r the lash of their authority.[*]

Through the prevalence of such an arbitrary and iniquitous
administration, the English, it may safely be affirmed, were
considerable losers by their ancient privileges, which secured them
from all taxations, except such as were imposed by their own consent
in parliament. Had the king been empowered to levy general taxes at
pleasure, he would naturally have abstained from these oppressive
expedients, which destroyed all security in private property, and begat
a universal diffidence throughout the nation. In vain did the people
look for protection from the parliament, which was pretty frequently
summoned during this reign.

{1504.} That assembly was so overawed, that at this very time, during
the greatest rage of Henry's oppressions, the commons chose Dudley their
speaker, the very man who was the chief instrument of his iniquities.
And though the king was known to be immensely opulent, and had no
pretence of wars or expensive enterprises of any kind, they granted him
the subsidy which he demanded. But so insatiable was his avarice, that
next year he levied a new benevolence, and renewed that arbitrary and
oppressive method of taxation.

{1505.} By all these arts of accumulation, joined to a rigid frugality
in his expense, he so filled his coffers, that he is said to have
possessed in ready money the sum of one million eight hundred thousand
pounds; a treasure almost incredible, if we consider the scarcity of
money in those times.[**]

* Bacon, p. 629, 630. Holingshed, p. 504. Polyd. Virg. p.
613, 615.

** Silver was during this reign at thirty-seven shillings
and six pence a pound, which makes Henry's treasure near
three millions of our present money. Besides, many
commodities have become above thrice as dear by the increase
of gold and silver in Europe. And what is a circumstance of
still greater weight, all other states were then very poor,
in comparison of what they are at present. These
circumstances make Henry's treasure appear very great, and
may lead us to conceive the oppressions of his government.

But while Henry was enriching himself by the spoils of his oppressed
people, there happened an event abroad which engaged his attention,
and was even the object of his anxiety and concern: Isabella, queen of
Castile, died about this time and it was foreseen that by this incident
the fortunes of Ferdinand, her husband, wou