586 POPULAR SCIENCE MONTHLY. 



on the basis then assigned to it. Of course, the premium on the 

 precious metals reappeared, and efforts to repress it by law were 

 vain. It had to be recognized, and in 1G47 a decree permitted it 

 to the extent of twenty- five per cent, with stern punishment for 

 those who should exceed the limit. 



There could be no prosperous trade subject to such fluctua- 

 tions in the standard of value, and the royal revenues must have 

 suffered accordingly, for the next change was distinctly a method 

 of raising money. The old calderilla coinage of Philip II had 

 remained thus far undisturbed, and now by a cedula of November 

 11, 1651, all the rest of the base coin was restored to the value 

 which it had borne prior to the reduction of 1G42. The profit of 

 this increase was reserved to the crown by requiring all holders 

 of vell(5n to bring it to the mints within thirty days, after which 

 it was demonetized and could no longer be used as currency. 

 They were to receive its present value in the restamped issue at 

 the new rate, and any one hoarding or passing the old money after 

 the expiration of the limit incurred death and confiscation. The 

 premium on specie, in spite of the law of 1647, had already reached 

 fifty per cent, and the sternest penalties were decreed to prevent 

 its rising above that figure for a first offense, confiscation and 

 six years of presidio (service in the African forts) for nobles, 

 confiscation and six years of galleys for plebeians ; for a second 

 offense, death without distinction of rank. If absolute power 

 could regulate values, Spanish thoroughness would have accom- 

 plished it. 



Kings may propose, but in matters like this it is the people that 

 dispose. The natural result of this measure was to drive not only 

 the precious metals but even the calderilla out of circulation. It 

 required only six months to demonstrate the error committed, 

 and a heroic effort to bring some sort of order into the medium 

 of exchange was made in a pragmatica of June 25, 1652. Under 

 this the old calderilla remained unchanged, but the vellon griieso, 

 or large coinage, which had been advanced in value six months 

 before, was reduced to one fourth, at which it was to be current 

 until the end of the year, and on January 1, 1653, it was to be 

 demonetized and its use prohibited under the severe penalties for 

 passing false money. The plan of seizing it all and sequestrating 

 it at a given hour throughout Spain was adopted, but the crown 

 proposed to assume the loss, not only on about seven millions of 

 the restamped coin in the treasury, but by giving to those who 

 surrendered it assignations on the tobacco tax, bearing five per 

 cent interest. All arrears of taxes were also receivable in it for 

 two months, and various other methods were offered of relieving 

 the community. All the vellon griieso thus received was to be 

 melted down, and to make a market for the copper the laws pro- 



