terprise, forty-seven pounds sterling for every pound invested in the
voyage. The speculation had been a fortunate one both, for himself and
for the kingdom.

The terrible Sea-King was one of the great types of the sixteenth
century. The self-helping private adventurer, in his little vessel the
'Golden Hind,' one hundred tons burthen, had waged successful war against
a mighty empire, and had shown England how to humble Philip. When he
again set foot on his native soil he was followed by admiring crowds, and
became the favourite hero of romance and ballad; for it was not the
ignoble pursuit of gold alone, through toil and peril, which had endeared
his name to the nation. The popular instinct recognized that the true
means had been found at last for rescuing England and Protestantism from
the overshadowing empire of Spain. The Queen visited him in his 'Golden
Hind,' and gave him the honour of knighthood.

The treaty between the United Netherlands and England had been followed
by an embargo upon English vessels, persons, and property, in the ports
of Spain; and after five years of unwonted repose, the privateersman
again set forth with twenty-five small vessels--of which five or six only
were armed--under his command, conjoined with that of General Carlisle.
This time the voyage was undertaken with full permission and assistance
of the Queen who, however, intended to disavow him, if she should find
such a step convenient. This was the expedition in which Philip Sidney
had desired to take part. The Queen watched its result with intense
anxiety, for the fate of her Netherland adventure was thought to be
hanging on the issue. "Upon Drake's voyage, in very truth, dependeth the
life and death of the cause, according to man's judgment," said
Walsingham.

The issue was encouraging, even, if the voyage--as a mercantile
speculation--proved not so brilliant as the previous enterprises of Sir
Francis had been. He returned in the midsummer of 1586, having captured
and brandschatzed St. Domingo and Carthagena; and burned St. Augustine.
"A fearful man to the King of Spain is Sir Francis Drake," said Lord
Burghley. Nevertheless, the Queen and the Lord-Treasurer--as we have
shown by the secret conferences at Greenwich--had, notwithstanding these
successes, expressed a more earnest desire for peace than ever.

A simple, sea-faring Englishman, with half-a-dozen miserable little
vessels, had carried terror, into the Spanish possessions al