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Second, that finding his mistake, he had endeavoured to regain his standing by the illusory path of speculation. The most notable instance of this was the following. He had been induced, when at Plymouth in the autumn of the previous year, to venture all his spare capital on the bottomry security of an Italian brig which had put into the harbour in distress.
And as he every day received proposals from those brokers whom he had employed, about the disposal of his cash, he at length ventured fifteen hundred pounds upon bottomry, being tempted by the excessive premium. But it must be observed, for the honour of our adventurer, that this reformation did not at all interfere with the good qualities of his heart.
Many too wished to put their money where they could find it at an hour's notice, and looked about for some species of property which could be more readily transferred than a house or a field. A capitalist might lend on bottomry or on personal security; but, if he did so, he ran a great risk of losing interest and principal.
Nothing was more common than the nautical loan, as it was called the modern "bottomry" by which the risk and gain of transmarine traffic were proportionally distributed among the owners of the vessel and cargo and all the capitalists advancing money for the voyage.
He succeeded to the old lawful thrones, and did not care to adventure bottomry with a Sir Edward Mortimer, or any casual speculator that offered. I remember, too acutely for my peace, the deadly extinguisher which he put upon my friend G.'s "Antonio." He chose a story, affecting, romantic, Spanish the plot simple, without being naked the incidents uncommon, without being overstrained.
Legal possession once obtained, Leicester had no difficulty in raising money by means of a bottomry bond, and with this he provisioned the brig for six months, intending to take out letters of marque, and endeavour to make good his losses a resolution in which he was cordially seconded by Bowen.
The Carthaginian merchants did not carry for hire, but dealt in their commodities. This implied an extensive system of depôts and bonding. They had anticipated many of the devices of modern commerce. They effected insurances, made loans on bottomry, and it has been supposed that their leathern money may have been of the nature of our bank notes.
The contract, moreover, was really one of insurance for the shipowner, and contracts of insurance were clearly legitimate. In any event the legitimacy of loans on bottomry was not questioned before the sixteenth century. Concluding Remarks on Usury.
As it was, it was condemned by a provincial synod at Milan in 1565, and by Sixtus V. in 1585. We should also refer to the contract of bottomry, which consisted of a loan made to the owner or in some cases the master of a ship, on the security of the ship, to be repaid with interest upon the safe conclusion of a voyage.
Nothing was more common than the nautical loan, as it was called the modern "bottomry" by which the risk and gain of transmarine traffic were proportionally distributed among the owners of the vessel and cargo and all the capitalists advancing money for the voyage.
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