execution of the grand scheme on which he was resolved, and of which the
new bishoprics formed an important part. Opposition irritated him more
and more, till his hatred of the opponents became deadly; but it, at the
same time, confirmed him in his purpose. "'Tis no time to temporize," he
wrote to Granvelle; "we must inflict chastisement with full rigor and
severity. These rascals can only be made to do right through fear, and
not always even by that means."

At the same time, the royal finances did not admit of any very active
measures, at the moment, to enforce obedience to a policy which was
already so bitterly opposed. A rough estimate, made in the King's own
handwriting, of the resources and obligations of his exchequer, a kind of
balance sheet for the, years 1560 and 1561, drawn up much in the same
manner as that in which a simple individual would make a note of his
income and expenditure, gave but a dismal picture of his pecuniary,
condition. It served to show how intelligent a financier is despotism,
and how little available are the resources of a mighty empire when
regarded merely as private property, particularly when the owner chances
to have the vanity of attending to all details himself: "Twenty millions
of ducats," began the memorandum, "will be required to disengage my
revenues. But of this," added the King, with whimsical pathos for an
account-book, "we will not speak at present, as the matter is so entirely
impossible." He then proceeded to enter the various items of expense
which were to be met during the two years; such as so many millions due
to the Fuggers (the Rothschilds of the sixteenth century), so many to
merchants in Flanders, Seville, and other places, so much for Prince
Doria's galleys, so much for three years' pay due to his guards, so much
for his household expenditure, so much for the, tuition of Don Carlos,
and Don Juan d'Austria, so much for salaries of ambassadors and
councillors--mixing personal and state expenses, petty items and great