Abstract
Moneylending is an activity that is largely hidden from the public eye and there are few historical records. One of the few moneylenders of the past for whom interesting archival material exits is that of the nineteenth century Greek émigré Constantino Bogdano who lived in Venice in an era of transition that has attracted relatively little scholarly attention. Bogdano acquired wealth comparable to the personal fortunes of the most prominent local bankers. In this chapter we examine his wealth at death, and ask ‘how did he do it?’. We focus on his business operations and his strategy in finance. We argue that key elements in his success were his careful choice of collaborators/clients, fair practice, and his multifaceted embeddedness in society, and the financial world(s) of tradition and change.
We thank Professor Chryssa Maltezou, Director of the Istituto Ellenico di Studi Bizantini e Postbizantini di Venezia, for her support, and Professor Franco Amatori for his comments and suggestions. We also thank George Derpanopoulos, Apostolis Rigas and Cristina Sofianou for their research assistance. Alexandra Pel kindly offered editorial advice. We are grateful to the Department of Economics of the Athens University of Economics and Business for providing research funds.
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Notes
- 1.
When we refer to Greek names we use the Italian versions, to underline that this is a story taking place in an Italian context and locality.
- 2.
For the history of the institution of the ‘Scuola’ or ‘Community di San Nicolò dei Greci’, see Maltezou (1999).
- 3.
For the Bogdano Archive, in the classification of which Angeliki Tzavara participated, see Maltezou (2008), especially 241–243. The Bogdano Archive corresponds to number 129 of the Archival Series, hereafter abbreviated to A.E.I.B., E1, N. 129.
- 4.
Pezzolo (2007); A’Hearn (2003, 351–381). For economic decline see also Cipolla (1970, 202–214); Kindleberger (1996, 56–59, 63–67). For the poor see Greenfield (1939, 325, ref. 43). For interesting information on signs of economic expansion, see Bernardello (2002b, 5–66); Bernardello (1996); Cafagna (1973, 278–87); Greenfield (1939, 313–333); Zorzi (2003, 72, 247–248).
- 5.
For the Orlov Rebellion, see Gritsopoulos (1967).
- 6.
Triantafyllou did not examine the archive in its final form, as he looked at some loose papers, and in his works he often does not give a clear and precise citation of the documents he studied. In this piece we refer to him for what he considers to be correct and when no other source exists for what we wish to comment on.
- 7.
A.E.I.B., E1, N. 129, b. 21, doc. 1 (from now on Will). See also Triantafyllou (1967).
- 8.
A.E.I.B., E1, N. 129, b. 25, doc. 1 (from now on Inventario), ff. 16v-17r.
- 9.
- 10.
Will and Xanthopoulou-Kyriakou (1977).
- 11.
For the fact that he would collaborate with the pawnbroker Angelo Chielin, see the Inventario.
- 12.
As was certainly the practice of Venetian bankers in the fifteenth and sixteenth centuries: Lane (1937), pp 187–206.
- 13.
Alias ‘Veneta Società Mercantile’ in the Inventario.
- 14.
For full details see Section III below.
- 15.
Inventario, f. 16v., and A.E.I.B., E1, N. 129, b. 31, fasc. 58, doc. 1 (1846); Triantafyllou (1967, 207).
- 16.
Inventario, f. 14v; A.E.I.B., E1, N. 129, b. 27, fasc. 2, doc. 1–85 (1796–1871).
- 17.
A.E.I.B., E1, N. 129, b. 33, fasc. 87, doc. 1–42 (1852–85); b. 32, fasc. 80, doc. 1–93 (1851–9).
- 18.
For this as a more general process, see Clark (1996).
- 19.
The breakdown of Conti’s estate in its major financial assets was 17.33 % in private shares and bonds issued by the Venetian state; and 40.23 % was in bills of exchange and mortgage loans (Bernardello 2002a, 587 and note 44).
- 20.
- 21.
