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pp. 358-398; also, for American taxes, pp. 62, 263 and 422.-The Statesman's Year Book (lists of official and non-official publications)]. F. A.

[Besides arts mentioned in the text, see ASSESSMENT; COST OF COLLECTION OF TAXES; DEATH DUTIES; DÉCIMES; DENIER; DIFFUSION THEORY OF TAXATION; DÎME ROYAL; DIRECT TAXATION; DISCRIMINATING DUTIES; EXCISE SCHEME; FARMING OF TAXES; FARMING TAXES, Principle of; FIRST FRUITS AND TENTHS; FOOD, Taxes on; GABELLE; INDIRECT TAXATION; MACINATO; NEW CUSTOMS; NEW IMPOST; NEW SUBSIDY; PAPER, TAXES ON; PAULETTE; QUOTITÉ; SALT, TAXES ON.]

TAXATION, EQUALITY OF. See TAXA

TAXATION, MAXIMS OF. See TAXATION. TAXES. See TAXATION. TAXES, COST OF COLLECTION OF. See COST OF COLLECTION OF TAXES.

TAYLORS, MERCHANT. The tailors were among the most thriving artisans of mediæval London, and their organisation as a craft probably dates from the middle of the 13th century. In 1327 the tailors and linenarmourers represented to the king that they had been accustomed "to hold their gild once every year to rule their mistery and order the state of their servants," and prayed for the confirmation of the same. This was granted by a charter, which gave them also the control over the admission of tailors to the freedom of the city. The number of members would seem to have then been twenty-four. During the same period there existed a religious fraternity of St. John Baptist of tailors in the city of London, which was probably at first formally distinct from the organisation of the craft as such. But, if so, the two had coalesced by 1390, when Richard II. confirmed the privileges of "the gild and fraternity of tailors and linen armourers" "in honour of St. John the Baptist," and empowered them to elect annually, from among themselves, a master and four wardens.

From that time onward their history resembles, in its main features, that of the other LIVERY COMPANIES of London (see also CORPORATIONS OF ARTS AND TRADES, GILDS, LIVERYMEN, and MERCERS). By a charter of 1408 the fraternity was formally incorporated; by one of 1439 it was authorised to make search concerning the mistery within the city and suburbs. Henry VII., by his charter of 1502, of his "special grace" "transferred and changed the gild and fraternity into the name of the gild of merchant taylors of the fraternity of St. John the Baptist"; on the ground that "the men of the mistery, . . . from time whereof the memory of man is not to the contrary, do

use, occupy, and exercise in all quarters and kingdoms of the world, all and every kind of merchandises, to the renown, honour, and benefit of our kingdom." During the 15th century a divergence of interests between masters and journeymen made itself felt, leading to the formation of a fraternity of " yeomen," which gave the company some trouble (see JOURNEYMEN'S SOCIETIES). The company also began to be enriched by the bequests of deceased members, and to be made the trustee of lands devised for benevolent and religious purposes. In 1547 it surrendered to the crown, in accordance with the statute to that effect, its religious endowments; redeeming charges amounting to about £100 by selling lands which fetched £2000, and by paying that sum to the crown. In 1561 the company established the school in London which it has since maintained, and which has remained in close association with St. John's College, Oxford, founded a few years earlier by Sir Thomas White, merchant taylor and lord mayor. Between 1550 and 1571 the company vigorously defended, especially against the cloth-workers and haberdashers, the alleged right of its members to exercise any occupation, and succeeded in preventing any prohibitory legislation. Their success must have hastened the decay of the gild system in London; henceforth, though the companies survived as social bodies, they gradually dropped their connection with the occupations from which they had arisen. The internal constitutional history of the Merchant Taylors' Company is obscure. But it would seem probable that the subordinate organisation known as the Bachelors' Company was composed in the 17th century largely of working tailors, and that the refusal of the court of assistants in 1691 to reappoint officers for the bachelors may be regarded as marking a distinct withdrawal from interest in the tailoring occupation; though the formal testing of cloth measures in Bartholomew Fair by officers of the company was kept up until the abolition of the fair in 1854. In 1837 it was stated that "the greatest number of the company were members of the stock exchange or corn factors." In 1882 the number of liverymen was 226, the corporate income £31,243, and the trust income £12,068.

