Gresham and Burghley had already known each other for many years. Gresham had been the English factor serving King Edward VI, Queen Mary and Queen Elizabeth in the great financial and trading center of Antwerp. The finances of the kingdom ̶ under both protestant and catholic rule ̶ depended upon his expertise and connections.
Here, in a private matter, Gresham has also pulled together 2000 crowns to lend to Burghley's son-in-law, Oxford. From an earlier letter, we learn that the rate of interest provided to the Earl was 10 percent. But only as a favor to Burghley. For the present loan, Vere had to draw on a line of credit at 12 percent.
But the loan is only a matter mentioned in passing. The main matter concerned the recently secured treasure in Spanish hulls chased into English ports by the ships of the Prince of Conde . Surely, the Spanish were aware that recent very costly actions against the English merchants in Flanders would leave the English Court unable to let Spanish treasure enter English ports without taking it into safekeeping pending investigation. But enter it did.
So then, we learn not only about the loan to Oxford but about the aforesaid treasure being placed in safekeeping in the Tower of London. Elizabeth, it seems, was willing to accommodate merchants with claims against the silver rialls to exchange them at the rate of six pence per riall. The English treasury, however, valued the silver in rialls at iiijs. xd. per ounce in 1569.
The Tower had become an office of foreign exchange. The receipts made for a satisfying profit.
Among the merchants and representative that traded on this exchange was another financial master of the time, Benedict Spinoza, who may be remembered as Burghley's contact for following Oxford's future expenses during his tour of Italy.
Right honnorable and my very singgeular good Lord.
It maye licke you to understond, that I have in a Redynes 2000 Marks for to paye to my Lorde of Oxefford, whensoever it shall please your Lordeshipe to seand for it. And I shall provid his Reaseit wyth as moche Spead as I can. Most humbly beseche you, as that my Bills and Acquyttans be sowght upe for the Some of 1869 l. 8s. 4d. For that I have recevid so moche in redy Monny. Lickewyse I have thought good to seand you the particular Not of the Monny.
Lickwyses I have thought good to seand you the particular Not of the Monny that Mr. Spynnollie haythe alowyd the Quenes Majestie.
|
Fyrst for towe Cheast that Sir Srthur Chambernon toke ought of the Shipes in the Weast Contrye, viz. |
l. s. d. |
|
No. 63. 64. Contain 34406 Ryalls at 6d. Amounts to the Some of |
860 0 |
|
More for one Cheast, No. 59, that Mr. Horsey, D.D. at Hampton, to Loppo de la Sarra, for to paye his Maryners Charges, containing 26866 Ryalls at 6d. The Piece, some |
671 13 0 |
More for 1500 Ryalls paid to Sir Arthur Chambernon, at the Tower ought of the Cace, No. 47 at 6d. some | 37 10 |
More for 7716 Ryalls, paid to Mr. Edward Horsey, at the Tower, ought of the Cace, No. 42, at 6d. The Piece | 192 18 |
More for 2102 Ryalls paid to Mr. Kelinggrew, in the Tower of London, at 6d. the Piece, some | 52 11 |
Other I have not to moleast your lordshipe wytheall, but that it may please you to be so good Lord unto me, as I maye have my Lady Mary Grey removid owght of Hand, seeing that her Majestie haythe holly refferyed the Matter to you and my Lorde Leassitor, wherein your Lordshipe shall do me and my Wiffe a very singgeular good Torne, as knoweth the Lorde, whoe presserve you wythe increas of Honnor.
From London the 28th of Maye, 1572.
At your Lordeshipe's Commandement,
Thomas Gresham.1
A follow-up letter from Gresham to Burghley, of August 14, 1572, quoted, in part, in Burgon's biography of Gresham, gives the final resolution of the matter.
As the 12th of this present Mr. Bennedik Spinola brought home to my howse a merchant of Janua [Genoa,] called Thomas Ragio, to take his leave of me; to know if he coud pleasure me with annything in Flaunders: and as I thanked him, so, among other communication of profit, and for service by him ministrid, he desired me to be his frind for suche money as the Queene's Majestie hathe of his in the Tower. With that, I asked him what his sum was; and he said xx or xxx M ducats; but by talke I perceive he hathe muche more, with other of his frindes. — Now, Sir, seeing this monney in the Tower doth appertain to merchauntes, I wold wishe the Queene's Majestie to put it to use of some profit; as to mynt it into her own coyne: whereby she shall be a gayner [of] iij or iiij M l. and enriche her realme with so much fine silver. And for the repaiement thereof, her Highness maie paie it by the way of
Exchange, or otherwise, to her great fardell and profit. As also, her Majestie maie take it up of the said merchauntes upon interest, uppon the bandes accustomed, for a yere or twoo; whiche I thinke they will be right glad of: and so with the said monney, her Majestie maie paie her debtes both here and in Flaunders, — to the great honour and credit of her Majestie throughout all Christendom.2
Elizabeth saw the wisdom of Gresham's suggestion. She melted the rialls into silver which she minted in English coin to her Exchequer. Whether or not she paid interest on it as a loan borrowed from international merchants goes beyond the present investigation.
1 Murdin, William. State Papers... reign of Queen Elizabeth from 1571 to 1596 (1759), 217.
2 Burgon, John William. The Life and Times of Sir Thomas Gresham (1839), II.303-4.
Also at Virtual Grub Street:
Matthew Gasda on the Shakespeare Authorship Debate. May 15, 2023. 'Among his Compact Mag pieces is the March 24 article “The Right Wing Crusade Against Shakespeare”.'
Shakespeare CSI: Sir Thomas More, Hand-D. April 22, 2023. “What a glory to have an actual hand-written manuscript from the greatest English writer of all time!”
Edward de Vere in the Lives of his Daughters. February 27, 2023. "At least they take some comfort from their belief that De Vere had no demonstrable relationship with his daughter, the Countess of Montgomery, Susan de Vere."
- Shakespeare’s Character Names: Shylock, Ophelia, etc. July 13, 2021. “The name Ophelia was, by all indications, quite rare in the 16th century.”
A 1572 Oxford Letter and the Player’s Speech in Hamlet. August 11, 2020. “The player’s speech has been a source of consternation among Shakespeare scholars for above 200 years. Why was Aeneas’ tale chosen as the subject?”
- Check out the Shakespeare Authorship Article Index for many more articles and reviews about this fascinating time and about the Shakespeare Authorship Question.
- Check out the Letters Index: Edward de Vere, 17th Earl of Oxford for many letters from this fascinating time, some related to the Shakespeare Authorship Question.
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