tured by Botticelli--a hillock of florins, with the
kneeling forms of worthy suppliants and the cloud-borne founder crowned
by angelic hands. The poor scholar did not part definitely with his
cherished possession; he might hope to recover it in sunnier days, and
meanwhile he was enabled to tide himself over an awkward emergency. At
the same time the brokers took care to make the transaction a source of
profit to the University.

The earliest benefaction for the support of scholars at Oxford consisted
in the annual payment of forty shillings by the townsmen in atonement
for the execution of certain clerks. In the year 1219 this charge was
undertaken by the Abbey of Eynsham, by which the fine was punctually
disbursed to the period of its dissolution. A similar but smaller
contribution was made by the Abbey of Oseney, but nothing is known as to
its origin. Irregularities in the application of these funds induced the
Chancellor, Robert Grosseteste, in 1240, to frame an ordinance which
resulted in the creation of the "Frideswyde Chest." This treasury was
the parent of many others--at the close of the fifteenth century there
were as many as twenty-four--and it long remained the typical, as it was
the earliest, form of scholastic benefaction, existing side by side with
the foundation of colleges, to which it gave an important impetus. The
management of these chests was, in all cases, practically identical. The
preamble of the ordinance, by which the administration of the funds was
regulated, first stated the name of the donor, and then proceeded to
announce the desire of the University to requite his liberality by
annual masses and celebrations. The beneficiaries also were enjoined to
repeat so many "Pater Nosters" and "Aves" for the repose of his soul.

Next followed particulars of the sums that might be borrowed and those
to whom they might be advanced, always on condition that a pledge of
equal or greater value was first deposited by the borrower. The term
within which the pledge might be redeemed was specified, as also the
time at which an unredeemed pledge was to be sold after due notice had
been given by public proclamation. It was usual to appoint as guardians
a North and a South countryman, so as to obviate any complaints as to
the allocation of the funds, and provision was made for the registration
of loans and the audit of the accounts. The last chest to be
founded--this was in the latter half of the sixteenth centur