I suppose my initial summary warrants a re-phrase. Spain's initial military isn't necessarily 'weeny' so much as it is overextended. I imagine if you gathered all of your initial units into a single stack you'd have a pretty decent starting army.
Oh, also, make sure you disband your military units on Cuba and Hispaniola. You wont be needing them and might as well save on the upkeep.
In the Americas, I find that the French (or Louisiana, if they haven't attacked you) will pay good money for Cherokee territory. I traded it to them for a ton of technology, and I probably could have gotten a better deal by bargaining. I also sold Kaimuk Territory (however that's spelled. The province north of Cherokee territory) to the British for a good price as well.
Keeping Florida was well worth it. I'm considering selling off Georgia, but it's a convinient military bastion against any British moves from the north.
One (dirty) trick with Spain is to let the Pueblo nations overwhelm New Spain and take some of their provinces, allowing you to sweep in and save the day. Mexico alone is worth any effort to get. Two silver mines AND a gold mine will make your king the richest idiot on the planet. I even build him the special palace in Madrid.
He currently eats off gold plates, with gold utensils, has a gold toilet and a gold-plated monkey named Bobo.
You know how hard it is to gold-plate a monkey?
It requires weeks of effort by a skilled monkey-plater. Those guys have to be serious professionals.
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