable accidents, the debtors were allowed to go free, after surrendering all they possessed to their creditors.
For the convenience of customers, the bank-offices used to be on the ground-floor of the houses—sometimes palaces—the masters living above. The rate of discount on exchange was from one and one-half to two per cent., and four per cent. on sums advanced. Jacques Savary, in his Parfait Négociant, says that the invention of bills of exchange is due to French Jews who were driven out of France by Philip the Fair in 1316, and took refuge in Lombardy. By means of such bills they were able to get the value of the property they had left in the hands of friends. They were imitated by certain Ghibellines who, being exiled, went to Amsterdam and saved some of their goods left in Italy. In negotiating these bills and effecting the sale of goods, persons called sensali (brokers) were employed.
No duties were levied on exports, but imported goods had to be stored in government buildings called dogane—i.e., custom-houses, or, perhaps more accurately, bonded warehouses—from which, although they might be hypothecated, they could be withdrawn only after payment of a certain sum. There was a chamber of commerce called Mercanzia at Florence, and all the other commercial cities had their merchants’ exchange for the transaction of business, the sordid use to which they were put being often disguised by the beauties of architecture, painting, and sculpture. Thus, the Sala del Cambio at Perugia was decorated with frescoes by the celebrated Pietro Perugino, assisted by his immortal pupil Raphael of Urbino.
In all seaports there were certain judges, elected by and from among the merchants, who composed a tribunal called Consolato di Mare. They settled disputes between traders
and ship-owners, gave assistance in distress, and watched over the interests of commerce. The origin of such boards of trade was very ancient among the Italians, for as early as the year 1129 one was established at Messina. It is said that the Pisans were the first to make laws regulating navigation, and that their code was approved in 1075 by Pope Gregory VII.[35] There was no appeal from the decisions of these admiralty courts, and in cases of fraud or other misdemeanor the guilty party was punished by public authority.
Sericulture began in Italy in the fourteenth century, and was practised with success, especially in Lombardy. The statutes of Modena obliged the peasants to plant a large number of mulberry-trees, in order to promote it.
The wide extent of Italian commerce and the industrial prosperity of Italy, which was a consequence of it, greatly enriched her higher classes and led to the most extravagant luxury during the latter part of the middle ages. Nations now reckoned highly civilized, and where the comforts of life are within the reach of all, were then badly clothed and poorly fed. The effeminacy of the wealthier Italians during the fourteenth century, when commerce was most extended, caused them to despise, amidst the delicacies of the East and the fruits of their own intelligence, the rude simplicity of their more northern neighbors. Even the lower classes among them felt a desire for greater convenience and refinement. Dante, Boccaccio, the chroniclers, and other writers of this period portray or lament the ever-increasing luxury of the age, and we can gather from them an accurate idea of the style of living and
magnificence of the patricians in their provisions, furniture, and dress during the thirteenth and fourteenth centuries. Nuptial entertainments and civic festivals were the occasions of most display; and Chaucer, who had partaken of such, writes probably as much from recollection as after Petrarch, whom he has imitated, when he describes the preparations for Griselda’s wedding to the young Marquis of Saluce.
The women were particularly dainty, and many sumptuary laws were enacted to restrain the excess of refinement in houses, furniture, and apparel. A very fine sort of thin, transparent linen, made in Cyprus, was much worn by the female sex. It resembled, but was not quite so indecent as the Coa vestis of the ancients. They also carried much jewelry, and were clothed in garments worked in silver and gold stuff. Their minds naturally ran on money:
“Julia. What thinkest thou of the rich Mercutio?
Lucetta. Well of his wealth; but of himself, so, so.”
—Two Gentlemen of Verona, act i. sc. 2.
The habits and head-dress of the men were often bespangled with precious stones, and their whole attire answered to their haughty bearing, which bespoke successful foreign ventures and a splendid style maintained at home. In innumerable ways they exemplified Dr. Johnson’s observation: “With what munificence a great merchant will spend his money, both from his having it at command and from his enlarged views by calculation of a good effect upon the whole.” Few of them would have dared to say with Bassanio:
“Gentle lady,
When I did first impart my love to you,
I freely told you all the wealth I had
Ran in my veins; I was a gentleman.”
—Merchant of Venice, act iii. sc. 2.
When Shakspere uses the expression “royal merchant” in the play from which we have just quoted, it is, as Warburton remarks, no ranting epithet; for several Italian merchant families obtained principalities in the Archipelago and elsewhere, which their descendants enjoyed for many generations, and others of their class made sovereign alliances. For instance, James, King of Cyprus, married Catherine Cornaro, daughter of a Venetian merchant, who gave her a dowry of 100,000 golden ducats.[36]
[31] The Cathedral of Pisa, one of the most remarkable monuments of the middle ages, owes its origin to such an expedition; for it was built with part of the rich booty taken from the Saracens at Palermo in the year 1063.
[32] This city was taken from the Genoese by the Turks in 1474, but the Christians were not all driven out. The late Father Theiner has published an interesting letter from the Papal Nuncio in Poland in 1579, in which he mentions having met some Kaffa people at Wilna and tells of their strange manner of obtaining a priest, reminding one a little of Michas and the Levite in Judges xvii.
[33] McPherson’s Annals of Commerce, vol. i. p. 562.
[34] Innes, Scotland in the Middle Ages, p. 309.
[35] Muratori, Ant. Ital., tom. ii. p. 54.
[36] The ducat was the great money of Venice, as the florin was of Florence, and bears in its name a proof of the more aristocratic government of the former city. The first gold ducats were coined by the Doge John Dandolo in 1280, and are inscribed I0. DANDVL. DVX.