Nicholas and his father strolled together toward the main road, past the archway and into the forum. There, Epiphanius introduced Nicholas to his favorite money changers, saying, “It is good that you should know them, and that they know you. Behind every trade, be it money or goods, there is a person. Trust is the true coin by which you do business.”
Epiphanius greeted a money changer named Julian and presented him a letter, saying, “Are you prepared to fulfill this today?”
“Indeed,” said Julian. He turned to unlock his money chest, saying, “I have it all here for you.” Epiphanius pressed close and Julian bent over to count out 150 aureus coins between the two of them.
Nicholas whispered, “He pays you gold for a letter?”
“Not just a letter,” said Epiphanius. “A letter of deposit. You see, one of our captains has been selling loads of fish in Myra. Rather than take the risk of bringing the gold with him in his ship, he deposited it with a money changer in Myra. That particular money changer is...” Epiphanius asked, “--a cousin to Julian here?” Julian nodded.
Epiphanius went on, “So they have a special arrangement where each honors the other’s letters of deposit. The buyer can safely deposit his money there and pay me by way of a letter. Likewise, I could deposit money here and withdraw it there. All based on trust.” Epiphanius stuffed the gold into two coarse sacks, tied them up tightly and gave one to Nicholas.
As they wove their way back through the crowds, Nicholas murmured to his father, “I have never held so much... Of what I am holding.” He did not want to say “gold” out loud. Though no one seemed to give them particular attention, he felt the eyes of everyone must be on them. He feared at any moment some hand might reach out and snatch the bag from his hands, only to disappear among the crowds.
“Yes,” said Epiphanius. “Most of it will go to paying taxes. Truth be told, there is little profit in trade anymore. The taxes are too high. Our estate and our fishing fleet run mostly to meet the needs of our own people. They do little more than break even.”
“Then why do we sell?” asked Nicholas.
“I will show you,” said Epiphanius.
Click here to go to beginning of the book
Epiphanius greeted a money changer named Julian and presented him a letter, saying, “Are you prepared to fulfill this today?”
“Indeed,” said Julian. He turned to unlock his money chest, saying, “I have it all here for you.” Epiphanius pressed close and Julian bent over to count out 150 aureus coins between the two of them.
Nicholas whispered, “He pays you gold for a letter?”
“Not just a letter,” said Epiphanius. “A letter of deposit. You see, one of our captains has been selling loads of fish in Myra. Rather than take the risk of bringing the gold with him in his ship, he deposited it with a money changer in Myra. That particular money changer is...” Epiphanius asked, “--a cousin to Julian here?” Julian nodded.
Epiphanius went on, “So they have a special arrangement where each honors the other’s letters of deposit. The buyer can safely deposit his money there and pay me by way of a letter. Likewise, I could deposit money here and withdraw it there. All based on trust.” Epiphanius stuffed the gold into two coarse sacks, tied them up tightly and gave one to Nicholas.
As they wove their way back through the crowds, Nicholas murmured to his father, “I have never held so much... Of what I am holding.” He did not want to say “gold” out loud. Though no one seemed to give them particular attention, he felt the eyes of everyone must be on them. He feared at any moment some hand might reach out and snatch the bag from his hands, only to disappear among the crowds.
“Yes,” said Epiphanius. “Most of it will go to paying taxes. Truth be told, there is little profit in trade anymore. The taxes are too high. Our estate and our fishing fleet run mostly to meet the needs of our own people. They do little more than break even.”
“Then why do we sell?” asked Nicholas.
“I will show you,” said Epiphanius.
Click here to go to beginning of the book
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