or. About this {531} time, for some reason, the
agitation gradually died down. It is probable that the religious
controversy took the public's mind off economic questions and the
Peasant's War, like all unsuccessful but dangerous risings of the poor,
was followed by a strong reaction in favor of the conservative rich.
Moreover, it is evident that the currents of the time were too strong
to be resisted by the feeble methods proposed by the reformers. When
we remember that the chief practical measure recommended by Luther was
the total prohibition of trading in spices and other foreign wares that
took money out of the country, it is easy to see that the regulation of
a complex industry was beyond the scope of his ability. And little, if
any, enlightenment came from other quarters.

[Sidenote: The Netherlands]

While the towns of southern Germany were becoming the world's banking
and industrial centers, the cities of the Netherlands became its chief
staple ports. For generations Antwerp had had two fairs a year, but in
1484 it started a perpetual market, open to all merchants, even to
foreigners, the whole year round, and in addition to this it increased
its fairs to four. Later a new Merchants' Exchange or Bourse was built
[Sidenote: 1531] in which almost all the transactions now seen on our
stock or produce exchanges took place. There was wild speculation,
partly on borrowed money, especially in pepper, the price of which
furnished a sort of barometer of bourse feeling. Bets on prices and on
events were made, and from this practice various forms of insurance
took their rise.

[Sidenote: Antwerp]

The discovery of the new world brought an era of prosperity to Antwerp
that doubtless put her at the head of all commercial cities until the
Spanish sword cut her down. In 1560 there were commonly 2500 ships
anchored in her harbor, as against 500 at Amsterdam, her chief rival
and eventual heir. Of these not {532} uncommonly as many as 500 sailed
in one day, and, it is said, 12,000 carriages came in daily, 2000 with
passengers and 10,000 with wares. Even if these statements are
considerable exaggerations, a reliable account of the exports in the
single year 1560 shows the real greatness of the town. The total
imports in that year amounted to 31,870,000 gulden ($17,848,000),
divided as follows: Italian silks, satins and ornaments 6,000,000
gulden; German dimities 1,200,000; German wines 3,000,000; Northern
wheat 3