error of European
statesmen on the Continent; it sought the establishment of the monarchy
at home, and the development of the various industries of the nation,
since in these industries are both power and wealth. Commerce was
encouraged, and she girt her island around with those "wooden walls"
which have proved England's impregnable defence against every subsequent
combination of tyrants and conquerors. The East India Company was
formed, and the fisheries of Newfoundland established. It was under
Elizabeth's auspices that Frobisher penetrated to the Polar Sea, that
Sir Francis Drake circumnavigated the globe, that Sir Walter Raleigh
colonized Virginia, and that Sir Humphrey Gilbert attempted to discover
'a northwestern passage to India. Manufactories were set up for serges,
so that wool was no longer exported, but the raw material was consumed
at home. A colony of Flemish weavers was planted in the heart of
England. The prosperity of dyers and cloth-dressers and weavers dates
from this reign, although some attempts at manufactures were made in the
reign of Edward III. A refuge was given to persecuted foreigners, and
work was found for them to do. Pasture-land was converted to
tillage,--not, as is now the case, to parks for the wealthy classes.
Labor was made respectable, and enterprise of all kinds was stimulated.
Wealth was sought in industry and economy, rather than in mines of gold
and silver; so that wealth was doubled during this reign, and the
population increased from four millions to six millions. All the old
debts of the Crown were paid, both principal and interest, and the
debased coin was called in at a great sacrifice to the royal revenue.
The arbitrary management of commerce by foreign merchants was broken up,
and weights and measures were duly regulated. The Queen did not revoke
monopolies, it is true; the principles of political economy were not
then sufficiently understood. But even monopolies, which disgraced the
old Roman world, and are a disgrace to any age, were not so gigantic and
demoralizing in those times as in our own, under our free institutions;
they were not used to corrupt legislation and bribe judges and prevent
justice, but simply to enrich politicians and favorites, and as a reward
for distinguished services.

Justice in the courts was impartially administered; there was security
to property and punishment for crime. No great culprits escaped
conviction; nor, when convicted, were they all