While the projector of the Exchange employed every engine to increase his pro fits on its erection, neither himself nor his colleagues were inattentive to its original purpose ; and they considered, that though it was impossible the merchants and traders of the city, and the foreigners who visited it, should not perceive the advantages it offered them, in the expe diting their business, yet, that they might be more firmly impressed on their minds, he had recourse to a stratagem which it was reply in his power to apply.
During the reigns of Edward VI. and Qleci, Mary, this enterprizing merchant had been employed as their agent in pro curing loans on the Continent, and had contlecied himself with so much prudence and success, that Queen Elizabeth en trusted him with similar commissions; particularly at Antwerp, where he procu red her large sums. This method of pro ceeding did not, however, accord with the patriotic views of our great trader, who contrived to prevail upon the sove reign to apply to her own subjects for as sistance, which he more than once afford ed her himself, with much profitable ad• vice on financial matters. The stratagem alluded to was the prevailing on the Queen to go in solemn procession to the new Exchange, and there proclaim it such, under the additional sanction of her royal protection and recommendation. Had this monarch been less'attached to splendid exhibitions of regal state, the claims of Sir Thomas on her gratitude were sufficiently powerful to demand a still greater favour. It is not, therefore, to be wondered, that she readily con sented to perform her part, particularly as it was intimately connected with the fitture welfare of her good city of Lon don. Accordingly, after due preparation, her Majesty, departed from Somerset House, in the Strand, on the twenty-third of January, 1570, attended by the officers of her court and a train of nobility, to the magnificent residence of Sir Thomas, who, at a very great expense, provided a most superb entertainment for his royal guest, her attendants, and the principal citizens; after which the whole party went to the new edifice, where every possible display of rich goods was made in the shops, the occupiers of which, delighted with die condescension of their Queen,endeavoured to exceed each other in gratifying her cu riosity, and expressing their loyalty and gratitude. The moment, at length, arriv ed for the accomplishment of this well concerted plan; and Sir Thomas and the citizens had the satisfaction of hearing a herald proclaim the place a Royal Ex change by the sound of trumpet, at the express command of her majesty.
It appeared sufficiently plain, after the ‘7,17 decease of Sir Thomas Gresham, that he had not erred in his calculations on the probable profits of the Exchange. as it was known that his lady received 751/. 5s. per annum in rents from it. And this re sult is precisely what a generous citizen would wish, that public advantage should be attended with private benefit to the successors of a public benefactor. The difficulty attending procuring the perusal of the archives of the different institutions of London has hitherto prevented the historian from giving a sketch of the ex isting connection between the estate of Sir Thomas Gresham, held by the Corn pany of Mercers and the City of London; but it is certain that, after the year 1596, all the affairs of Sir Thomas Gresham's trust were managed by a committee of fbur aldermen and eight commoners on the part of the Corporation ; and by the master, wardens, and eight of the court of assistants of the Mercer's Company.
The calamity of 1666 destroy ed the old Royal Exchange, when only 2341. 89. ed, belonging to the Gresham trust remained in the coffers of the Com pany ; and yet the persons composing it contrived to employ labourers to remove the ruins within six months after the flagration occurred, in order to prepare the ground for the present structure ; and on the twenty-fifth of February the King was petitioned for a supply of Portland stone. In September, 1667, the commit tee appointed to superintend the rebuild ing of the Exchange submitted their plans and elevations to the inspection of Charles 11, at the same time requesting permission to project the south portico into Cornhill. They had soon the satisfaction of hearing that the first were highly approved of •a1 that their request was granted. On enty4hird of October in the above year, the monarch went to the scite, and placed the base of the pillar on the west side of the north entrance, after which he accepted of a handsome entertainment, providt.d at the joint expense of the City and C nopany of Mercers, and served tin der a temporary building erected on the Scotch walk. In return for this hospitali ty, the King knighted the Sheriffs Gan. den and Davis, and gave 201. in gold to the workmen. James, Duke of York, laid the first stone of the eastern pillar, on the thirty-first of October ; and on the eighteenth of the following month Prince Rupert placed that on the east side of the south entrance, each being entertained in a sumptuous manner.