pawned the papal tiara.

Of Leo X.it was said that he squandered the revenues of three popes, he wasted the savings of his predecessor, he spent his own income, he anticipated that of his successor, he created twenty-one hundred and fifty new offices and sold them; they were considered to be a good investment, as they produced twelve per cent.

The interest was extorted from Catholic countries.
Nowhere in Europe could capital be so well invested as at Rome.

Large sums were raised by the foreclosing of mortgages, and not only by the sale but the resale of offices.

Men were promoted, for the purpose of selling their offices again.
Though against the papal theory, which denounced usurious practices, an immense papal banking system had sprung up, in connection with the Curia, and sums at usurious interest were advanced to prelates, place.
hunters, and litigants.