|Honourable Citizens. Loans. ||283
April, a Recognizance made from the King to Sir Andrew Jud, Lord Maior of the
and the Commonalty of the same, that the King shall discharge them, their
Lands, Possessions, and Goods whatsoever, as well beyond the Sea, as on this
from the Payment of certain Sums of Money Flemish, which they stood bound for to
the said Anthony Fugger, and his Nephews, to be paid at Antwerp.
About the 10th or 11th of Queen Elizabeth's Reign, she thought of laying aside
Custom of taking up Money from Foreign Merchants, and Bankers, and conluded it
better to borrow of her own Subjects, that they might have the Benefit of the
the Money so lent her, rather than Strangers. And there was some Necessity now
taking this Resolution, since the Year 1569, the Correspondence was stopp'd by
D'Alva with Antwerp, whence the Monies used to come. This Counsel that famous
Citizen Sir Thomas Gresham, her Agent, gave her; that for the making of some
Payments to Creditors at Hamburgh, she should take up Money of her own
whereby they might enjoy the Benefit of the Loan. But this Motion found some
with the Merchants at this critical Time especially, of a misunderstanding with
For when the said Gresham came to the Company of Merchant-Adventurers to borrow
for the Queen, they first made dilatory Answers to him, sometimes of Appearance
liking it; and yet in the End made an open Question in the Common Hall, with a
peremptory Refusal, by holding up of their Hands: Though the Queen, to encourrge
them to lend, had ordered Gresham to make Overtures of Payment beforehand, of
certain Sums of Money at London, for their Commodity, and greater Surety: So as
would afterwards, upon Sale of their Commodities, make Payment of the same
according to the Value of Exchange.
The Queen leaves off taking Money Abroad, and takes it up of her own Merchants.
Sir Tho. Gresham's Advice.
But this Refusal the Queen's Council resented much, and caused the Secretary to
Letter to the Merchants, importing,
"How this Offer of the Queens was a Matter
great Grace and Favour, not much used before this Time, by any Prince; and
in Right to have been very thankfully received. That this Practice of theirs
though they were utterly careless of the Queen's Honour, to make a Hall-Matter
And undiscreetly Devised, contrary to all former Usage, to make an open Question
their Common Hall, with a peremptory Refusal by holding up of their Hands,
first giving a probable Cause of their so doing: A Usage unmeet for the Princes
And the good Offer of her Majesty generally rejected, not only by the Youth,
they the Elders were commonly wont to blame to the Council, for all Disorders in
Assemblies,) but by themselves also the Heads."
The Council added,
must not think that such a Dealing would be past over, as percase they had
But before they meant to disclose the same to the Queen, they thought good to
thus much unto them. Not that they cared for their Payment of any Money there
Hamburgh] for her Majesty; but that they [the Council] would first know, how
could answer the same: And then they would proceed to such Remedy, as should
meet to them, and give them Cause hereafter to think that they could, and must
Majesty, be answerable to all manner of Persons, according as they should
well or ill, in the Service of her Majesty, and the Realm. Fi-
nally, that the Matter was such, that they could not overpass without imparting
either to lay before them their great Oversight, or to require, for Diminution
Conceit against them, some Declaration of their Doings to be otherwise than they
appeared: Where heretofore they had many times dutifully made Payment of Sums of
Money for her Majesty on the other Side of the Seas: Which had also been readily
justly repaid them. And so doing they did but the Duty of honest Subjects. And
were always both thanked and favoured for the same."
This Letter from the
Council having some peculiar Passages in it, as to the Princes Borrowing, and
City's voluntary lending Money to them, I thought fit and worthy the inserting
Some Merchants refuse at first to lend the Queen Money.
The Issue of this was, that in the Months of November and December, 1569, divers
the Merchants and Aldermen lent the Queen Money for Six Months, and to pay Six
Cent for those Six Months. The Lenders, and Sums Lent, were these:
They lend her Money, An. 1569.
|Sir William Garrard,||1000l.
|Sir Roger Martin,||1000l.
|William Bond, Alderman,||1000l.
|Thomas Ramsey, Alderman,||1000l.
and Peter du
|Sir Thomas Lee,||1000l.
|Rowland Haward, Alderman,||1000l.
|John Rivers, Alderman,||1000l.
|William Allyn, Alderman,||1000l.
|Lady Joan Laxton, (Wife as it
to Laxton, sometime Sheriff,)
|Francis Barnham, Alderman,||1000l.
The Queen gave Bonds to each of these, and other accustomed Bonds, to discharge
them of the Statute of Usury. The Six Months being expired, she prolonged the
Payment for Six Months more, paying Six per Cent again, and Brokage. And the
Loans went on more currently afterwards. For,
Again, in that famous Year 1588, the Queen in that Juncture wanted Money, and
Use of a Loan from the City. Then in the Month of August, the City, and chiefly
Members of the Twelve Companies, raised Fifty One Thousand Nine Hundred Pounds.
These following lent One Thousand Pounds apiece, Sir Thomas Ramsey, Sir Wolstan
Dixy, Thomas Smith, Customer, and John Spencer, Alderman; the rest subscribed,
some Five Hundred Pounds; some Three, some Two; none under One Hundred
Pounds. Then the Strangers, Traders in London, lent Four Thousand Nine Hundred
She borrows again, Anno 1588.
And again, another Loan there was the next Year, viz. 1589, if I mistake not, of
Thousand Pounds: For which the Queen paid Ten per Cent. And from these Supplies
of Money afforded from the City, it seems to have truly the Denomination of the
Chamber of the Kings of England. And thus from its inexhaustible Wealth, and
good Service and Use her Princes have made of it, her Citizens have received
Another Loan Anno 1589.
So that one good Service of the City to their Princes, was lending them Money
some extraordinary Emergence: As it did this Queen
Loans from the City to their Prince upon Occasions.