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 THIRTEENTH
EDITION

Financial
Management
P R I N C I P L E S & A P P L I C AT I O N S
Titman | Keown | Martin
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Library of Congress Cataloging-in-Publication Data
Names: Titman, Sheridan, author. | Keown, Arthur J., author. | Martin, John
D., author.
Title: Financial management: principles and applications / Sheridan Titman,
University of Texas at Austin Walter W. McAllister Centennial Chair in
Financial Services, Arthur J. Keown, Virginia Polytechnic Institute and
State University, R.B. Pamplin Professor of Finance, John D. Martin,
Baylor University Carr P. Collins Chair in Finance.
Description: Thirteenth Edition. | Boston: Pearson, [2016] | Revised edition
of | Includes bibliographical references and index.
Identifiers: LCCN 2016035806 | ISBN 9780134417219 | ISBN 0134417216
Subjects: LCSH: Business enterprises—Finance. | Corporations—Finance.
Classification: LCC HG4026 .T58 2016 | DDC 658.15—dc23
LC record available at hjps://lccn.loc.gov/2016035806
1 16

ISBN 10: 0-13-441721-6

ISBN 13: 978-0-13-441721-9

A01_TITM7219_13_SE_FM.indd 4 02/12/16 5:58 PM

 The thirteenth edition of Financial Management: Principles and Applications is dedicated to
our families—the ones who love us the most.

To my parents, wife (Meg), and sons (Trevor, Elliot, and Gordon)

Sheridan Titman

Barb, Emily, and Artie

Arthur J. Keown

To the Martin women (my wife, Sally, and daughter-in-law Mel), men (sons David and Jess), and
boys (grandsons Luke and Burke)
John D. Martin

A01_TITM7219_13_SE_FM.indd 5 16/11/16 12:10 PM

 Brief
Contents
Preface xxii

Part 1: Introduction to Financial Management

CHAPTER 1
Getting Started—Principles of Finance 2
CHAPTER 2
Firms and the Financial Markets 18
CHAPTER 3
Understanding Financial Statements 38
CHAPTER 4
Financial Analysis—Sizing Up Firm Performance 78

Part 2: Valuation of Financial Assets

CHAPTER 5
The Time Value of Money—The Basics 128
CHAPTER 6
The Time Value of Money—Annuities
and Other Topics 158
CHAPTER 7
An Introduction to Risk and Return—History of Financial
Market Returns 192
CHAPTER 8
Risk and Return—Capital Market Theory 222
CHAPTER 9
Debt Valuation and Interest Rates 254
CHAPTER 10
Stock Valuation 300

vi

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 Brief Contents |    vii

Part 3: Capital Budgeting

CHAPTER 11
Investment Decision Criteria 328
CHAPTER 12
Analyzing Project Cash Flows 372
CHAPTER 13
Risk Analysis and Project Evaluation 408
CHAPTER 14
The Cost of Capital 444

Part 4: Capital Structure and Dividend Policy

CHAPTER 15
Capital Structure Policy 482
CHAPTER 16
Dividend and Share Repurchase Policy 526

Part 5: Liquidity Management and Special Topics

in Finance

CHAPTER 17
Financial Forecasting and Planning 552
CHAPTER 18
Working-Capital Management 576
CHAPTER 19
International Business Finance 606
CHAPTER 20
Corporate Risk Management 632

Appendices   Available in MyFinanceLab

Glossary G-1
Indexes I-1

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 This page intentionally left blank

A01_LO5943_03_SE_FM.indd iv 04/12/15 4:22 PM

 Contents
Preface xxii

Part 1: Introduction to Financial Management

CHAPTER 1
Getting Started—Principles of Finance 2
P Principle 1: Money Has a Time Value 3
P Principle 2: There Is a Risk-Return Tradeoff 3
P Principle 3: Cash Flows Are the Source of Value 3
P Principle 4: Market Prices Reflect Information 3
P Principle 5: Individuals Respond to Incentives 3
1.1 Finance: An Overview 4
What Is Finance? 4
Why Study Finance? 4
1.2 Three Types of Business Organizations 5
Sole Proprietorship 5
Partnership 6
Corporation 7
How Does Finance Fit into the Firm’s Organizational Structure? 8
1.3 The Goal of the Financial Manager 9
Maximizing Shareholder Wealth 9
Ethical Considerations in Corporate Finance 10
Regulation Aimed at Making the Goal of the Firm Work: The Sarbanes-Oxley Act 11
1.4 The Five Basic Principles of Finance 11
Principle 1: Money Has a Time Value 11
Principle 2: There Is a Risk-Return Tradeoff 12
Principle 3: Cash Flows Are the Source of Value 12
Principle 4: Market Prices Reflect Information 13
Principle 5: Individuals Respond to Incentives 13
Chapter Summaries 15
Study Questions 17

CHAPTER 2
Firms and the Financial Markets 18
P Principle 2: There Is a Risk-Return Tradeoff 19
P Principle 4: Market Prices Reflect Information 19
P Principle 5: Individuals Respond to Incentives 19
2.1 The Basic Structure of the U.S. Financial Markets 20
2.2 The Financial Marketplace: Financial Institutions 20
Commercial Banks: Everyone’s Financial Marketplace 21
Nonbank Financial Intermediaries 22
FINANCE FOR LIFE : Controlling Costs in Mutual Funds 24
2.3 The Financial Marketplace: Securities Markets 25
How Securities Markets Bring Corporations and Investors Together 26
Types of Securities 27
FINANCE IN A FLAT WORLD: Where’s the Money Around the World 32
Chapter Summaries 34
Study Questions 36

ix

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 x Contents |

CHAPTER 3
Understanding Financial Statements 38
P Principle 1: Money Has a Time Value 39
P Principle 3: Cash Flows Are the Source of Value 39
P Principle 4: Market Prices Reflect Information 39
P Principle 5: Individuals Respond to Incentives 39
3.1 An Overview of the Firm’s Financial Statements 40
Basic Financial Statements 40
Why Study Financial Statements? 41
What Are the Accounting Principles Used to Prepare Financial Statements? 41
3.2 The Income Statement 42
Income Statement of H. J. Boswell, Inc. 42
Connecting the Income Statement and Balance Sheet 44
Interpreting Firm Profitability Using the Income Statement 44
GAAP and Earnings Management 45
3.3 Corporate Taxes 47
Computing Taxable Income 47
Federal Income Tax Rates for Corporate Income 47
Marginal and Average Tax Rates 48
Dividend Exclusion for Corporate Stockholders 48
3.4 The Balance Sheet 49
The Balance Sheet of H. J. Boswell, Inc. 49
Firm Liquidity and Net Working Capital 52
Debt and Equity Financing 53
Book Values, Historical Costs, and Market Values 55
FINANCE FOR LIFE : Your Personal Balance Sheet and Income Statement 56
3.5 The Cash Flow Statement 58
Sources and Uses of Cash 58
H. J. Boswell’s Cash Flow Statement 60
FINANCE IN A FLAT WORLD : GAAP vs. IFRS 61
Chapter Summaries 67
Study Questions 70
Study Problems 71
Mini-Case 75

CHAPTER 4
Financial Analysis—Sizing Up Firm Performance 78
P Principle 3: Cash Flows Are the Source of Value 79
P Principle 4: Market Prices Reflect Information 79
P Principle 5: Individuals Respond to Incentives 79
4.1 Why Do We Analyze Financial Statements? 80
4.2 Common-Size Statements: Standardizing Financial Information 81
The Common-Size Income Statement: H. J. Boswell, Inc. 81
The Common-Size Balance Sheet: H. J. Boswell, Inc. 82
4.3 Using Financial Ratios 83
Liquidity Ratios 83
Capital Structure Ratios 89
Asset Management Efficiency Ratios 90
Profitability Ratios 94
Market Value Ratios 101
FINANCE FOR LIFE : Your Cash Budget and Personal Savings Ratio 102
Summing Up the Financial Analysis of H. J. Boswell, Inc. 105
FINANCE IN A FLAT WORLD: Ratios and International
Accounting Standards 105

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 Contents |   xi
4.4 Selecting a Performance Benchmark 107
Trend Analysis 107
Peer-Firm Comparisons 108
4.5 Limitations of Ratio Analysis 109
Chapter Summaries 111
Study Questions 114
Study Problems 114
Mini-Case 127

