indifference. The citizens gave him the site of eighty houses in Cornhill, which were pulled down; and on the seventh of June 1567 sir Thomas laid the first stone of the Bourse, (as it was then called,) which was raised with such extraordinary diligence that it was completed before Christmas.

When the building was fit for use, and the shops within its precincts opened, queen Elizabeth, attended by her courtiers, went in procession to inspect it and being highly gratified with the munificence and taste of its founder, she ordered a herald, by sound of trumpet, to proclaim it the ROYAL EXCHANGE; an appellation which she desired it might ever afterwards retain.

This structure, however, though sufficiently splendid and capacious for that period, was by no means equal in grandeur to the present. The dreadful fire in London, in 1666, consumed it with numerous other public and private buildings: and out of its ashes rose the present pile, which was finished at the joint expense of the city and the mercers' company, at the cost of eightythousand pounds.

It is impossible to do adequate justice in this limited sketch to the patriotic exertions of sir Thomas Gresham, either in the service of his sovereign or of his fellows citizens. Philip the Second, king of Spain, having in the rage of disappointment, prohibited all commerce in Flanders with the English, Cecil, then secretary of state, found it expedient to consult sir Thomas on the probable consequences of this measure, and the best means of counteracting its effects. His advice appeared so judicious that it was immediately adopted, and thus the machinations of the enemy were made productive of their own injury and disappointment. At his instigation, government not only averted the danger of this restriction on the English trade, but adopted means of

Till that

becoming less dependent on other nations. period all loans had been negociated on the continent; a proceeding by which this country was impoverished, and foreigners were enriched. A new scene, however, was now opened; it was determined to try the measure of raising money from the merchants of London: and though at first, from the novelty of the plan, and the general ignorance of the rich traders, it met with a very cool reception, yet by the interest of Gresham it was at last carried into full execution; and thus a revolution was effected in the financial operations of the government, at once tending to ensure its stability, and to promote the interest of the subject.

The prudent regulations thus adopted, rendered a foreign agent no longer necessary for money negociations, and the post held by sir Thomas Gresham was superceded by his own public-spirited designs: but the queen, who was not insensible to his distinguished merit, immediately joined him in an honourable commission with the archbishop of Canterbury, the bishop of London, and some lords of the council, who were usually appointed assistants to the lord-mayor in the government of the city during her splendid progresses (as they were called) through her dominions.

A life so full of activity as sir Thomas Gresham`s, was not likely to leave much space for indulgence in privacy. The mercantile world was not only the scene of his occupation, but of his pleasure; he loved the society of men whose views had been enlarged by commerce, and was never more happy than on his favourite Exchange. But as years came on, he found some relaxation necessary; and therefore purchased an estate at Osterly, where he built a magnificent seat for his occasional retreat from the cares of business and the bustle of the capital.

But his very hours of amusements were not spent in vain. A vigorous mind can derive some improvement from every object: a benevolent heart is never removed from the sphere of its exertions. He erected paper, oil, and corn Hills in his park at Osterly; which at once filled up his leisure by the necessary superintendence of them, and furnished constant employment to various descriptions of artificers and labourers who depended on him for their subsistence. At this seat queen Elizabeth visited "the royal merchant," as he used to be called: and was magnificently entertained. Once when her majesty pointed out an improvement in the court before the house, which she said would look better if divided, sir Thomas, anxious to shew his respect for his sovereign's taste, privately sent to London for workmen, and when the queen rose next morning she was astonished to find her suggestion completely carried into execution.

It has been mentioned before that this opulent and worthy citizen had the misfortune to lose his only son. Providence having thus prevented the means of perpetuating his name except by his own noble actions. The Exchange alone would have rescued his memory from oblivion; but so rapidly had his fortune accumulated by his great judgment in mercantile transactions, that he began to project new schemes of benefi cence to his fellow-citizens and to mankind.

The city of London having no establishment expressedly devoted to the liberal sciences; and the merchants of his time, from want of education, being commonly obstinate and prejudiced, as sir Thomas had witnessed on many occasions in his intercourse with them; he reflected that he could not more effectually promote their welfare than by converting his mansionhouse in Bishopsgate-street into a college, and endow

ing it with sufficient revenues for professors in the different sciences. In this he followed the plan of an academic institution; though it cannot be denied that lectures adapted to the local circumstances of the great emporium of the world, would be more desirable and beneficial at the present day.

No sooner was this generous design divulged, than the ruling persons in the university of Cambridge used every argument to induce him to alter his plan, and· every solicitation to obtain a preference in his benefi-cent intentions. Being the scene of his own education, it might be naturally expected that he would rather found a college there than in Oxford; and they expatiated on the danger of affecting the interests of the two established universities by raising a rival institution. His partiality for Cambridge was undoubtedly. strong, but that in favour of London was still stronger. He persevered therefore in his first design; and on the 20th of May, 1575, executed a formal deed, by which, after the death of his lady (should she happen to survive him) his town-house was to be converted into a college, and sufficient revenues were assigned. for the support of professors in divinity, law, physic, astronomy, geometry, music, and rhetoric.

Having given to his proposed institution all the stability of legal forms, and bequeathed by will considerable sums to several private and public charities, (particularly the hospitals,) like a man who had per-formed an honourable part in life, and was ambitious to benefit the world when called from it, he began to court retirement, and that tranquillity which is best suited to declining age. Few had more claims to the peaceful enjoyment of the last hours of existence. His fortune was so ample as to preclude every anxious care; and the long series of pious and benevolent ac

tions which he had performed, must have afforded him an inexhautible source of pleasing reflection. Beloved and respected, he enjoyed the smiles of wellmerited friendship, and the homage of the public; and had his days being protracted to a much latter period, it is probable from his disposition and his conduct, that the last would have been still more honourable than the former.

In four years after he had adjusted his worldly affairs in a manner which will ever reflect lustre on his name, he was seized with a fit of apoplexy in his own house, immediately on his return from the Exchange; and suddenly falling, all attempts to restore him proved ineffectual. His funeral was conducted in a public and solemn manner, worthy the respect due to so distinguished a citizen. His charitable deeds too may be said to have followed him to the grave; his hearse being attended by a hundred poor men and as many poor women, for whom he left by his will appropriate mourning dresses.

From the best accounts that have been transmitted

io us, it appears that this truly patriotic citizen was throughout of a temper generous and benign, and that his posthumous charity was only a continuation of the munificence that had adorned his life. He was well versed in ancient and modern languages; and shewed a predilection for learning, and its professors whether natives or foreigners. Some acknowledged his patronage in very handsome terms, and among these John Fox the martyrologist. Few have equalled his

public spirit, or can claim a larger tribute of esteem and gratitude. He who lives only for himself, will soon be forgotten; but he whose labours are directed to the perpetual benefit of the community, may well lay claim to immortality as his reward.