fitted, by situation and resources,
for the control of the sea both by war and commerce. The position of
France is in this peculiar, that of all the great powers she alone had
a free choice; the others were more or less constrained to the land
chiefly, or to the sea chiefly, for any movement outside their own
borders; but she to her long continental frontier added a seaboard on
three seas. In 1672 she definitely chose expansion by land. At that
time Colbert had administered her finances for twelve years, and from
a state of terrible confusion had so restored them that the revenue of
the King of France was more than double that of the King of England.
In those days France paid the subsidies of Europe; but Colbert's plans
and hopes for France rested upon making her powerful on the sea. The
war with Holland arrested these plans, the onward movement of
prosperity ceased, the nation was thrown back upon itself, shut off
from the outside world. Many causes doubtless worked together to the
disastrous result which marked the end of the reign of Louis XIV.:
constant wars, bad administration in the latter half of the period,
extravagance throughout; but France was practically never invaded, the
war was kept at or beyond her own frontiers with slight exceptions,
her home industries could suffer little from direct hostilities. In
these respects she was nearly equal to England, and under better
conditions than her other enemies. What made the difference in the
results? Why was France miserable and exhausted, while England was
smiling and prosperous? Why did England dictate, and France accept,
terms of peace? The reason apparently was the difference in wealth and
credit. France stood alone against many enemies; but those enemies
were raised and kept moving by English subsidies. The Lord Treasurer
of England, writing in 1706 to Marlborough, says:--

"Though the land and trade of both England and Holland have
excessive burthens upon them, yet the credit continues good both
of them and us; whereas the finances of France are so much more
exhausted that they are forced to give twenty and twenty-five
per cent for every penny they send out of the kingdom, unless
they send it in specie."

In 1712 the expenditure of France was 240,000,000 francs, while the
taxes brought in only 113,000,000 gross, of which, after deducting
losses and necessary expenses, only 37,000,000 remained in the
treasury; the deficit was sought