Middlemen in English Business 401 



the fifteenth century onward commercial magnates strove for social 

 prestige against this all-pervading sentiment. There was likewise 

 a common sentiment that wholesale merchandizing was more honor- 

 able than retail.^ This distinction likely found its basis in the natural 

 admiration elicited by wealth, power, largeness of business. There 

 were exceptional cases where small tradesmen attained social dis- 

 tinction. 



The effect which these popular prejudices had on commerce cannot 

 be determined. They stimulated while they discouraged. Commerce 

 opened a way to social rank and respect, and this chance tempted 

 its undertaking; but during the attempt the stigma of the cast was 

 upon the undertaker, and man\- would be deterred from it. In the 

 philosophy of the weak-spirited, it would be better to live an obscure 

 freeholder or a needy nobleman's son than dabble in the despicable 

 business. 



The way to social prestige was by wealth. The financial status of 

 merchant princes appealed to the scions of a needy aristocracy. 

 Emulation provoked the merchant to settle the accumulations of 

 his business in landed estates. He bought land, and retired to the 

 leisure becoming to a country gentleman,- hoping that the quality of 

 leisure and land ownership would avail socially. Trade was the 

 surest way to riches,^ and the rich trader stood some chance of honor 

 and preferment. Wealth tended to make trade detract less from 

 gentility. By marriages, elevations to peerage, and apprenticeships 

 a nobility of wealth arose. 



The ancient families recruited their wasted and exhausted estates 

 by marrying their sons and daughters to rich merchants and trades- 

 men.^ The list of great merchants who had marriage relations with 



' This opinion was common in France and England: cf. Savary, Par. Neg., II, 

 19, 84, and Postlethwayt, Diet., s. v. Anonymous. 



^ La Touche, Letters, 4-5, points out the evil effect the retirement of these 

 experienced and competent merchants had on business. See also Gibbins, Ind. 

 in Eng.. 278-9. See tradesman Stoddard's investments in land: Hall, Eliz. Soc, 

 56-7. 



' Locke, Works, II, 8. The desire for wealth as a means of gratifying the desire 

 for social distinction became an important economic factor between 1377 and 1485. 

 Cunningham, Growth, I, 465; II, 10. 



' Defoe, Plan of Eng. Com. 81-2; Com. Eng. Tr., I., Ch. XXIV; Postlethwayt, 

 Diet., s. v. Commerce; Anderson, Origin, III, 373^; Hazlitt, Liv. Cos., 8; Lecky, 

 Hist., I, 209. See plea for the honorableness of the life of the merchant in Besant, 

 Stuart London, 193, quoting HoweU. The money lender did not realize as high 

 recognition generally: for his social position and business activities refer to Hall, 

 Eliz. Soc, 48-53; Besant, Tudor London, 48-53. 



