before whom so many millions of his fellow worms had been writhing
for half a century in the dust, might well imagine himself a deity.

So the king, on the 20th November, 1596, had publicly revoked all the
assignments, mortgages, and other deeds by which the royal domains;
revenues, taxes, and other public property had been transferred or
pledged for moneys already advanced to merchants, banker, and other
companies or individuals, and formally took them again into his own
possession, on the ground that his exertions in carrying on this long war
to save Christianity from destruction had reduced him to beggary, while
the money-lenders, by charging him exorbitant interest, had all grown
rich at his expense.

This was perfectly simple. There was no attempt to disguise the villany
of the transaction. The massacre of so many millions of Protestants, the
gigantic but puerile attempts to subjugate the Dutch republic, and to
annex France, England, and the German empire to his hereditary dominions,
had been attended with more expense than Philip had calculated upon. The
enormous wealth which a long series of marriages, inheritances,
conquests, and maritime discoveries had heaped upon Spain had been
exhausted by the insane ambition of the king to exterminate heresy
throughout the world, and to make himself the sovereign of one undivided,
universal, catholic monarchy. All the gold and silver of America had not
sufficed for this purpose, and he had seen, with an ever rising
indignation, those very precious metals which, in his ignorance of the
laws of trade, he considered his exclusive property flowing speedily into
the coffers of the merchants of Europe, especially those of the hated
commonwealth of the rebellious Netherlands.

Therefore he solemnly renounced all his contracts, and took God to
witness that it was to serve His Divine will. How else could he hope to
continue his massacre of the Protestants?

The effect of the promulgation of this measure was instantaneous. Two
millions and a half of bills of exchange sold by the Cardinal Albert came
back in one day protested. The chief merchants and bankers of Europe
suspended payment. Their creditors became bankrupt. At the Frankfort fair
there were more failures in one day than there had ever been in all the
years since Frankfort existed. In Genoa alone a million dollars of
interest were confiscated. It was no better in Antwerp; but Antwerp was
already ruined. There was a genera