as the Spanish manufacturers and dealers in such wares were not only impeded in the production and distribution of them by the economical causes mentioned, but were practically the only classes punished for infraction of the sumptuary decrees. Thus the great sums that arrived in Seville every year from the Indies to a large extent never penetrated Spain at all, but were transhipped at once to other countries, either in exchange for foreign commodities which unwise sumptuary decrees and faulty finance prevented from being produced in Spain, or else to pay the Genoese and German loan-mongers,--_asentistas_, as they were called,--who on usurious terms were always ready to provide money against future revenue for the wasteful shows by means of which the idea of Spain's abounding wealth and power was kept up. What portion of the American gold and silver did reach the Spanish people themselves was mostly hoarded or buried to keep it from the grasp of tax-farmers, thieves, and extortioners of all sorts, to whom a man of known wealth was simply looked upon as fair prey. The copper money, genuine and forged, with which the country {19} was flooded[19] was the only sort commonly current, and this had been by decree (1603) raised to double its face value, again increasing the price of articles of prime necessity to the poorer purchaser; whilst the nobles and other wealthier people who possessed hoarded silver and gold lived comparatively cheaply. [Sidenote: Spain at Philip's birth] In the very year 1605, when, as we have seen, money was squandered in Valladolid without limit, every source of national revenue had been pledged for years in advance; and a year or two previously the King's officers had been forced to beg from door to door for so-called voluntary contributions of not less than fifty reals, for the daily expenses of the royal household. The revenue in this year was stated to be nominally 23,859,787 copper ducats of the value of 2s. 5-1/3d. each,--more than enough, if it had been received, to meet every necessary expenditure; but peculation and corruption were so universal, contraband and evasion so general, that according to the Venetian ambassador, every branch of the administration was starved, the national defences in a deplorable condition, and the King unable to raise an army of more than 20,000 or 30,000 men in Spain.[20] In the meanwhile Lerma and his family and friends and their respective adherents were piling up possessions and riches beyond computation. The first act of Philip III. on his accession had been to give to his favourite the right to receive what presents {20} were offered to him, and Lerma had exercised the privilege to the full. What the chief minister did the subordinates imitated. Rodrigo Calderon, the favourite of the favourite, and Franquesa, the clerk of the council of finance, were found in their subsequent disgrace to have hoarded immense quantities of gold and silver; and every one of the twenty