Spain of the Golden Century / The gold of the Americas       The gold of the Americas The Spanish empire of America was established in the 16th century, under the reign of Charles V. At this time, Spain is burdened with pressing debts and the wealth of the West Indies, discovered by Christopher Columbus under the Catholic Kings, is exhausted. For this reason Charles V seek new territories to conquer and exploit. He sends several expeditions towards America, which the Spaniards will call the Indies until the 18th century. One of these expeditions reaches Mexico. It is lead by Hernan Cortez, who bloodily subjugates this country in 1522, exceeding the governor's orders. Some individuals thirsty for gold and glory who prolong to a certain extent the Reconquista, will thus undertake the conquest of Latin America. Pursuing the myth of the Eldorado, these conquistadors are ready to risk all in return for a percentage on the plundered wealth. The King, for his part, pays for nothing and is content with appropriating a fifth of the loot (el quinto). Thus, at no cost save from a few men, Spain benefits from a gigantic influx of gold and silver from the fabulous mines of America. During close to one century Seville receives one to three tons of gold and 30 to 250 tons of silver per year. Unfortunately, a great number of artistic treasures of the pre-Columbian civilizations are melted down to mint the ducats, doubloons or reales needed by Spain. This manna begin to dry up in the second half of the 17th century. On one hand, the Indian population providing the majority of the labour force is decimated, killed in the mines, and no technical innovation compensates this loss. On the other hand, the immigrant population in the colonies has developed its own economy and created the agricultural infrastructures that allow it to be independent from Spain only importing essential goods. Spain is thus deprived of a captive market that for many years paid a heavy price for imported goods with its gold and silver. Spain especially utilised the wealth of her colonies to build palaces and churches, and to obtain from other European countries, precious commodities or fine materials. In fact, blinded by these treasures which she then believes inexhaustible, Spain does not modernise her economy and imports everything. Thus a large part of the American gold only passes in transit through Spain to benefit the supplier countries, such as England, the Netherlands, France or Italy, which consequently organise their economies and development. Although rich and powerful, Spain is left behind by her European neighbours. She even reaches a situation of bankruptcy at the end of the 16th century and must turn to Dutch or Genoese bankers. The war she wages to keep her hegemony in Europe precipitates her ruin. As Bartolomeo Bennassar underlines it in A Golden Spanish Century : Gold and silver created the illusion, and they together contributed to the nation's glory, to her zenith and her decline.