Well acquainted with the value which Henry put upon Calais, and the impossibility, during the present emergence, of recovering it by treaty, she was willing rather to suffer that loss, than submit to such a dependence on Spain, as she must expect to fall into, if she continued pertinaciously in her present demand.

She ordered, therefore, her ambassadors, Lord Effingham, the bishop of Ely, and Dr.Wotton, to conclude the negotiation, and to settle a peace with Henry on any reasonable terms.

Henry offered to stipulate a marriage between the eldest daughter of the dauphin, and the eldest son of Elizabeth; and to engage for the restitution of Calais as the dowry of that princess;[**] but as the queen was sensible that this treaty would appear to the world a palpable evasion, she insisted upon more equitable, at least more plausible conditions.
* Forbes's Full View, vol.i.p.

59.
** Forbes's Full View, vol.i.p.

54.
It was at last agreed, that Henry should restore Calais at the expiration of eight years; that in case of failure, he should pay five hundred thousand crowns, and the queen's title to Calais still remain; that he should find the security of seven or eight foreign merchants, not natives of France, for the payment of this sum; that he should deliver five hostages till that security were provided; that if Elizabeth broke the peace with France or Scotland during the interval, she should forfeit all title to Calais; but if Henry made war on Elizabeth, he should be obliged immediately to restore that fortress.[*] All men of penetration easily saw that these stipulations were but a colorable pretence for abandoning Calais; but they excused the queen on account of the necessity of her affairs; and they even extolled her prudence in submitting without further struggle to that necessity.