1444, Byzantium Resurrects

Chapter 213 Bank of Constantinople

On the coast of the Black Sea, in Constantinople, Constantine XI rode a horse, accompanied by his second son Manuel and a group of cavalry, and walked slowly on the avenue next to the sea wall.

The road stretches from east to west, from the Theodosian Walls to Constantine Square. Outside the southern sea wall is the turbulent Sea of ​​Marmara, and to the north is the newly built wealthy area, with mansions, villas and small manors lined up.

This road was built to the highest standards and was paved with spliced ​​marble. Carriages were allowed in the middle of the road, with horse paths and sidewalks on both sides of the road. There was also a long drainage ditch at the outermost edge, with the lowest point of the ditch connecting to the sea.

It was almost evening and more and more citizens were coming to the Coastal Avenue. Everyone liked to come here with their families as the sun set, to admire the magnificence of the afterglow and feel the cool sea breeze.

The road was very wide, enough to accommodate five carriages running side by side. As curfew was approaching, the traffic volume increased. Many small merchants who delivered goods to wealthy households were driving mules and dragging two-wheeled carriages loaded with goods, jogging on the road with a grunt.

The Coast Avenue also connects the two ports in the south. Although these two ports are not as large as the ports along the Golden Horn Bay, there are still many sea merchants coming here to unload goods. Citizens walk towards the port in the glow of the setting sun and catch the last market of the day in the commercial district outside the port.

From time to time, a team of fully armed city guards appeared on the road. The soldiers held torches and glanced at the crowd eagerly to maintain order.

Citizens passing by on the street saw Constantine XI riding a horse, smiled and bowed to him, but they were obviously not surprised at all.

As he grew older, Constantine XI's health gradually weakened. Political and military affairs were basically handed over to several ministers, and he himself became idle and concentrated on taking care of his health.

After relieving himself of the burden of the country, Constantine XI developed the habit of touring the city. Every evening, he would take his guards around the city to observe the city's development and listen to the opinions of the citizens.

Later, the citizens gradually got used to it and regarded it as an indispensable part of their daily life. They came to the ring road on time every day, waiting for the old emperor to appear, and walked behind him all the way until the sun set and the stars were shining.

The citizens were also very aware of the current situation. They knew that Constantine XI was no longer in charge of military and national affairs, so they would not deliberately make things difficult for him on these matters. They would only express their own opinions on the city construction, people's livelihood or religious issues in Constantinople.

Some citizens also liked to trouble the emperor with trivial matters, such as labor disputes, marital relationships, inheritance issues, unjust, false and wrong cases, etc.

Constantine XI always welcomed everyone who came to him, and happily helped the citizens with things within his ability. He would sometimes convene courts, assume the duties of a village elder, resolve conflicts, and examine grievances, and he enjoyed it.

It was precisely because of Constantine XI's seriousness that judges at all levels in the city of Constantinople never dared to be dishonest, for fear that one day they would be reported to the prestigious old emperor by the citizens.

During important festivals, Constantine XI would also hold some activities in the city's hippodrome and theater to enrich the cultural life of the citizens.

Of course, the old people of Constantinople were still as interested in religious debates as ever. This situation improved after a large number of "new Romans" came to the city, but occasionally some stubborn citizens would still stop Constantine XI on the road, tearfully accusing the Roman Catholic Church of crimes and demanding that Constantine XI expel all Catholic expatriates and tear up the previously reached agreement.

Not only that, they also have complaints about the current Patriarch of Constantinople, Isidore, believing that his friendship with the Roman Catholic Church is a clear case of apostasy and treason.

Whenever this happened, Constantine XI would always remain silent, let his guards take these people away, and then continue on his journey.

Like his eldest son Isaac, Constantine XI was also a pragmatist. When he was young, he promoted the nominal unification of the Eastern and Western churches in order to seek reinforcements, and did not like to get entangled in such issues.

When Constantine XI was young, his method of dealing with such problems was even more violent than Isaac's. When he was the Grand Duke of Morea, he often used violence to suppress religious rebels. He didn't even like to follow the procedures and would directly put people in jail if they disagreed with him. Therefore, he was criticized by many people.

On ethnic issues, Constantine XI was not stubborn. When he was young, he moved a large number of Albanians to the Morea region. When conflicts broke out among the lower classes, he showed preference for them, which puzzled many people.

Perhaps he simply liked Albanians who were as brave and tenacious as he was.

