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Updated: June 16, 2025

In the Spanish Netherlands the newly-found treasure served to pay the only labourers required in a subjugated and almost deserted country, the pikemen of Spain and Italy, and the reiters of Germany. Prices could not sustain themselves in the face of depopulation. Where there was no security for property, no home-market, no foreign intercourse, industrial pursuits had become almost impossible.

John Lothrop Motley - History of the United Netherlands from the Death of William the Silent to the Twelve Year's Truce — Complete (1584-1609)

In the Spanish Netherlands the newly-found treasure served to pay the only labourers required in a subjugated and almost deserted country, the pikemen of Spain and Italy, and the reiters of Germany. Prices could not sustain themselves in the face of depopulation. Where there was no security for property, no home-market, no foreign intercourse, industrial pursuits had become almost impossible.

John Lothrop Motley - History of the United Netherlands, 1586-89 — Complete