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 against the other." In August 1701 he obtained for French traders the asiento, the profitable and coveted monopoly in negro slaves. In September he prohibited English imports. Then, on the 16th, he did one thing more, one thing too much even for a nation of economists and calculators.

The acceptance of the Spanish succession by France was the frustration of William's efforts during thirty years. He had striven and made war for peace and civilisation against wilful attack and the reign of force. That good cause was defeated now, and the security of national rights and international conventions was at an end. The craving for empire and the hegemony of Europe had prevailed. The temper of England compelled him, in April 1701, to acknowledge Philip of Anjou. The country, he said, could not understand the refusal to acknowledge a king welcomed by the whole of Spain. He advised the Emperor to have the German princes with him, and to begin the attack. He himself would arm meanwhile, and his own people, before long, would drive him into war. He relied on the arrogance of the French, and this calculation, the measures by which he brought public opinion on to his side, are the greatest achievement of his career.

As it became apparent that England was to lose, not, like Austria, a visionary prospect, but its commercial existence, during the summer of 1701 the spirit of parliament began to be roused. William, watching the flow of the patriotic tide, concluded with Austria and Holland the treaty of the Hague, which divided Europe, for the first time, into a Latin and a German half. Austria was to obtain that which it desired above all things, dominion over Italy. The Maritime Powers were to retain their commercial privileges in Spain, and everything they could make their own in America. France was to be excluded from transatlantic markets; but nothing was said as to Spain. Implicitly, Philip V. was acknowledged. The Maritime Powers aimed much more at prosperity than at power. Their objects were