Today, this brave and masculine old emperor who cannot tolerate any grain of sand in his eyes has entered the twilight of his life. His health condition is sometimes good and sometimes bad. Sometimes he has to lie down for several months, which makes the citizens of Constantinople very worried. Sometimes he is in good spirits, which makes people turn worries into joy.

Some time ago, Burgas fell and Thrace was threatened by the Bulgarians. Constantine XI put on his armor again and stood on the city wall once again.

When the frightened citizens saw the tall figure on the city wall, they immediately burst into cheers, as if as long as he stood there, Constantinople would remain the city that would never fall.

Prince Manuel, who was nearly ten years old, rode a pony and followed closely behind his father, feeling the cheers and love of the people and was in a very happy mood.

In order to make Constantine XI less lonely in his later years, Isaac rejected the suggestions of many ministers and did not imprison his younger brother. He allowed him to return to Constantinople after studying to accompany his parents, which brought a lot of comfort to the old emperor.

"Father, why are there fewer stubborn elements these days? I haven't seen them causing trouble for a long time."

Manuel chuckled.

"Because your brother is back and they are afraid."

Constantine XI smiled gently.

"That's not right. My brother doesn't control speech very strictly. He laughs off the occasional minor comments from writers and even allows them to publish their critical literature."

"Ministers are more casual when speaking to him, and no official will be convicted for their speech."

"He often said that the stricter the control on speech, the shallower the people's creativity would be, and the slower the progress of literature and technology would be."

Manuel held up his little head and imitated his older brother's tone.

"He said that the government only needs to be responsible for macroeconomic regulation. As long as officials do not mess up, the people will find a lifestyle that suits them and they can live well on their own."

"Yes, Isaac is a very special person. He wants a country with a prosperous culture, science and education. He wants to cultivate a group of people with independent thinking ability who can fully display their talents in all aspects of society, rather than a group of mediocre people who only follow the orders of the superiors and flatter and follow in their footsteps."

Constantine XI stroked his graying beard.

"He has great prestige, money, soldiers, and a large number of loyal followers. No one dares to challenge his authority, so he can do this naturally."

"But don't underestimate him because he is usually lax. If these stubborn people in Constantinople dare to openly criticize important policies in front of him, even if he doesn't say it openly, he will make them pay the price in secret."

"Besides, there are nearly 200,000 people in Constantinople and the surrounding towns now, most of whom are new Romans who moved here in the past ten years. They are the beneficiaries of the new policy. The voices of a few diehards will not affect the overall situation at all."

Constantine XI patted his youngest son's head.

"Regulation is a double-edged sword. If it is too strict, society will become stagnant and unfavorable to the growth of talents. If it is too loose, turmoil will occur."

"Of course, from the perspective of the family, stricter control will help consolidate our position. Most monarchs don't have the courage and determination like Isaac."

"This is not just a matter of speech, but also involves the distribution of power and status between the central and local governments, and between the monarch and ministers."

Constantine XI sighed.

"You will go to Serbia to serve as monarch in the future. What will you do then?"

"Me..."

Manuel thought about it.

"Serbia's situation is special. The local nobles control the vast majority of the people, and their centripetal force towards the central government is very low. There are disobedient nobles at home and powerful Hungarians outside. I don't have the prestige of my brother, so I definitely can't be like him."

"First you have to survive, then you have the energy to consider other things."

"That's right. It seems that your studies over the years have not been wasted."

Constantine XI nodded with satisfaction.

"Father, can I really rule Serbia in the future?"

Manuel was a little worried.

"Don't worry. You have the bloodline of the Brankovich family. The local nobles are all fence-sitters. As long as you are willing to share power with them and not harm their existing interests, there won't be much resistance."

"Your mother is from the Branković family, and your grandmother is from the Dragaš family. They are both big families in Serbia and can be used as support."

"Of course, if you want to accomplish something, you will inevitably have to fight against the nobles."

"Your brother promised me that he would help you ascend the throne of Serbia. When that time comes, you will help each other and make our family more prosperous."

"Serbia has been separated from the empire for hundreds of years and has become too feudal. It is unlikely that it will be able to re-establish a natural village community like the mainland. Necessary compromises and decentralization are inevitable."

"Since there must be a Grand Duke, why can't it be my son?"

Manuel nodded vigorously.

Constantine looked at his youngest son and smiled.

