This is not an absurd custom of antiquity, such as nobody knows when it begun, or why it is continued; but it originated from the following circumstances:In former times, when money was very scarce, and when we had no larger coin than a penny, the reserved rents or grants of lands or tenements, especially small ones, were usually paid in something that had a reference to the nature of the thing granted, or the occupation of the grantee.

The two following extracts from records in the Exchequer with the translation, will clear up the point.

"Walter de Brun Mareschallus, de Stranda, redit compotum de sex femis equorum, pro habenda quadam placea in Paro-chia St. Clementis, ad fabrica quam ibidem locandam."- Mag. Rot. 19. Henry III.

"Walter Mareschallus, ad Crucem Lapideam, redit sex ferra equorum cum clavibus, pro quadam fabrica quam de Rege tenet in capite ex opposito crucis lapidea." - Memor. 1. Ed" ward I.

"Walter le Brun, Mareshall, or farrier, of the Strand, renders six horse-shoes, to have a certain place in the parish of St. Clement's, to build a forge there." - Great Rolls of the 19th Henry III.

"Walter Mareshal, or the farrier at the Stone Cross, ren ders six horse-shoes with their nails, for (or as a reserved rent) a certain forge, opposite to the stone cross, which he holds of the king in capite." - Memoranda Rolls in the Exchequer of the first year of King Edward the First.

The first of these points out the beginning, as well as the reason, of the payment of these horse-shoes and nails; for it was to have a piece of ground to build a forge on, therefore that must be the first payment. The nineteenth year of Henry the Third falls in with 1234, now five hundred and eighty-eight years ago. In process of time, this piece of ground, and buildings on it, came to the mayor and citizens of Loodon; and they, by the sheriffs, have continued to render them into the Exchequer annually to this day.

The spot where the stone cross once stood had afterwards a Maypole erected on it, which many now living: can well remember.