The sale of indulgences which was started in Luther's days was a particularly offensive enterprise. "It was not so much the theory of the Church that excited Luther's indignation as it was the practises of some of her agents. They encouraged the common man to believe that the purchase of a papal pardon would assure him impunity without any real repentance on his part. Moreover, whatever the theoretical worth of indulgences, the motive of their sale was notoriously the greed of unscrupulous ecclesiastics. The 'holy trade' as it was called had become so thoroughly commercialized by 1500 that a banking house, the Fuggers of Augsburg, were the direct agents of the Curia in Germany. In return for their services in forwarding the Pope's bulls, and in hiring sellers of pardons, this wealthy house made a secret agreement in 1507 by which it received one-third of the total profits of the trade, and in 1514 formally took over the whole management of the business in return for the modest commission of one-half the net receipts. Naturally not a word was said by the preachers to the people as to the destination of so large a portion of their money, but enough was known to make many men regard indulgences as an open scandal. "The history of the particular trade attacked by Luther is one of special infamy. Albert of Brandenburg, a prince of the enterprising house of Hohenzollern, was bred to the Church and rapidly rose by political influence to the highest ecclesiastical position in Germany. In 1513, he was elected, at the age of twenty-three, Archbishop of Magdeburg and administrator of the bishopric of Halberstadt,--an uncanonical accumulation of sees confirmed by the Pope in return for a large payment. Hardly had Albert paid this before he was elected Archbishop and Elector of Mayence and Primate of Germany (March 9, 1514). As he was not yet of canonical age to possess even one bishopric, not to mention three of the greatest in the empire, the Pope refused to confirm his nomination except for an enormous sum. The Curia at first demanded twelve thousand ducats for the twelve apostles. Albert offered seven for the seven deadly sins. The average between apostles and sins was struck at ten thousand ducats, or fifty thousand dollars, a sum equal in purchasing power to near a million to-day. Albert borrowed this, too, from the Fuggers, and was accordingly confirmed on August 15, 1514. "In order to allow the new prelate to recoup himself, Leo obligingly declared an indulgence for the benefit of St. Peter's Church, to run eight years from March 31, 1515. By this transaction, one of the most disgraceful in the history of the papacy, as well as in that of the house of Brandenburg, the Curia made a vast sum. Albert did not come off so well. First, a number of princes, including the rulers of both Saxonies, forbade the trade in their dominions, and the profits of what remained were deeply cut by the unexpected attack of a young monk." (Preserved Smith, p. 86 ff.)