Equally distinct also from lending-houses were those banks established in the fourteenth century, in many cities of Italy, such, for example, as Florence, in order to raise public loans. Those who advanced money on that account received an obligation and monthly interest, which on no pretext could be refused, even if the creditor had been guilty of any crime. These obligations were soon sold with advantage, but oftener with loss; and the price of them rose and fell like that of the English stocks, but not so rapidly; and theologists disputed whether one could with a safe conscience purchase an obligation at less than the stated value, from a proprietor who was obliged to dispose of it for ready specie. If the State was desirous or under the necessity of repaying the money, it availed itself of that regale called by Leyser _regale falsæ monetæ_, and returned the capital in money of an inferior value. This establishment was confirmed, at least at Florence, by the pontiff, who subjected those who should commit any fraud in it to ecclesiastical punishment and a fine, which was to be carried to the papal treasury: but long before that period the republic of Genoa had raised a loan by mortgaging the public revenues. I have been more particular on this subject, because Le Bret[7] calls these banks, very improperly, lending-houses; and in order to show to what a degree of perfection the princely art of contracting and paying debts was brought so early as the fourteenth century. Those who have as yet determined the origin of lending-houses with the greatest exactness, place it, as Dorotheus Ascanius, that is Matthias Zimmermann[8], does, in the time of Pope Pius II. or Paul II., who filled the papal chair from 1464 to 1471; and the reason for supposing it to have been under the pontificate of the latter is, because Leo X. in his bull, which I shall quote hereafter, mentions that pope as the first who confirmed an establishment of this kind. As the above account did not appear to me satisfactory, and as I knew before that the oldest lending-houses in Italy were under the inspection of the Franciscans, I consulted the Annals of the Seraphic Order, with full expectation that this service would not be omitted in that work; and I indeed found in it more materials towards the history of lending-houses than has ever been collected, as far as I know, by any other person.