before the stigma arising from its abuse attached to the Jewish name. The Lombards and Florentines, whose unfeeling rapacity belied their claim to humanity, were those who first rendered it odious; and the Apostolic See repeatedly sold to commercial organizations the privilege of financial oppression. The small amount of cash in circulation authorized the imposition of enormous rates of interest. In Spain, under Christian domination, the rate was limited to thirty-three and a third per cent., and in other countries it was even more exorbitant, but regulated, as such matters always are, by the natural laws of supply and demand. The Italian brokers, who plied their calling in France, not infrequently exacted one hundred and twenty per cent. per annum. The edicts of kings and the anathemas of councils were ineffectually directed against this evil, which threatened the impoverishment of every necessitous person of credit, produced unspeakable suffering, and seriously retarded the progress of national prosperity. Those loudest in their denunciations were generally the first to apply for pecuniary advances to the objects of their simulated wrath. Catholic sovereigns secretly pledged the royal jewels with Hebrew usurers; and it was the public boast of the latter that the sacred vessels of cathedrals and religious houses were the greater part of the time at their absolute or conditional disposal. The glaring inconsistency which characterized every phase of Jewish persecution was thus unusually conspicuous in the condemnation of their usurious practices. In Portugal, whose proximity to and original incorporation with the Hispano-Arab empire had attracted a large Hebrew immigration, the Jews, as elsewhere, availing themselves of the superior attainments acquired under Moslem institutions, speedily grew rich and powerful. There, also, in an ignorant society debased by the predominance of a narrow and despotic ecclesiastical system, their toleration became for a time a political necessity. Their services were so indispensable to all orders of the state that the disabilities imposed upon them were regarded as merely nominal, and the laws regulating their intercourse with each other and with the Christians remained for the most part inoperative.