I have already remarked that, in consequence of the discovery of America, the front of Europe had been changed.

Many rich Italian merchants and many enterprising Jews, had settled in Holland England, France, and brought into those countries various mercantile devices.

The Jews, who cared nothing about papal maledictions, were enriched by the pontifical action in relation to the lending of money at high interest; but Pius II., perceiving the mistake that had been made, withdrew his opposition.

Pawnbroking establishments were finally authorized by Leo X., who threatened excommunication of those who wrote against them.

In their turn the Protestants now exhibited a dislike against establishments thus authorized by Rome.