The merchant of Venice was a rich young man called Antonio. When the story opens he had ventured all his money in trading expeditions to the East and other lands. In two months' time he expects the return of his ships and hopes then to make a great deal of money. But meantime he has none to spare, and when his great friend Bassanio comes to borrow of him he cannot give him any.

Bassanio's need is urgent, for he loves the beautiful lady Portia and desires to marry her. This lady was so lovely and so rich that her fame had spread over all the world till "the four winds blow in from every coast renowned suitors." Bassanio would be among these suitors, but alas he has no money, not even enough to pay for the journey to Belmont where the lovely lady lived. Yet if he wait two months until Antonio's ships return it may be too late, and Portia may be married to another. So to supply his friend's need Antonio decides to borrow the money, and soon a Jew named Shylock is found who is willing to lend it. For Shylock was a money-lender. He lent money to people who had need of it and charged them interest. That is, besides having to pay back the full sum they had borrowed they had also to pay some extra money in return for the loan.

In those days Jews were ill-treated and despised, and there was great hatred between them and Christians. And Shylock especially hated Antonio, because not only did he rail against Jews and insult them, but he also lent money without demanding interest, thereby spoiling Shylock's trade. So now the Jew lays a trap for Antonio, hoping to catch him and be revenged upon his enemy. He will lend the money, he says, and he will charge no interest, but if the loan be not repaid in three months Antonio must pay as forfeit a pound of his own flesh, which Shylock may cut from any part of his body that he chooses.

To this strange bargain Antonio consents. It is but a jest, he thinks.

But Bassanio is uneasy. "I like not fair terms," he says, "and a villain mind. You shall not seal to such a bond for me." But Antonio insists and the bond is sealed.

All being settled, Bassanio receives the money, and before he sets off to woo his lady he gives a supper to all his friends, to which he also invites Shylock. Shylock goes to this supper although to his daughter Jessica he says,

But Jessica does not join her father in his hatred of all Christians. She indeed has given her heart to one of the hated race, and well knowing that her father will never allow her to marry him, she, that night while he is at supper with Bassanio, dresses herself in boy's clothes and steals away, taking with her a great quantity of jewels and money.

When Shylock discovers his loss he is mad with grief and rage. He runs about the streets crying for justice.

And all the wild boys in Venice follow after him mocking him and crying, "His stones, his daughter and his ducats!"

So finding nowhere love or sympathy but everywhere only mockery and cruel laughter, Shylock vows vengeance. The world has treated him ill, and he will repay the world with ill, and chiefly against Antonio does his anger grow bitter.

Then Antonio's friends shake their heads and say, "Let him beware the hatred of the Jew." They look gravely at each other, for it is whispered abroad that "Antonio hath a ship of rich lading wreck'd on the narrow seas."

Then let Antonio beware.

"Thou wilt not take his flesh," says one of the young merchant's friends to Shylock. "What's that good for?"

"To bait fish withal," snarls the Jew. "If it will feed nothing else it will feed my revenge. He hath disgraced me, and hindered me half a million; laughed at my losses, mocked at my gains, scorned my nation, thwarted my bargains, cooled my friends, heated mine enemies; and what's his reason? I am a Jew. Hath not a Jew eyes? Hath not a Jew hands, organs, dimensions, senses, affections, passions? Fed with the same food, hurt with the same weapons, subject to the same diseases, healed by the same means, warmed and cooled by the same winter and summer, as a Christian is? If you prick us, do we not bleed? If you tickle us, do we not laugh? If you poison us, do we not die? If you wrong us, shall we not revenge? If we are like you in the rest, we will resemble you in that. If a Jew wrong a Christian, what is his humility? Revenge. If a Christian wrong a Jew, what should his sufferance be by Christian example? Why, revenge. The villainy you teach me, I will execute, and it shall go hard but I will better the instruction."

Then let Antonio beware.

Meantime in Belmont many lovers come to woo fair Portia. With high hope they come, with anger and disappointment they go away. None can win the lady's hand. For there is a riddle here of which none knows the meaning.

When a suitor presents himself and asks for the lady's hand in marriage, he is shown three caskets, one of gold, one of silver, and one of lead. Upon the golden one is written the words, "Who chooseth me, shall gain what many men desire"; upon the silver casket are the words, "Who chooseth me, shall get as much as he deserves"; and upon the leaden one, "Who chooseth me, must give and hazard all he hath." And only whoso chooseth aright, each suitor is told, can win the lady.

This trial of all suitors had been ordered by Portia's father ere he died, so that only a worthy and true man might win his daughter. Some suitors choose the gold, some the silver casket, but all, princes, barons, counts, and dukes, alike choose wrong.

At length Bassanio comes. Already he loves Portia and she loves him. There is no need of any trail of the caskets. Yet it must be. Her father's will must be obeyed. But what if he choose wrong. That is Portia's fear.

she says.

But Bassanio cannot wait:—

And so he stands before the caskets, longing to make a choice, yet fearful. The gold he rejects, the silver too, and lays his hand upon the leaden casket. He opens it. Oh, joy! within is a portrait of his lady. He has chosen aright. Yet he can scarce believe his happiness.

"I am," he says,

And Portia, happy, triumphant, humble, no longer the great lady with untold wealth, with lands and palaces and radiant beauty, but merely a woman who has given her love, answers:—

Then as a pledge of all her love Portia gives to Bassanio a ring, and bids him never part from it so long as he shall live. And Bassanio taking it, gladly swears to keep it forever.

And then as if to make the joy complete, it is discovered that Portia's lady in waiting, Nerissa, and Bassanio's friend, Gratiano, also love each other, and they all agree to be married on the same day.

In the midst of this happiness the runaway couple, Lorenzo and Jessica, arrive from Venice with another of Antonio's friends who brings a letter to Bassanio. As Bassanio reads the letter all the gladness fades from his face. He grows pale and trembles. Anxiously Portia asks what troubles him.

And Bassanio answers:—

He is worse than nothing, for he is in debt to his friend, and that friend for him is now in danger of his life. For the three months allowed by Shylock for the payment of the debt are over, and as not one of Antonio's ships has returned, he cannot pay the money. Many friends have offered to pay for him, but Shylock will have none of their gold. He does not want it. What he wants is revenge. He wants Antonio's life, and well he knows if a pound of flesh be cut from this poor merchant's breast he must die.

And all for three thousand ducats! "Oh," cries Portia when she hears, "what a paltry sum! Pay the Jew ten times the money and tear up the bond, rather than that Antonio shall lose a single hair through Bassanio's fault."

"It is no use," she is told, "Shylock will have his bond, and nothing but his bond."

If that be so, then must Bassanio hasten to his friend to comfort him at least. So the wedding is hurried on, and immediately after it Bassanio and Gratiano hasten away, leaving their new wives behind them.

But Portia has no mind to sit at home and do nothing while her husband's friend is in danger of his life. As soon as Bassanio has gone, she gives her house into the keeping of Lorenzo and sets out for Venice. From her cousin, the great lawyer Bellario, she borrows lawyer's robes for herself, and those of a lawyer's clerk for Nerissa. And thus disguised, they reach Venice safely.