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Cornhil Ward. The Royal Exchange. | 136 |
Cornhil Ward. The Royal Exchange.
that they agreed among themselves to give 4l. a Year for a Shop above, so that
they
might be freed from keeping Shop below: And so Sir Thomas should turn the Vault
to
what other use he would, either for Merchants Goods, or otherwise. Which offer
he
accepted; and so the Tenants only furnished the Shops above; And as they remain
to
this day. And the Vaults have been used now a long time for stowing of
Merchandizes,
and chiefly Pepper.
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Before this Exchange was thus built and compleated, there had been many Thoughts
and Counsels among the Citizens and Merchants about the effecting of it; it
being a
thing greatly needed by those that followed Merchandize, since it could not be
carried
on conveniently without such a Place for meeting and conference together. And
among
the rest, Richard Clough, Sir Thomas Gresham's Correspondent in Antwerp in the
Year 1561. wrote a Letter to him, blaming the City of London for neglecting so
necessary a thing: Calling the Governours of the said City, a Company that did
study
for nothing else than their own private Profit?
"Considering, added he, what
a City
London is; and that in so many Years the same found not the means to make a
Burse,
but Merchants must be contented to stand and walk in the Rain, more like Pedlars
than
Merchants. In this Country, said he, [meaning Antwerp] and in all other, there
is no
kind of People that have occasion to meet, but ye have a Place meet for that
purpose.
Indeed, and if your Business were done [here] and that I might have the leisure
to go
about it, and that I would be a means to Mr. Secretary to have his Favour
therein; I
would not doubt but to make so fair a Burse in London, as the great Burse is in
Antwerp without soliciting of any Man more than he shall be well disposed to
give,
&c."
Whence one may conjecture that Gresham had it in his Thoughts
sometime
before, and wanted only a Contribution from some wealthy Citizens to assist in
so
expensive a Work: Which he obtained at last: The Citizens having purchased the
Fee
Simple of the Ground and Houses, by certain Trustees, conveyed it over to him to
build
the said Burse upon: And in the Conveyance he was to make a Re-assurance again
to
them upon certain Conditions. But he dying before this was done, some
difference
happened between the Lady Gresham and the City.
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A Burse much wanted before this was built.
J. S.
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Sir Thomas Gresham got great Fame and Glory by this magnificent Work, and every
one took their occasions to extol him. Thus one Hugh Gough, in a Book dedicated
to
him soon after his finishing this Structure, entertained him with Words to this
Tenor:
"That few had flourished in whom all these commendable Qualities had reigned;
as
both to be beneficial to their Country by safe Counsel, procuring of safeguard
for the
same, and bestowing of their substance, to the building of such famous and
magnificent
Works as might serve for common Utility unto all Men. And by the discretion of
those
Men that be learned and wise, if ever any Subject hath enjoyed them, they
attribute it
unto you. For what is he, which is ignorant of the Policies and Travails that
your
Works have used and sustained, for to get Safeguard, and requisite Furniture to
the
Realm. Beside the infinite Riches given to the Building of that princely Work,
commonly call'd the Burse. Which already declareth, and in London is openly to
be
seen, what Commodity generally it will bring to the Citizens thereof. To what
end
should I rehearse or make mention of the great diversity, which
Men account to be betwixt it and the huge Tower of Babylon, or the outragious
Buildings in Egypt, named Pyramides; or of the exceeding difference, wherein it
excelleth the intricate Labyrinths, and monstrous Pillars erected in divers
parts of the
World? Considering that it is unknown unto few, that these were builded for a
vain
Ostentation, or frivolous Memorial, without any profitable Use; or of Envy,
because the
Founders thereof would not leave such store of worldly Treasure unto their
Successors.
I need not make rehearsal of their Courtesy, Gentleness, Friendship and
Liberality
towards all Men; yea and, which deserveth no small Commendation, towards the
Unknown and Strangers, &c."
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Gresham gets Glory hereby.
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After the Death of Sir Thomas Gresham, the Founder of the Exchange, in the Year
1592. Lady Gresham, his Widow, contended with the Maior and Trustees for the
Exchange; endeavouring to get an Act of Parliament to empower her and her Heirs
to
make Leases from time to time of twenty one Years or three Lives, of the Shops
in the
Exchange, keeping Fines to her self. Which was supposed to be against the last
Will of
Sir Thomas, and contrary to an Act of Parliament made in the 23. of the Queen.
She
also complained, that the City did not, or would not, employ the Profits of the
Exchange according to Sir Thomas's Will. This she exhibited by way of
Supplication
to the Council against the Lord Maior and his Brethren, the Aldermen.
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The Lady Gresham contends for the Exchange.
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To which they subjoyned this Answer;
"That whereas the Lady Gresham had
desired to have an Act of Parliament to authorise her and her Heirs from time to
time to
make Leases of twenty one Years, or three Lives, of the Shops in the Royal
Exchange,
keeping the Fines thereof to her self, and reserving as many Rents as is now
reserved to
remain to the City of London: It is thereunto aunswered, That the same her
Demand is
utterly against both the last Will and Testament of Sir Thomas Gresham, her late
Husband, as also expressly against an Act of Parliament made in the 23. Year of
her
Majesties Reign. Unto which Act the said Lady Gresham was privy, and her
Council
was heard, what they could say, before the said Act passed. And they say also,
the
same Request of the Lady Gresham is against all Reason and Equity. For that the
Citizens of the City of London puchased in Fee Simple, in the name of Livers
Feoffees,
the Soyl whereupon the Royal Exchange is builded, and paid for the same above
4000l.
And in the eighth Year of her Majesties Reign conveyed the same to Sir Thomas
Grehsam, upon Condition to have Re-assurance made according to certain
Covenants:
Which was not done. And albeit the Citizens might lawfully have entred for
Breach of
the said Condition, and presently taken the Rents and Profits of the whole; yet
they
have contented themselves to accept of the same according to the last Will, and
Act of
Parliament, and have suffered the said Lady Gresham to take the whole Profits:
And yet
they have been at great Charges in the defending of Titles made to some part of
the
same, and in paying of Quit-Rents, Tithes and Widows Dowers: Which they still
continue to this Day.
"
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The Cities Vindication of themselves against her.
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"
Touching the Employments of the Profits of the Exchange according to the Purport
of
the Testament of Sir Thomas Gresham; it is thereunto aunswered, that it is
meant, and
so it shall be performed, that the same after the Death of the Lady Gresham,
shal be
employed "
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