Manuel inherited his grandfather's name and was very similar to Manuel II in character. He was down-to-earth and hard-working, knew how to judge the situation, was filial and respectful to his elders, was kind and peaceful, neither humble nor arrogant, and was resolute and tenacious.

"I named you after your father because I hope you can be like him, keeping your original aspirations even in the most difficult times, and persevering even in the most dangerous moments."

"He is the most capable person in our family since Emperor Michael, and the person I love most in my life."

Manuel read the expectation in Constantine XI's eyes and nodded solemnly.

When he was studying in Carthage, he also found some records about his grandfather Manuel II and knew that what Constantine XI said was true.

In the records of Western Europeans, John V was described as a "debtor beggar" when he also asked for help, but Manuel II was respected by everyone and warmly welcomed with his unique personal charm and rich knowledge, and was called "the great Christian monarch."

The Ottomans both hated and respected Manuel II, believing him to be a "cunning fox" and an "excellent diplomat", and had a very high opinion of him, even inferior to Constantine XI.

"And what about my brother?"

Manuel suddenly laughed.

"I can't understand him."

Constantine XI said with a wry smile.

"There has never been a person like him before, and there probably won't be one in the future. His coming may really be a gift from the Holy Father."

"Child, you have to understand that no matter what others say, he is still your brother. If you treat him as a brother, he will definitely give you a bright future and a life of glory."

"On the contrary, if you are instigated and insist on having your own way, you may end up like your uncle Dimitrios."

"I understand, Father."

Manuel said softly.

……

Inside the Grand Palace, Isaac was hosting a candlelight dinner. The environment was elegant, the food was sumptuous, and both the guests and hosts were having a great time.

After the dinner, Isaac brought the guests to the lounge, where maids served desserts and drinks and musicians played soothing music.

"When did your majesty return to Constantinople? We have only just arrived."

"It was just a few days ago. I came here specially, firstly to prepare for war, and secondly to formulate a future development plan for the Balkan Peninsula."

Isaac raised the wine and took a sip.

After the Karaman Incident, Isaac persuaded the prime minister and the queen to come to Constantinople in person to preside over future wars.

Part of the army from the Albanian battlefield had returned to Africa. With these loyal soldiers guarding the territory, Isaac could safely leave the palace to his second son Alexios and Queen Leonor, and he went north to Constantinople to prepare to make a big move.

"What about you? What big business do you have?"

"Haha, we are not as busy as your Majesty. We came to Constantinople just to escape the summer heat."

A wealthy businessman said with a smile.

"You come to Constantinople in the summer and go to Carthage in the winter. You really know how to enjoy yourself."

Isaac shook his head and laughed, but said nothing.

The wealth of the wealthy businessmen always had to be spent. They bought real estate and goods in Constantinople and Carthage, which also affected the economies of the two places and promoted many industries. "Peter, you did a good job a few days ago. I have written a letter to Charlotte. Your reward can be redeemed now."

The slave trader named Peter was immediately delighted and thanked him repeatedly.

"I really can't believe you have some talent in diplomacy. No wonder your business is growing bigger and bigger."

"It's all thanks to your Majesty's teachings before he left! I'm just an errand boy!"

Peter waved his hands quickly, but the smile on his face became brighter.

“What is happening with the diocese of Cetinje and Bishop Alexander now?”

"The situation has stabilized. Bishop Alexander publicly recognized himself as a Roman and declared that the entire Cetinje diocese was part of the Roman Empire."

Hearing this, Isaac nodded with satisfaction.

This gray cardinal was sensible and did not waste Isaac's investment in him.

"However, Alexander is reluctant to recognize the authority of the Patriarch of Constantinople and wants to pledge allegiance directly to you as an independent diocese."

"You also know that Alexander was deeply influenced by the Bogomil heresy. He hated the traditional church and advocated reform."

"A forced melon is not sweet. Let him be."

Isaac pondered for a moment and nodded.

With the progress of the Renaissance and the emergence of capitalism in Europe, the calls for religious reform would only grow louder and louder. This was the trend of history, and Isaac was powerless to stop it, nor was he prepared to stop it.

In a sense, Eastern Orthodoxy is more conservative, pedantic and stubborn than Catholicism, its rituals and regulations are stricter, it has a stronger mystical color, and lacks theological innovation.

However, the Orthodox Church is more dependent on secular monarchs, and the power of the Patriarch of Constantinople is far less than that of the Pope of Rome, which provides secular monarchs with an opportunity to intervene.

