thus exercise liberality towards all from whom he does not take, whose number is infinite, while he is miserly in respect of those only to whom he does not give, whose number is few.

In our own days we have seen no Princes accomplish great results save those who have been accounted miserly. All others have been ruined. Pope Julius II, after availing himself of his reputation for liberality to arrive at the Papacy, made no effort to preserve that reputation when making war on the King of France, but carried on all his numerous campaigns without levying from his subjects a single extraordinary tax, providing for the increased expenditure out of his long-continued savings. Had the present King of Spain been accounted liberal, he never could have engaged or succeeded in so many enterprises.