Now it happened that the Spanish Habsburgs were dying out in the male line. Charles II was himself without children or brothers. Of his sisters, the elder was the wife of Louis XIV and the younger was married to the Emperor Leopold, the heir of the Austrian Habsburgs. Louis XIV had renounced by the peace of the Pyrenees (1659) all claims to the Spanish throne on condition that a large dowry be paid him, but the impoverished state of the Spanish exchequer had prevented the payment of the dowry. Louis, therefore, might lay claim to the whole inheritance of Charles II and entertain the hope of seeing the Bourbons supplant the Habsburgs in some of the fairest lands of Christendom. In opposition to the French contention, the emperor was properly moved by family pride to put forth the claim of his wife and that of himself as the nearest male relative of the Spanish king. If the contention of Leopold were sustained, a single Habsburg ruler might once more unite an empire as vast as that which the Emperor Charles V had once ruled. On the other side, if the ambition of Louis XIV were realized, a new and formidable Bourbon empire would be erected. In either case the European "balance of power" would be destroyed. [Sidenote: Commercial and Colonial Complications] Bound up with the political problem in Europe were grave commercial and colonial questions. According to the mercantilist theories that flourished throughout the seventeenth and eighteenth centuries, every country which possessed colonies should reserve trade privileges with them exclusively to its own citizens. So long as France and Spain were separate and each was only moderately powerful, their commercial rivals, notably England and Holland, might hope to gain special trade- concessions from time to time in French or Spanish colonies. But once the colonial empires of France and Spain were united under a joint ruler, such a vast monopoly would be created as would effectually prevent the expansion of English or Dutch commerce while it heightened the economic prosperity of the Bourbon subjects. [Sidenote: Attempts to Partition the Spanish Inheritance]