Virtual Grub Street: Sir Thomas Gresham to Baron Burghley, May 28, 1572. [Spelling modernized.]

The search for letters to, from or regarding Edward de Vere, the 17^th Earl of Oxford, has already resulted in many interesting insights. In a letter from Thomas Gresham to Baron Burghley, on May 28, 1572, we further learn that Burghley has acted as agent for Oxford in arranging a loan from Gresham.

Gresham and Burghley had already known each other for many years. Gresham had been the English factor in the great financial and trading center of Antwerp serving King Edward VI, Queen Mary and Queen Elizabeth. 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. We learn that the rate of interest was 10 percent. But only for this once, as a favor to Burghley. Henceforward, Vere will have a line of credit but at 12 percent.

But this 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 reals to exchange them at the rate of six pence per real. The English treasury, however, valued the silver in reals 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 honorable and my very singular good Lord.

It may like you to understand, that I have in a Readiness 2,000 Marks for to pay to my Lord of Oxford, whensoever it shall please your Lordship to send for it. And I shall provide his Receipt with as much Speed as I can. Most humbly beseech you, as that my Bills and Acquitances be sought up for the Sum of 1869 l. 8s. 4d. For that I have received so much in ready Money. Likewise I have thought good to send you the particular Note of the Money.

Likewise I have thought good to send you the particular Note of the Money that Mr. Spinolla hath allowed the Queen's Majesty.

First for two Chest that Sir Arthur Chambernon took out of the Ships in the West Country, viz.

l. s. d.

No. 63. 64. Contain 34,406 Reals at 6d. Amounts to the Sum of

860 0

More for one Chest, No. 59, that Mr. Horsey, D.D. at Hampton, to Loppe de la Sarra, for to pay his Mariners' Charges, containing 26,866 Reals at 6d. The Piece, sum

671 13 0

Other I have not to moleast your lordshipe withal, but that it may please you to be so good Lord unto me, as I may have my Lady Mary Grey removed out of Hand, seeing that her Majesty hath wholly referred the Matter to you and my Lorde Leicester, wherein your Lordship shall do me and my Wife a very singular good Turn, as knoweth the Lord, who preserve you with increase of Honor.

From London the 28^th of Maye, 1572.

At your Lordship's Commandment,

Thomas Gresham.¹

More for 1500 Reals paid to Sir Arthur Chambernon, at the Tower out of the Case, No. 47 at 6d. some

37 10

More for 7,716 Reals, paid to Mr. Edward Horsey, at the Tower, out of the Case, No. 42, at 6d. The Piece

192 18

More for 2,102 Reals paid to Mr. Killigrew, in the Tower of London, at 6d. the Piece, sum

52 11

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. Benedict Spinola brought home to my house a merchant of Genoa, called Thomas Ragio, to take his leave of me; to know if he could pleasure me with anything in Flanders: and as I thanked him, so, among other communication of profit, and for service by him ministered, he desired me to be his friend for such money as the Queen's Majesty hath of his in the Tower. With that, I asked him what his sum was; and he said xx or xxx M ducats; but by talk I perceive he hath much more, with other of his friends. — Now, Sir, seeing this money in the Tower doth appertain to merchants, I would wish the Queen's Majesty to put it to use of some profit; as to mint it into her own coin: whereby she shall be a gainer [of] iij or iiij M l. and enrich her realm with so much fine silver. And for the repayment thereof, her Highness may pay it by the way of Exchange, or otherwise, to her great fardel and profit. As also, her Majesty may take it up of the said merchants upon interest, upon the bands accustomed, for a year or two; which I think they will be right glad of: and so with the said money, her Majesty may pay her debts both here and in Flanders, — to the great honour and credit of her Majesty throughout all Christendom.²

Elizabeth saw the wisdom of Gresham's suggestion. She melted the reals 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 our 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.

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