fifty-eight Scots.[***] The
persecutions in France and the Low Countries drove afterwards a
greater number of foreigners into England; and the commerce, as well as
manufactures of that kingdom, was very much improved by them.[****]
It was then that Sir Thomas Gresham built, at his own charge, the
magnificent fabric of the Exchange for the reception of the merchants:
the queen visited it, and gave it the appellation of the Royal Exchange.

* D'Ewes, p. 505.

** D'Ewes, p. 497.

*** Haynes, p. 461, 462.

**** Stowe, p. 668.

By a lucky accident in language, which has a great effect on men's
ideas, the invidious word usury which formerly meant the taking of any
interest for money, came now to express only the taking of exorbitant
and illegal interest. An act passed in 1571 violently condemns all
usury; but permits ten per cent, interest to be paid. Henry IV. of
France reduced Interest to six and a half per cent.; an indication of
the great advance of France above England in commerce.

Dr. Howell says,[*] that Queen Elizabeth, in the third of her reign, was
presented with a pair of black silk knit stockings by her silk-woman,
and never wore cloth hose any more. The author of the Present State of
England, says, that about 1577, pocket watches were first brought into
England from Germany. They are thought to have been invented at Nurem
berg. About 1580, the use of coaches was introduced by the earl of
Arundel.[**] Before that time, the queen, on public occasions, rode
behind her chamberlain.

Camden says, that in 1581, Randolph, so much employed by the queen
in foreign embassies, possessed the office of postmaster-general of
England. It appears, therefore, that posts were then established;
though from Charles I.'s regulations in 1635, it would seem that few
post-houses were erected before that time.

In a remonstrance of the Hanse Towns to the diet of the empire, in 1582,
it is affirmed that England exported annually about two hundred thousand
pieces of cloth.[***] This number seems to be much exaggerated.

In the fifth of this reign was enacted the first law for the relief of
the poor.

A judicious author of that age confirms the vulgar observation, that the
kingdom was depopulating, from the increase of enclosures and decay of
tillage; and he ascribes the reason very justly to the restraints put
oh the exportation of corn; while full liberty was allowed to export
all the produce of pasturage