General Effects of French Mexico

Presume that France funded some early explorations and some French adventurers took down the Aztecs. In broad strokes, what might be different about French ruke over Mexico, and what might be different on the European political and economic scene if France has access to that wealth?
 

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French Treasure Galleons will be harder target to Spanish privateers compared to Spanish Treasure Galleons IOTL. With sail technology of era, returning from the New World in the best wind band leads directly to France. But to get supplies to Mexico, France must send ships near Spanish waters. So more blockade and starvation, plus less piracy, compared to IOTL. The effect is what French Mexico will be ultimately less-taxed and more self-dependent. As result, faster colonial growth and worse Indian casualties.
 
Most French colonies otl are less immigrant focused than other powers, it is possible that Azteque could be one of the exceptions like Quebec or Algeria but if it wasn't a stronger native identity could remain, particularly at you head up towards California
 
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