This was the case of Angelo Chielin, who also borrowed money on several occasions from Bogdano on a short-term basis through the vaglia mechanism. Registro, March 30 and April 12 1843.
- 22.
For mortgage loans see also A.E.I.B., E1, N. 129, b. 27, fasc. 18; b. 29, fasc. 25, 30, 39, 40; b. 30, fasc. 41; b. 31, fasc. 50; b. 32, fasc. 82; b. 33, fasc. 89, 91; b. 34, fasc. 94; b. 35, fasc. 124.
- 23.
Announcement for judicial auction A.E.I.B., E1, N. 129, b. 27, fasc. 13, doc. 79 (printed).
- 24.
See, for example, Bhaduri (1983).
- 25.
- 26.
See also Section V below.
- 27.
Bills of exchange drawn only to grant credit were called dry bills of exchange. These served solely as instruments of credit and were unconnected to purchase or sale of merchandise (Allen 2001, 146–7).
- 28.
Inventario, f. 10r and reg. 2 (Quaderno della sostanza lasciata dal fu signor Costantino Bogdano fu Paolo), 1844–48 (hereafter reg. 2).
- 29.
- 30.
Inventario, ff. 10r, 11r.
- 31.
Values taken from the Inventario.
- 32.
Venice Research, http://www.veniceresearch.com/fenice2.htm.
- 33.
Inventario, f. 11r: lettere onde evitare il protesto in caso di scadenza.
- 34.
A.E.I.B., E1, N. 129, reg. 1 (Libro creditori 1843, 1844, 1845. Copia fedele tratta dall’ originale dal fu signor Costantino Bogdano), 1843–4.
- 35.
For con giro see also A.E.I.B., E1, N. 129, reg. 2 (11–20 March and 26 May 1843).
- 36.
A.E.I.B., E1, N. 129, reg. 2 (1 May 1843), b. 32, fasc. 80, doc. 1–93 (1851–9).
- 37.
A.E.I.B., E1, N. 129, b. 27, fasc. 13, doc. 79 (printed).
- 38.
See A.E.I.B., E1, N. 129, b. 27, fasc. 13, doc. 1–79 (1810–93).
- 39.
See A.E.I.B., E1, N. 129, b. 28, fasc. 24.
- 40.
A.E.I.B., E1, N. 129, b. 27, fasc. 13; b. 28, fasc. 20, doc. 1–527 (1827–94).
- 41.
A.E.I.B., E1, N. 129, b. 33, fasc. 89, doc. 1–115 (1852–96).
- 42.
For other such examples in history, see Tittler (1994, 259).
- 43.
For information on him and his financial relationship with Bogdano, see A.E.I.B., E1, N. 129, b. 33, fasc. 91, doc. 1–231 (1853–96).
- 44.
For livelli, see Corazzol (1986, 13–41, 109–24G).
- 45.
- 46.
We wish to thank Giandomenico Piluso for this piece of information.
- 47.
Inventario, f. 14v. See also A.E.I.B., E1, N. 129, b. 27, fasc. 2, doc. 1–85 (1796–1871). For Papadopoli, see Zorzi (2003, 298).
- 48.
See A.E.I.B., E1, N. 129, b. 27, fasc. 4, doc. 1–19 (1808–30).
- 49.
Will and Inventario.
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Istituto Ellenico di Studi Bizantini e Postbizantini di Venezia: The Bogdano Archive, no. 129 of the archival series: Archeio Ellinikou Institoutou Benetias (Archive of the Hellenic Institute in Venice), Ε΄.Oikonomiki Diaheirisi (Economic management) 1. Diathikes (Wills), Klirotodimata (Foundations), Dorees (Donations).
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Pepelasis, IS., Tzavara, A. (2015). A Moneylender in Venice: Costantino Bogdano ‘da Patrasso’, c. 1800–1844. In: Bitros, G., Kyriazis, N. (eds) Essays in Contemporary Economics. Springer, Cham. https://doi.org/10.1007/978-3-319-10043-2_10
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