Daily entries from the 17th century London diary
[The comment is by Nix, copied from the 29 Jan 1659/60 entry: http://www.pepysdiary.com/diary/1660/01/29/#c988 ]
Some observations on money and credit:
In reading Pepys
A source of gold prior to the inter regnum was Spain and Barbery coast [ a suprise] long session in of Commons on how money makes the world flow or as said once " Nervi belli pecunia" or Pecunia non olet."...they had their Bullion from the Refiner. -That he imported, out of Barbary and Spayne, 5,000l. in Bullion, of Gold and Silver. That they buy by the Troy Weight, and sell by the Venice Weight; wherein a third Part Difference. -..."
From: British History OnlineSource: House of Commons Journal Volume 1: 06 March 1621. House of Commons Journal Volume 1, (1802).URL: http://www.british-history.ac.uk/report.asp?com...Date: 16/06/2004
"Nervi belli pecunia
Cost of running a ship; The Lamport: 3 rate, 210 men and 50 guns was owed 8,854l. 1s. 9d on may 1st 1660money owed for 40 ships and 3,695 men cost wages l.129,981 14s. 0d.
A List of such of his Majesty's Ships of the Navy Royal, now in Pay, not of the Summer's Guard, with an Account of the Wages due to them to the First of May 1660, and the Charge they are at, was read; and is as followeth: Viz.
From: British History OnlineSource: House of Commons Journal Volume 8: 16 May 1660. Journal of the House of Commons: volume 8, (1802).URL: http://www.british-history.ac.uk/report.asp?com...Date: 05/03/2005
interest rates to be set at 10 percent:10 per Cent Interest.A Bill for such Persons as shall supply his Majesty with Money for his present Occasions, to take Interest at Ten Pounds per Centum, was this Day read the Second time.Resolved, That the said Bill be committed to the Committee of the whole House, that is appointed for the King's Revenue: And that the House will resolve into a Committee To-morrow Morning, to take this Bill in the first Place, and afterwards the King's Revenue, into Consideration: And they are to limit a Time in the Bill, for the taking up and retaining Money at Interest, by his Majesty, at the Rate of Ten Pounds per Centum.
From: British History OnlineSource: House of Commons Journal Volume 8: 14 February 1662. Journal of the House of Commons: volume 8, (1802).URL: http://www.british-history.ac.uk/report.asp?com...Date: 07/03/2005
"The rate of 6% was a standard one in England by the mid-17th century."
"Goldsmith-Banking: Mutual Acceptance and Interbanker. Clearing in Restoration London". Stephen Quinn. Department of Economics, Texas Christian University.http://www.econ.tcu.edu/quinn/finhist/readings/...
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