Meanwhile the strife between Louis and William had spread into another general European war. William had difficulties to encounter in his new kingdom. Its people cared little for his Continental aims and gave him little loyalty of service. In fact, peculation among public officials was so widespread that, despite large expenditures of money, England had only a most feeble, inefficient army in the field, and William was in black disgust against his new subjects. It was partly to aid the Government in its financial straits that the Bank of England was formed in 1694.[2] [Footnote 2: See _Establishment of the Bank of England_, page 286.] Yet Louis's troubles were greater and of deeper root. Catholic Austria and even the Pope himself, unable to submit to the arrogance of the "Grand Monarch," took part against him in this war. It can therefore no longer be regarded as a religious struggle. It marks the turning-point in Louis's fortunes. His boundless extravagance had exhausted France at last. Both in wealth and population she began to feel the drain. The French generals won repeated victories, yet they had to give slowly back before their more numerous foes; and in 1697 Louis purchased peace by making concessions of territory as well as courtesy. This peace proved little more than a truce. For almost half a century the European sovereigns had been waiting for Charles II of Spain to die. He was the last of his race, last of the Spanish Hapsburgs descended from the Emperor Charles V, and so infirm and feeble was he that it seemed the flickering candle of his life must puff out with each passing wind. Who should succeed him? In Mazarin's time, that crafty minister had schemed that the prize should go to France, and had wedded young Louis XIV to a Spanish princess. The Austrian Hapsburgs of course wanted the place for themselves, though to establish a common ancestry with their Spanish kin they must turn back over a century and a half to Ferdinand and Isabella. But strong men grew old and died, while the invalid Charles II still clung to his tottering throne. Louis ceased hoping to occupy it himself and claimed it for his son, then for his grandson, Philip. Not until 1700, after a reign of nearly forty years, did Charles give up the worthless game and expire. He declared Philip his heir, and the aged Louis sent the youth to Spain with an eager boast, "Go; there are no longer any Pyrenees." That is, France and Spain were to be one, a mighty Bourbon empire.