We have said that they supplied almost, without a rival, the demand in
Europe for the produce of the East. That rival was Florence: the success of
her merchants in a new branch of commerce has been already noticed. The
profits they derived from lending money on interest, and from negociating
bills of exchange, aided by their profits on their manufactures, for which,
particularly those of silk and woollen, they were celebrated so early as
the beginning of the fourteenth century, had rendered Florence one of the
first cities of Europe, and many of its merchants extremely rich. In the
year 1425, having purchased the port of Leghorn, they resolved, if
possible, to partake in the commerce of Alexandria. A negociation was
accordingly opened with the sultan: the result of which was, that the
Florentines obtained some share in the Indian trade; and soon afterwards it
appears that they imported spices into England. It is supposed, that the
famous family of the Medici were extensively concerned in the Indian trade
of Florence. Cosmo de Medici was the greatest merchant of the age: he had
agents and money transactions in every part of Europe; and his immense
wealth not only enabled him to gratify his love for literature and the fine
arts, but also to influence the politics of Italy, and occasionally of the
more remote parts of Europe.
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