To the Duke of Savoy, 1556:        I am extremely sorry not to be able to send you the money for paying off this army, but I simply do not have it. You can see that the only possibility is to negotiate with the Fuggers.

To the Council of State, 1565:        Apart from nearly all my revenues being sold or mortgaged, I owe very large sums of money and have need of very much more for the maintenance of my realms….I am greatly distressed to see the state in which things are.

To Emperor Maximilian II, 1569     The example of events in the Netherlands, caused by laxity, license, and consentment, is sufficient to make one see clearly that a different road has to be pursued. If there is division and disagreement over religion, neither government nor state nor the authority of princes nor peace and concord and tranquility among subjects can be maintained….The towns must be punished for their rebelliousness with the loss of their privileges; everyone must be made to live in constant fear.

From the Duke of Parma, Military Commander in the Netherlands, 1575: I can not find a single penny, nor can I see how the king could send money here, even if he had it in abundance. Short of a miracle, the whole military machine will fall in ruins.

From Don Martin de Padilla, Commander of the Atlantic Fleet, 1596:     I see, Sir, that nations are trying to destroy us, and I say ‘trying’ because they have managed to take Cadiz…if this loss is followed by what we may rightly fear should we not overcome our stupefaction, what respect will men have for Spaniards? No power exists that can maintain continuous wars, and even for the greatest monarch it is important to conclude wars rapidly. There will be many who would consider this desirable, saying that the policy we now follow we never end the war and that expenditure there [the Netherlands] in men and money is enormous; and that if another cure is not found the patient will soon die….

From Juan Fernandez de Valasco, Governor of Milan, 1597:     There is a general desire in Italy to expell the Spaniards. Our salvation can only lie in more troops, more money, and above all speed.