William too was well pleased; and he had reason to be so. Had the King of Spain died, as all men expected, before the end of that year, it is highly probable that France would have kept faith with England and the United Provinces; and it is almost certain that, if France had kept faith, the treaty would have been carried into effect without any serious opposition in any quarter. The Emperor might have complained and threatened; but he must have submitted; for what could he do? He had no fleet; and it was therefore impossible for him even to attempt to possess himself of Castile, of Arragon, of Sicily, of the Indies, in opposition to the united navies of the three greatest maritime powers in the world. In fact, the only part of the Spanish empire which he could hope to seize and hold by force against the will of the confederates of Loo was the Milanese; and the Milanese the confederates of Loo had agreed to assign to his family. He would scarcely have been so mad as to disturb the peace of the world when the only thing which he had any chance of gaining by war was offered him without war. The Castilians would doubtless have resented the dismemberment of the unwieldy body of which they formed the head. But they would have perceived that by resisting they were much more likely to lose the Indies than to preserve Guipuscoa. As to Italy, they could no more make war there than in the moon. Thus the crisis which had seemed likely to produce an European war of ten years would have produced nothing worse than a few angry notes and plaintive manifestoes.