Moreover, Orthodox Christians are more pious and superstitious than Catholics, or to put it bluntly, they are dull and stupid. The Protestant Reformation, which was so vigorous in history, probably did not make any waves here.

However, what needs to be changed must be changed. Some characteristics of Orthodoxy are completely incompatible with the needs of future development and cannot be left untouched.

In fact, Isaac made some small changes to the Orthodox Church very early on. There were many priests who used to practice meditation as a means of communicating with God, but Isaac drove them out of the monasteries and asked them to go to the wild lands and spread the gospel of God in practice.

Compared with Catholicism and Protestantism, Orthodox monks are rather indifferent to missionary work. They prefer to build magnificent churches, use expensive incense, and preside over complicated ceremonies to attract people to be baptized in this atmosphere, rather than actively preaching.

For political reasons, Isaac went to great lengths to stir up a wave of spreading the gospel of God in the church, and even coaxed and deceived them into going to West Africa and South Africa.

Catholic monarchs did not have such worries. What the priests loved most was watching one lost lamb after another fall into the arms of God under their guidance.

Retaining Bishop Alexandria, who had a strong desire for reform, could be seen as a small foreshadowing of possible Orthodox reform movements in the future.

"What about the diocese of Cetinje? What is the actual situation there?"

Isaac put down the cider and picked up the coffee.

"The area of ​​the Cetinje Diocese is not large, with a total population of about 20,000. The only city of a certain size is Podgorica, which has very limited commercial value and mainly produces low-end agricultural and animal husbandry products."

Isaac knew that the Diocese of Cetinje was roughly the modern Republic of Montenegro, which was a small area covered with mountains and hills, and arable land was extremely scarce.

There are quite a few bauxite mines near Podgorica, but they cannot be used at this time.

"Even if it has no value, several large chambers of commerce will have to build a few branches there and connect this small place to the empire's trade network as much as possible."

"We understand. At worst, we can use this place as a resting place when we go on business trips and collect some mountain products."

Peter and several wealthy businessmen said yes.

Seeing that it was getting late, Isaac decided to get down to business, drank some coffee, and perked up.

"I summoned you to the palace this time because I have something important to discuss with you."

"Your Majesty, just speak frankly."

Isaac smiled mysteriously and took out three coins.

"This is a new type of coin that I ordered my craftsmen to mint. It will gradually enter the market and replace the chaotic monetary system within the empire."

"The largest gold coin was called the solidus, and one solidus was equal in weight and gold content to one Venetian ducat."

"The smaller silver coin is called a denarius, and one denarius is equal in weight and silver content to one Venetian groschen."

"The smallest copper coin is called a drachma. Ten drachmas are exchanged for one dinar, which serves as a subsidiary currency."

The merchants passed the three coins around and marveled at them.

"My main purpose in reorganizing the monetary system is to invade the currency markets of the Republic of Venice and the Republic of Florence and allow more and more merchants to use our currency."

"We have several important sources of gold, which can fully guarantee the stability of the currency value. In this regard, we have a considerable advantage."

Isaac picked up a gold coin and pointed to the carved image of Constantine XI on it.

"In order to get more merchants to use our coins, in addition to maintaining their value, we also have to work hard on their appearance, and we must adopt the most sophisticated coin minting and engraving techniques."

"The reverse side of all three coins is engraved with a double-headed eagle emblem, and the obverse side depends on the actual situation."

"The front of the solidus gold coin is engraved with the head of the current emperor, the front of the silver dinar is engraved with the head of the current co-emperor, and the front of the drachma bronze coin is engraved with the city emblem of Constantinople."

"From now on, the right to mint coins will be returned to the central government. Anyone who privately makes counterfeit coins will be killed without mercy and his entire family will be exiled once discovered."

Isaac said firmly.

If handled properly, coin minting can make money. The more people use this set of coins and the wider the circulation of the coins, the more profits the coin minter will gain.

What Isaac had to do was to take back the monetary hegemony that originally belonged to the Italian states and allow the Eastern Roman monetary system to circulate widely in the Mediterranean world.

"This is really a good thing. Such beautiful coins will surely be liked by the people."

"This feeling, wow, I'm reluctant to spend it."

A wealthy businessman laughed.

"With currency, there must of course be an institution that manages the issuance of currency."

Isaac smiled widely.

"what do you mean……"

"I'm going to build the Bank of Constantinople!"

