Though in 1607 the monarchy declared itself bankrupt, Lerma carried out the ruinous measures for the expulsion of the Moriscos, Moors who had converted to Christianity, from 1609–14, a decision affecting over 300,000 people. A policy motivated by religious and political considerations, in which no economic consideration played a part, the expulsion secured him the admiration of the clergy and was popular with the masses of people. It also provided a short-term boost to the royal treasury from the impounded property of the Moors, but would ruin the economy of Valencia for generations. Lerma's financial horizons remained medieval: his only resources as a finance minister were the debasing of the coinage and edicts against luxury and the making of silver plate.