Part 2: Valuation of Financial Assets

CHAPTER 5
The Time Value of Money—The Basics 128
P Principle 1: Money Has a Time Value 129
5.1 Using Timelines to Visualize Cash Flows 130
5.2 Compounding and Future Value 132
Compound Interest and Time 133
Compound Interest and the Interest Rate 133
Techniques for Moving Money Through Time 133
Applying Compounding to Things Other Than Money 135
Compound Interest with Shorter Compounding Periods 135
FINANCE FOR LIFE: Saving for Your First House 139
5.3 Discounting and Present Value 139
The Mechanics of Discounting Future Cash Flows 140
Two Additional Types of Discounting Problems 142
The Rule of 72 143
5.4 Making Interest Rates Comparable 145
Calculating the Interest Rate and Converting It to an EAR 147
To the Extreme: Continuous Compounding 148
FINANCE IN A FLAT WORLD: Financial Access at Birth 149
Chapter Summaries 150
Study Questions 152
Study Problems 153
Mini-Case 157

CHAPTER 6
The Time Value of Money—Annuities and Other Topics 158
P Principle 1: Money Has a Time Value 159
P Principle 3: Cash Flows Are the Source of Value 159
6.1 Annuities 160
Ordinary Annuities 160
Amortized Loans 168
Annuities Due 169
FINANCE FOR LIFE: Saving for Retirement 172
6.2 Perpetuities 173
Calculating the Present Value of a Level Perpetuity 173
Calculating the Present Value of a Growing Perpetuity 173
6.3 Complex Cash Flow Streams 176
Chapter Summaries 180
Study Questions 181
Study Problems 182
Mini-Case 191

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 xii Contents |

CHAPTER 7
An Introduction to Risk and Return—History of Financial
Market Returns 192
P Principle 2: There Is a Risk-Return Tradeoff 193
P Principle 4: Market Prices Reflect Information 193
7.1 Realized and Expected Rates of Return and Risk 194
Calculating the Realized Return from an Investment 194
Calculating the Expected Return from an Investment 195
Measuring Risk 196
7.2 A Brief History of Financial Market Returns 202
U.S. Financial Markets: Domestic Investment Returns 202
Lessons Learned 204
U.S. Stocks Versus Other Categories of Investments 204
Global Financial Markets: International Investing 204
FINANCE FOR LIFE: Determining Your Tolerance for Risk 206
7.3 Geometric Versus Arithmetic Average Rates of Return 207
Computing the Geometric or Compound Average Rate of Return 207
Choosing the Right “Average” 208
7.4 What Determines Stock Prices? 211
The Efficient Markets Hypothesis 211
Do We Expect Financial Markets to Be Perfectly Efficient? 212
Market Efficiency: What Does the Evidence Show? 213
Chapter Summaries 215
Study Questions 218
Study Problems 218
Mini-Case 221

CHAPTER 8
Risk and Return—Capital Market Theory 222
P Principle 2: There Is a Risk-Return Tradeoff 223
P Principle 4: Market Prices Reflect Information 223
8.1 Portfolio Returns and Portfolio Risk 224
Calculating the Expected Return of a Portfolio 224
Evaluating Portfolio Risk 226
Calculating the Standard Deviation of a Portfolio’s Returns 228
FINANCE IN A FLAT WORLD: International Diversification 231
8.2 Systematic Risk and the Market Portfolio 233
Diversification and Unsystematic Risk 234
Diversification and Systematic Risk 235
Systematic Risk and Beta 235
Calculating the Portfolio Beta 237
8.3 The Security Market Line and the CAPM 238
Using the CAPM to Estimate Expected Rates of Return 240
Chapter Summaries 243
Study Questions 245
Study Problems 246
Mini-Case 253

CHAPTER 9
Debt Valuation and Interest Rates 254
P Principle 1: Money Has a Time Value 255
P Principle 2: There Is a Risk-Return Tradeoff 255
P Principle 3: Cash Flows Are the Source of Value 255

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 Contents |   xiii
9.1 Overview of Corporate Debt 256
Borrowing Money in the Private Financial Market 256
Borrowing Money in the Public Financial Market 258
Basic Bond Features 261
FINANCE FOR LIFE: Adjustable-Rate Mortgages 263
9.2 Valuing Corporate Debt 265
Valuing Bonds by Discounting Future Cash Flows 265
Step 1: Determine Bondholder Cash Flows 266
Step 2: Estimate the Appropriate Discount Rate 266
Step 3: Calculate the Present Value Using the Discounted Cash Flow 269
9.3 Bond Valuation: Four Key Relationships 273
Relationship 1 273
Relationship 2 275
Relationship 3 275
Relationship 4 276
9.4 Types of Bonds 278
Secured Versus Unsecured 278
Priority of Claims 278
Initial Offering Market 278
Abnormal Risk 278
Coupon Level 278
Amortizing or Non-amortizing 278
Convertibility 279
FINANCE IN A FLAT WORLD: International Bonds 280
9.5 Determinants of Interest Rates 280
Inflation and Real Versus Nominal Interest Rates 280
Interest Rate Determinants—Breaking It Down 282
The Maturity-Risk Premium and the Term Structure of Interest Rates 285
Chapter Summaries 290
Study Questions 294
Study Problems 295
Mini-Case 299

CHAPTER 10
Stock Valuation 300
P Principle 1: Money Has a Time Value 301
P Principle 2: There Is a Risk-Reward Tradeoff 301
P Principle 3: Cash Flows Are the Source of Value 301
P Principle 4: Market Prices Reflect Information 301
P Principle 5: Individuals Respond to Incentives 301
10.1 Common Stock 302
Characteristics of Common Stock 302
FINANCE FOR LIFE: Herd Mentality 303
Agency Costs and Common Stock 304
Valuing Common Stock Using the Discounted Dividend Model 304
10.2 The Comparables Approach to Valuing Common Stock 311
Defining the P/E Ratio Valuation Model 311
What Determines the P/E Ratio for a Stock? 311
An Aside on Managing for Shareholder Value 315
A Word of Caution About P/E Ratios 315
10.3 Preferred Stock 315
Features of Preferred Stock 315
Valuing Preferred Stock 316
A Quick Review: Valuing Bonds, Preferred Stock, and Common Stock 318

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 xiv Contents |
Chapter Summaries 321
Study Questions 323
Study Problems 324
Mini-Case 327

Part 3: Capital Budgeting

CHAPTER 11
Investment Decision Criteria 328
P Principle 1: Money Has a Time Value 329
P Principle 2: There Is a Risk-Return Tradeoff 329
P Principle 3: Cash Flows Are the Source of Value 329
P Principle 5: Individuals Respond to Incentives 329
11.1 An Overview of Capital Budgeting 330
The Typical Capital-Budgeting Process 331
What Are the Sources of Good Investment Projects? 331
Types of Capital Investment Projects 331
11.2 Net Present Value 332
Why Is the NPV the Right Criterion? 333
Calculating an Investment’s NPV 333
Independent Versus Mutually Exclusive Investment Projects 334
11.3 Other Investment Criteria 340
Profitability Index 340
Internal Rate of Return 342
Modified Internal Rate of Return 348
FINANCE FOR LIFE: Higher Education as an Investment in Yourself 352
Payback Period 352
Discounted Payback Period 353
Summing Up the Alternative Decision Rules 355
11.4 A Glance at Actual Capital-Budgeting Practices 355
Chapter Summaries 358
Study Questions 361
Study Problems 362
Mini-Cases 369

CHAPTER 12
Analyzing Project Cash Flows 372
P Principle 3: Cash Flows Are the Source of Value 373
P Principle 5: Individuals Respond to Incentives 373
12.1 Project Cash Flows 374
Incremental Cash Flows Are What Matters 375
Guidelines for Forecasting Incremental Cash Flows 375
12.2 Forecasting Project Cash Flows 377
Dealing with Depreciation Expense, Taxes, and Cash Flow 377
Four-Step Procedure for Calculating Project Cash Flows 378
Computing Project NPV 382
12.3 Inflation and Capital Budgeting 384
Estimating Nominal Cash Flows 384
12.4 Replacement Project Cash Flows 385
Category 1: Initial Outlay, CF0 385
Category 2: Annual Cash Flows 385

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 Contents |   xv
Replacement Example 386
FINANCE IN A FLAT WORLD: Entering New Markets 390
Chapter Summaries 391
Study Questions 393
Study Problems 394
Mini-Cases 403
Appendix: The Modified Accelerated Cost Recovery System 406