In all considerable English towns there were similar, though less flourishing, fraternities of tailors in honour of St. John the Baptist. That in Bristol possessed ordinances dating from 1392, and began to call itself "the company of merchant taylors" in the latter part of the reign of Elizabeth. It became extinct with the death of the last surviving member in 1824.

The tailors were, in many towns, among the most powerful of the crafts; for their struggles with the municipality of Exeter see English Gülds (Early English Text Soc.), and Mrs. J. R. Green Town Life in the 15th Century, vol. ii. ch. vii

Their social importance may be explained, in the main, by the elaborateness and costliness of attire among the upper and middle classes in the later middle ages.

But it was doubtless increased in

some places, such as London, by the share which their occupation led them to take in more or less wholesale trade-a subject which awaits investigation. Some light may perhaps be cast upon the position of affairs in London by that in certain continental towns. In Stralsund the company of Wandschneider, explained as cloth dealers, belonged to the Kaufmannstand, while the Schneider belonged to the Gewerkstand. In Lübeck the Gewandschneider were grouped with the merchants travelling to foreign parts, and reckoned among the bürgerliche Collegien, and yet the Schneider, another body, was second among the four great Handwerksämtern, to which the other seventytwo crafts were subordinate.-V. Maurer, Städteverfassung, ii. §§ 337, 354.

For

These

[W. Herbert, Livery Companies (1834), vol. ii.; now superseded by C. M. Clode, Memorials of the Guild of Merchant Tailors (1875), and Early History of the Guild of Merchant Taylors (1888), 2 vols.-both works printed by the company for private circulation. For the recent history of the company the Report of the royal commission on the livery companies (1884) must be consulted, or the summary in W. Carew Hazlitt, The Livery Companies of the City of London (1892). Bristol, Francis F. Fox, Merchant Taylors of Bristol (1880), printed for private circulation.] W. J. A. TEINDS (SCOTLAND), i.e. TITHES. In early times it came to be held as part of the common law of Scotland that, by reason of divine law, a tenth part of the fruits of the land of the laity ought to be paid to the clergy, and the latter were accustomed to claim and receive this. Substantially the bulk of the tithes or teinds in Scotland were those imposed upon cultivated land, and even these were practically, if not wholly, imposed only upon corn. constituted the parson's tithes, the rectorial teinds, or decima garbales; and as the obligation to pay one-tenth of the corn to the parson ran along with the right to retain the remaining nine-tenths, the parson's right to his one-tenth could never lapse from non-user. At the same time there were local customs according to which petty tithes, or vicarage teinds," were levied, ostensibly for the maintenance of the parson or rector's substitute or vicar. If the vicar were appointed by the patron of the church, the representative of the original founder of the church, these petty tithes were paid directly to the vicar; but if not, they were paid to the parson himself, to supply him with means to pay his own vicar. The history of the right to teinds is a record of confusion; and during the centuries preceding the Reformation we find that by one means and another the religious houses ousted the parsons and vicars to a large extent, and that the right to claim and receive teinds became vested in them in many places; and more, that many laymen contrived to be

525

come possessed of them at the expense of the religious houses. This latter process was greatly accelerated immediately before the Reformation, when it became almost a general practice for the religious orders to grant away their own lands, which up to that time had remained exempt from tithes, "" cum decimis inclusis et nunquam antea separatis," as the phrase went; and a title to that effect is still recognised as exempting the land to which it applies from liability to pay teind. When Scotland emerged from the confusion of the Reformation, and the accompanying wasteful grants to needy nobles and courtiers of the period, it was found that the parish clergy had practically ceased to have any interest in the teinds, the right to claim and receive which had come to be vested either in the crown or in the titulars of teinds-that is, persons entitled to the teinds in virtue of crown grants of teinds or of church lands—or in the patrons who represented the original founders of the churches, or in those who had acquired church lands from churchmen. These were practically all laymen, and their exercise of the right was found to be most oppressive; for example, they would refuse to come and gather their tenth sheaves until some special bargain was driven, for until they did so the remainder of the crop could not be taken off the fields. On the other hand, the parish clergy had no satisfactory means of support, and the confusion became so great that in 1628 Charles I. induced all parties concerned to submit the whole arrangements to his arbitration and to revision by him, the alternative apparently being that the crown would assert its own rights as against the existing holders of the teinds. King Charles issued an award which was the basis of the present system. According to this, instead of one-tenth of the fruits of the land, the teinds were to consist of onefifth of the rent or annual value of the land. Then there was a right given to have this rent valued once for all, so as to fix in money the annual value of the teinds. The great majority of the lands in Scotland have had their rents valued for this purpose very long ago, so that the teinds have in modern currency very small values, and do not approach one-fifth part of the rents of the present day. But there are some instances, come upon from time to time, in which no such valuation has ever taken place; and in such cases the teind amounts to one-fifth the actual rent at the present day, with this exception, however, that where the land in question has been covered by the houses of a town, it is taken at a full agricultural value; in Edinburgh £4 per acre, so that the corresponding teind is 16s. per acre. Next we have to mention a peculiarity of the existing system, which is, that whatever may be the value of the teinds within a parish, it is only in some cases that the minister of the parish

