. The mines of Peru and Mexico were as
fertile for the Hollanders and Zeelanders as for the Spaniards
themselves. The war paid for the war, one hundred large frigates were
constantly cruising along the coasts to protect the fast-growing traffic,
and an army of twenty thousand foot soldiers and two thousand cavalry
were maintained on land. There were more ships and sailors at that moment
in Holland and Zeeland than in the whole kingdom of England.

While the sea-ports were thus rapidly increasing in importance, the towns
in the interior were advancing as steadily. The woollen manufacture, the
tapestry, the embroideries of Gelderland, and Friesland, and Overyssel,
were becoming as famous as had been those of Tournay, Ypres, Brussels,
and Valenciennes. The emigration from the obedient Provinces and from
other countries was very great. It was difficult to obtain lodgings in
the principal cities; new houses, new streets, new towns, were rising
every day. The single Province of Holland furnished regularly, for
war-expenses alone, two millions of florins (two hundred thousand pounds)
a year, besides frequent extraordinary grants for the same purpose, yet
the burthen imposed upon the vigorous young commonwealth seemed only to
make it the more elastic. "The coming generations may see," says a
contemporary historian, "the fortifications erected at that epoch in the
cities, the costly and magnificent havens, the docks, the great extension
of the cities; for truly the war had become a great benediction to the
inhabitants." Such a prosperous commonwealth as this was not a prize to
be lightly thrown away. There is no doubt whatever that a large majority
of the inhabitants, and of the States by whom the people were
represented, ardently and affectionately desired to be annexed to the
English crown. Leicester had become unpopular, but Elizabeth was adored,
and there was nothing unreasonable in the desire entertained by the
Provinces of retaining their ancient constitutions, and of transferring
their allegiance to the English Queen.

But the English Queen could not resolve to take the step. Although the
great tragedy which was swiftly approaching its inevitable catastrophe,
the execution of the Scottish Queen, was to make peace with Philip
impossible--even if it were imaginable before--Elizabeth, during the year
1587, was earnestly bent on peace. This will be made manifest in
subsequent pages, by an examination of the secret corresponde