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Updated: May 2, 2025
By multifarious subtle workings, these class laws inevitably had a double effect. They poured wealth into the coffers of the merchant-class and simultaneously tended to drive the masses into poverty. The gigantic profits taken in by merchants had to be borne by the worker, perhaps not superficially, but in reality so.
But the real faults of this India Bill were hardly noticed in the popular outcry against it. It had challenged the hostility of powerful influences. The merchant-class was galled by the blow levelled at the greatest merchant-body in the realm: corporations trembled at the cancelling of a charter; the king viewed the measure as a mere means of transferring the patronage of India to the Whigs.
They were strong enough in Florence to set up a new government with one of their own rank as chief magistrate. But democracy did not enjoy a lengthy rule and the rich merchant-class came into power. Such families as the Albizzi and Medici were well able to buy the favour of the people.
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