526

He

receives the whole of them. The theoretical rule would be that he never does so, because the teinds are held as property for their own advantage by the heritors-that is, by the proprietors of land and houses liable in payment of public burdens-and the heritors do not pay the teinds as such to the clergy, but are at the same time bound to make a suitable provision out of the teinds for their support. If the whole of the teinds happen to be required for this purpose, the whole will be absorbed in meeting this obligation, but not otherwise; and if this be the case, the teinds are said to be exhausted. When a minister thinks his actual stipend is too small he may raise an "action of augmentation," an action to get his stipend augmented or increased. This action he brings against the heritors before the teind court. pleads the increase of his parish in population, the increased cost of living, etc. etc.; the heritors apply themselves to prove that he can live quite comfortably on his existing stipend, or perhaps that there are no unexhausted teinds left in the parish. Assume that the minister satisfies the court that he ought to have an increase, and that there are unexhausted teinds in the parish from which an increase may be granted, it is awarded to him in terms of so much oats, so much barley, etc., the conversion of which into terms of current coin is a mysterious arithmetical operation, dependent for its result, year by year, upon the verdict of a jury summoned yearly for this purpose by the sheriff of each particular county. This old-world method of paying the minister nominally in grain and really in money, the amount of which varies with the current prices of grain, has had the effect of impoverishing the Scottish clergy, never too sumptuously provided for, considerably during recent years; but the minimum money stipend is in current practice taken as £150. If an augmentation be granted as just explained, the next step is a "locality” that is an allocation or apportionment of the burden among the heritors concerned. This is a proceeding which has seldom failed to set neighbours by the ears more or less; for unless there have been a previous "locality" in the same parish, the records of which can be referred to, it involves raking up old titles to prove exemption or to prove old valuations, or to solve questions of alleged postponed liability, while the interest of a heritor's fellow-heritors is to show that he cannot produce any old valuation, and is therefore liable to contribute on the footing that his teind is one-fifth of the actual present-day rent or annual value of his property. At the same time there are certain rules which it is not necessary here to consider as to the order in which the teinds will be applied to the purpose of giving the minister a suitable stipend; for example, the first to be encroached upon will be any teind belonging to the parish and found in

the hands of the crown, not having been ever granted to any layman, should any such be discovered; and the last to be touched will be any teind already appropriated to one of the four Scottish universities.

[Connell on Teinds.]

A. D.

The present value of parochial teinds is about £240,000 yearly, and there is an estimated value of £133,000 "unexhausted teind" available for future augmentations of stipend; 880 parishes participate in the distribution. Parliamentary powers have been sought for compulsory valuation of all unexhausted teinds, etc., etc., so as to put an end to the confusion, actual or potential, at present existing.

