502 MUNRO— THE COST OF LIVING [April 20. 



wholly from his own money. Suger was able to acquire this enor- 

 mous fortune because of his great ability, and because he understood 

 the economic conditions of the time. 



The average noble had no genius for acquiring wealth, and his 

 feudal income, which was fixed mainly by custom, appears to have 

 been stationary or even declining. With the establishment of better 

 order and the increase of the royal power, the nobles had lost both 

 their opportunity to plunder and the right of private coinage, which 

 greatly lessened their income. ( )ne feature of the Pipe Roll for 

 1181-1182 is very significant in this connection. About 300 debtors 

 to the king were listed from various parts of England, most of 

 whom had disappeared or were destitute of means, so that these 

 debts could not be collected. Apparently most of the individuals 

 came from the lesser nobility. The only resource for men of this 

 class was to borrow at usury. The usurers formed one of the two 

 classes of wrong-doers against whom the preaching of the twelfth 

 century was especially directed. They were evidently very numer- 

 ous, and they preyed chiefly upon the nobles. The merchants and 

 the peasants seldom had to resort to the usurers. There were many 

 Christians engaged in this business, but more Jews, and the latter 

 were to suft'er severely as the result of the economic conditions. 

 The rate of interest in England when the security was good was 2d. 

 on the pound each week, compounded once in six weeks, or about 

 52 per cent, a year.- Consequently if a knight borrowed 40 pounds, 

 a sum frequently in excess of the animal income of a knight, and 

 was unable to pay the interest, in a year he would owe 60 pounds 

 and i6s. ; in two years, over 92 pounds; in three years, over 140 

 pounds ; in five years, over 324 pounds, and the interest then would 

 be over 3 pounds a week. Probably the ill-feeling against the Jews 

 was due very largely to the anger of the borrowers who found them- 

 selves hopelessly involved in debt. There is a very decided change 

 in the attitude toward the Jews in the twelfth centurw and it is sig- 

 nificant that the preparations for the crusades, when ready money 

 was especially needed, were so frequently accompanied by a perse- 

 cution of the Jews; c. g., in 1096, in 1147, in 1189. Their great 



" .^hlcl^ more was demanded when tlie secnritv was not sood. 



