The New Exchange—The Earl of Salisbury proprietor—Opened by James I.—Popular Allusions—The First Edition of Othello published Here—Samuel Pepys a Frequent Visitor—Henry Herringman—Otway—Etherege—Wycherley—Dryden—Addison—Durham House in Decay—Acquired by the Earl of Pembroke—Various Public Offices in Durham Yard—Charles II. helps to extinguish a Fire Here—Archbishop Le Tellier—Godfrey Kneller—David Garrick, wine merchant—Dr Johnson—Voltaire—Murder in the New Exchange.
Leaving for a moment Sir Walter Raleigh in his vain endeavour to uphold his claim to Durham House, let us glance at the Strand portion of the establishment. It teems with romance and literary interest. The stabling, which looked upon the Strand, had fallen into decay, and, early in the reign of James I., it was converted by Robert, Lord Salisbury, into the New Exchange. Its frontage extended from the present George Court to Durham House Street. The foundation stone was laid on June 10, 1608, and, in the following July, as we find from the State Papers, "The New Burse proceeds apace."
The allusion in the State Papers was due to a letter which the Lord Mayor had written, on June 30, to the Lord Treasurer, enclosing a petition from the shopkeepers of the Royal Exchange "concerning a building in course of erection at Durham House in the Strand," which they considered was meant to be employed as "a Pawne or Exchange for the sale of things usually uttered in the Royal Exchange, and which, being situated near to Whitehall and in the highway, would be injurious not only to the shopkeepers and citizens at large," but would tend to the destruction of trade. Another authority says: "The new Bourse at Durham House goes up apace, where the Citizens, and especially the Exchange men, begin to grumble ... and thereupon have made a petition to the Lord Mayor to provide ne quid detrimenti republica capiet."[9] Scant notice, if any, was taken of this petition from the City, and the building of Britain's Burse proceeded without hindrance. The Exchange consisted of four separate places: the Outward Walk below Stairs; the Inner Walk below Stairs; the Outward Walk above Stairs; and the Inner Walk above Stairs. Its opening, on April 11, 1609, was graced by the presence of James I. and his queen, "when," according to Anthony Munday, the poet and playwright and literary executor of Stow, whose Survey he produced in 1618, "it pleased his most excellent Majesty, because the work wanted a name, to entitle it Britain's Burse."
Stow also says: "Now to speak somewhat of later time concerning this Durham House, it was well knowne and observed, for how many yeers I know not, that the outward part belonging thereto, and standing North from the houses, was but a low row of Stables, old, ruinous, ready to fall, and very unsightly, in so public a passage to the Court at Westminster. Upon which consideration, or some more especial respect in the mind of the right honourable Robert, Earl of Salisbury, Lord High Treasurer of England: it pleased him to take such order in the matter, that (at his owne cost and charges), that deformed row of Stabling was quite altered, by the erection of a very goodly and beautiful building instead thereof, and in the very same place. Some shape of the modelling, though not in all respects alike, was after the fashion of the Royall Exchange in London, with Sellers underneath, a walk fairly paved above it, and Rowes of Shops above, as also one beneath answerable in manner to the other and intended for the like trades and mysteries.
"The work was not long in the taking down, nor in the erection againe: for the first stone was laid on the 10. day of June, 1608, and also was fully finished in the next ensuing November after. Also, on Tuesday, being the 10. day of April following, divers of the upper shops were adorned in rich and beautiful manner, with wares most curious to please the eye; so ordered against his Majesties comming thither, to give a name to so good a building. On the day following, it pleased his highnesse, with the Queene, prince, the Duke of Yorke, and the Lady Elizabeth to come thither, attended on by many great Lords and choise Ladies. Concerning their entertainment there, though I was no eye-witnesse thereof, yet I know the ingenuity and mind of the Nobleman to be such, as nothing should want to welcome so great an expectation. And therefore, what variety of devices, pleasing speeches, rich gifts and presents as then flew bountifully abroad, I will rather referre to your imagination, than any way come short of, by an imperfect narration. Only this I adde, that it then pleased his most excellent Majestie, because the worke wanted a name before, to entitle it Britaines Bursse, or Busse."[10]
A most interesting description of the Royal visit, on the occasion of the opening of the Exchange, was given by Marc' Antonio Correr, the Venetian Ambassador in England, in a letter of May 6, 1609, to the Doge and Senate of Venice. The original document is preserved in the Venetian archives, and the following is a translation: "Hard by the Court, the Earl of Salisbury has built two great galleries, decorated, especially outside, with much carving and sculpture. Inside each of these galleries, on either hand, are rows of shops for the sale of all kinds of goods. These will bring in an immense revenue. Last month, he took the King, the Queen, and the Princes to see them. He has fitted up one of the shops very beautifully, and over it ran the motto: 'All other places give for money, here all is given for love.' To the King he gave a Cabinet, to the Queen a silver plaque of the Annunciation, worth, they say, four thousand crowns. To the Prince, he gave a horse's trappings of great value, nor was there any one of the Suite who did not receive at the very least a gold ring."
THE NEW EXCHANGE, STRAND.