courts which had most to do with commercial suits, viz. those of the
towns, is sufficiently shown by the frequent enactments as to usury
and as to reasonable price which are found in the town ordinances
of the Middle Ages; in England as well as in the rest of Western
Europe.... Whatever may have been the effect, direct or indirect, of
the canonist doctrine on legislation, it is certain that on its other
side, as entering into the moral teaching of the Church through the
pulpit and the confessional, its influence was general and persistent,
even if it were not always completely successful.'[2] 'Every great
change of opinion on the destinies of man,' says Ingram, 'and the
guiding principles of conduct must react in the sphere of material
interests; and the Catholic religion had a profound influence on the
economic life of the Middle Ages.... The constant presentations to the
general mind and conscience of Christian ideas, the dogmatic bases
of which were as yet scarcely assailed by scepticism, must have had a
powerful effect in moralising life.'[3] According to Dr. Cunningham:
'The mediæval doctrine of price was not a theory intended to explain
the phenomena of society, but it was laid down as the basis of rules
which should control the conduct of society and of individuals. At
the same time current opinion seems to have been so fully formed in
accordance with it that a brief enumeration of the doctrine of a just
price will serve to set the practice of the day in clearer light. In
regard to other matters, it is difficult to determine how far public
opinion was swayed by practical experience, and how far it was really
moulded by Christian teaching--this is the case in regard to usury.
But there can be little doubt about the doctrine of price--which
really underlies a great deal of commercial and gild regulations,
and is constantly implied in the early legislation on mercantile
affairs.'[4] The same author expresses the same opinion in another
work: 'The Christian doctrine of price, and Christian condemnation