CHAPTER 13
Risk Analysis and Project Evaluation 408
RISKS P Principle 1: Money Has a Time Value 409
P Principle 2: There Is a Risk-Return Tradeoff 409
P Principle 3: Cash Flows Are the Source of Value 409
13.1 The Importance of Risk Analysis 410
13.2 Tools for Analyzing the Risk of Project Cash Flows 411
Key Concepts: Expected Values and Value Drivers 411
Sensitivity Analysis 413
Scenario Analysis 417
Simulation Analysis 420
FINANCE IN A FLAT WORLD: Currency Risk 422
13.3 Break-Even Analysis 422
Accounting Break-Even Analysis 423
Cash Break-Even Analysis 427
NPV Break-Even Analysis 427
Operating Leverage and the Volatility of Project Cash Flows 430
13.4 Real Options in Capital Budgeting 432
The Option to Delay the Launch of a Project 432
The Option to Expand a Project 433
The Option to Reduce the Scale and Scope of a Project 433
Chapter Summaries 435
Study Questions 437
Study Problems 438
Mini-Case 443

CHAPTER 14
The Cost of Capital 444
P Principle 1: Money Has a Time Value 445
P Principle 2: There Is a Risk-Return Tradeoff 445
P Principle 3: Cash Flows Are the Source of Value 445
P Principle 4: Market Prices Reflect Information 445
P Principle 5: Individuals Respond to Incentives 445
14.1 The Cost of Capital: An Overview 446
Investor’s Required Return and the Firm’s Cost of Capital 447
WACC Equation 447
Three-Step Procedure for Estimating the Firm’s WACC 448
14.2 Determining the Firm’s Capital Structure Weights 449
14.3 Estimating the Cost of Individual Sources of Capital 453
The Cost of Debt 453
The Cost of Preferred Equity 454
The Cost of Common Equity 456

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 xvi Contents |
14.4 Summing Up: Calculating the Firm’s WACC 463
Use Market-Based Weights 463
Use Market-Based Costs of Capital 463
Use Forward-Looking Weights and Opportunity Costs 463
Weighted Average Cost of Capital in Practice 463
14.5 Estimating Project Costs of Capital 465
The Rationale for Using Multiple Discount Rates 465
Why Don’t Firms Typically Use Project Costs of Capital? 465
Estimating Divisional WACCs 466
Divisional WACC: Estimation Issues and Limitations 467
FINANCE IN A FLAT WORLD: Why Do Interest Rates
Differ Among Countries? 468
14.6 Flotation Costs and Project NPV 469
WACC, Flotation Costs, and the NPV 469
Chapter Summaries 472
Study Questions 475
Study Problems 476
Mini-Case 481

Part 4: Capital Structure and Dividend Policy

Equity
financing
Debt and equity
financing
Debt
CHAPTER 15
Capital Structure Policy 482
financing

Risk
Risk
Risk
P Principle 2: There Is a Risk-Return Tradeoff 483
P Principle 3: Cash Flows Are the Source of Value 483
P Principle 5: Individuals Respond to Incentives 483
15.1 A Glance at Capital Structure Choices in Practice 484
Defining a Firm’s Capital Structure 484
Financial Leverage 487
How Do Firms in Different Industries Finance Their Assets? 487
15.2 Capital Structure Theory 488
A First Look at the Modigliani and Miller Capital Structure Theorem 488
Yogi Berra and the M&M Capital Structure Theory 490
Capital Structure, the Cost of Equity, and the Weighted Average Cost of Capital 490
Why Capital Structure Matters in Reality 492
Making Financing Choices When Managers Are Better Informed than Shareholders 497
Managerial Implications 498
15.3 Why Do Capital Structures Differ Across Industries? 499
15.4 Making Financing Decisions 500
Benchmarking the Firm’s Capital Structure 500
Evaluating the Effect of Financial Leverage on Firm Earnings per Share 501
Using the EBIT-EPS Chart to Analyze the Effect of Capital Structure on EPS 506
Can the Firm Afford More Debt? 508
Survey Evidence: Factors That Influence CFO Debt Policy 509
FINANCE IN A FLAT WORLD : Capital Structures Around the World 510
Lease Versus Buy 511
Finance for Life: Leasing or Buying Your Next Car 513
Chapter Summaries 514
Study Questions 516
Study Problems 518
Mini-Case 522
Appendix: Demonstrating the Modigliani and Miller Theorem 523

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 Contents |   xvii

CHAPTER 16
Dividend and Share Repurchase Policy 526
P Principle 1: Money Has a Time Value 527
P Principle 3: Cash Flows Are the Source of Value 527
P Principle 4: Market Prices Reflect Information 527
16.1 How Do Firms Distribute Cash to Their Shareholders? 528
Cash Dividends 529
Stock Repurchases 530
How Do Firms Repurchase Their Shares? 530
Personal Tax Considerations: Dividend Versus Capital Gains Income 531
Noncash Distributions: Stock Dividends and Stock Splits 531
16.2 Does Dividend Policy Matter? 532
The Irrelevance of the Distribution Choice 532
Why Dividend Policy Is Important 538
FINANCE FOR LIFE: The Importance of Dividends 541
16.3 Cash Distribution Policies in Practice 541
Stable Dividend Payout Policy 541
Residual Dividend Payout Policy 545
Other Factors Playing a Role in How Much to Distribute 545
Chapter Summaries 546
Study Questions 547
Study Problems 549
Mini-Case 551

Part 5: Liquidity Management and Special

Topics in Finance

CHAPTER 17
Financial Forecasting and Planning 552
P Principle 2: There Is a Risk-Return Tradeoff 553
17.1 An Overview of Financial Planning 554
17.2 Developing a Long-Term Financial Plan 555
Financial Forecasting Example: Ziegen, Inc. 556
FINANCE FOR LIFE: Your Personal Budget 561
17.3 Developing a Short-Term Financial Plan 564
Cash Budget Example: Melco Furniture, Inc. 564
Uses of the Cash Budget 565
Chapter Summaries 567
Study Questions 568
Study Problems 569
Mini-Case 575

CHAPTER 18
Working-Capital Management 576
P Principle 2: There Is a Risk-Return Tradeoff 577
18.1 Working-Capital Management and the Risk-Return Tradeoff 578
Measuring Firm Liquidity 578
Managing Firm Liquidity 579
Risk-Return Tradeoff 579
18.2 Working-Capital Policy 579
The Principle of Self-Liquidating Debt 579
A Graphic Illustration of the Principle of Self-Liquidating Debt 582