TELEGRAPHIC TRANSFERS. Since the introduction of transatlantic cables a new mode of effecting international payments has come into use, the operation of which appears from the following illustration :

4 in New York purchases from B, a London stock broker, shares to the value of £10,000. They are purchased on the 28th of the month for the 30th, which is the next settling day; and as B has resold the shares for delivery in New York on the 10th of the next month, they cannot be carried over, and B must be in possession of the £10,000 on the 30th. A therefore purchases from C, a banker in New York, a telegraphic transfer to B for £10,000, upon which C immediately telegraphs to his correspondent in London, D, to pay A £10,000. C must of course reimburse D, and this may be done in various ways; if the exchange in New York is so much in favour of London that it pays to send gold, he may send gold; if this is not the case he may send stocks or shares for sale, or employ other means of remittance; but the most usual mode of covering cable transfers is the remittance of long-dated bills of exchange, and the price for telegraphic transfer depends, therefore, on the price of such bills. In fixing the former price the following circumstances have to be taken into consideration:(1) the loss of interest while the bill is travelling; (2) the discount on the bill calculated from its date of arrival in London; the actual rate will be taken as the basis of the calculation, but a small percentage will be added by way of insurance premium in view of a possible rise in the rate; (3) the bill stamp; (4) a del credere commission for C, who runs the risk of the bills he purchases; (5) a reasonable profit for C and D.

Therefore, if the price of sixty days sight bills on London in New York is $485 (which means that for $485 a bill for £100 can be obtained), the price of cable transfers on London in New York is calculated in the following manner :

Cost of bill

Interest 8 days at 4 per cent
Discount 63 days at 2 per cent

(the market rate being 14, and being added so as to cover the risk of a rise) Bill stamp

Del credere commission for C, per cent. Profit for C and D, & per cent.

$ cents. 485

0

0 43

1 70

0 25

0 49 0 97

488 84

A cable payment of £100 would therefore approximately cost The business of selling telegraphic transfers cannot be carried out properly, unless elaborate arrangements of a permanent kind are made between the parties ordering them and the parties by whom they are effected. These arrangements include the preparation of telegraphic codes with secret keys-so as to avoid the risk of acting on fraudulent telegraphic orders-constant telegraphic communication as to the standing of the mercantile firms on whom the foreign house usually purchases bills as to rates of discount and their tendency, etc., and involve so much labour and expense that the transactions for which they are required cannot be remunerative unless they are undertaken on a somewhat extensive scale. As the amounts paid must be advanced whilst the bills sent by way of cover are travelling, it follows that only such companies and firms as are possessed of considerable liquid means can undertake to effect cable payments. Such payments cannot, therefore, be obtained to an unlimited amount.

On the other hand, it will be seen from the calculation given above, that it must generally be cheaper for a person having to make remittances to distant countries to buy bills instead of telegraphic transfers, even after making allowances for discount, bill stamps, etc. These transfers are, therefore, not used as a means of remit. tance except in connection with certain special classes of business transactions. Among these, stock exchange arbitrage dealings, which necessitate very quick pay. ments, are the most prominent, but there may be other circumstances under which it is profitable to incur the additional cost involved by the employment of this mode of remitting money to distant places. If, for instance, a merchant in Hong-Kong, from which place a letter to London takes about six weeks, has to make a certain payment in London at a certain date, it may be of the greatest benefit to him to avail himself of the six weeks additional space of time, which he gains, by employing the cable instead of the steamboat as the carrier of his remittance; this will occur if money, during the intervening six weeks, can be employed to great advantage, or if he has reason to believe that the rate of exchange will be more favourable later on. Where large amounts have to be remitted, the circumstance that the purchase of cable transfers involves less risk than the purchase of bills, may also be a motive influencing the parties concerned.

In actual practice telegraphic transfers are used in few countries only. The largest volume of transactions occurs in transfers purchased in New York and effected in London in connection with arbitrage dealings in American stock exchange securities, but cable payments to be effected in London are also purchased in some eastern places-Bombay, Calcutta, etc. In the latter case they are probably purchased, as a general rule, with the intention of deferring the fixing of the rate of exchange to the exact moment when the payinent is to be effected. The drafts on India which the Indian government negotiates in London are also sometimes issued in the form of telegraphic transfers. E. 8. TELEGRAPHS. See the POST OFFICE.

