Money Lending in the 1100s

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paul bulkley

Money Lending in the 1100s

Legg inn av paul bulkley » 23 aug 2005 19:30:02

For those bored with the acclaimed Sir Richard Lucy
Boulogne pedigrees, consider how individuals borrowed
money before Visa opened shop.

The following ancient charter is dated November 1183:

Deed of William de "Toteham" by which he acknowledges
that he owes a hundred marks of silver to "Avigaia"
the Jewess of London, and Abraham, her son, at
Martinmas (11 November) 1183, for which he undertakes
to pay them 13.5 per cent. As security for this debt
he has mortgaged to them his manor of Tottenham
("Toteham"). If at Christmas following (1183) he pays
them forty marks, the remainder of his debt is to be
reckoned at only forty marks, on which he is to pay
them 25 per cent. If he falls in arrear with his
interest, such arrears are to bear interest at 44 per
cent. ( two pence a week on every pound). If he fails
to pay altogether, the Jews are to have the power of
alienating the manor to whom they will. And, if he
fails to pay the forty marks at Christmas, the amount
of his debt is to remain a hundred marks.

(Duchy of Lancaster Records. Div. X. Box M, No 70)

The author then continues:

"Toteham" is Tottenham, Co. Middlesex, of which the
name is so spelt in Domesday. The mortgage is a very
peculiar one, and deserves careful study.

The fact that on the discharge, at a certain date, of
two fifths of the debt, the principal was to be
reduced 60 per cent, but the interest only 25 per
cent, proves that the agreement must be read between
the lines. It seems clear that, although the borrower
acknowledged a debt of a hundred marks, he received,
by a practise which is not unknown, a loan of only
eighty. He would be tempted to accept these terms by
the bait of a lower interest, and though he was given
a solitary chance of wiping off three fifths of the
debt by the repayment of half the loan, it was only on
condition that the rate of interest should be nearly
doubled on the remainder.

The most abundant examples of borowing from Jews will
be found in the record, in this reign, of the great
Anesty case. We there find the rate of interest given
as two pence, three pence, and four pence on the pound
per week, the two latter sums being the more usual. At
four pence this would represent seventeen shillings
and four pence on the pound per annuma (86.67%!) The
lower rate here charged (so long as the interest was
punctually paid) is doubtless due to the good security
which William de "Toteham" could give.

The debt was evidently not cleared off, for, sixteen
years later, we find the Crown (5 Nov 1199) granting
the manor to Earl David to be held by the service of
two knights and quitclaiming to him all the rights of
Abraham the Jew, son of Rabi Jose ("Rabi Josei"),
therein (Cart. 1 John, p.1., m.2)

Sincerely Yours,

Paul Bulkley

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