coiner.’ Thus the founder of the French monarchy was also responsible for the defect which ultimately ruined his creation. It is an extraordinary thing that France, one of the richest countries in Europe, and in some ways one of the most efficiently governed, never had a sound financial system under the old monarchy. Philip’s successors imitated the defects as well as the merits of his rule. To his devices of farming the taxes and of debasing the currency they added the disastrous practice of selling offices, and of increasing their value by granting their holders exemption from taxation. Many Frenchmen saw and deplored the evil results of this system, but no one was strong enough to apply a drastic remedy. The deficit which resulted was the immediate occasion, though not the cause, of the great revolution. It may be fanciful, but it is not preposterous, to contend that, if Philip IV. had been a capable and honest financier, the Bourbons might still be seated on the throne of France. Such a harsh government as that of Philip IV. could not possibly be popular. His direct attack upon their [Sidenote: Death of Philip IV.] interests exasperated the _noblesse_, and his financial extortions alienated the _bourgeoisie_. In 1314 a new war broke out with Flanders, and Philip attempted to defray its expense by a heavy tax upon all commodities, to be levied on their sale, from both seller and purchaser. This caused an explosion, and for the first and only time nobles and third estate were leagued together against the king. Such an alliance threatened to ruin the monarchy, and Philip was forced to yield. He abolished the tax, and promised to redress the grievances of his subjects as regards the coinage. Soon after this humiliation he died (November 29, 1314).