premises, hath been fain to employ not only all such sums of money as
hath risen or grown by contributions made unto his Grace by his
loving subjects--but also, over and above the same, sundry other
notable and excellent sums of his own treasure and yearly revenues,
among which manifold great sums so employed, his Highness also, as is
notoriously known, and as doth evidently appear by the ACCOUNTS OF
THE SAME, hath to that use, and none other, converted all such money
as by any of his subjects hath been advanced to his Grace by way of
prest or loan, either particularly, or by any taxation made of the
same--being things so well collocate and bestowed, seeing the said
high and great fruits and effects thereof insured to the surety and
commodity and tranquillity of this realm--of our mind and consent, do
freely, absolutely, give and grant to the King's Highness all and
every sum or sums of money,' etc.

The second release of the King's debts, in 1544, is very similar.
The King's debts and necessities were really, when we come to examine
them, those of the nation: in 1538-40 England was put into a
thorough state of defence from end to end. Fortresses were built
along the Scottish Border, and all along the coast opposite France
and Flanders. The people were drilled and armed, the fleet equipped;
and the nation, for the time, became one great army. And nothing but
this, as may be proved by an overwhelming mass of evidence, saved the
country from invasion. Here were enormous necessary expenses which
must be met.

In 1543 a million crowns were to have been paid by Francis the First
as part of his old debt. It was not paid: but, on the contrary,
Henry had to go to war for it. The nation again relinquished their
claim, and allowed Henry to raise another benevolence in 1545,