The formidable monarchy which Charles V. and his son had unnaturally constructed of the Netherlands, Milan, and the two Sicilies, and their distant possessions in the East and West Indies, was under Philip III. and Philip IV. fast verging to decay. Swollen to a sudden greatness by unfruitful gold, this power was now sinking under a visible decline, neglecting, as it did, agriculture, the natural support of states. The conquests in the West Indies had reduced Spain itself to poverty, while they enriched the markets of Europe; the bankers of Antwerp, Venice, and Genoa, were making profit on the gold which was still buried in the mines of Peru. For the sake of India, Spain had been depopulated, while the treasures drawn from thence were wasted in the re-conquest of Holland, in the chimerical project of changing the succession to the crown of France, and in an unfortunate attack upon England. But the pride of this court had survived its greatness, as the hate of its enemies had outlived its power. Distrust of the Protestants suggested to the ministry of Philip III. the dangerous policy of his father; and the reliance of the Roman Catholics in Germany on Spanish assistance, was as firm as their belief in the wonder-working bones of the martyrs. External splendour concealed the inward wounds at which the life-blood of this monarchy was oozing; and the belief of its strength survived, because it still maintained the lofty tone of its golden days. Slaves in their palaces, and strangers even upon their own thrones, the Spanish nominal kings still gave laws to their German relations; though it is very doubtful if the support they afforded was worth the dependence by which the emperors purchased it. The fate of Europe was decided behind the Pyrenees by ignorant monks or vindictive favourites. Yet, even in its debasement, a power must always be formidable, which yields to none in extent; which, from custom, if not from the steadfastness of its views, adhered faithfully to one system of policy; which possessed well-disciplined armies and consummate generals; which, where the sword failed, did not scruple to employ the dagger; and converted even its ambassadors into incendiaries and assassins. What it had lost in three quarters of the globe, it now sought to regain to the eastward, and all Europe was at its mercy, if it could succeed in its long cherished design of uniting with the hereditary dominions of Austria all that lay between the Alps and the Adriatic.