mit of any very active
measures, at the moment, to enforce obedience to a policy which was
already so bitterly opposed. A rough estimate, made in the King's own
handwriting, of the resources and obligations of his exchequer, a kind of
balance sheet for the years 1560 and 1561, drawn up much in the same
manner as that in which a simple individual would make a note of his
income and expenditure, gave but a dismal picture of his pecuniary,
condition. It served to show how intelligent a financier is despotism,
and how little available are the resources of a mighty empire when
regarded merely as private property, particularly when the owner chances
to have the vanity of attending to all details himself: "Twenty millions
of ducats," began the memorandum, "will be required to disengage my
revenues. But of this," added the King, with whimsical pathos for an
account-book, "we will not speak at present, as the matter is so entirely
impossible." He then proceeded to enter the various items of expense
which were to be met during the two years; such as so many millions due
to the Fuggers (the Rothschilds of the sixteenth century), so many to
merchants in Flanders, Seville, and other places, so much for Prince
Doria's galleys, so much for three years' pay due to his guards, so much
for his household expenditure, so much for the tuition of Don Carlos,
and Don Juan d'Austria, so much for salaries of ambassadors and
councillors--mixing personal and state expenses, petty items and great
loans, in one singular jumble, but arriving at a total demand upon his
purse of ten million nine hundred and ninety thousand ducats.

To meet this expenditure he painfully enumerated the funds upon which he
could reckon for the two years. His ordinary rents and taxes being all
deeply pledged, he could only calculate from that source upon two hundred
thousand ducats. The Indian revenue, so called, was nearly spent; still
it might yield him four hundred and twenty thousand ducats. The
quicksilver mines would produce something, but so little as hardly to
require mentioning. As to the other mines, they were equally unworthy of
notice, being so very uncertain, and not doing as well as they were wont.
The licences accorded by the crown to carry slaves to America were put
down at fifty thousand ducats for the two years. The product of the
"crozada" and "cuarta," or money paid to him in small sums by
individuals, with the permission of his Holiness, for the libert