The Savannah morning news., 1902-01-28
EDWARDS HOPELESS DEBT.
There Is Not Enough Money in the
World Now 10 Paw IL

world Now to Pay II.
From the New York Press.
There is owing to the Peruzzi family
of Italy just debt which there is not
money enough in all the world TO pay
1t is a claim for $l2000,00O with inter
est since l340. in which year the money
was borrowed from their ancestor, then
a great banker in Florence The debt
is owed by the British government,
and If the Peruzzis had their legal
rights they would be able to attach the
whole British Empire and sell it out at
auction sale. Every British man-of-
war afioat, every ounce of gold in the
Kings crown and every coat to his
back Is legally mortgaged to the Pc
ruzzls- The Peruzzis compound the in
terest on the original loan annually
and forward a dunning letter to the
reigning British sovereign every ten
years, calling his or her attention to
their little bill and intimating that an
early settlement would be appreciated.
The debt now runs up into twenty-six
figures. The bill has been sent In reg
ularly for the last five centuries, but
so far no English monarch has happen
ed to have the amount of money de-
manded about him and has told the
collector to call next week. or words
to that effect. The Peruzzis hold the
King responsible, as he Is in law, and
so Edward VII truly can be said TO be
the most heavily in debt of any man
in the world.
In the Middle Ages Florence was the
great banking center of the world, and
one of the Puruzzis was great banker
there. King Edward III professed a
great friendship for the head Of the
Peruzzi family, for Edward was hard
up and had an affection for anyone
who could lend him money and would.
He had strained the resources of his
country in his wars with the Scots.
and when he went to war with France
he had to borrow the funds for his
campaign. The Florentine bankers
lent him money literally, and he
fought Crecy and Poictiers. gaining
much glory, but little cash. After the
war the banker Peruzzi yentured to
remind the King that he had borrowed
$12.000,O0O of him-an enormous sum
in those days, and a pretty comfort
able one new. The King begged that
the banker would not mention the sub
Ject again. But the banker did, and
pressed for payment. 1t was worth
while being a king in those days, and
when the banker got inportunate Ed
ward simply issued a proclamation
5aJlhS tHdb ne iitiu nltlG ready money
and so, for the good of the kingdom
and his own convenience, he had de-
cided to postpone the payment of his
debts indefinitely
This proclamation was regarded as
very statesmanlike document In Eng
land and other crowned heads gave
the English King much praise for his
wisdom and grasp of public affairs.
The King of Sicily was SO charmed
with the financial ability of his royal
brother Of England that he copied after
him and repudiated a debt of a billion
or so which he owed to Florentine
bankers Florence was almost ruined
financially, and, to make matters
worse the city was ravaged by the
plague the next year. The Peruzzi
family occupy respectable position
in Itlay, and never have despaired or
getting something out of the King of
England eventually, though so far they
never have received cent. 1t is hard
ly necessary to say that, while making
claim for the full amount due them,
they would be willing to compromise
for smaller sum or take a payment
"on account"