A monopoly at home--like those which we have been considering--was
endurable because it was a working compromise that suited existing
circumstances more or less, and that could be either mended or ended as
time went on. But a general foreign monopoly--like Spain's monopoly of
America--was quite unendurable. Could Spain not only hold what she had
discovered and was exploiting but also extend her sphere of influence
over what she had not discovered? Spain said Yes. England said No. The
Spaniards looked for tribute. The English looked for trade. In
government, in religion, in business, in everything, the two great
rivals were irreconcilably opposed. Thus the lists were set; and sea-dog
battles followed.

Elizabeth was an exceedingly able woman of business and was practically
president of all the great joint-stock companies engaged in oversea
trade. Wherever a cargo could be bought or sold there went an English
ship to buy or sell it. Whenever the authorities in foreign parts tried
discrimination against English men or English goods, the English
sea-dogs growled and showed their teeth. And if the foreigners
persisted, the sea-dogs bit them.

Elizabeth was extravagant at court; but not without state motives for at
least a part of her extravagance. A brilliant court attracted the upper
classes into the orbit of the Crown while it impressed the whole country
with the sovereign's power. Courtiers favored with monopolies had to
spend their earnings when the state was threatened. And might not the
Queen's vast profusion of jewelry be turned to account at a pinch?
Elizabeth could not afford to be generous when she was young. She grew
to be stingy when she was old. But she saved the state by sound finance
as well as by arms in spite of all her pomps and vanities. She had three