important, most exciting period in the colonial movement.
At the outset Spain had gone beyond all rivals in the
race for the spoils of America. The first stage was marked
by unexampled and spectacular profits. The bullion which
flowed from Mexico and Peru was won by brutal cruelty to
native races, but Europe accepted it as wealth poured
forth in profusion from the mines. Thus the first conception
of a colony was that of a marvellous treasure-house where
gold and silver lay piled up awaiting the arrival of a
Cortez or a Pizarro.

Unhappily disillusion followed. Within two generations
from the time of Columbus it became clear that America
did not yield bonanza to every adventurer. Yet throughout
the sixteenth century there survived the dream of riches
to be quickly gained. Wherever the European landed in
America he looked first of all for mines, as Frobisher
did on the unpromising shores of Labrador. The precious
metals proving illusive, his next recourse was to trade.
Hawkins sought his profit from slaves. The French bought
furs from the Indians at Tadoussac. Gosnold brought back
from Cape Cod a mixed cargo of sassafras and cedar.

But wealth from the mines and profits from a coasting
trade were only a lure to the cupidity of Europe. Real
colonies, containing the germ of a nation, could not be
based on such foundations. Coligny saw this, and conceived
of America as a new home for the French race. Raleigh,
the most versatile of the Elizabethans, lavished his
wealth on the patriotic endeavour to make Virginia a