During that time, he had two violent wars to sustain with the Dutch; and in 1678, he made expensive preparations for a war with France.

In the first Dutch war, both France and Denmark were allies to the United Provinces, and the naval armaments in England were very great; so that it is impossible he could have secreted any part, at least any considerable part, of the sums which were then voted him by parliament.
* Dalrymple's Appendix, p.

142.
** Journals, 29th of December, 1660.
To these sums we must add about one million two hundred thousand pounds, which had been detained from the bankers on shutting up the exchequer in 1672.

The king paid six per cent.

for this money during the rest of his reign.[*] It is remarkable that, notwithstanding this violent breach of faith, the king, two years after, borrowed money at eight per cent.; the same rate of interest which he had paid before that event;[**] a proof that public credit, instead of being of so delicate a nature as we are apt to imagine, is, in reality, so hardy and robust, that it is very difficult to destroy it.
The revenue of James was raised by the parliament to about one million eight hundred and fifty thousand pounds;[***] and his income as duke of York being added, made the whole amount to two millions a year; a sum well proportioned to the public necessities, but enjoyed by him in too independent a manner.