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“My loving people”
Queen Elizabeth begins her speech by depicting herself as an affectionate ruler who cares for her subjects—a trope she used often during her reign. She reminds the troops of her love for them and the affection between them so that she seems like a caring, engaged leader; she can then more effectively ask them to risk their lives on behalf of her and the country.
“We have been persuaded by some that are careful of our safety to take heed how we commit ourselves to armed multitudes, for fear of treachery.”
The danger that Elizabeth alludes to here was real, as many rivals hoped to take her place as ruler of England. In acknowledging it, however, Elizabeth draws an implicit contrast between her advisors’ caution and her own boldness and courage. Her use of the “royal we” underscores this; in the following sentence, Elizabeth switches to the more intimate “I,” as though to assure listeners of her personal authenticity.
“I assure you I do not desire to live to distrust my faithful and loving people.”
This is another mention of Elizabeth’s love for her people and her belief in their good qualities. Her compliments to her subjects function as both wish fulfillment and stagecraft: She says she thinks the best of her subjects hoping to encourage the best in them.