SPANISH EXPERIMENTS IN COINAGE. 587 



hibiting its importation, even in the shape of manufactured arti- 

 cles, were to be strictly enforced. It was argued that when this, 

 which through its superabundance had caused so much trouble, 

 was out of the way, there would remain only the calderilla, which 

 would all be needed for petty traffic, so that for larger transac- 

 tions the precious metals would come forth and circulate abun- 

 dantly at par, compensating the nation for the losses and sacri- 

 fices entailed by the measure. 



This was a bold attempt in the right direction, but it was too 

 sudden and too severe to be successful. It must have caused 

 abundant ruin and distress, and the clamor for relief must have 

 become irresistible, for in less than five months another edict was 

 issued (November 14th), announcing a complete reversal of the 

 means proposed for attaining the end in view. This time the 

 vellon grueso was retained as money and the calderilla was pro- 

 scribed and demonetized on the spot. Those who should register 

 what they held within fifteen days and surrender it within two 

 months were promised the same satisfaction as that offered in the 

 previous decree to the holders of velldn, and any one in whose 

 hands it should be found after sixty days was liable to the penal- 

 ties for circulating forbidden money. This reduction in the base 

 currency, together with the large amount of the precious metals 

 in the country and the yearly accessions by the fleet, it was 

 argued, deprived any difference in value of all excuse. As this 

 measure was the ultimate remedy whereby to obtain absolute 

 parity between them, any deviation from such equality was 

 declared a species of treason. Any premium or discount, how- 

 ever small, exposed all participating in it, whether as principals 

 or brokers, to confiscation and deprivation of office and of citizen- 

 ship. A special court was established for the prosecution of such 

 cases, in which the trial was to be secret and the names of the 

 witnesses withheld from the accused. Judges everywhere were 

 ordered to see that prices were reduced by one third, and all out- 

 standing debts and obligations were required to be settled at the 

 same reduction. 



This fresh disturbance of all business relations was as fruitless 

 as its predecessors. The calderilla thus called in was not melted 

 down but was restamped, and by a decree of October 22, 1654, was 

 received at its old valuation. Large amounts had apparently 

 been retained by the people in spite of the threatened penalties, 

 and this they were told would be receivable for dues to the fisc at 

 one half its nominal value, or might be taken to the mints and 

 by exchanged for half the amount in the restamped coin. Forty 

 days were allowed for this, after which its possession involved 

 confiscation and six years of presidio, or galleys. 



After this there was a pause in legislation until September 24, 