A01_TITM7219_13_SE_FM.indd 17 16/11/16 12:12 PM

Discovering Diverse Content Through
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Anthony von Dornstett, the leader of the drummers and
fifers, is one of the few whose art he has not improved.
V.79 Those three are the numbers 77, 78, 79, representing
musicians on horseback. The same person who drew the
standard-bearers has evidently drawn those three cuts also.
V.80 Minutes of Evidence before the Select Committee on
Arts and Manufactures, p. 130. Ordered to be printed, 16th
August 1836.
V.81 Among the principal modern wood-cuts engraved on
blocks consisting of several pieces the following may be
mentioned: The Chillingham Bull, by Thomas Bewick, 1789;
A view of St. Nicholas’ Church, Newcastle-on-Tyne, by
Charlton Nesbit, from a drawing by R. Johnson, 1798; The
Diploma of the Highland Society, by Luke Clennell, from a
design by B. West, P.R.A. 1808; The Death of Dentatus, by
William Harvey, from a painting by B. R. Haydon, 1821; and
The Old Horse waiting for Death, left unfinished, by
T. Bewick, and published in 1832.
V.82 At the foot of this cut, to the right, after the name of
the designer,—“Raphael Urbinas,”—is the following privilege,
granted by Pope Leo X. and the Doge of Venice, prohibiting
all persons from pirating the work. “Quisque has tabellas
invito autore imprimet ex Divi Leonis X. et Il͞ l Principis
Venetiarum decretis excominicationis sententiam et alias penas
incurret.” Below this inscription is the engraver’s name with
the date: “Romæ apud Ugum de Carpi impressum. mdxviii.”
V.83 “J’ai trouvé dans les Receueils de l’Abbé de Marolles,
au Cabinet du Roi de France, une piece détachée, qui,
suivant mon sentiment, est la plus ancienne de celles, qui
sont gravées en bois dans les Païs-Bas, et qui portent le
nom de l’artiste. Cette estampe est marquée: Gheprint t’
Antwerpen by my Phillery de figursnider—Imprimé à
Anvers, chez moi Phillery, le graveur de figures. Elle sert de
preuve, que les graveurs de moules étoient aussi, dans cet
ancien tems, imprimeurs à Anvers.”—Idée Générale d’une
Collection complette d’Estampes, p. 197.
V.84 In a work of a similar kind, and of equal authority,
published in 1834, we are informed that Ugo da Carpi was
a historical painter, and that he died in 1500. He was only
born in 1486.
V.85 The sign of Mr. Benjamin White, formerly a bookseller
in Fleet Street, was Horace’s Head. In Scopoli’s Deliciæ,
Flora, et Fauna Insubriæ, plate 24 is thus inscribed:
“Auspiciis Benjamini White et Horatii Head, Bibliopol.
Londinensium.” The learned naturalist had mistaken Mr.
White’s sign for his partner in the business.
V.86 This cut of Urse Graff is described in Bartsch’s Peintre-
Graveur, tom. vii. p. 465, No. 16.
V.87 The device of Frobenius at the end of an edition of the
same work, printed by him in 1518, is much inferior to that
in the edition of 1519. In both, the ornamental border of
the title-page is the same.
V.88 The title of this book is, in red letters, “Triompho di
Fortuna, di Sigismondo Fanti, Ferrarese.” The title-page is
also ornamented with a wood-cut, representing the Pope,
with Virtue on one side, and Vice on the other, seated
above the globe, which is supported by Atlas, and provided
with an axis, having a handle at each side, like a winch. At
one of the handles is a devil, and at the other an angel; to
the left is a naked figure holding a die, and near to him is
an astronomer taking an observation. At the foot of the cut
is the mark I. M. or T. M., for I cannot positively decide
whether the first letter be intended for an I or a T. The
following is the colophon: “Impresso in la inclita citta di
Venegia per Agostin da Portese. Nel anno dil virgineo parto
md.xxvii. Nel mese di Genaro, ad instātia di Jacomo Giunta
Mercatāte Florentino. Con il Privilegio di Clemente Papa VII,
et del Senato Veneto a requisitione di l’Autore.” In the
Catalogue of the British Museum this book is erroneously
entered as printed at Rome, 1526. The compiler had
mistaken the date of the Pope’s licence for the time when
the book was printed. This trifling mistake is noticed here,
as from similar oversights bibliographers have sometimes
described books as having been twice or thrice printed,
when, in fact, there had been only one edition.
V.89 The following questions, selected from a number of
others, will perhaps afford some idea of this “Opera
utilissima et jocosa,” as it is called by the author. “Se glie
bene a pigliar bella, o bruta donna; se’l servo sara fidele al
suo signore; se quest’ anno sara carestia o abundantia;
quanti mariti havera la donna; se glie bene a far viaggio et
a che tempo; se’l parto della donna sara maschio o femina;
se’l sogno fatto sara vero; se’l fin del huomo sara buono.”
The three small illustrations of the last query are of evil
omen; in one, is seen a gallows; in another, a man praying;
and in the third, the quarters of a human body hung up in
terrorem.
V.90 The following lines descriptive of this cut are printed
underneath it:
How Mary and Joseph with iesu were fayne.
In to Egypte for socour to fle.
Whan the Innocentes for his sake wer slayne.
By com̄ issyon of Herodes crueltie .
V.91 In a folio work entitled “Epitome Thesauri
Antiquitatum, hoc est Impp. Rom. Orientalium et
Occidentalium Iconum, ex Antiquis Numismatibus quam
fidelissime delineatarum. Ex Musæo Jacobi de Strada
Mantuani Antiquarii,” Lyons, 1553, it is stated that the first
work containing portraits of the Roman emperors engraved
from their coins was that entitled “Illustrium Imagines,”
written by Cardinal Sadolet, and printed at Rome by
Jacobus Mazochius.—In Strada’s work the portraits are
executed in the same manner as in that of Huttichius. The
wood-cut containing the printer’s device, on the title-page
of Strada’s work, is admirably engraved.
V.92 Heineken ranks the following in the class of little
masters: Henry Aldgrever, Albert Altdorffer, Bartholomew
Behaim, Hans Sebald Behaim, Hans Binck, Henry Goerting,
George Penez, and Virgil Solis. Most of them were
engravers on copper.
V.93 The following curious testimony respecting a lock of
Albert Durer’s hair, which had formerly been in the
possession of Hans Baldung Grün, is translated from an
article in Meusel’s Neue Miscellaneen, 1799. The lock of hair
and the document were then in the possession of Herr
H. S. Hüsgen of Frankfort on the Mayn: “Herein is the hair
which was cut from the head of that ingenious and
celebrated painter Albert Durer, after his death at
Nuremberg, 8th April 1528, as a token of remembrance. It
afterwards came into the possession of that skilful painter
Hans Baldung, burger of this city, Strasburg; and after his
death, in 1545, my late brother-in-law, Nicholas Krämer,
painter, of this city, having bought sundry of his works and
other things, among them found this lock of hair, in an old
letter, wherein was written an account of what it contained.
On the death of my brother-in-law, in 1550, it was
presented to me by my sister Dorothy, and I now enclose it
in this letter for a memorial. 1559. Sebold Büheler.” To this
testimony are subjoined two or three others of subsequent
date, showing in whose possession the valued relic had
been before it came into the hands of Herr Hüsgen.
V.94 Evidence of Dr. G. F. Waagen of Berlin before the
Select Committee of the House of Commons on Arts and
their Connexion with Manufactures, 1835.
Errors in Chapter V
necessary to examine the grounds of this opinion.
gronnds
wood engravings supposed to have been executed by
Albert Durer
excuted
have evidently been supplied by his own country.
final . invisible
Durer proceeded from Nuremberg direct to Bamberg
foom
About thirty-five chapters, from XV. to L., are chiefly
occupied
to L, are
Footnote V.12
we find the words: “Gedrukt durch Albrecht Durer, Maler,”
open quote missing
Footnote V.13
is called his “wander-jahre,”
open quote missing
Footnote V.27
between page 730 and page 731.
final . missing
Footnote V.30
impressus vero per Albertum Durer. Anno MDXXIII.”
close quote missing
Footnote V.35
For biting-in on steel, nitric acid is used
comma after “steel” invisible
Footnote V.40
rather a “humble friend” than a menial servant
l in “menial” invisible
Footnote V.45
 “Am Donnerstage nach Marien Himmelfahrt,”
Donnnerstage
Footnote V.49
was a supporter of the doctrines of Luther.”
close quote missing
Footnote V.53
a letter addressed to “Hernn Frey in Zurich,”
spelling unchanged
Footnote V.62
“Go! Go! Tell that to a girl who reads Sir Theurdank, and
wishes that she may have such a husband.”
text unchanged: correct translation is plural “who read and wish that
they”
Footnote V.67
nebst von Hannsen Burgmair dazu verfertigten
Holzschnitten. Herausgeben aus dem Manuscripte der
Kaiserl. Königl. Hofbibliothek
printed as shown, but real title is “nebst den von Hannsen Burgmair
Herausgegeben aus dem Manuscripte.”
Footnote V.83
“J’ai trouvé dans les Receueils de l’Abbé de Marolles
printed as shown, but source has “Recueils”
Footnote V.90
By com̄ issyon of Herodes crueltie.
rueltie

Page 164, as printed:

 Introduction (separate file)
List of Illustrations (separate file)
Chapter I (separate file)
Chapter II (separate file)
Chapter III (separate file)
Chapter IV
Chapter V
Chapter VI (separate file)
Chapter VII (separate file)
Chapter VIII (separate file)
Chapter IX (separate file)
Index (separate file)
 Introduction (separate file)
List of Illustrations (separate file)
Chapter I (separate file)
Chapter II (separate file)
Chapter III (separate file)
Chapter IV (separate file)
Chapter V (separate file)
Chapter VI
Chapter VII (separate file)
Chapter VIII (separate file)
Chapter IX (separate file)
Index (separate file)
 ON

WOOD ENGRAVING.

324
CHAPTER VI.
FURTHER PROGRESS AND DECLINE OF WOOD ENGRAVING.

The dance of death—painted in several old churches—two paintings of this

subject at basle—old editions of la danse macabre, with wood-cuts—les

simulachres et historiées faces de la mort, usually called the dance of

death, printed at lyons, 1538—various editions and copies of this work

—icones historiarum veteris testamenti, or bible cuts, designed by hans

holbein—similarity between these cuts and those of the lyons dance of

death—cuts of both works, probably designed by the same person—

portrait of sir t. wyatt—cuts in cranmer’s catechism—and in other old

english works—wood-engraving in italy—chiaro-scuro—marcolini’s sorti

—s. munster’s cosmography—maps—virgil solis—bernard solomon—jost

ammon—andrea andreani—henry goltzius—english wood-cuts—cuts by

christopher jegher from the designs of rubens—general decline of the art

in the seventeenth century.

