"The citizens have debated the conditions of the loan your Majesty did them the honour to ask of them," said Don Renard. "Yes," said Philip, somewhat eagerly, "and I trust they raise no difficulty." "These purse-proud burgesses are not like the money-lenders of Madrid or Amsterdam, they are not satisfied with the securities we offer," said the Ambassador. The King frowned, as he replied— "The money must be procured; our expedition hangs fire, and the English troops are badly equipped. You must see to it, and that quickly." "The expedition is not popular in the City," said Renard, "we must do something to placate these stubborn islanders." "Yes, I know," replied the King petulantly; "but what can we do?" "Will your Majesty pardon me if I suggest something?" replied the Ambassador, and in obedience to Philip's nod of assent, he continued, "That young man, Ralph Jefferay, who was condemned to-day in the Court of the Star Chamber, is accounted a hero in London." "And why?" asked Philip impatiently, the frown on his face deepening; "is it not because he is a heretic?" "Nay, your Majesty, I know not whether he is of the 'New Learning' or not," replied Don Renard. "But the real reason goes far deeper than that: he is known to be a young man of splendid daring and of intrepid courage," he continued. The King was not appeased. "Go on," he said, "I see you have something further to tell me; I listen." "Oh, sire," cried the Ambassador, "pardon me if I err through zeal in your service. There is a deed on record, just lately performed, which raised the admiration of the Londoners." Then as briefly as possible Don Renard told the stirring tale of the rescue on the Thames, hiding for the moment his own connection with it. He told it well, bringing out vividly all the strong points. The King was a cold-blooded man, yet he was something of a soldier, and a deed of arms like this moved him. "And the man they rescued, who was he, you have not told me his name?" said he. "It was my stepson, Don Diego, sire," was the reply. "Ah! I see, I see," said the King. Then after a moments thought he continued— "I will see the Queen on his behalf, and I will ask that the pillory and the mutilation be not undergone by the condemned man. Yet, Renard, he is a seditious man, and, I doubt not, a heretic. The sentence as to the fine and the imprisonment must stand." "That will not render the Queen nor your Majesty popular in the City; it will not expedite our loan nor induce young Englishmen to come forward to fight our battles," replied Renard. "Pardon me once more, sire, if I make a suggestion to you. We are calling for an English contingent of eight thousand men: Lord Clinton tells me that men are coming forward very slowly.