y of the Spaniards in the west. To talk
of excluding such a people as this from intercourse with any portion of
the Old World or the New was the mumbling of dotage; yet nothing could be
more certain than that such would be the pretensions of Spain.

As for the stadholder, his vocation was war, his greatness had been
derived from war, his genius had never turned itself to pacific pursuits.
Should a peace be negotiated, not only would his occupation be gone, but
he might even find himself hampered for means. It was probable that his
large salaries, as captain and admiral-general of the forces of the
republic, would be seriously curtailed, in case his services in the field
were no longer demanded, while such secret hopes as he might entertain of
acquiring that sovereign power which Barneveld had been inclined to
favour, were more likely to be fulfilled if the war should be continued.
At the same time, if sovereignty were to be his at all, he was distinctly
opposed to such limitations of his authority as were to have been
proposed by the States to his father. Rather than reign on those
conditions, he avowed that he would throw himself head foremost from the
great tower of Hague Castle.

Moreover, the prince was smarting under the consciousness of having lost
military reputation, however undeservedly, in the latter campaigns, and
might reasonably hope to gain new glory in the immediate future. Thus,
while his great rival, Marquis Spinola, whose fame had grown to so
luxuriant a height in so brief a period, had many reasons to dread the
results of future campaigning, Maurice seemed to have personally much to
lose and nothing to hope for in peace. Spinola was over head and ears in
debt. In the past two years he had spent millions of florins out of his
own pocket. His magnificent fortune and boundless credit were seriously
compromised. He had found it an easier task to take Ostend and relieve
Grol than to bolster up the finances of Spain.

His acceptances were becoming as much a drug upon the exchanges of
Antwerp, Genoa, or Augsburg, as those of the most Catholic king or their
Highnesses the archdukes. Ruin stared him in the face, notwithstanding
the deeds with which he had startled the world, and he was therefore
sincerely desirous of peace, provided, of course, that all those
advantages for which the war had been waged in vain could now be secured
by negotiation.

There had been, since the arrival of the Duke of Alva in the