Showing posts with label mortgage. Show all posts
Showing posts with label mortgage. Show all posts

Saturday, June 25, 2022

Mortgaging Children

This is the story of Philip of Courtenay (1243 - 15 December 1283). He was one of the Latin Emperors of Constantinople—the empire was established after the disastrous and mis-guided (literally) Fourth Crusade—even though the Byzantine Empire had re-established control in 1261. Technically he was an "Emperor in Exile."

He was born in Constantinople, the child of Baldwin II and Marie of Brienne. Baldwin was the last of the Latin Emperors who actually ruled from Constantinople. The difficulty with the "Latin Emperors of Constantinople" was that they didn't have the resources they would have enjoyed at home. They weren't landowners living off rents. Baldwin's "territory" was essentially the city itself, and he did not have the resources to control the country around him, where life just went on.

Baldwin went westward to beg for money, asking Rome and France to help support him financially. One plan was to supplant the Marchioness Margaret of Namur (a sometimes independent state, now basically a city in Belgium) to have the Namur revenues. It didn't matter to him that Margaret was his sister. Baldwin didn't stay to manage Namur, however, and after it was invaded by the Count of Luxembourg, Baldwin sold the rights to his cousin, Count Guy of Flanders.

Baldwin left Marie and a regency council behind while he traveled Europe begging. In 1238 they sold the Crown of Thorns to Venice for 13,134 hyperpyrons. Around that time Baldwin got money from Louis IX of France in exchange for some other relics, of which Constantinople had many.

But this is about his son, Philip, and you can guess where this is going. Baldwin and Marie borrowed 24,000 hyperpyrons from Venetian merchants. The mortgage, the surety for this loan, was their son, Philip of Courtenay. Philip was five years old at the time. He was sent to Venice to live in the household of two merchant brothers. He was there from 1248 until he was 17, in 1260, when the mortgage was paid with the help of Alfonso X of Castile.

Mortgaging your child seems like a cruel act by a desperate parent. As difficult as it is to argue with that, as usual, medieval sensibilities were different from ours, and never more so than in the idea of a hostage. In fact, the meaning and practice of "hostage" is my next topic.

Friday, June 24, 2022

The Mortgage

"Mortgage" is a Late Middle English word from Old French, and literally means "dead pledge"; folk etymology will say the name signifies the debt dying when it is repaid. The use of "mort" originally had a different meaning.

When the Normans invaded the British Isles, they introduced an item of Norman law called a "gage of land." Say I was a landowner in need of money; for a sum from a lender, I (the gagor) would give possession but not ownership to the lender (the gagee) until I paid off the loan.

There were two types of gages: living and dead. In the living gage (Norman vifgage) and the dead gage (mortgage). With the living gage, any profit made by the lender while in possession of the land—such as selling the produce from it—went toward reduction of the debt. The dead gage did not reduce the debt, however much the land might have produced for the lender.

During Henry II's reign (1154-1189), he tried to right some wrongs that occurred under his predecessor King Stephen (1135-1154), during which many properties had been improperly seized. In the Assize of Clarendon, Henry created the right of novel disseisin ("new/recent dispossession"), by which the gage could go to the royal court and claim improper dispossession. The cases were dealt with swiftly, which was a plus, but they did not actually determine proper ownership: they merely judged whether the land should go back into the original landowner's possession, and the question of ownership was left for later. Yes, it could get messy.

Novel disseisin made the lender's life difficult, since the gage could at any time make a claim to repossess the land. The practice could easily be abused by a gage.

A frequent use of mortgage after 1095 was for the money needed to afford to go on Crusade. But who had the money to lend? Surprisingly, because of generous gifts, monasteries often had the cash to offer—interest feee, of course. Because so many Crusaders came back with less money than they started with, or no money at all, or never came back because they died on Crusade, monasteries gained lots of land for grazing their sheep or planting vines.

Keep in mind, however, that mortgages were not as common as they are today when everyone wants to own a house. Things were different when generations of families stayed in one building, and cottages could be built by one's own labor, or with the help of friends and family.

Speaking of mortgages and family, however, have you ever heard of mortgaging your children? You will, if you come back tomorrow.

Thursday, June 23, 2022

A Living Wage

I've talked about different jobs here and here. What could you earn in different professions?

First, we need to know the currency:

1 pound (£) = 20 shillings (s)
1 shilling = 12 pence (d)
1 pence (penny) = 4 farthings
Additionally, 1 crown was only 5 shillings, and 1 mark = 13 shillings and 4 pence
The £, s, d symbols are from French Livre, sou, and denier, which are in turn from Latin liber, solidus, and denarius.

Lists of wages are not readily available; the information must be gleaned from various sources found in various time periods. For comparison's sake, I will keep to wages in the 1300s.

An unskilled laborer in 1300 could make £2/year, or 40s; by 1390 that had doubled to £4.

A manservant in 1390 could make 20s/year; a maidservant half that, 10s.

A swineherd made as much as the maidservant.

In 1351, as the Black Death was reducing the labor pool, a mason could earn 107s/year; by 1390, that had risen to £8, or 160s!

A carpenter in 1300 could make 53s/year. By 1351 (Black Death killing off workers!), that had risen to 80s/year, and a master carpenter could earn 107s. A little later, in 1400, the carpenter's apprentice would be worth 40s/year.

While the carpenter might be hired to help build a house, the thatcher might be needed for the roof. Collecting sufficient reeds, binding them, making them secure so that the roof is thick enough to keep out inclement weather and secure enough that high winds don't destroy it—these arduous and skilled tasks probably explain why the thatcher in 1390 could make £6/year, or 113s!

Of course, building a house took a lot more than one's savings. A two-story cottage in the early 1300s could cost £2, four times what the swineherd makes. A house with several rooms could cost £10-15! So what did the typical person/family do to afford it? Why, get a mortgage, of course. Did mortgages work the same way they do now? Let's find out tomorrow.

The Medieval Sourcebook has a lot of pricing information ranging from the 11th to 15th centuries, if you'd like to explore further.