The shrewdness of the Italians in money matters did not always save them from disastrous failures and bankruptcies caused by wars, breach of faith in persons too high to be reached, loss of goods and bullion by fire, piracy, shipwreck, and other accidents. The first great failure of this kind was that of a mercantile company in 1296, which had existed for one hundred and twenty years, and became insolvent for 400,000 gold florins, due to citizens and strangers. It was felt throughout the republic of Florence like the loss of a battle. Even worse was the failure of the Bardi and Peruzzi in 1347. They were both merchants and bankers, and stood at the head of their class in Italy. Loans to the kings of England and Sicily brought them down. The first owed them 900,000 and the second 450,000 gold florins. These were unavailable assets when the 550,000 florins they owed their fellow-citizens and others began to be called for, and therefore they broke. This downfall carried with it a large number of smaller houses, and among them that of Corsini, of the since princely family of that name, which gave St. Andrew and Pope Clement XII. to the church. The celebrated historian John Villani was a great loser by this failure, and was even imprisoned in the _Stinche_ in consequence of it as an insolvent. The law punished fraudulent failures very severely; but if it could be proved that the failures resulted from unavoidable accidents, the debtors were allowed to go free, after surrendering all they possessed to their creditors. For the convenience of customers, the bank-offices used to be on the ground-floor of the houses—sometimes palaces—the masters living above. The rate of discount on exchange was from one and one-half to two per cent., and four per cent. on sums advanced. Jacques Savary, in his _Parfait Négociant_, says that the invention of bills of exchange is due to French Jews who were driven out of France by Philip the Fair in 1316, and took refuge in Lombardy. By means of such bills they were able to get the value of the property they had left in the hands of friends. They were imitated by certain Ghibellines who, being exiled, went to Amsterdam and saved some of their goods left in Italy. In negotiating these bills and effecting the sale of goods, persons called _sensali_ (brokers) were employed.