The conquests made by Philip in Picardy were to be exchanged for those gained by the French in Italy and the Netherlands. The exchange was greatly for the benefit of Philip. In the time of Charles the Fifth, the Spanish arms had experienced some severe reverses, and the king now received more than two hundred towns in return for the five places he held in Picardy.[268] [Sidenote: TREATY OF CATEAU-CAMBRESIS.] Terms so disadvantageous to France roused the indignation of the duke of Guise, who told Henry plainly, that a stroke of his pen would cost the country more than thirty years of war. "Give me the poorest of the places you are to surrender," said he, "and I will undertake to hold it against all the armies of Spain!"[269] But Henry sighed for peace, and for the return of his friend, the constable. He affected much deference to the opinions of the duke. But he wrote to Montmorency that the Guises were at their old tricks,[270]--and he ratified the treaty. The day on which the plenipotentiaries of the three great powers had completed their work, they went in solemn procession to the church, and returned thanks to the Almighty for the happy consummation of their labors. The treaty was then made public; and, notwithstanding the unfavorable import of the terms to France, the peace, if we except some ambitious spirits, who would have found their account in the continuance of hostilities, was welcomed with joy by the whole nation. In this sentiment all the parties to the war participated. The more remote, like Spain, rejoiced to be delivered from a contest which made such large drains on their finances; while France had an additional reason for desiring peace, now that her own territory had become the theatre of war. The reputation which Philip had acquired by his campaigns was greatly heightened by the result of his negotiations. The whole course of these negotiations--long and intricate as it was--is laid open to us in the correspondence fortunately preserved among the papers of Granvelle; and the student who explores these pages may probably rise from them with the conviction that the Spanish plenipotentiaries showed an address, a knowledge of the men they had to deal with, and a consummate policy, in which neither their French nor English rivals were a match for them. The negotiation all passed under the eyes of Philip. Every move in the game, if not by his suggestion, had been made at least with his sanction. The result placed him in honorable contrast to Henry the Second, who, while Philip had stood firmly by his allies, had, in his eagerness for peace, abandoned those of France to their fate.