"In the reign of Henry VII.," says Francis, in his "History of the Bank of England," "the Royal prerogative forbade English coins to be exported, and the Royal Exchange was alone entitled to give native money for foreign coin or bullion. During the reign of Henry VIII. the coin grew so debased as to be difficult to exchange, and the Goldsmiths quietly superseded the royal officer. In 1627 Charles I., ever on the watch for power, re-established the office, and in a pamphlet written by his orders, asserted that 'the prerogative had always been a flower of the Crown, and that the Goldsmiths had left off their proper trade and turned exchangers of plate and foreign coins for our English coins, although they had no right.' Charles entrusted the office of 'changer, exchanger, and ante-changer' to Henry Rich, first Earl of Holland, who soon deserted his cause for that of the Parliament. The office has not since been re-established."
No. 36, Old 'Change was formerly the "Three Morrice Dancers" public-house, with the three figures sculptured on a stone as the sign and an ornament (temp. James I.). The house was taken down about 1801. There is an etching of this very characteristic sign on stone. (Timbs.)
The celebrated poet and enthusiast, Lord Herbert of Cherbury, lived, in the reign of James I., in a "house among gardens, near the old Exchange." At the beginning of the last century, the place was chiefly inhabited by American merchants; at this time it is principally inhabited by calico printers and Manchester warehousemen.
"Friday Street was so called," says Stow, "of fishmongers dwelling there, and serving Friday's Market." In the roll of the Scrope and Grosvenor heraldic controversy (Edward III.) the poet Chaucer is recorded as giving the following evidence connected with this street:—
"Geffray Chaucere, Esqueer, of the age of forty years, and moreover armed twenty-seven years for the side of Sir Richard Lescrop, sworn and examined, being asked if the arms, azyure, a bend or, belonged or ought to pertain to the said Sir Richard by right and heritage, said, Yes; for he saw him so armed in France, before the town of Petters, and Sir Henry Lescrop armed in the same arms with a white label and with banner; and the said Sir Richard armed in the entire arms azyure a bend or, and so during the whole expedition until the said Geaffray was taken. Being asked how he knew that the said arms belonged to the said Sir Richard, said that he had heard old knights and esquires say that they had had continual possession of the said arms; and that he had seen them displayed on banners, glass paintings, and vestments, and commonly called the arms of Scrope. Being asked whether he had ever heard of any interruption or challenge made by Sir Robert Grosvernor or his ancestors, said No; but that he was once in Friday Street, London, and walking up the street he observed a new sign hanging out with these arms thereon, and enquired what inn that was that had hung out these arms of Scrope? And one answered him, saying, 'They are not hung out, Sir, for the arms of Scrope, nor painted there for those arms, but they are painted and put there by a Knight of the county of Chester, called Sir Robert Grosvernor.' And that was the first time he ever heard speak of Sir Robert Grosvernor or his ancestors, or of any one bearing the name of Grosvernor." This is really almost the only authentic scrap we possess of the facts of Chaucer's life.
The "White Horse," a tavern in Friday Street, makes a conspicuous figure in the "Merry Conceited Jests of George Peele," the poet and playwriter of Elizabeth's reign.
At the Wednesday Club in Friday Street, William Paterson, the founder of the Bank of England, and originator of the unfortunate Darien scheme, held his real or imaginary Wednesday club meetings, in which were discussed proposals for the union of England and Scotland, and the redemption of the National Debt. This remarkable financier was born at Lochnabar, in Dumfriesshire, in 1648, and died in 1719. The following extracts from Paterson's probably imaginary conversations are of interest:—
"And thus," says Paterson, "supposing the people of Scotland to be in number one million, and that as matters now stand their industry yields them only about five pounds per annum per head as reckoned one with another, or five millions yearly in the whole, at this rate these five millions will by the union not only be advanced to six, but put in a way of further improvement; and allowing £100,000 per annum were on this foot to be paid in additional taxes, yet there would still remain a yearly sum of about £900,000 towards subsisting the people more comfortably, and making provision against times of scarcity, and other accidents, to which, I understand, that country is very much exposed (1706)."
"And I remember complaints of this kind were very loud in the days of King Charles II.," said Mr. Brooks, "particularly that, though in his time the public taxes and impositions upon the people were doubled or trebled to what they formerly were, he nevertheless run at least a million in debt."
"If men were uneasy with public taxes and debts in the time of King Charles II.," said Mr. May, "because then doubled or trebled to what they had formerly been, how much more may they be so now, when taxed at least three times more, and the public debts increased from about one million, as you say they then were, to fifty millions or upwards?... and yet France is in a way of being entirely out of debt in a year or two."