Page:History of merchant shipping and ancient commerce (Volume 1).djvu/585

 *ries, they held a large portion of the trade of Europe in their hands. The whole of the banking of France was then monopolised by them, and a considerable part of her commerce. Spain, Portugal, Flanders, England, and even Venice, her proud competitor, were full of them. The Medici alone had at one time no fewer than sixteen banking establishments in different parts of Europe; and such was the extent and consequent credit of the Florentines, that many of the European mints, towards the close of the thirteenth century, including that of Edward I. of England, were mainly under their control.

Although the western nations, towards the close of the fifteenth century, resolved to direct more attention than they had hitherto done to commercial and maritime pursuits, their opposition would have produced little effect in depriving the Italian republics of those valuable branches of trade, of which they had long held almost an exclusive monopoly, had not the discoveries of the Portuguese, and the consequent alteration of the route of the trade with India, given to them an advantage, against which the Italians, with all their wealth, skill, and knowledge were unable to compete.

Nor were there wanting other causes beyond the discovery of a new route to India to bring about the decline and, at last, the annihilation of the once great republics of Italy. In spite of legislative enactments in favour of frugality, the Florentines, as they increased in wealth, became proud and haughty. There seems, indeed, to be a point in the career of nations as well as of prosperous individuals, when every move is attended with danger. Wealth, though a source