And who was not in search of gold? "Gold is excellent; gold is treasure, and he who possesses it does all that he wishes to in this world, and succeeds in helping souls into paradise." So thought Columbus, expressing in a phrase the motto of many men, and conveniently revealing to us an essential secret of European history. For gold, so abundant in the East, was scarce in the West. The mines of Europe have never been adequate to the needs of an expanding industrial civilization. Importation of expensive Eastern luxuries, normally overbalancing exports, produces a drain of specie to the Orient, that reservoir to which the precious metals seem naturally to flow, and from which they do not readily return; so that to maintain the gold supply and prevent a fatal appreciation of money value has been a serious problem in both ancient and modern times. During the Roman Republic the supply of gold was maintained at Rome by the systematic exploitation of Syria and Asia Minor. But after Augustus reformed the government of the provinces, the accumulated treasure of the West began to return to the Orient: the annual exportation of 200,000,000 sesterces in payment for the silks and spices of India and Arabia, of Syria and Egypt, was one of the causes of economic exhaustion and the collapse of imperial power. "So dear," says Pliny, "do pleasures and women cost us."
During the age of feudal isolation, this ever-recurring problem did not exist; and in the twelfth and thirteenth centuries it seems not to have been pressing. Imports from the Orient were nearly balanced by exports to Syria, for which the crusading movements and the Kingdom of Jerusalem created an abnormal demand. The rise of trade in the West was accompanied by an expansion of the credit system centering in the banking houses of Florence; while the supply of metals was more than maintained by the plunder of Asiatic cities, paid over by crusaders in return for supplies and munitions of war, or brought home by returning princes and nobles, by priests and merchants, by Knights of St. John or of the Temple. Between 1252 and 1284, the ducat and the florin and the famous gold crowns of St. Louis made their appearance,—the sure sign of an increased gold supply, rising prices, and flourishing trade.
But in 1291 the Kingdom of Jerusalem was overthrown; successful crusading ceased, and the plunder of Syrian cities was at an end. Yet the volume of Oriental trade was undiminished; normal exports were insufficient to pay for imports; and from the end of the thirteenth to the middle of the fifteenth century the drain of precious metals from Europe was followed by the inevitable appreciation of gold. Prices fell; many communes were bankrupt; kings, in desperate straits, debased the coinage and despoiled the Church. It was in 1291 that Edward I forced his "loan" from the churches; and Philip IV, in 1296 forbidding the export of gold and silver from France, set about with unparalleled cunning and cruelty to destroy the Templars in order to appropriate the wealth which they had accumulated in the Holy Land.
It was in this very fourteenth century, when gold was appreciating and prices were falling, that the immense wealth of the Orient was first fully revealed to Europeans. All the commodities which Arab traders sold at high prices to Venetian merchants in the Levant were now known to be of little worth in the markets of India. In that country, all the reports agreed, "they have every necessity of life very cheap"; and every luxury as well—forty pounds of "excellent fresh ginger for a Venice groat"; "three pheasants for an asper of silver"; five grains of silver buying one of gold; three dishes, "so fine that you could not imagine better," to be had for less than half a shilling. It was the Arab middlemen that made the difference: the enemies of Christendom, intrenched in Jerusalem and Egypt, guarded the easy highways to the East and took rich toll of all its commerce. What a stroke for State and Church if Europe, uniting with the Ilkhans of Persia, could establish direct connections with the Orient, eliminate the infidel middlemen, and divide with Mongol allies the fruits of Indian exploitation!
Such projects, drifting from court to court in the early fourteenth century, form the aftermath of the great Crusades. In 1307 Marino Sanuto, Venetian statesman and geographer, presented to Clement V an elaborate plan for the revival of the old conflict with Islam. But Sanuto contemplated something more than the recovery of the Holy Land. Sketching with sure hand the trade routes from India to the Levant, he demonstrated that the Arabs were enriched at the expense of Christian Europe. Yet beyond the narrow confines of Syria were the Mongols, well disposed toward Christians, but enemies of Mohammedan Arab and Turk. First weaken the Moslem powers, said Sanuto, by an embargo on all exports of provisions and munitions of war to Syria and Egypt, and then overthrow them by a combined attack of Christian and Mongol armies. The great end would thus be attained: a Christian fleet on the Indian Ocean, subjugating all the coast and island ports from India to Hormos and Aden, would act as convoy for Italian merchants trading directly with the Eastern markets by way of Alexandria and the Red Sea, or down the Tigris River to the Persian Gulf.
The project of Sanuto, anticipating the achievements of England in our own day, was doubtless as vain as it was splendid. For the times, in fourteenth-century Europe, were out of joint. Clement V and his successors at Avignon, scarcely able to hold the Papal States, were little inclined to attempt the conquest of Syria. The Empire had lost its commanding position. Italian cities, released from imperial control, warred perpetually for existence or supremacy. England and France were preparing for the desolating struggle that exhausted their resources for a hundred years. "All Christendom is sore decayed and feeblished, whereby the Empire of Constantinople leeseth, and is like to lese," for lack of the "Knights and Squires who were wont to adventure themselves," but who adventure themselves no more.
In 1386, when this naïve plaint was addressed to Richard II by the dispossessed King of Armenia, conditions in Asia, even more than those in Europe, were such as to make the plans of Sanuto forever impossible. Johan Schiltberger, journeying to the Orient early in the fifteenth century, encountered dangers and difficulties unknown to Marco Polo a hundred years earlier. The successors of Kublai Khan no longer ruled in China; while the Ilkhans of Persia, having long since adopted Mohammedanism, were now as ill-disposed as formerly they had been friendly toward Christian states. Eastern and central Asia was indeed once more closing to Europeans: its rulers no longer sought alliance with Christian princes; no longer requested the service of papal missionaries; no longer welcomed traders and travelers. And in the Levant itself ominous changes were portending: the Ottoman Turks, pressing upon the Greek Empire from Asia Minor and the Balkan Peninsula, were already well advanced upon their career of blighting conquest which was destined to throw Christendom upon the defensive for more than two centuries. At the opening of the fifteenth century, although the trade routes had not been closed by the Turks, the Drang nach Osten—the hope of cutting through the Moslem barrier in order to establish direct connection with India—was at an end. Unless a new way to the East could be found, the better part of the treasure of the Orient was lost to Europe.