his proposal, he added a remarkable prophecy that, if England would develope its manufactures, and rely only upon itself for the completion of them, the trade of Antwerp would droop, and London become the mart of Europe.[1]
The country in due time would reap the fruits of the intellect and enterprise of Cholmley and others like him. The Government of Edward VI. could afford but small attention to such things. The council, September.had but one all-absorbing occupation—to find means, without sacrificing their own share of the public plunder, for paying the debts which Somerset had bequeathed them. The bills of the Flanders Jews, renewed half-yearly with interest at fourteen or fifteen per cent., and twelve per cent, deducted also on the exchange, were a frightful incubus. They must pay, or they must give bonds to pay, in sterling silver, while the Crown rents and the subsidies were paid in a currency which was but half its nominal value; and the problem taxed to the uttermost their financial ingenuity. The four hundred thousand crowns were paid by the French for Boulogne, and perhaps cleared off some trifle of the score; but the possession of so large a sum of money tempted the treasury into speculations which would kill or cure. Of the second payment of the French,' says Edward,[2] 'ten thousand pounds were appointed to win money to pay the next year to out-