Isaac took advantage of the moment when the wealthy businessmen were stunned, pulled out a document from under the table and slapped it in front of them.

"The Bank of Constantinople is led by our Palaiologos family. It raises funds from wealthy merchants and nobles and is responsible for issuing new currency."

"This bank is modeled after the Florentine Bank, with some reference to the experience of the Knights Templar. Its main business is storage and lending."

"This bank has little impact on ordinary people, but it can play a good role in promoting business behavior."

"Imagine that when you stumble upon a business opportunity but don't have enough money on hand, you can walk into the nearest branch and ask the staff for a loan, just paying some collateral and a negligible amount of interest."

Isaac leaned in closer and looked into the eyes of the wealthy businessmen.

"I founded a loan agency in Guinea Company a few years ago, providing loans to explorers who were going on adventures in West Africa. This stimulated the adventure market to a great extent, and the profits have been good."

"If you join this bank now, you will all be shareholders of the bank in the future and will receive dividends every few years."

"The most important thing is that as shareholders of the bank, you can certainly get some first-hand business information and take the lead."

"I am just giving you a brief introduction. The details will be discussed with you by Minister of Commerce Andre."

"How about it? Do you want to join?"

After Isaac finished speaking, everyone fell silent, their faces changed, and they were now engaged in a fierce psychological struggle.

They all knew that the Bank of Florence and the Knights Templar were both very profitable, but no one could guarantee that this model could replicate the success of the former two in the traditional Eastern Roman Empire.

"Your Majesty, I, Old Peter, was the first to inject 5,000 ducats. Since you have taken the lead, there is no reason for us not to follow suit!"

"Anyway, you can't let yourself suffer any loss!"

Peter slammed the table and said proudly.

Then, under pressure from the situation, several other big businessmen also invested some money to varying degrees.

Isaac told them to spread the news to other businessmen and try to get more start-up capital.

These people may still have concerns now, but once the bank is officially listed and starts to make profits, people will probably come to invest in an endless stream.

However, by that time, Isaac would certainly not offer such favorable conditions as he does now.

It was late at night. After seeing the merchant off, Isaac stood on the terrace of the Grand Palace, gazing at the rough sea in the distance.

Due to the siphon effect of big cities, the population of Constantinople grew and industry and commerce flourished.

Isaac has always been relatively tolerant in taxation, adhering to the concept of "keeping wealth in the hands of the people". When the people have money, their purchasing power will increase, productivity will naturally increase, and the total amount of tax revenue will increase, forming a virtuous circle.

However, the tide of history was unstoppable. The chaotic situation in the East European steppes, Central Asia and Persia caused the East-West trade routes to move southward. The Black Sea trade was far less prosperous than before, and the development of Constantinople was therefore limited.

Later, the shift of economic center from the Mediterranean to the Atlantic was also a historical necessity. Constantinople was located deep in the Black Sea. If it did not change, it would surely be gradually surpassed by the emerging Seville, London and Amsterdam.

Not to mention future industrialization, due to limited natural resources, Constantinople had no advantages during the Industrial Revolution and could not compare with Britain and Germany at all.

Therefore, in addition to the simple industries such as textiles, glass, and iron smelting that he had always strongly encouraged, Isaac also planned to gradually develop an emerging industry in Constantinople, the financial industry.

Establishing the Bank of Constantinople was only the first and most critical step.

This stock dividend model from Western Europe was first gradually promoted among the merchants in Constantinople, paving the way for subsequent financial reforms.

The world's first joint-stock company was the Dutch East India Company, and the world's first stock exchange was the Amsterdam Stock Exchange, both of which were prepared for the lucrative East India trade.

Once his navigation plan is fully realized, the Roman West India Company and the Roman East India Company can be officially established. The huge profits generated by these two companies will continue to flow into Constantinople, stimulating the stock market wildly, thus triggering a wave of overseas business and colonization.

Finance is a game for the rich. Early joint-stock companies had little to do with ordinary people. They could make as much profit as they wanted from afar, and financiers had no need to reap the benefits of ordinary people.

With the nourishment of the financial industry, the service industry, handicrafts and commerce will also usher in great development, and people's living standards will also be greatly improved.

By then, Constantinople will be able to gather merchants and bankers from all over the world, and attract young people from all over the world to come here to seek opportunities and realize their "Roman dream."

By then, Constantinople will truly become the "city desired by the world".

(End of this chapter)