exhausted by the insane ambition of the king to exterminate heresy
throughout the world, and to make himself the sovereign of one undivided,
universal, catholic monarchy. All the gold and silver of America had not
sufficed for this purpose, and he had seen, with an ever rising
indignation, those very precious metals which, in his ignorance of the
laws of trade, he considered his exclusive property flowing speedily into
the coffers of the merchants of Europe, especially those of the hated
commonwealth of the rebellious Netherlands.

Therefore he solemnly renounced all his contracts, and took God to
witness that it was to serve His Divine will. How else could he hope to
continue his massacre of the Protestants?

The effect of the promulgation of this measure was instantaneous. Two
millions and a half of bills of exchange sold by the Cardinal Albert came
back in one day protested. The chief merchants and bankers of Europe
suspended payment. Their creditors became bankrupt. At the Frankfort
fair there were more failures in one day than there had ever been in all
the years since Frankfort existed. In Genoa alone a million dollars of
interest were confiscated. It was no better in Antwerp; but Antwerp was
already ruined. There was a general howl of indignation and despair upon
every exchange, in every counting-room, in every palace, in every cottage
of Christendom. Such a tremendous repudiation of national debts was
never heard of before. There had been debasements of the currency, petty
frauds by kings upon their unfortunate peoples, but such a crime as this
had never been conceived by human heart before.

The archduke was fain to pawn his jewelry, his plate, his furniture, to
support the daily expenses of his household. Meantime he was to set an
army in the field to relieve a city, beleaguered by the most warlike