A Quarrel Which Took Place Between The Venetians And The Greek Emperor
Manuel, In 1171, Is Worthy Of Notice, As Being Connected With The Origin Of
The Bank Of Venice.
The republic not being able to supply, from its own
sources, the means of carrying on the war, was obliged to raise money from
her citizens.
To regulate this the chamber of loans was established: the
contributors to the loan were made creditors to the chamber, and an annual
interest of 4 per cent. was allotted to them. If this rate of interest was
not compulsive, it is a sure criterion of a most flourishing state of
trade, and of very great abundance of money; but there is every reason to
believe if was compulsive.
At the beginning of the 13th century, Constantinople was conquered by the
Venetians, and the leaders of the fourth crusade: this event enabled them
to supply Europe more abundantly with all the productions of the East. In
the partition of the Greek empire which followed this success, the
Venetians obtained part of the Peloponnesus, where, at that period, silk
was manufactured to a great extent. By this accession, to which was added
several of the largest islands in the Archipelago, their sea coast extended
from Venice to Constantinople: they likewise purchased the isle of Crete.
The whole trade of the eastern Roman empire was thus at once transferred to
the Venetians; two branches of which particularly attracted their
attention, - the silk trade and that with India. The richest and most rare
kinds of silk were manufactured at Constantinople; and to carry on this
trade, many Venetians settled themselves in the city, and they soon
extended it very considerably, and introduced the manufacture itself into
Venice, with so much success, that the silks of Venice equalled those of
Greece and Sicily. The monopoly of the trade of the Black Sea was also
obtained by them, after the capture of Constantinople; and thus some of the
most valuable articles of India and China were obtained by them, either
exclusively, or in greater abundance, and at a cheaper rate than they could
be procured by any other route. In consequence of all these advantages,
Venice was almost the sole channel of commerce in this part of Europe,
during the period of the Latin empire in Constantinople. This empire,
however, was of very short continuance, not lasting more than 57 years.
In the interval, the merchants of Florence became distinguished for their
commercial transactions, and particularly by becoming dealers in money by
exchange, and by borrowing and lending on interest. In order to carry on
this new branch of traffic, they had agents and correspondents in different
cities of Europe; and thus the remittance of money by bills of exchange was
chiefly conducted by them. Other Italian states followed their example; and
a new branch of commerce, and consequently a new source of wealth, was thus
struck out.
In the year 1261, the Greek emperor regained Constantinople through the
assistance of the Genoese; and the latter, as usual, were amply repaid for
their services on this occasion. Pera, the chief suburb of Constantinople,
was allotted to them: here they had their own laws, administered by their
own magistrates; and they were exempted from the accustomed duties on goods
imported and exported. These privileges raised their commerce in this part
of the world above that of the Venetians and Pisans; who, however, were
still permitted to retain their factories. The Genoese soon began to aim at
more extensive power and trade; and under the pretext that the Venetians
were going to attack their new settlement, they obtained permission to
surround it, and their factories in the neighbouring coasts, with
fortifications. The trade of the Black Sea was under the dominion of the
Greek emperor, who, by the possession of Constantinople, commanded its
narrow entrance: even the sultan of Egypt solicited liberty to send a
vessel annually to purchase slaves in Circassia and Lesser Tartary. The
Genoese eagerly looked to participating in the valuable commerce of this
sea; and this object they soon obtained. In return they supplied the Greeks
with fish and corn. "The waters of the Don, the Oxus, the Caspian, and the
Wolga, opened a rare and laborious passage for the gems and spices of
India; and after three months march, the caravans of Carizme met the
Italian vessels in the harbours of the Crimea." These various branches of
trade were monopolized by the diligence and power of the Genoese; and their
rivals of Venice and Pisa were forcibly expelled. The Greek emperor,
alarmed at their power and encroachments, was at length engaged in a
maritime war with them; but though he was assisted by the Venetians, the
Genoese were victorious.
The Venetians, who were thus driven from a most lucrative commerce,
endeavoured to compensate for their loss by extending their power and
commerce in other quarters: they claimed and received a toll on all vessels
navigating the Adriatic, especially from those sailing between the
south-point of Istria and Venice. But their commerce and power on the
Adriatic could be of little avail, unless they regained at least a portion
of that traffic in Indian merchandize, which at this period formed the
grand source of wealth. Constantinople, and consequently the Black Sea, was
shut up from them: on the latter the Genoese were extending their traffic;
they had seized on Caffa from the Tartars, and made it the principal
station of their commerce. The Venetians in this emergency looked towards
the ancient route to India, or rather the ancient depot for Indian goods, -
Alexandria: this city had been shut against Christians for six centuries;
but it was now in the possession of the sultan of the Mamalukes, and he was
more favourable to them. Under the sanction of the Pope, the Venetians
entered into a treaty of commerce with the sultans of Egypt; by which they
were permitted to have one consul in Alexandria, and another in Damascus.
Venetian merchants and manufacturers were settled in both these cities.
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