the clergy of Spain exercised
over a deluded people, but a people naturally of fine elements of
character, the sudden increase of gold and silver led to luxury,
idleness, and degeneracy. Money being abundant, in consequence of the
gold and silver mines of America, the people neglected the cultivation
of those things which money could procure. Then followed a great rise
in the prices of all kinds of provision and clothing. Houses, lands,
and manufactures also soon rose in value. Hence money was delusive,
since, with ten times the increase of specie, there was a
corresponding decrease in those necessaries of life which gold and
silver would purchase. Silver and gold are only the medium of trade,
not the basis of wealth. The real prosperity of a country depends upon
the amount of productive industry. If diamonds were as numerous as
crystals, they would be worth no more than crystals. The sudden influx
of the precious metals into Spain doubtless gave a temporary wealth to
the kingdom; but when habits of industry were lost, and the culture of
the soil was neglected, the gold and silver of the Spaniards were
exchanged for the productive industry of other nations. The Dutch and
the English, whose manufactures and commerce were in a healthy state,
became enriched at their expense. With the loss of substantial wealth,
that is, industry and economy, the Spaniards lost elevation of
sentiment, became cold and proud, followed frivolous pleasures and
amusements, and acquired habits which were ruinous. Plays, pantomimes,
and bull-fights now amused the lazy and pleasure-seeking nation, while
the profligacy of the court had no parallel in Europe, with the
exception of that of France. The country became exhausted by war. The
finances were deranged, and province after province rebelled. Every
where were military reverses, and a decrease of population. Taxes, in
the mean while, increased, and a burdened people lamented in vain
their misfortune and decline. The reign of Philip IV. was the most
disastrous in the annals of the country. The Catalan insurrection, the
loss of Jamaica, the Low Countries, and Portugal, were the results of
his misrule and imbecility. So rapidly did Spain degenerate, that,
upon the close of the Austrian dynasty, with all the natural
advantages of the country, the best harbors and sea-coast in Europe,
the richest soil, and the finest climate, and with the possession of
the Indies also, the people were the poorest, the