TELLERS OF THE EXCHEQUER. These were officials belonging to the lower chamber or exchequer of receipt (see EXCHEQUER, EARLY HISTORY OF) appointed to count all money paid in. Four was apparently the usual number, although from Pipe Roll, 1 Richard I., it seems that ten tellers accompanied the treasurer and chamberlains to Salisbury for the collection of a tenth (Maddox, T., History of Exchequer, ii. 303). Originally in a subordinate position, the tellers became officials of some dignity in Tudor and Stuart times, when their work was done by deputies (Hall, Antiquities of the Exchequer, p. 81). The tellers' office undertook both the receipt and the payment of money. A note of all money paid in was entered in a book; of this a transcript on parchment called a bill or teller's bill was at once made and thrown down a pipe into the tally court, where a TALLY (q.v.) was struck indicating the amount paid in for which the teller was responsible (Thomas, F. S., Ancient Exchequer of England, pp. 26, 134). The clerk of the pells also recorded on the pell of receipt every teller's bill; the earliest extant is dated 4 Hen. III. (ibid. 92). Upon disuse of tallies a memorandum of the teller's bill known as "the bill of the day" was drawn up. The tellers also issued payments upon warrant (ibid. 134). One key of each teller's chest was kept by the clerk of the pells, who charged the tellers daily with the amount received, and deposited it in the chests.

The

527

tellers were also under the control of the auditor of the exchequer, who examined their chests at his discretion (ibid. 130). With the abolition of the receipt department of the exchequer by 4 & 5 Will. IV. c. 15, the office ceased to exist in 1834.

[Madox, T., History and Antiquities of the Exchequer (1769). — Hall, H., Antiquities and Curiosities of the Exchequer (1891), and "Introduction" in Pipe Rolls Society's Publications, iii. (1884). Thomas, F. S., The Ancient Exchequer of England (1848).-Dialogus de Scaccario in Stubbs's Select Charters illustrative of English History.]

E. A. M.

TEMPLARS, THE KNIGHTS. The leading facts of the history of this military order are well known: at the time of the first crusade they were founded to defend pilgrims to the Holy Land against the infidel; they enjoyed exemptions, granted by special papal bulls, from ordinary ecclesiastical jurisdictions; they acquired immense wealth, became unpopular both in England and in France, and, in the latter country, were suppressed by an unscrupulous stroke of authority of King Philip the Fair, who condemned the grand master Molay and other dignitaries to death, and confiscated, in 1307, a large part of the wealth of the order. Though in England such extreme proceedings were not taken, Edward I., in 1295, carried away by force from the Temple a sum of £10,000, and Edward II., shortly after his accession, seized £50,000 in silver, besides gold and jewels, which had been deposited in their treasury (Cunning. ham, Growth of English Industry, p. 254).

Its

During almost the whole of the 13th century the house of the Templars in Paris acted as bankers to the kings of France, the royal princes, noblemen, rich burghers, and merchants. dealings in this capacity were for the first time submitted to a searching and exhaustive analysis by M. Léopold Delisle in his Mémoire sur les Opérations financières des Templiers (Mémoires de l'Académie des Inscriptions et Belles Lettres, vol. 33, 1889), of which the following is a summary.

Owing to the sanctity ascribed to their precincts, monasteries were, during the middle ages, favourite places for deposits of the precious metals, jewels, chattels, etc., but the Commanderies of the Temple distinctly acted as bankers by (1) being chosen as deposits for disputed funds, (2) granting loans and acting as securities for the fulfilment of contracts, (3) transmitting monies and paying them at a distance, and (4) accepting and effecting payments for customers who had a running account with them. All these operations have been identified by M. Delisle and are authenticated by original documents printed in his appendix. Deposits in cash were sometimes locked up in special hutches marked with the names of the owners, in which case they could not be touched without the express consent of the depositors, but generally the Order was allowed to make use of the deposits at its discretion, but of course under its responsibility.

Fragments of one of the books kept in the Temple at Paris for the daily receipts of money, and printed in the appendix (pp. 162-223), afford an insight into their daily transactions, and show how the payments effected were either put to the credit of the owner of an account (super talem) or carried over to another account such as in parvo libro novo, in magno libro, etc. For each day the name of the brother in charge heads the entry; and at night the monies received are as a rule transferred to the central office (Solvit in turre). About 800 different names are entered in the relatively short space of fifteen months (12th March 1295 to 4th July 1296); the reference to about ten distinct other registers, such as in magno libro ad debemus, etc., show that the Templars understood the advantages of systematic book-keeping.

From 1202, the Temple became the central treasury of the kings of France, and under Lewis IX. the royal auditors even held their meetings in the Temple; it also paid the pensions granted by the king, the amounts of which were transferable. From the balance sheets, which have been preserved (1286-1295), it appears that the king was sometimes debtor and at other times creditor. Towards the very end of the 13th century Philip the Fair established a separate royal Treasury in the Louvre and kept the latter entirely under his own management. The accounts of the Temple with the king at the time of its suppression appear to have been destroyed, probably from sinister motives.

