§ 1. HENRY VIII.’S WASTEFULNESS—Henry VIII. came to the throne in 1509. He succeeded to a full treasury left by his thrifty father, and replenished by contributions from the general prosperity of the country at the close of the fifteenth century. But he soon dissipated the whole of these accumulations. He spent a great deal of money in subsidizing the needy Emperor of Germany, Maximilian, and in interfering in foreign affairs which were better left alone, in the hope of winning for himself a military reputation. His Continental wars and alliances cost him dear, or rather they cost the English people dear, for they gave him liberal grants of money (as _e.g._ in 1513) before he set out on his fruitless expeditions. But even in time of peace his expenditure was equally extravagant. The cost of his household establishments, and those of his children, was simply enormous; for the establishments of Mary, Edward, and even Elizabeth were each more costly than the whole annual charge of his father’s household. His extravagance was monumental, though where his money went he could not himself discover. Wolsey {84} said of him, “Rather than miss any part of his will, he will endanger one-half of his kingdom.” As a matter of fact he succeeded in impoverishing the whole of it. § 2. THE DISSOLUTION OF THE MONASTERIES—He soon wasted the carefully accumulated treasures of his father, and sought for further supplies. They were gained at first by increased taxation, but as this money was spent in the French wars, Henry was soon in difficulties again. Then he tried another expedient. The monasteries suggested themselves to him as an easy prey, and he knew that an attack upon them would not displease the growing Protestant party in the country. These institutions were in many cases not fulfilling their ancient functions properly, and were often far from being the homes of religious virtue. So excuses were easily found, and in 1536 the smaller monasteries with an income below £200 a year were suppressed, and in 1539 the larger ones were similarly treated. About 1000 houses were suppressed, the _annual_ income of which was £161,000, equivalent to more than two millions sterling of our present money. Half-a-dozen bishoprics and a few grammar schools were founded out of the proceeds of this spoliation, in order to blind the eyes of the people at large. But with these paltry exceptions the whole of that vast capital and revenue was granted to courtiers and favourites, sold at nominal prices, or gambled away by the king and his satellites.