Does the Sun Still Shine on Spain?

In our timeline, Spain had a pretty bad time in the aftermath of the Napoleonic Wars: by the early 1800s, all of her holdings in the Americas were gone. Now, at least in the case of Mexico from what I remember reading, the colonial elite who were holding power got upset because back in Spain a Constitution was passed. They did not like the idea of liberal government. Correct me if I am wrong, but at the moment I believe this was what led to Augustin Iturbide eventually being made Emperor of Mexico. So, I was wondering: what if Fernando VII pulled a Portugal and made a son or nephew the privilege of being 'King' or 'Emperor' but remaining in close union with the mother country?
 
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