A Philosophical Dictionary, Volume 08

Formerly, in the thirteenth, fourteenth, and fifteenth centuries, the province of the papal treasury had no doubt the most ready money, and therefore the greatest trade. How do you sell that? would be asked of a theological merchant, who replied, For as much as the people are fools enough to give me. All Europe then sent its money to the Roman court, who gave in change consecrated beads, agnuses, indulgences plenary and limited, dispensations, confirmations, exemptions, benedictions, and even excommunications against those whom the subscriber chose, and who had not sufficient faith in the court of Rome. The Venetians sold nothing of all this, but they traded with all the West by Alexandria, and it was through them only that we had pepper and cinnamon. The money which went not to the papal treasury came to them, excepting a little to the Tuscans and Genoese. All the other kingdoms of Europe were so poor in ready money that Charles VIII. was obliged to borrow the jewels of the duchess of Savoy and put them in pawn, to raise funds to conquer Naples, which he soon lost again. The Venetians supported stronger armies than his. A noble Venetian had more gold in his coffers, and more vessels of silver on his table, than the emperor Maximilian surnamed "_Pochi danari._" Things changed when the Portuguese traded with India as conquerors, and the Spaniards subjugated Mexico and Peru with six or seven hundred men. We know that then the commerce of Venice, and the other towns of Italy all fell to the ground. Philip II., the master of Spain, Portugal, the Low Countries, the Two Sicilies, and the Milanese, of fifteen hundred leagues of coast in Asia, and mines of gold and silver in America, was the only rich, and consequently the only powerful prince in Europe.…