That such a large amount of treasure should be lying idle did not commend itself to the mind of so astute a financier as Sir Thomas Gresham. He accordingly suggested to Sir William Cecil by letter (14 Aug., 1569) that the queen should cause it to be minted into her own coin, and thereby make a profit of £3,000 or £4,000. As for repayment, her majesty could effect it by way of exchange, to her great profit, or give bonds for a year or more to the merchants who owned the money, and who, in Gresham's opinion, would willingly accede to such proposal.[1577] Bold as this suggestion was, it appears, nevertheless, to have been carried into execution.[1578]
The City Courts closed to Spanish suitors, 11 July, 1570.
The hardships already experienced by Spanish merchants from stoppage of commercial intercourse with England must have been materially increased the following year by an order of the Court of Aldermen (11 July, 1570) to the effect that all matters and suits brought by merchant strangers, subjects of the King of Spain, in any of the Queen's Majesty's Courts within the city of London for the recovery of a debt should be stayed, and no manner of arrest or attachment allowed until further notice, unless the stranger suing were a denizen or a member of the Church.[1579]
Failure of efforts to effect a mutual restoration of goods seized.
Spanish goods ordered to be sold.
The respective claims of England and Spain referred to arbitration.
By proclamation made the last day of June, 1570, English merchants who had suffered loss by Alva's proceedings were desired to make a return of such loss to the officers of one or other of the cities or towns of London, Southampton, Bristol, Chester, Newcastle, Hull or Ipswich, as they should find it most convenient,[1580] and on the 20th July following every Englishman into whose hands any goods belonging to Spanish subjects might have come was ordered to make a certificate under his hand and seal into the Court of the Admiralty, in the city of London, for her majesty to take further order thereon as should be thought meet.[1581] Negotiations, which had been renewed for mutual restitution, again broke down, for when the terms on which restitution was to be effected were to be reduced to writing, or, in the language of the record, "put into mundum,"[1582] the Spanish commissioners were found to have no[pg 514] authority to arrange matters, whilst at the same time they wished to introduce clauses and conditions which Elizabeth could in no wise accept. Seeing that she was being played with, and knowing that much of the goods of English merchants seized in Spain and the Netherlands had already been sold, the queen determined to put up for sale the Spanish merchandise which for three years had been in English hands. Proclamation to this effect was made the 14th January, 1572.[1583] The queen showed every desire to treat the Spanish merchants with consideration. The sale was entrusted to Spanish subjects, who, upon their oath, were to make sale of all the ships, goods, wares and merchandise arrested, to the utmost advantage they could; and Spanish owners were allowed, either by themselves, their factor or attorney, freely to enter the realm within thirty days after the date of the proclamation to attend the sale, provided they made no attempt against her majesty or the peace of the country and departed immediately the sale was over. This proclamation, coupled with the hopelessness of Alva's case and the manifestation of discontent displayed by his own ruined merchants, led to articles being drawn up (25 Mar.) between Elizabeth and the King of Spain for an adjustment of their respective claims. Sir Thomas Gresham had previously (4 Feb.) been directed by letter from Lord Burghley and Sir Walter Mildmay to deliver up certain bonds of the Governor and Company of Merchant Adventurers to be cancelled now that the whole matter was to be referred to arbitration.[1584]
Insurrection of the Earls of Northumberland and Westmoreland, 1569.
To add to the queen's difficulties, Mary, who had been deposed from the throne of Scotland and had sought shelter in England, was importuning her for assistance for the recovery of her lost crown. Whilst Elizabeth hesitated either to replace her rival in power or to set her at liberty, the Earls of Northumberland and Westmoreland endeavoured to carry out a scheme for marrying Mary to the Duke of Norfolk and forcing Elizabeth to acknowledge her as successor to the crown of England. The Duke of Norfolk obeyed the queen's summons to attend the court, and was committed to the Tower (Oct., 1569).[1585] The earls refused to obey the summons, and rose in insurrection. On the 24th November they were proclaimed traitors.[1586] Troops were sent against them, but they cowardly left their supporters to their own fate and fled to Scotland. The rebellion, fruitless as it proved to be, caused no little excitement in the city.
Measures taken for safe-guarding the city.