 HE best of the wood-cuts of the time of Albert
Durer, more especially those executed by
German engravers, are for the most part of
rather large size; the best of those, however,
which appeared within forty years of his
decease are generally small. The art of wood
engraving, both as regards design and
execution, appears to have attained its
highest perfection within about ten years of
the time of Durer’s decease; for the cuts which, in my opinion,
display the greatest excellence of the art as practised in former
times, were published in 1538. The cuts to which I allude are those
of the celebrated Dance of Death, which were first published in that
year at Lyons. So admirably are those cuts executed,—with so much
feeling and with so perfect a knowledge of the capabilities of the art,
—that I do not think any wood engraver of the present time is
capable of surpassing them. The manner in which they are engraved
is comparatively simple: there is no laboured and unnecessary cross-
hatching where the same effect might be obtained by simpler
means; no display of fine work merely to show the artist’s talent in 325
cutting delicate lines. Every line is expressive; and the end is always
obtained by the simplest means. In this the talent and feeling of the
engraver are chiefly displayed. He wastes not his time in mere
mechanical execution—which in the present day is often mistaken
for excellence;—he endeavours to give to each character its
appropriate expression; and in this he appears to have succeeded
better, considering the small size of the cuts, than any other wood
engraver, either of times past or present.
Though two or three of the cuts which will subsequently be given
may be of rather earlier date than those of the Dance of Death, it
seems preferable to give first some account of this celebrated work;
and to introduce the cuts alluded to, though not in strict
chronological order,—which is the less necessary as they do not
illustrate the progress of the art,—with others executed in a similar
style.
 Long before the publication of the work now so generally known
as “The Dance of Death,” a series of paintings representing, in a
similar manner, Death seizing on persons of all ranks and ages, had
appeared on the walls of several churches. A Dance of Death was
painted in the cloisters of the Church of the Innocents at Paris, in
the cloisters of St. Paul’s, London, and in the portico of St. Mary’s,
Lubec. The painting in St Paul’s is said to have been executed at the
cost of one Jenkin Carpenter, who lived in the reign of Henry VI, and
who was one of the executors of that famous “lord-mayor of
London,” Richard Whittington; and Dugdale, in his History of St.
Paul’s Cathedral, says that it was in imitation of that in the cloisters
of the Church of the Innocents at Paris. VI.1 This subject seems to
have been usually known in former times by the name of “The
Dance of Machabre,” from a French or German poet—for this point is
not settled by the learned—of the name of Macaber or Macabre,
who is said to have written a poem on this subject. VI.2 The Dance326 of
Death, however, which as a painting has attained greater celebrity
and given rise to much more discussion than any other, is that which
was painted on the wall of a kind of court-house attached to the
Church of the Dominicans at Basle. This painting has frequently
been ascribed to Holbein; but it certainly was executed before he
was born; and there is not the slightest reason to believe that he
ever touched it in any of the repairs which it underwent in
subsequent years.
The following particulars respecting this painting are such as
seem best authenticated.
It is said to owe its origin to a plague which ravaged the city of
Basle in 1439, during the time of the great council, which
commenced in 1431, and did not terminate till 1448. A number of
persons of almost all ranks, whom the council had brought to this
city, having fallen victims to the plague, it is said that the painting
was executed in remembrance of the event, and as a memento of
the uncertainty of life. Though it may be true that the great
mortality at Basle in 1439 might have been the occasion of such a
picture in the church-court—Kirchhofe, as it is called by Hegner in
his Life of Holbein—of the Dominicans in that city, it is almost certain
that the subject must have been suggested by one of much earlier
date painted on the walls of an old building which had formerly been
the cloisters of a nunnery which stood in that part of Basle which is
called the Little City. This convent was founded in 1275; and the
painting appears to have been executed in 1312, according to the
following date, which was to be seen above one of the figures, that
of the Count, who was also one of the characters in the painting in
the church-court of the Dominicans: “Dussent jar treihuntert und
Xii;” in English: One thousand three hundred and twelve. Several of
the figures in this old painting were almost the same as in that of
the church-court of the Dominicans, though executed in a coarser
manner; and, like the latter, were accompanied with explanatory
inscriptions in verse. This curious old work appears to have remained
unnoticed till 1766, when one Emanuel Büchel, of Basle, by trade a
baker, but an admirer of art, and an industrious draughtsman, had
his attention directed to it. He made a careful copy in colours of all
that then remained of it, and his drawings are now in the public
library of Basle. “This oldest Dance of Death,” says Hegner, writing327 in
1827, “is almost entirely effaced, and becomes daily more so, as well
on account of age as from the cloisters of the old nunnery having
been for many years used as a warehouse for salt.” VI.3
It is supposed that the Dance of Death in the church-court of the
Dominicans at Basle was originally painted in fresco or distemper.
The number of characters, each accompanied by a figure of Death,
was originally forty; VI.4 but in 1568, a painter, named Hans Hugo
Klauber, who was employed by the magistrates to repair the old
painting, introduced a figure of the reformer Oecolampadius as if
preaching to the characters composing the Dance, with portraits of
himself, his wife, and their little son, at the end. It is probable that
he painted over the old figures in oil-colour, and introduced sundry
alterations, suggested by other paintings and engravings of the
same subject. It appears likely that, at the same time, many of the
old inscriptions were changed for others more in accordance with
the doctrines of the Reformation, which then prevailed at Basle. The
verses above the figure of the Pope were certainly not such as would
have been tolerated at the period when the subject is supposed to
have been first painted. VI.5 In 1616 the painting was again repaired;
but, though a Latin inscription was then added containing the names
of the magistrates who had thus taken care to preserve it, there is
no mention made of any artist by whom the subject had been 328
originally painted or subsequently retouched. Had there been any
record of Holbein having been at any time employed on the work,
such a circumstance would most likely have been noticed; as his
memory was then held in the highest estimation, and Basle prided
herself on having had so eminent an artist enrolled among the
number of her citizens. In 1658 the painting was again renewed:
and there seems reason to believe that further alterations were then
introduced both in the costume and the colouring. It was retouched
in 1703; but from that time, as the paint began to peel off from the
decaying walls, all attempts for its further preservation appear to
have been considered hopeless. It would indeed seem to have
become in a great measure disregarded by the magistrates, for a
rope-maker used to exercise his trade under the roof that protected
it from the weather. As the old wall stood much in the way of new
buildings, it is not unlikely that they might be rather wishful to have
it removed. In 1805 the magistrates pronounced sentence against
the Dance of Death, and the wall on which it was painted was by
their orders pulled down, though not without considerable opposition
on the part of many of the citizens, more especially those of the
suburb of St. John, within which the old church-court of the
Dominicans stood. Several pieces of the painting were collected, and
are still preserved at Basle as memorials of the old “Todten-tanz,”
which was formerly an object of curiosity with all strangers who
visited the city, and which has been so frequently the subject of
discussion in the history of art.
Mr. Douce has given a list of many books containing the figures
of a Dance of Death printed before the celebrated Simulachres et
Historiées Faces de la Mort of Lyons, 1538; and among the principal
the following may be here enumerated.—A German edition, intitled
“Der Dodtendanz mit figuren. Clage und Antwort schon von allen
staten der Welt.” This work, which is small folio, is mentioned in
Braun’s Notitia librorum in Bibliotheca ad SS. Udalricum et Afram
Augustæ, vol. ii. p. 62. It is without date, but Braun supposes that it
may have been printed between 1480 and 1500. It consists of
twenty-two leaves, with wood-cuts of the Pope, Cardinal, Bishop,
Abbot, &c. &c. accompanied by figures of Death. The descriptions
are in German verse, and printed in double columns.—The earliest
printed book on this subject with a date is intitled “La Danse
Macabre imprimée par ung nommé Guy Marchand,” &c. Paris, 1485,
small folio. In 1486 Guy Marchand,—or Guyot Marchant, as he is
also called,—printed another edition, “La Danse Macabre nouvelle,”
with several additional cuts; and in the same year he printed “La
Danse Macabre des Femmes,” a small folio of fifteen leaves. This is
the first edition of the Macaber Dance of females. Thirty-two
subjects are described, but there are only cuts of two, the Queen 329
and the Duchess. In 1490 an edition appeared with the following
title: “Chorea ab eximio Macabro versibus Alemanicis edita, et à
Petro Desrey emendata. Parisiis, per magistrum Guidonem
Mercatorem [Guy Marchand] pro Godefrido de Marnef.” In the same
year Marchand printed another edition of “La nouvelle Danse
Macabre des Hommes;” and in the year following there appeared
from his press a second edition of “La Danse Macabre des Femmes,”
with cuts of all the characters and other additions. A Dance of
Death, according to Von der Hagen, in his Deutsche Poesie, p. 459,
was printed at Leipsic in 1496; and in 1499 a “Grande Danse
Macabre des Hommes et Femmes” was printed in folio at Lyons. The
latter is supposed to be the earliest that contains cuts of both men
and women. About 1500, Ant. Verard printed an edition, in folio, of
the Danse Macabre at Paris; and in various years between 1500 and
1530 a work with the same title and similar cuts was printed at
Paris, Troyes, Rouen, Lyons, and Geneva. Besides those works,
characters from the Dance of Death were frequently introduced as
incidental illustrations in books of devotion, more especially in those
usually denominated Horæ or Hours of the Virgin, and printed in
France. VI.6
The celebrated “Dance of Death,” the cuts of which have been so
generally ascribed to Hans Holbein as the engraver as well as
designer, was first published at Lyons, in 1538. It is of small quarto
size, and the title is as follows: “Les Simulachres & Historiées faces
de la Mort, autant elegammēt pourtraictes, que artificiellement
imaginées. A Lyon, Soubz l’escu de Coloigne. m.d.xxxviii.” On the title-
