to make, Elizabeth sent for Olden-Barneveld and Caron and demanded their
ultimatum within twenty-four hours. Should it prove unsatisfactory, she
would at once make peace with Spain.

On the 1st August the envoys accordingly proposed to Cecil and the other
ministers to pay thirty thousand pounds a year, instead of twenty
thousand, so long as the war should last, but they claimed the right of
redeeming the cautionary towns at one hundred thousand pounds each. This
seemed admissible, and Cecil and his colleagues pronounced the affair
arranged. But they had reckoned without the queen after all.

Elizabeth sent for Caron as soon as she heard of the agreement, flew into
a great rage, refused the terms, swore that she would instantly make
peace with Spain, and thundered loudly against her ministers.

"They were great beasts," she said, "if they had stated that she would
not treat with the enemy. She had merely intended to defer the
negotiations."

So the whole business was to be done over again. At last the sum claimed
by the queen, fourteen hundred thousand pounds, was reduced by agreement
to eight hundred thousand, and one-half of this the envoys undertook on
the part of the States to refund in annual payments of thirty thousand
pounds, while the remaining four hundred thousand should be provided for
by some subsequent arrangement. All attempts, however, to obtain a
promise from the queen to restore the cautionary towns to the republic in
case of a peace between Spain and England remained futile.

That was to be a bone of contention for many years.