Page:History of merchant shipping and ancient commerce (Volume 1).djvu/575

 merchants, the privilege of trading to all their ports of the Levant, Adriatic, and Archipelago, on the payment of only one-fourth of the ordinary customs on the merchandise in which they dealt.

By this time Tuscany had become one of the most distinguished commercial states of Italy, the merchants of Florence having established relations or branch-houses in other parts of Italy, and even in distant foreign countries; while many of them, who had accumulated larger capital than could be conveniently employed in trade, became dealers in money by exchange. By borrowing and lending on interest at home, and by working their spare capital by means of their podestas, or agents abroad, they for a time, in some measure, monopolized the business of foreign exchange, realising immense fortunes to themselves, while rendering a vast boon to every person who had dealings with distant nations. The merchants of the other cities of Italy soon followed the example of the Florentines (who, it may be remarked, had risen from obscurity during the maritime wars of Pisa, their neighbouring city) in dealing in money as well as merchandise. The Florentines also established houses in France and in England, though, as we have seen, Henry III. passed a law forbidding his people to borrow money from any foreign merchants. Having, together with the Lombards, establishments throughout Europe, they became very useful to the Popes, who constantly employed them to receive and remit