nobility and the bankruptcy of the Taula de Canvi in 1613. The Crown endeavoured to compensate the nobles, who had lost much of their agricultural labour force; this harmed the economy of the city for generations to come. Later, during the so-called Catalan Revolt (1640–1652), Valencia contributed to the cause of Philip IV with militias and money, resulting in a period of further economic hardship exacerbated by the arrival of troops from other parts of Spain.
Valencia under the Bourbons
The decline of the city reached its nadir with the War of Spanish Succession (1702–1709) that marked the end of the political and legal independence of the Kingdom of Valencia. During the War of the Spanish Succession, Valencia sided with Charles of Austria. On 24 January 1706, Charles Mordaunt, 3rd Earl of Peterborough, 1st Earl of Monmouth, led a handful of English cavalrymen into the city after riding south from Barcelona, capturing the nearby fortress at Sagunt, and bluffing the Spanish Bourbon army into withdrawal.
The English held the city for 16 months and defeated several attempts to expel them. English soldiers advanced as far as Requena on the road to Madrid. After the victory of the Bourbons at the Battle of Almansa on 25 April 1707, the English army evacuated Valencia and Philip V ordered the repeal of the privileges of Valencia as punishment for the kingdom's support of Charles of Austria. By the Nueva Planta decrees (Decretos de Nueva Planta) the ancient Charters of Valencia were abolished and the city was governed by the Castilian Charter. The Bourbon forces burned important cities like Xativa, where pictures of the Spanish Bourbons in public places are hung upside down as a protest to this day. The capital of the Kingdom of Valencia was moved to Orihuela, an outrage to the citizens of Valencia. Philip ordered the Cortes to meet with the Viceroy of Valencia, Cardinal Luis de Belluga, who opposed the