page is an emblematic wood-cut, very indifferently executed,
representing three heads joined together, with a wreath above them;
the middle one a full face, and those on each side in profile. Instead
of shoulders, the heads, or busts, are provided with a pair of wings
of peacock’s feathers; they rest on a kind of pedestal, on which is330
also an open book inscribed with the maxim, “γνωθι σεαυτον.” A large
serpent is seen confined by the middle in a hole which must be
supposed to pass through the pedestal; and to it (the pedestal) are
chained two globes,—one surmounted by a small cross, like the
emblem of imperial authority, and the other having two wings. This
emblematic cut, which is certainly not “l’escu de Coloigne,” is
accompanied with the motto “Usus me Genuit.” VI.7 At the conclusion
of the book is the imprint, within an ornamental wood-cut border:
“excvdebant lvgdvni melchior et gaspar trechsel fratres. 1538.” The title is
succeeded by a preface, of six pages, which is followed by seven
pages more, descriptive of “diverses tables de Mort, non painctes,
mais extraictes de l’escripture saincte, colorées par Docteurs
Ecclesiastiques, et umbragées par Philosophes.” After those verbal
sketches of Death come the cuts, one on each page; and they are
succeeded by a series of descriptions of death and reflections on
mortality, the general title to which, commencing at signature H, is,
“Figures de la Mort moralement descriptes, & depeinctes selon
l’authorité de l’scripture, & des sainctz Peres.”
By far the most important passage in the book, at least so far as
relates to the designer or engraver of the cuts, occurs in the preface,
which is written much in the style of a pedantic father-confessor to a
nunnery who felt a pleasure in ornamenting his Christian discourses
and exhortations with the flowers of Pagan eloquence. The preface
is addressed, “A moult reverende Abbesse du religieux convent
S. Pierre de Lyon, Madame Jehanne de Touszele, Salut dun vray
Zele,” VI.8 and the passage above mentioned is to the following
effect. “But to return to our figured representations of Death, we
have greatly to regret the death of him who has imagined such
elegant figures as are herein contained, as much excelling all those
heretofore printed, VI.9 as the pictures of Apelles or of Zeuxis
surpass those of modern times; for, his funereal histories, with their
331
gravely versified descriptions, excite such admiration in beholders,
that the figures of Death appear to them most life-like, while those
of the living are the very pictures of mortality. It therefore seems to
me that Death, fearing that this excellent painter would paint him in
a manner so lively, that he should be no longer feared as Death, and
apprehensive that the artist would thus become immortal,
determined to shorten his days, and thus prevent him finishing other
subjects which he had already drawn. Among these is one of a
waggoner, knocked down and crushed under his broken waggon, the
wheels and horses of which appear so frightfully shattered and
maimed that it is as fearful to see their overthrow as it is amusing to
behold the liquorishness of a figure of Death, who is perceived
roguishly sucking the wine out of a broken cask, by means of a reed.
To such imperfect subjects, as to the inimitable heavenly bow named
Iris, VI.10 no one has ventured to put the last hand, on account of
the bold drawing, perspectives, and shadows contained in this
inimitable chef-d’œuvre, there so gracefully delineated, that from it
we may derive a pleasing sadness and a melancholy pleasure, as in
a thing mournfully delightful.” The cut of the waggoner, described by
the French euphuist, was, however, afterwards finished, and, with
others, inserted in a subsequent edition of the work. It is figured in
the present volume at page 344.
The number of cuts in the first edition, now under examination,
is forty-one; above each is a text of Scripture, in Latin; and below
are four verses in French—the “descriptions severement rithmées,”
mentioned in the preface—containing some moral or reflection
germane to the subject. A few sets of impressions of all those cuts,
except one, appear to have been taken before the work appeared at
Lyons. They have been printed by means of a press,—not taken by
friction in the manner in which wood engravers usually take their
proofs,—and at the top of each cut is the name in the German
language, but in Italic type. “Why those German names,” says
Hegner, “in a work which, so far as we know, was first published at
Lyons? They appear to confirm the opinion of the cuts having been
actually engraved at Basle; and the descriptions correspond with the
dialect of that city.” The late Mr. Ottley had impressions of forty of
those original cuts, and six of those which were inserted in a later
edition. In his Inquiry into the Origin and Early History of Engraving,
Mr. Ottley, speaking of the Dance of Death, says: “It is certain that
the cuts had been previously printed at Basle; and, indeed, some
writers assert that the work was published in that city, with texts of
Scripture, in the German language, above the cuts, and verses, in
the same language, underneath, as early as 1530; although, 332
hitherto, I have been unable to meet with or hear of any person who
had seen a copy of such an edition.” In a note upon this passage,
Jansen, the compiler of an Essay on the Origin of Engraving, and the
anonymous author of a work entitled Notices sur les Graveurs,
Besançon, 1807, are cited as mentioning such an edition. To give
every one his due, however, and to show the original authority for
the existence of such an edition, I beg here to give an extract from
Papillon, who never felt any difficulty in supposing a date, and
whose conjectures such writers as Jansen have felt as little
hesitation in converting into certainties. The substance of Papillon’s
observations on this point is as follows: “But to return to Holbein’s
Dance of Death, which is unquestionably a master-piece of wood
engraving. There are several editions; the first of which, so far as
may be judged, ought to be about 1530, as has been already
said, VI.11 and was printed at Basle or Zurich, with a title to each cut,
and, I believe, verses underneath, all in the German language.”
What Papillon puts forth as a matter of conjecture and opinion, Von
Murr, Jansen, and the author of the Notices sur les Graveurs,
promulgate as facts, and Mr. Ottley refers to the two latter writers as
if he were well inclined to give credit to their assertions.
From the following passage it would appear that Mr. Ottley had
also been willing to believe that those impressions might have been
accompanied with explanatory verses and texts of Scripture. “I have
only to add, upon the subject of this celebrated work, that I am
myself the fortunate possessor of forty pieces, (the complete series
of the first edition, excepting one,) which are printed with the
greatest clearness and brilliancy of effect, on one side of the paper
only; each cut having over it its title, printed in the German language
with moveable type. It is possible that they may originally have had
verses underneath, and texts of Scripture above, in addition to the
titles just mentioned: but as the margins are clipped on the sides
and at bottom, it is now impossible to ascertain the fact.” VI.12
Had the forty impressions in question been accompanied with
verses and texts of Scripture, they certainly might be considered as
having belonged to an earlier edition of the work than that of 1538, 333
and for the existence of which Mr. Ottley has referred to the
testimony of Jansen and the editor of the Notices sur les Graveurs,
printed at Besançon. There is, however, a set of those cuts
preserved in the public library at Basle, which seems clearly to prove
that they had only been taken as specimens without any further
accompaniment than the titles. They are printed on four folio leaves,
on only one side of the paper, and there are ten cuts on each page;
the title, in the German language, and in Italic type, like Mr. Ottley’s,
is printed above each; and the same cut—that of the astrologer—is
also wanting. From these circumstances there can scarcely be a
doubt that the set formerly belonging to Mr. Ottley VI.13 had been
printed in the same manner, and that each impression had
subsequently been cut out, perhaps for the purpose of mounting
them singly. The following are the titles given to those cuts, and to
each is subjoined a literal translation. They are numbered as they
follow each other in Les Simulachres et Historiees Faces de la Mort,
1538, which perhaps may not be incorrectly expressed by the
English title, “Pictorial and Historical Portraits of Death.”
 1. Die schöpfung aller ding—The creation of all things.
2. Adam Eua im Paradyſs—Adam and Eve in Paradise.
3. Vertribung Ade Eue—The driving out of Adam and Eve.
4. Adam baugt die erden—Adam cultivates the earth.
5. Gebeyn aller menschen—Skeletons of all men.
6. Der Papst—The Pope.
7. Der Keyser—The Emperor.
8. Der Künig—The King.
9. Der Cardinal—The Cardinal.
10. Die Keyserinn. —The Empress.
11. Die Küniginn—The Queen.
12. Der Bischoff—The Bishop.
13. Der Hertzog—The Duke.
14. Der Apt—The Abbot.
15. Die Aptissinn—The Abbess.
16. Der Edelman—The Nobleman.
17. Der Thümherr—The Canon.
18. Der Richter—The Judge.
19. Der Fürspräch—The Advocate.
20. Der Rahtsherr—The Magistrate.
21. Der Predicant—The Preaching Friar.
22. Der Pfarrherr—The Parish-priest.
23. Der Münch—The Monk.
24. Die Nunne—The Nun.
25. Dass Altweyb—The Old Woman.
26. Der Artzet—The Doctor. 334
27. (Wanting in the specimens.) The Astrologer.
28. Der Rychman—The Rich Man.
29. Der Kauffman—The Merchant.
30. Der Schiffman—The Sailor.
31. Der Ritter—The Knight.
32. Der Graff—The Count.
33. Der Alt man—The Old Man.
34. Die Greffinn—The Countess.
35. Die Edelfraw—The Lady.
36. Die Hertzoginn—The Duchess.
37. Der Krämer—The Pedlar.
38. Der Ackerman—The Farmer.
39. Das Jung Kint—The Young Child.
40. Das Jüngst Gericht—The Last Judgment.
41. Die Wapen des Thots—Death’s coat-of-arms.
In 1542 a second edition of the Dance of Death, with the same
cuts as the first, was published at Lyons, “Soubz l’escu de Coloigne,”
by John and Francis Frellon, who appear to have succeeded to the
business of the brothers Trechsel,—if, indeed, the latter were not
merely the printers of the first edition. In a third edition, with the
title Imagines Mortis, 1545, the verses underneath each cut are in
Latin. VI.14 A cut of a lame beggar, which has no relation to the
Dance of Death, is introduced as a tail-piece to one of the discourses
on death—Cypriani Sermo de Mortalitate—at the end of the volume;
but it is neither designed nor executed in the same style as the
others.
In a fourth edition, with the title “Imagines Mortis,” VI.15 1547,
eleven additional cuts are introduced; namely: 1. Death fighting with
a soldier in Swiss costume; 2. Gamblers, with a figure of Death, and
another of the Devil; 3. Drunkards, with a figure of Death; 4. The
Fool, with a figure of Death playing on the bagpipes; 5. The Robber
seized by Death; 6. The Blind Man and Death; 7. The Waggoner and
Death; 8. Children, one of whom is borne on the shoulders of the
others as a conqueror triumphing; 9. A child with a shield and dart;
10. Three children; one riding on an arrow, another on a bow, as on
a hobby-horse, the third carrying a hare over his shoulder,
suspended from a hunting pole; 11. Children as Bacchanalians. The
