The Story of LondonWheatley, Henry B. (Henry Benjamin)
History
The Story of London
Wheatley, Henry B. (Henry Benjamin)
London (England) -- History
In the early years of Edward I.'s reign, there were four companies of
merchants of Sienna acting under the title of 'Campsores Papæ.' In his
ninth year the keepers of the Exchange delivered £10,000 to Lombard
merchants (as they are styled in the record) in part payment of sums
they had lent to the King. It is recorded that between the twenty-third
and twenty-seventh years of his reign Edward I. contracted a debt to the
Friscobaldi alone of not less than £15,800.[345]
The King wanted much money for his wars, and, as he could no longer look
to the Jews he was forced to apply for aid to the Italians. These loans
grew so formidable that they caused considerable financial
embarrassments in the reign of Edward II.
There were a large number of companies such as the Ricciardi, the Bardi,
the Peruzzi, and the Spini, but the Friscobaldi, of which family there
were several companies, occur most frequently in London history. Amerigo
de' Friscobaldi was constable of Bordeaux in the first year of Edward
II.'s reign.
Here are two entries from the city records:--
'14 Feb. 1299-1300.--Thursday after the Feast of St. Valentine came John
de Pounteysse, goldsmith, and acknowledged himself bound to Faldo
Jamiano, of the society of Frescobaldi, in the sum of £8 and 45d.
sterling, to be paid at Easter next.'[346]
'2 Feb. 1305-6.--Andrew le Mareschal acknowledged himself indebted to
Bettinus Friscobalde and his partners, merchants of the company of
Friscobaldi, in the sum of £102, 13s. 4d.'[347]
The loans in the reign of Edward III. were very considerable, and the
unpopularity of the Italians was great. In 1376 a petition was presented
to the King by the Mayor, Aldermen and Commons of the City of London
against usurious foreign moneylenders dwelling in London, asking that
the Lombards might be forbidden from dwelling in the city, or acting as
brokers and buying and selling by retail which they alleged to be
against their ancient franchises. The King answered the petition to the
effect that if the citizens would put the city under good government for
the future no foreigner should be allowed to dwell, act as broker, or
sell by retail in London or the suburbs save and except the merchants of
the Hanse towns.[348]
On the whole we must extend our sympathy to the Italians, for the King
was not very prompt in paying his debts, and he considered it immoral to
have promised any interest. The effect was that he ruined many of these
unfortunate foreigners. The name of Lombard Street occurs in the city
books in 1382, and was in common use at the beginning of the fourteenth
century. It is a remarkable fact that the locality in which the Italian
financiers first settled in London should obtain a name which has
continued to the present day as a synonym of finance, and was used by
the late Mr. Bagehot as the title of his great work.
Public-domain text, read in full here on John Shaqi.
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