Yet Philip had funds enough, if he had possessed financial ability
himself, or any talent for selecting good financiers. The richest
countries of the old world and the new were under his sceptre; the mines
of Peru and Mexico; the wealth of farthest Ind, were at his disposition;
and moreover he drove a lucrative traffic in the sale of papal bulls and
massbooks, which were furnished to him at a very low figure, and which he
compelled the wild Indians of America and the savages of the Pacific to
purchase of him at an enormous advance. That very year, a Spanish
carrack had been captured by the English off the Barbary coast, with an
assorted cargo, the miscellaneous nature of which gives an idea of royal
commercial pursuits at that period. Besides wine in large quantities
there were fourteen hundred chests of quicksilver, an article
indispensable to the working of the silver mines, and which no one but
the king could, upon pain of death, send to America. He received,
according to contract; for every pound of quicksilver thus delivered a
pound of pure silver, weight for weight. The ship likewise contained ten
cases of gilded mass-books and papal bulls. The bulls, two million and
seventy thousand in number, for the dead and the living, were intended
for the provinces of New Spain, Yucatan, Guatemala, Honduras, and the
Philippines. The quicksilver and the bulls cost the king three hundred
thousand florins, but he sold them for five million. The .price at,
which the bulls were to be sold varied-according to the letters of advice
found in the ships--from two to four reals a piece, and the inhabitants
of those conquered regions were obliged to buy them. "From all this,"
says a contemporary chronicler; "is to be seen what a thrifty trader was
the king."

The affairs of France were in such confusion that it was impossible for
them, according to Farnese, to remain in such condition much longer