In order to obtain a little money, the cautionary towns must be delivered up to the Dutch; a measure which has been severely blamed by almost all historians; and I may venture to affirm, that it has been censured much beyond its real weight and importance.
When Queen Elizabeth advanced money for the support of the infant republic, besides the view of securing herself against the power and ambition of Spain, she still reserved the prospect of reimbursement; and she got consigned into her hands the three important fortresses of Flushing, the Brille, and Rammekins, as pledges for the money due to her.

Indulgent to the necessitous condition of the states, she agreed that the debt should bear no interest; and she stipulated, that if ever England should make a separate peace with Spain, she should pay the troops which garrisoned those fortresses.[*] After the truce was concluded between Spain and the United Provinces, the states made an agreement with the king, that the debt, which then amounted to eight hundred thousand pounds, should be discharged by yearly payments of forty thousand pounds; and as five years had elapsed, the debt was now reduced to six hundred thousand pounds; and in fifteen years more, if the truce were renewed, it would be finally extinguished.[**] * Rymer, tom.xvi.p.341.Winwood, vol.ii.p.

351.
** Sir Dudley Carleton's Letters, p.

27, 28.
But of this sum, twenty-six thousand pounds a year were expended on the pay of the garrisons: the remainder alone accrued to the king: and the states, weighing these circumstances, thought that they made James a very advantageous offer, when they expressed their willingness, on the surrender of the cautionary towns to pay him immediately two hundred and fifty thousand pounds, and to incorporate the English garrisons in their army.

It occurred also to the king, that even the payment of the forty thousand pounds a year was precarious, and depended on the accident that the truce should be renewed between Spain and the republic: if war broke out, the maintenance of the garrisons lay upon England alone; a burden very useless, and too heavy for the slender revenues of that kingdom: that even during the truce, the Dutch, straitened by other expenses, were far from being regular in their payments; and the garrisons were at present in danger of mutinying for want of subsistence: that the annual sum of fourteen thousand pounds, the whole saving on the Dutch payments, amounted, in fifteen years, to no more than two hundred and ten thousand pounds; whereas two hundred and fifty thousand pounds were offered immediately, a larger sum; and if money be computed at ten per cent., the current interest more than double the sum to which England was entitled:[*] that if James waited till the whole debt were discharged, the troops which composed the garrisons remained a burden upon him, and could not be broken, without receiving some consideration for their past services: that the cautionary towns were only a temporary restraint upon the Hollanders; and, in the present emergence, the conjunction of interest between England and the republic was so intimate as to render all other ties superfluous; and no reasonable measures for mutual support would be wanting from the Dutch, even though freed from the dependence of these garrisons: that the exchequer of the republic was at present very low, insomuch that they found difficulty, now that the aids of France were withdrawn, to maintain themselves in that posture of defence which was requisite during the truce with Spain: and that the Spaniards were perpetually insisting with the king on the restitution of these towns, as belonging to their crown; and no cordial alliance could ever be made with that nation, while they remained in the hands of the English.[**] These reasons, together with his urgent wants, induced the king to accept of Caron's offer; and he evacuated the cautionary towns, which held the states in a degree of subjection, and which an ambitious and enterprising prince would have regarded as his most valuable possessions.