He did it solemnly, too, and with great religious unction, for it was a peculiarity of this remarkable sovereign that he was ever wont to accomplish his darkest crimes, whether murders or stratagems, as if they were acts of virtue.  Perhaps he really believed them to be such, for a man, before whom so many millions of his fellow worms had been writhing for half a century in the dust, might well imagine himself a deity.

So the king, on the 20th November, 1596, had publicly revoked all the assignments, mortgages, and other deeds by which the royal domains; revenues, taxes, and other public property had been transferred or pledged for moneys already advanced to merchants, banker, and other companies or individuals, and formally took them again into his own possession, on the ground that his exertions in carrying on this long war to save Christianity from destruction had reduced him to beggary, while the money-lenders, by charging him exorbitant interest, had all grown rich at his expense.

This was perfectly simple.  There was no attempt to disguise the villany of the transaction.  The massacre of so many millions of Protestants, the gigantic but puerile attempts to subjugate the Dutch republic, and to annex France, England, and the German empire to his hereditary dominions, had been attended with more expense than Philip had calculated upon.  The enormous wealth which a long series of marriages, inheritances, conquests, and maritime discoveries had heaped upon Spain had been exhausted by the insane ambition of the king to exterminate heresy throughout the world, and to make himself the sovereign of one undivided, universal, catholic monarchy.  All the gold and silver of America had not sufficed for this purpose, and he had seen, with an ever rising indignation, those very precious metals which, in his ignorance of the laws of trade, he considered his exclusive property flowing speedily into the coffers of the merchants of Europe, especially those of the hated commonwealth of the rebellious Netherlands.

Therefore he solemnly renounced all his contracts, and took God to witness that it was to serve His Divine will.  How else could he hope to continue his massacre of the Protestants?

The effect of the promulgation of this measure was instantaneous.  Two millions and a half of bills of exchange sold by the Cardinal Albert came back in one day protested.  The chief merchants and bankers of Europe suspended payment.  Their creditors became bankrupt.  At the Frankfort fair there were more failures in one day than there had ever been in all the years since Frankfort existed.  In Genoa alone a million dollars of interest were confiscated.  It was no better in Antwerp; but Antwerp was already ruined.  There was a general howl of indignation and despair upon every exchange, in every counting-room, in every palace, in every cottage of Christendom.  Such a tremendous repudiation of national debts was never heard of before.  There had been debasements of the currency, petty frauds by kings upon their unfortunate peoples, but such a crime as this had never been conceived by human heart before.