in exchange to the dollar of Philip's day, we should be surprised at the meagreness of his revenues, of his expenditures, and of the debts which at the close of his career brought him to bankruptcy; were the sums estimated in coin. Thus his income was estimated by careful contemporary statesmen at what seemed to them the prodigious annual amount of sixteen millions of dollars. He carried on a vast war without interruption during the whole of his forty-three years' reign against the most wealthy and military nations of Christendom not recognising his authority, and in so doing he is said to have expended a sum total of seven hundred millions of dollars--a statement which made men's hair stand on their heads. Yet the American republic, during its civil war to repress the insurrection of the slaveholders, has spent nominally as large a sum as this every year; and the British Empire in time of profound peace spends half as much annually. And even if we should allow sixteen millions to have represented the value of a hundred and sixty millions--a purely arbitrary supposition--as compared with our times, what are a hundred and sixty, millions of dollars, or thirty-three millions of pounds sterling--as the whole net revenue of the greatest empire that had ever existed in the world, when compared with the accumulated treasures over which civilized and industrious countries can now dispose? Thus the power of levying men and materials in kind constituted the chief part of the royal power, and, in truth, very little revenue in money was obtained from Milan or Naples, or from any of the outlying European possessions of the crown.