of his border). At the end of Maximilian's rule, the Habsburgs' mountain of debt totalled six million gulden to six and a half million gulden, depending on the sources. By 1531, the remaining amount of debt was estimated at 400,000 gulden (about 282,669 Spanish ducats). In his entire reign, he had spent around 25 million gulden, much of which was contributed by his most loyal subjects – the Tyrolers. The historian Thomas Brady comments: "The best that can be said of his financial practices is that he borrowed democratically from rich and poor alike and defaulted with the same even-handedness". By comparison, when he abdicated in 1556, Charles V left Philip a total debt of 36 million ducats (equal to the income from Spanish America for his entire reign), while Ferdinand I left a debt of 12.5 million gulden when he died in 1564. Economy and economic policies under the reign of Maximilian is a relatively unexplored topic, according to Benecke. Overall, according to Whaley, "The reign of Maximilian I saw recovery and growth but also growing tension. This created both winners and losers.", although Whaley opines that this is no reason to expect a revolutionary explosion (in connection to Luther and the Reformation). Whaley points out, though, that because Maximilian and Charles V tried to promoted the interests of the Netherlands, after 1500, the Hanseatic League was negatively affected and their growth relative to England and the Netherlands declined. In the Low Countries, during his regency, to get more money to pay for his campaigns, he resorted to debase coins in the Burgundian mints, causing more conflicts with the interests of the Estates and the merchant class. In Austria, although this was never enough for his needs, his management of mines and salt works proved efficient, with a marked increase in revenue, the fine silver production in Schwaz increased from 2,800 kg in 1470 to 14,000 kg in 1516. Benecke remarks that Maximilian was a ruthless, exploitative businessman while Hollegger sees him as a clearheaded manager with sober cost-benefit analysis. Ultimately, he had to mortgage these properties to the Fuggers to get quick cash. The financial price would ultimately fall on the Austrian population. Fichtner states that Maximilian's pan-European vision was very expensive, and his financial practices antagonized his subjects both high and low in Burgundy, Austria and Germany (who tried to temper his ambitions, although they never came