The French war was far more dangerous. King Francis collected a great fleet in Normandy, and threatened an invasion of England. Henry was forced to arm and pay a vast array of shire levies to meet the attack, but when it came (1545) the French were only able to land and make a raid in the Isle of Wight. They drew back after fruitlessly demonstrating against Portsmouth and burning a few English ships. The balance of gain in the war was actually in favour of Henry, who had taken Boulogne (1544), and proved able to retain it against all attempts, till it was ceded to him by France at the peace of 1546. [Sidenote: =Debasement of the currency.=] But the struggles with France and Scotland had the most disastrous effects on the finances of the realm. Henry had wasted all the wealth that he had wrested from the monasteries, and now, to fill his pockets, tried the unrighteous expedient of debasing the currency. English money, which had been hitherto the best and purest in Europe, was horribly misused by him. He put one-sixth of copper into the gold sovereign, and one-half and afterwards two-thirds of copper into the silver shilling, to the lamentable defrauding of his subjects, who found that English money would no longer be accepted by Continental traders, though previously it had been more esteemed than that of any other country. [Sidenote: =Growth of pauperism.=] The debasement of the coinage was only one of the many symptoms of misgovernment which embittered the end of Henry's reign. The general upheaval of society caused by the overthrow of the monasteries, and the sudden transfer of their enormous estates to new holders, had given rise to much distress. Not only were the paupers who had lived on the monks' doles, and the pilgrims who had been wont to wander from abbey to abbey, thrown on the world to beg, but many of the old tenant farmers were displaced. For the new owners often preferred sheep-breeding to agriculture, and drove out the cottiers who had been wont to hold a few acres under the old-fashioned management of the monastic bodies. Contemporary writers speak bitterly of the plague of "sturdy and valiant beggars" who flooded the land--unfrocked monks, pilgrims whose trade was over, disbanded soldiers, and evicted peasantry. The king and his Parliament issued the most ferocious laws against these vagrants--when apprehended they were to be branded, and given as serfs for two years to any one who chose to ask for their services. If caught a second time, they were liable to be hung as incorrigible. [Sidenote: =Execution of the Earl of Surrey.=]