Payments were usually made in coined money, but bar silver was also employed, especially in Russia, and bills of exchange were not quite unknown. The bills were payable as a rule either at Lübeck or Bruges. Silver was the chief currency, but in the fourteenth century Lübeck was permitted to coin gold. It made guilders after the pattern of the Florentine ducats. The gold to coin them with was bought at Bruges. We must remember that money had a far higher value in those days than in ours, and that if we want to arrive at a just comparison with our own times, we must multiply the sums by seventy or seventy-five. The most common form of reckoning was the Flemish, _i.e._, one pound, equal to twenty shillings at twelve groats each; in a word, exactly the reckoning that has survived in England to this day. The pound of money was originally a weight. The best money was that of Lübeck, and, above all, the English contracted to be paid in pounds of the "Easterlings," their generic name for the Baltic merchant. As a survival and abbreviation of this phrase we in England say pound sterling to this day. A bad light upon the morality and conditions of the period is thrown by the fact that the petty kings, seeing that their coins were often refused and mistrusted, did not hesitate to coin and give currency to false money bearing the imprint of the League. We come across frequent bitter and often useless complaints on this subject. Putting out capital at interest was not wholly unknown in those days, notwithstanding the prohibitions of the Church which, founded on the text in St. Luke vi. 54, and the Fourteenth Psalm ("qui pecuniam non debet ad usuram"), forbade all usury business. The Jews early held this branch of trade in their hands. Rates of interest varied from 6 to 10 per cent. Loans, too, were made to princes, foreign and native, and to cities, upon industrial enterprises. Wholly erroneous is the notion that capital was inactive, kept in a strong box or an old stocking. That great riches were accumulated is proved by some of the old wills and account books. Fortunes of a quarter of a million were not unknown. A single merchant would often own not only many farms in different and distant parts of the country, but whole villages and townships. As for the men themselves, we encounter them in every part of the continent, the artisan as well as the merchant. Thus, for example, Germans seem the favourite shoemakers; we hear of them in this capacity as far off as Lisbon. Then, as now, they were renowned as bakers, and no one knew better how to salt and preserve herrings and cod-fish.