last four subjects have no relation to a Dance of Death, but have
evidently been introduced merely to increase the number of the
cuts; they are, however, beautifully designed and well engraved.
This edition contains twelve more cuts, reckoning the tail-piece of
the Lame Beggar, than the first. Another edition, forming the fifth,
was also published in 1547 under the title of “Les Images de la 335
Mort,” with French verses, as in the edition of 1538. The number of
cuts is the same as in the edition of 1547 with Latin verses, and the
title “Imagines Mortis,” or “Icones Mortis.”
In 1549, a sixth edition, with the same number of cuts as the
last, was published, under the title of “Simolachri, Historie, e Figure
de la Morte,” with the letter-press in Italian, with the exception of
the texts of Scripture, which were in Latin, as in the others. In the
preface, John Frellon—whose name appears alone in the edition of
1547, and in those of subsequent years—complains of a piracy of the
book, which was printed at Venice in 1545, with fac-similes of the
cuts of the first edition. “Frellon, by way of revenge,” says Mr.
Douce, “and to save the trouble of making a new translation of the
articles that compose the volume, made use of that of his Italian
competitor.” VI.16 A seventh edition, with the title “Icones Mortis,”
and containing fifty-three cuts, appeared, without any printer’s
name, in 1554.
In an eighth edition, 1562, with the title “Les Images de la Mort,
auxquelles sont adjoustees dix-sept figures,” five additional cuts are
introduced, thus making seventeen more than are contained in the
first. The total number of cuts in the edition of 1562 is fifty-eight;
and that of the Lame Beggar, which first appeared as a tail-piece in
the edition of 1545, has now a place among the others in the body
of the book. The subjects of the five new cuts are: 1. The Husband,
with a figure of Death; 2. The Wife,—Death leading a young woman
by the hand, preceded by a young man playing on a kind of guitar;
3. Children as part of a triumph, one of them as a warrior on
horseback; 4. Three children; one with a trophy of armour, another
carrying a vase and a shield, the third seated naked on the ground;
5. Children with musical instruments. The subjects of children are
designed and executed in the same style as those first introduced in
the edition of 1547. The last of those five new cuts does not appear
in regular order with the other fifty-seven; but is given as a tail-piece
at the end of a preface to a devotional tract—La Medicine de l’Ame—
in the latter part of the book. Mr. Douce mentions another edition
with the date 1574. He, however, observes in a note: “This edition is
given on the authority of Peignot, VI.17 page 62, but has not been
seen by the author of this work. In the year 1547 there were three
editions, and it is not improbable that, by the transposition of the
two last figures, one of these might have been intended.” As one of
Mr. Douce’s three editions of 1547 differs only from another of the336
same date by having “Icones” instead of “Imagines” in the title-
page, he might as consistently have claimed a fourth for the same
year on the ground of a probable transposition of 74 for 47. All the
authentic editions of the “Dance of Death,” previously noticed, were
published at Lyons. The first, as has been already observed, was in
small quarto; the others are described by Mr. Douce as being in
duodecimo. In a Dutch Dance of Death, intitled “De Doodt
vermaskert met swerelts ydelheit,” duodecimo, Antwerp, 1654,
fourteen of the cuts, according to Mr. Douce, were from the original
blocks which had been used in the Lyons editions.
It seems probable that the earliest copies of the cuts in “Les
Simulachres et Historiées Faces de la Mort,” or Dance of Death, as
the work is more frequently called, appeared in a small folio, intitled
“Todtentantz,” printed at Augsburg in 1544, by “Jobst Denecker,
Formschneyder.” As I have never seen a copy of this edition, I take
the liberty of extracting the following notice of it from Mr. Douce:
“This edition is not only valuable from its extreme rarity, but for the
very accurate and spirited manner in which the fine original cuts are
copied. It contains all the subjects that were then published, but not
arranged as those had been. It has the addition of one singular
print, intitled, ‘Der Eebrecher,’ i. e. the Adulterer, representing a man
discovering the adulterer in bed with his wife, and plunging his
sword through both of them, Death guiding his hands. On the
opposite page to each engraving there is a dialogue between Death
and the party, and at bottom a Latin hexameter. The subject of the
Pleader has the unknown mark and on that of the Duchess in
bed, there is the date 1542.” VI.18 Mr. Douce is of opinion that the
“Jobst Denecker, Formschneyder,” who appears as the printer, was
the same person as Jobst or Jost de Negker, the wood engraver
whose name is at the back of one of the cuts of the Triumphal
Procession of Maximilian.—The next copy of the work is that intitled
“Simolachri, Historie, e Figure de la Morte,” Venice, 1545, the piracy
complained of by Frellon in his Italian edition of 1549. It contains
forty-one cuts, as in the first Lyons edition of 1538. There is no
variation in the figures; but the expression of the faces is frequently
lost, and the general execution of the whole is greatly inferior to that
of the originals. Another edition, in Latin, was published in 1546;
and Mr. Douce says that there are impressions of the cuts on single
sheets, at the bottom of one of which is the date 1568.—In 1555, an
edition with the title “Imagines Mortis,” with fifty-three cuts, similar
to those in the Lyons edition of 1547, was published at Cologne by
the heirs of Arnold Birkman, Cologne, 1555; and there are four other
editions of the same work, respectively dated 1557, 1566, 1567, and
1572. Alterations are made in some of those cuts; in five of them 337 the
mark is introduced; and in the cut of the Duchess the mark ,
seen on the bed-frame in the original, is omitted. All the alterations
are for the worse; some of the figures seem like caricatures of the
originals; and the cuts generally are, in point of execution, very
inferior to those in the Lyons editions. The name of the artist to
whom the mark belongs is unknown. In the preface to the
Emblems of Mortality, page xx, the writer says it is “that of Silvius
Antonianus, an artist of considerable merit.” This, however, is merely
one of the blunders of Papillon, who, according to Mr. Douce, has
converted the owner of this mark into a cardinal. Papillon, it would
seem, had observed it on the cuts of an edition of Faerno’s Fables—
printed at Antwerp, 1567, and dedicated to Cardinal Borromeo by
Silvio Antoniano, professor of Belles Lettres at Rome, afterwards a
cardinal himself—and without hesitation he concluded that the editor
was the engraver. VI.19 The last of the editions published in the
sixteenth century with wood-cuts copied from the Lyons work,
appeared at Wittemberg in 1590.
Various editions of the Dance of Death, with copper-plate
engravings generally copied from the work published at Lyons, are
enumerated by Mr. Douce, but only one of them seems to require
notice here. Between 1647 and 1651 Hollar etched thirty subjects
from the Dance of Death, introducing occasionally a few alterations.
From a careful examination of those etchings, I am inclined to think
that most of them were copied not from the cuts in any of the Lyons
editions, but from those in the edition published by the heirs of
Birkman at Cologne. The original copper-plates of Hollar’s thirty
etchings having come into the possession of Mr. James Edwards,
formerly a bookseller in Pall-Mall, he published an edition in
duodecimo, without date, but about 1794, VI.20 with preliminary
observations on the Dance of Death, written by the late Mr.
F. Douce. Those preliminary observations are the germ of Mr.
Douce’s beautiful and more complete volume, published by
W. Pickering in 1833 (and republished with additions by Mr. Bohn in
1858). As Petrarch’s amatory sonnets and poems have been called
“a labour of Love,” with equal propriety may Mr. Douce’s last work338 be
intitled “a labour of Death.” Scarcely a cut or an engraving that
contains even a death’s head and cross-bones appears to have
escaped his notice. Incorporated is a Catalogue raisonné which
contains an enumeration of all the tomb-stones in England and
Wales that are ornamented with those standard “Emblems of
Mortality,”—skull, thigh-bones in saltire, and hour-glass. In his last
“Opus Magnum Mortis,” the notices of the several Dances of Death
in various parts of Europe are very much enlarged, but he has not
been able to adduce any further arguments or evidences beyond
what appeared in his first essay, to show that the cuts in the original
edition of the Dance of Death, published at Lyons, were not
designed by Holbein. Throughout the work there are undeniable
proofs of the diligence of the collector; but no evidences of a mind
that could make them available to a useful end. He is at once
sceptical and credulous; he denies that any poet of the name of
Macaber ever lived; and yet he believes, on the sole authority of one
T. Nieuhoff Picard, whose existence is as doubtful as Macaber’s, that
Holbein painted a Dance of Death as large as life, in fresco, in the
old palace at Whitehall.
Having now given a list of all the authentic editions of the Dance
of Death and of the principal copies of it, I shall next, before saying
anything about the supposed designer or engraver, lay before the
reader a few specimens of the original cuts. Mr. Douce observes, of
the forty-nine cuts given in his Dance of Death, 1833, that “they
may be very justly regarded as scarcely distinguishable from their
fine originals.” Now, without any intention of depreciating these
clever copies, I must pronounce them inferior to the originals,
especially in the heads and hands. In this respect the wood-cuts of
the first Lyons edition of the Dance of Death are unrivalled by any
other productions of the art of wood engraving, either in past or
present times. In the present day, when mere delicacy of cutting in
the modern French taste is often mistaken for good engraving, there
are doubtless many admirers of the art who fancy that there would
be no difficulty in finding a wood engraver who might be fully
competent to accurately copy the originals in the first edition of the
Dance of Death. The experiment, however, would probably convince
the undertaker of such a task, whoever he might be, that he had in
this instance over-rated his abilities. Let the heads in the Lyons cuts,
and those of any copies of them, old or recent, be examined with a
magnifying glass, and the excellence of the former will appear still
more decidedly than when viewed with the naked eye.
The following cut is a copy of the same size as the original, which
is the second of the Dance of Death, of the edition of 1538. The
subject is Adam and Eve eating of the forbidden fruit; and in the
series of early impressions, formerly Mr. Ottley’s, but now in the Print
Room of the British Museum, it is intitled “Adam Eva im Paradyss”— 339
Adam and Eve in Paradise. The serpent, as in many other old
engravings, as well as in paintings, is represented with a human
face. In order to convey an idea of the original page, this cut is
accompanied with its explanatory text and verses printed in similar
type.
 Text within illustration

