law with him. If I were not the independent gentleman that I am, rather than I would be a retainer to the great, a led captain, or a poor relation, I would choose out of the delicacy and true greatness of my mind to be a beggar. Rags, which are the reproach of poverty, are the beggar's robes and graceful insignia of his profession, his tenure, his full dress, the suit in which he is expected to show himself in public. He is never out of the fashion, or limpeth awkwardly behind it. He is not required to put on court mourning. He weareth all colours, fearing none. His costume hath undergone less change than the quaker's. He is the only man in the universe who is not obliged to study appearances. The ups and downs of the world concern him no longer. He alone continueth in one stay. The price of stock or land affecteth him not. The fluctuation of agricultural or commercial prosperity toucheth him not, or, at worst, but changes his customers. He is not expected to become bail or surety for anyone. No man troubleth him with questioning his religion or politics. He is the only free man in the universe. PROCRASTINATION. Be wise to-day; 'tis madness to defer; All pay themselves the compliment to think At thirty man suspects himself a fool; And why? Because he thinks himself immortal, Edward Young. ENGLAND IN THE REIGN OF ELIZABETH. PART I. REVENUES OF THE CROWN. The Queen Elizabeth's economy was remarkable; and, in some instances, seemed to border upon avarice. smallest expense, if it could possibly be spared, appeared considerable in her eyes, and even the charge of an express during the most delicate transactions was not below her notice. She was also attentive to every profit, and embraced opportunities of gain which may appear somewhat extraordinary. She kept, for instance, the see of Ely vacant for nineteen years in order to retain the revenue; and it was usual with her when she promoted a bishop to take the opportunity of pillaging some of its manors. There is a curious letter of the queen's, written to a bishop of Ely, and preserved in the register of that see. It is written in these words: "Proud prelate, I understand you are backward in complying with your agreement; but I would have you know that I, who made you what you are, can unmake you; and if you do not forthwith fulfil your engagement, I will immediately unfrock you. Yours, as you demean yourself, Elizabeth." The bishop, it seems, had promised to exchange some part of the land belonging to the see for a pretended equivalent; and did so-but it was in consequence of the above letter. But that in reality there was little or no avarice in the queen's temper appears from this circumstance, that she never amassed any treasure, and even refused subsidies from the Parliament when she had no immediate occasion for them. Yet we must not conclude from this circumstance that her economy proceeded from a tender concern for her people. She loaded them with monopolies and exclusive patents, which are much more oppressive than the most heavy taxes levied in an equal and regular manner. The real source of her frugal conduct was derived from her desire of independence, and her care to preserve her dignity, which would have been endangered had she reduced herself to the necessity of having frequent recourse to parliamentary supplies. In consequence of this motive the queen, though engaged in successful and necessary wars, thought it more prudent to make a continual dilapidation of the royal demesnes than demand the most moderate supplies from the Commons. As she lived unmarried and had no posterity, she was content to serve her present term, though at the expense of her successors, who, by reason of this policy, joined to other circumstances, found themselves on a sudden reduced to the most extreme indigence. The splendour of a court was, during this age, a great part of the public charge; and as Elizabeth was a single woman, and expensive in no kind of magnificence except clothes, this circumstance enabled her to perfom great things by her narrow revenue. She is said to have paid four millions of debt left on the crown by her father, brother, and sister, an incredible sum for that age. The State, at the time of her death, owed her about eight hundred thousand pounds; and the king of France four hundred and fifty thousand. Though that prince was extremely frugal, and after the Peace of Vervius was continually amassing treasure, the queen never could, by the most pressing importunities, prevail on him to make payment of those sums which she had so generously advanced him during his greatest distresses. Sir Robert Cecil affirmed that in ten years Ireland cost her three million four hundred thousand pounds. She gave the earl of Essex a present of thirty thousand pounds upon his departure for the govern ment of that kingdom. Lord Burleigh computed that the value of the gifts conferred on that favourite amounted to three hundred thousand pounds; a sum which, though probably exaggerated, is a proof of her strong affection towards him. It was a common saying during this reign, "The queen pays bountifully, though she rewards sparingly." It is difficult to compute exactly the queen's ordinary revenue, but it certainly fell much short of five hundred thousand pounds a year. In the year 1590 she raised the customs from £14,000 a year to £50,000, and obliged Sir Thomas Smith, who had farmed them, to refund some of his former profits. The great undertakings which she executed with so narrow a revenue, and with such small supplies from her people, prove the mighty effects of wisdom and economy. She received from the Parliament, during the course of her whole reign, only twenty subsidies and thirty-nine fifteenths. If we suppose that the supplies granted Elizabeth during a reign of forty-five years amounted to three millions, we shall not probably be much wide of the truth. This sum makes only £66,666 a year; and it is surprising that, while the queen's demands were so moderate and her expenses so well regulated, she could ever have found any difficulty in obtaining a supply from Parliament, or be reduced to make sale of the crown lands. But such was the extreme parsimony of the Parliaments during that period: they valued nothing in comparison with their money. members had no connection with the court; and the very idea which they conceived of the trust committed to them was to reduce the demands of the crown, and to grant as few supplies as possible. The crown, on the other hand, conceived the Parliament in no other light than as a means of supply. Queen Elizabeth made a merit to her people of seldom summoning parliaments. No redress of grievances was expected from these assemblies; they were supposed to meet for no other purpose than to impose taxes. The Before the reign of Elizabeth the English princes had usually recourse to the city of Antwerp for voluntary loans; and their credit was so low that, besides paying the high interest of ten or twelve per cent, they were obliged to make the city of London join in the security. Sir Thomas Gresham, that great and enterprising merchant, one of the chief ornaments of this reign, engaged the company of merchant adventurers to grant a loan to the queen; and as the money was regularly repaid, her credit, by degrees, established itself in the city, and she shook off this dependence upon foreigners. In the year 1559, however, the queen employed Gresham to borrow for her two hundred thousand pounds at Antwerp, in order to enable her to reform the coin, which was extremely debased. She was so impolitic as to make herself an innovation in the coin, by dividing a pound of silver into sixty-two shillings, instead of sixty the former standard. This was the last time the coin has been tampered with in England. To-morrow, and to-morrow, and to-morrow, Shakespere. ENGLAND IN THE REIGN OF ELIZABETH. PART II. COMMERCE AND TRADE. Queen Elizabeth, sensible how much the defence of her kingdom depended on its naval power, was desirous to encourage commerce and navigation. But as her monopolies tended to extinguish all domestic industry, which is |