In the defective state of records it is impossible distinctly to state what remuneration the Templars secured for their financial services, beyond the extensive and "perpetual" fiscal privileges granted by the kings, and some special and commercial exemptions, which they temporarily enjoyed. In other words, did they actually charge interest on their loans? That they paid such (pro custibus solutis) on account of the king to merchants and bankers is demonstrable, but beyond this nothing

can be ascertained. Still, there is evidence that they acted on the principle admitted by AQUINAS that a man who lends money may without sin contract for a compensation in case of delay of repayment (see LOAN, CANONIST DEFINITION OF); thus in the collection of old French judicial sentences known under the name of Olim, a judgment occurs concerning a loan of £3000 made by the Templars with the stipulation that in case of non-payment at the prescribed term, they would be entitled to a fine of another £3000 (Olim, éd. Beugnot, vol. ii. p. 128). M. Delisle mentions this transaction, but perhaps does not lay sufficient stress on its bearing.

[See also Addison, History of the Knights Templars, 1842.-H. de Curzon, La Maison du Temple de Paris, 1888.-Michelet has edited the documents concerning their trial in the Monuments Inédits de l'Histoire de France, 2 vols. 1841.]

E. Ca.

TEMPLE, SIR WILLIAM (1628-99), diplomatist and essayist, was the only English thinker of that epoch who saw clearly through "the state of nature" and the "social contract," and who traced law and trade-morals to custom, the state to the family, and modifications of the state to conquest and treaty (Essay upon

the Origin and Nature of Government (1671 1), Works, ed. 1814, vol. i. p. 1). These anticipa tions of Savigny and Maine are almost uncanny; the more so because his Observations upon the United Provinces (1672) (Works, vol. i. pp. 163-185), and Essay upon the present State of Ireland (1667) (cited, by T. P. Courtenay, Memoirs, vol. i. p. 380), and Advancement of Trade in Ireland (1673) (Works, vol. iii. p. 1) | exactly reflect contemporary views about wealth and poverty under the respective images of Holland and Ireland. He starts, like FORTREY, with a dense population, which raises rents and the price of necessaries and so (1) sets money free for trade, (2) and creates the economic sense which with MISSELDEN and HOBBES he

usually calls "frugality and industry," but

sometimes with the older moralists "avarice"

(Works, vol. i. p. 141). He seems to think that wealth is the necessary result of these two data; and that the economic sense-on which he lays chief stress-is developed by physical and political conditions. Like Fortrey (1663) and the author of Britannia Languens (1680), and unlike the author of England's Greatest Happiness (1677), and BARBON, and MANDEVILLE, he condemns imported consumable luxuries partly with the usual balance-of-trade arguments, partly because they sap the economic sense; and unlike Fortrey he condemns home-made luxuries on the latter ground (vol. i. p. 177; vol. iii. p. 8). Like R. COKE (1670), he wants to stamp out idleness and foster new manufactures by means of workhouses. He is keenly alive to the value of "mutual trust" which good government, banks, traders' corporations authorised to search and stamp exports (contrast MILLES and W. S.), land registries, and low customs will easily effect. Like all mercantilists he is nationalist to the core, and though he wishes the good of Ireland, he wishes that of He condemns the "raising" England more. of the chief Irish coin as likely to drain away other coins, and the cattle-trade prohibition (1666) as not likely to benefit Ireland, nor, which is more important, to raise English rents; and he wants to encourage horse-breeding and linen manufactures in Ireland but to discourage cloth manufactures, which must be set apart for England. His panacea is more population (cp. PETTY, Treatise of Taxes (1662)); therefore let the state tax bachelors (cp. Louis XIV.'s edict of 1666, the proposals of WALES and MASSIE) and invite foreigners (cp. VIOLET); these measures, along with state control and regulation (he seems to forget markets), will raise up trade out of nothing-as was the case in Holland-then just past its zenith-and will be the case in Ireland. His belief that external necessity inevitably moulds character, and that character is all that is wanted to enrich a nation, is the main feature which distinguishes him from all those who since Sir