To these terms the ambassadors agreed, and they obtained from the Pope a solemn approval of the agreement, which the Republic fulfilled with great exactness, but which many of the crusaders violated in a manner far from honourable; for a large number, deeming that they could make the journey more cheaply on their own account, embarked from other European ports without any regard to the engagements made in their names by the ambassadors they themselves had chosen.
The consequence was that at the time agreed upon for meeting in Venice, the crusaders found their numbers much inferior to those provided for in the contract; and, as was natural, those who presented themselves were not able to produce the sum of money agreed upon for the whole number.
But, according to the agreement signed, if the whole sum was not paid before embarking, whatever was paid in was forfeited to the Republic, which had been put to great expense and trouble in fitting out so large a fleet.
In this extremity Enrico Dandolo pointed out to his countrymen that Venice should play a generous part, rather than exact the letter of the contract; that a compromise should be made on some sound basis; and that the most obvious way of settling the matter was to ask of the crusaders some service, during the voyage to Palestine, which should be accepted instead of the balance of the money still unpaid, amounting to no less than 30,000 marks of silver (about £60,000 sterling). To this proposal the crusaders agreed, though not without considerable opposition on the part of some of their number.
Let it be observed here, in defence of what the Venetians afterwards did, that they were connected with the Fourth Crusade in two totally distinct characters. In the first place, they themselves took the cross in great numbers, and were therefore crusaders in the true sense; secondly, they were a company for the transportation of a great number of other crusaders at stated rates, under a guarantee. Moreover, they did not, as some have supposed, include their own forces amongst those for whom the French were to pay.
According to Sismondi, the estimate they made for the transportation of the French was as follows:--
For 4,500 horses, at 4 marks of silver each 18,000 marks “ 4,500 knights, at 2 marks of silver each 9,000 “ “ 9,000 squires and grooms, at 2 marks of silver each 18,000 “ “ 20,000 men-at-arms, at 2 marks of silver each 40,000 “ ------ For 4,500 horses and 33,500 men, total 85,000 marks Equal to about £170,000 sterling.