In the two first cuts, which represent the Creation of Eve, and
Adam taking the forbidden fruit, the figure of Death is not seen. In
the third, Adam and Eve driven out of Paradise, Death, playing on a
kind of lyre, is seen preceding them; and in the fourth, Adam
cultivating the earth, Death is perceived assisting him in his labour.
In the fifth, intitled Gebeyn aller menschen—Skeletons of all men—in
the early impressions of the cuts, formerly belonging to Mr. Ottley,
but now in the British Museum, all the figures are skeletons; one of
them is seen beating a pair of kettle drums, while others are
sounding trumpets, as if rejoicing in the power which had been 340
given to Death in consequence of the fall of man. The texts above
this cut are, “Væ væ væ habitantibus in terra. Apocalypsis viii;” and
“Cuncta in quibus spiraculum vitæ est, mortua sunt. Genesis vii.” In
the sixth cut there are two figures of Death,—one grinning at the
pope as he bestows the crown on a kneeling emperor, and the other,
wearing a cardinal’s hat, as a witness of the ceremony. In the thirty-
sixth cut, the Duchess, there are two figures of Death introduced,
and there are also two in the thirty-seventh, the Pedlar; but in all the
others of this edition, from the seventh to the thirty-ninth, inclusive,
there is only a single figure of Death, and in every instance his
action and expression are highly comic, most distinctly evincing that
man’s destruction is his sport. In the fortieth cut there is no figure of
Death; the Deity seated on a rainbow, with his feet resting on the
globe, is seen pronouncing final judgment on the human race. The
forty-first, and last cut of the original edition, represents Death’s
coat-of-arms——Die wapen des Thots. On an escutcheon, which is
rent in several places, is a death’s-head, with something like a large
worm proceeding from the mouth; above the escutcheon, a barred
helmet, seen in front like that of a sovereign prince, is probably
intended to represent the power of Death; the crest is a pair of
fleshless arms holding something like a large stone immediately
above an hour-glass; on the dexter side of the escutcheon stands a
gentleman, who seems to be calling the attention of the spectator to
this memento of Death, and on the opposite side is a lady; in the
distance are Alpine mountains, the top of the highest partly shaded
by a cloud. The appropriate text is, “Memorare novissima, et in 341
æternum non peccabis. Eccle. vii;” and the following are the verses
underneath:
“Si tu veulx vivre sans peché
Voy ceste imaige a tous propos,
Et point ne seras empesché
Quand tu t’en iras en repos.”
 The total number of cuts of the first edition in which Death is
seen attending on men and women of all ranks and conditions,
mocking them, seizing them, slaying them, or merrily leading them
to their end, is thirty-seven.
 Text within illustration

The above cut is a copy of the thirty-third, the Old Man—Der Alt
man—whom Death leads in confiding imbecility to the grave, while
he pretends to support him and to amuse him with the music of a342
dulcimer. The text and verses are given as they stand in the original.
The following cut is a copy of the thirty-sixth, the Duchess—Die
Hertzoginn. In this cut, as has been previously observed, there are
two figures of Death; one rouses her from the bed—where she
appears to have been indulging in an afternoon nap—by pulling off
the coverlet, while the other treats her to a tune on the violin. On
the frame of the bed, or couch, to the left, near the bottom of the
cut, is seen the mark , which has not a little increased the
difficulty of arriving at any clear and unquestionable conclusion with
respect to the designer or engraver of those cuts. The text and the
verses are given literally, as in the two preceding specimens.
 Text within illustration

The following cut, the Child—Das Iung Kint—is a copy of the 343
thirty-ninth, and the last but two in the original edition. Death having
been represented in the preceding cuts as beguiling men and
women in court and council-chamber, in bed-room and hall, in street
and field, by sea and by land, is here represented as visiting the
dilapidated cottage of the poor, and, while the mother is engaged in
cooking, seizing her youngest child.
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