The opening of the ocean as a highroad precipitated the Reformation, and built up Antwerp, while in the end it ruined Spain; and finally the last great quickening of the age of steam, which centralized the world at London, bathed the earth in blood, from the Mississippi to the Ganges. Thus religions are preached and are forgotten, empires rise and fall, philosophies are born and die, art and poetry bloom and fade, as societies pass from the disintegration wherein the imagination kindles, to the consolidation whose pressure ends in death. In 1688, when the momentum of England suddenly increased, the change was equivalent to the conquest of the island by a new race. Among the family of European nations, Great Britain rose as no people had risen since the Punic Wars. Almost instantly she entered on a career of conquest unparalleled in modern history. Of the hundred and twenty-five years between the Boyne and Waterloo, she passed some seventy in waging ferocious wars, from which she emerged victorious on land and sea, the mistress of a mighty empire, the owner of incalculable wealth, and the centre of the world’s exchanges. Then, from this culminating point of expansion by conquest, she glided subtly, and almost imperceptibly, into the period of contraction, as Rome went before her under the Cæsars. Although abundant metallic currency does not, probably, of itself, create mercantile prosperity, such prosperity is hardly compatible with a shrinking stock of money; for when contraction sets in and prices fall, producers and debtors are ruined, as they were ruined in Italy under the later emperors. Toward the close of the seventeenth century Europe appeared to be on the brink of such a contraction, for though Peru had lavishly replenished the supply of the precious metals a hundred years previously, the drain to Asia and the increasing demands of commerce had been so considerable, that the standard coin had generally depreciated. From the reign of Augustus downward, commerce between Europe and Asia has usually favoured Asia, and this was particularly true of the seventeenth century, when the value of bullion fell in the West, and therefore encouraged lavish exports to the East, where it retained its purchasing power. According to Adam Smith, “the banks of Venice, Genoa, Amsterdam, Hamburg, and Nuremberg, seem to have been all originally established” to provide an ideal currency for the settlement of bills of exchange, and the money “of such banks, being better than the common currency of the country, necessarily bore an agio, which was greater or smaller, according as the currency was supposed to be more or less degraded below the standard of the State.”[324] Smith estimated the depreciation at Hamburg at fourteen per cent, and at Amsterdam, early in the previous century, at nine per cent; in short, all European countries suffered, but in England the evil reached a climax through the inertia of the new aristocracy.