hat time extremely debased.[***] She was so
impolitic as to make, herself, an innovation in the coin; by dividing a
pound of silver into sixty-two shillings, instead of sixty, the former
standard. This is the last time that the coin has been tampered with in
England.

* Strype, vol. iv. p. 124.

** Stowe's Survey of London, book i. p. 286.

*** MS. of Lord Royston's, from the paper office, p. 295.

Queen Elizabeth, sensible how much the defence of her kingdom depended
on its naval power, was desirous to encourage commerce and navigation:
but as her monopolies tended to extinguish all domestic industry, which
is much more valuable than foreign trade, and is the foundation of it,
the general train of her conduct was ill calculated to serve the purpose
at which she aimed, much less to promote the riches of her people. The
exclusive companies also were an immediate check on foreign trade.
Yet, notwithstanding these discouragements, the spirit of the age was
strongly bent on naval enterprises; and besides the military expeditions
against the Spaniards, many attempts were made for new discoveries, and
many new branches of foreign commerce were opened by the English. Sir
Martin Frobisher undertook three fruitless voyages to discover the
north-west passage: Davis, not discouraged by this ill success, made a
new attempt, when he discovered the straits which pass by his name.
In the year 1600, the queen granted the first patent to the East India
Company: the stock of that company was seventy-two thousand pounds; and
they fitted out four ships, under the command of James Lancaster, for
this new branch of trade. The adventure was successful; and the ships
returning with a rich cargo, encouraged the company to continue the
commerce.

The communication with Muscovy had been opened in Queen Mary's time
by the discovery of the passage to Archangel: but the commerce to that
country did not begin to be carried on to a great extent till about the
year 1569. The queen obtained from the czar an exclusive patent to
the English for the whole trade of Muscovy;[*] and she entered into a
personal as well as national alliance with him. This czar was named John
Basilides, a furious tyrant, who, continually suspecting the revolt
of his subjects, stipulated to have a safe retreat and protection in
England. In order the better to insure this resource, he purposed to
marry an English woman; and the queen intended to have sent him L