ward countries,[1] and it was promised that the money should double every month.' The fate of the ten thousand pounds need not be inquired into. The Flanders State Papers contain little at this time but monotonous repetitions of the spendthrift's story—bills renewed as they fell due, and fresh loans to pay the interest of the old.
The currency was the great resource; and a notable scheme was invented by which it was hoped the debts in England could be all cleared off. October.'It was agreed,' Edward wrote, 'that Yorke, Master of the Mint at the Tower, should make his bargain with me—viz., to take the profit of silver rising out of the bullion that he himself brought should pay all my debts to the sum of 120,000l. or above, and remain accountable for the overplus, paying no more but 6s. and 6d. the oz., till the exchange was equal in Flanders—also that he should declare all his bargains to any should be appointed to oversee him, and leave off when I would; for which I should give him 15,000l. in prest, and leave to carry 8000l. over sea to abase the exchange.'[2]
From this scarcely intelligible entry it would be gathered only that some financial evolution was about to be practised which would make two shillings out of one, or something to that effect; and that the Crown was to commence with a sacrifice of 15,000l. The real nature of the project, however, with the probable effects to be expected from it, was explained a few weeks after,
