LITMIR.BIZ

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to 10 per cent., and in 1628 the nominal value was reduced one-half, but in 1636 the permissible premium on silver was recognized as 25 per cent., immediately after which the vellón coinage was restamped and trebled in value. In 1640 the premium was allowed to be 28 per cent. and in 1641 there was another restamping and the value was doubled, followed by recognizing the premium as 50 per cent. In some accounts before me of the salaries and expenses of the Supreme Council of the Inquisition, not dated, but evidently belonging to this period, the figures set down are increased when added, in one case by 28 per cent. and in another by 50, to adjust them to the currency in which they were expected to be paid. In other statements some items are specified as payable in vellón and others in plata. In the effort to bring the vellón to par in 1642, it was suddenly reduced to one-sixth of its current value and then, in 1643, it was raised four-fold. This resulted, in 1647, in a premium of 25 per cent., but when, in 1651, it was again restamped and restored to the value which it bore prior to 1642, the premium rose to 50 per cent. In June, 1652, another attempt was made to reduce it to one-fourth, but this seems to have been a failure and in November the edict was suspended. In 1660 its further issue was suspended and the experiment was again tried of an alloy containing 20 grains of silver to the marc, or about ¹/₂₃₀, which became known as moneda de molino de vellón ligado. This was so unsuccessful that, in 1664, its nominal value was reduced one-half and all other vellón currency was prohibited, while in February, 1680, a still further reduction of 75 per cent. in its value was ordered and in May its use was forbidden, it was declared to have no value as currency, and the premium of 50 per cent. was permitted as against other vellón coins, which had still continued in circulation. This lasted for four years, when in 1684 the moneda de molino was restored to circulation with a nominal value double that of the last reduction.[1336] With the eighteenth century the pretence of alloying copper with a fraction of silver was abandoned. In 1718 a pure copper coinage was issued and by this time the premium on specie recognized by law had advanced to nearly 100 per cent. In spite of the prohibitions to ask or receive more than this, people were forced to pay more. Traders kept the copper coinage tied up in bags representing the larger coins and refused to furnish the latter except at an advance.[1337] The premium gradually rose until, in 1737, the real de plata provincial was recognized legally as worth 2 reales de vellón and the real de plata nacional as worth 2½. Although there were no coined reales de vellón, they were the standard money of account on which all transactions were based. In the laws regulating the mints the salaries of the officials are always stated in vellón. Thus, in 1718, the superintendent of the mint of Madrid has 24,000 reales de vellón, the treasurer 16,000, and so forth. In 1728 the superintendent is allowed 500 escudos de vellón, the contador 400, etc. In 1730 it is provided that the sum of 120,000 reales de vellón is to be placed in the hands of the treasurer for current expenses and he is to give security in 20,000 ducados de vellón on unencumbered real estate. From this it follows that, when the kind of coin is not specified, there may be some difficulty in estimating the value of a sum of money mentioned. The difference between silver and vellón went on increasing. In 1772, when a new coinage of gold and silver was issued, the gold escudo, worth 16 reales de plata, was declared to be worth 37½ reales de vellón.

      With the Revolution the old coinage passed away and was replaced by the decimal system, the peseta and céntimo being equivalent to the French franc and centime. Yet still prices continue to be quoted in reales, which are now rated at 25 céntimos, or about 5 cents of American money.

      Nothing is more difficult than to ascertain accurately the variation in the purchasing power of money, but perhaps the price of labor affords the most trustworthy standard. In the fifteenth century this would seem to have been about 6 maravedís a day. In the eighteenth, common laborers employed in the mints received 3½ reales de vellón per diem, while those in more confidential positions such as watchmen were paid 6.[1338]

      As a matter of course the kingdoms of the Crown of Aragon had their independent systems of coinage, which were based on the old divisions of the marc, almost everywhere prevalent, of libras, sueldos and dineros, or pounds, shillings and pence, there being 20 sueldos to the libra and 12 dineros to the sueldo. In the documents of the early period there are frequent fluctuations in the relations between these coins and the Castilian system, but as a rule there were reckoned 20 Aragonese sueldos to the ducat, which therefore was equivalent to the libra. In Catalonia the sueldo barcelonense was 24 to the ducat, and there was also a coin known as morabatin, equal to 9 sueldos. Unification of currency throughout the monarchy was a desirable object, long frustrated by the stubborn particularism of the provinces. It was especially difficult to bring about in Catalonia, where the vellón coinage had been largely diluted by the allies during their long occupation of the principality in the War of Succession. An edict of 1733 informs us that there were 24 dineros to the Catalan real, but most of those in circulation of the coinage of 1653 had been restamped by the allies to double their nominal value. They had also coined dinerillos Catalanes with the same alloy of silver as the mintage of 1653, but with only half the weight, yet circulated at the full value. The edict denounces the dinerillos of both Aragon and Catalonia as an intolerable abuse and with superfluous emphasis orders their use to be abandoned, immediately in Aragon and in Catalonia as soon as sufficient money of vellón can be coined to take their place. The effort was futile for another edict of 1737 assimilates the dinerillo of Aragon and Valencia to the Castilian ochavo, or piece of 2 maravedís, and the dinerillo of Catalonia to 1 maravedí. In 1743, in consequence of disputes arising between troops quartered in Catalonia and the peasants, it was ordered that the vellón money of Castile should circulate freely in Aragon, Catalonia and Majorca. As late as 1772 an edict calls in the local small coinage of Valencia and orders it replaced with Castilian money, but this was so unsuccessful that it was followed, in 1777, with one confining the use of these coins to Valencia and forbidding their circulation elsewhere. When the unification of the currency occurred does not clearly appear, but it probably was not until the revision of the monetary system in the present century.

      The old cruzado of Portugal, to which reference sometimes occurs, was virtually the same as the Spanish ducat.

      DOCUMENTS.

       I.

       Table of Contents

      Letter of King Ferdinand to the Inquisitor-general Torquemada, July 22, 1486.

      (See pp. 132, 254, 291).

      (Archivo General de la Corona de Aragon, Registro 3684, fol. 102).

      El Rey.

      Devoto padre Prior. Vuestra carta vi e las otras de los otros inquisidores de Çaragoca y el memorial que vos embiaron. A la carta vuestra con otra de mi mano vos respondo e a las de los inquisidores e mandado responder e será la carta con la presente. E quanto a lo del memorial ó instruccion que escriben sobre lo que Don Juan de Ribera no faze la guerra fasta haber carta de mano mia e de la serenisima reina mi muy cara e muy amada mujer luego le ascribieramos salvo porque toda la gente suya havemos mandado venir para donde himos y sin gente ninguna cosa podria hazer. Plazera a nuestro senyor que con nuestra ida se remediará presto e volverse ha la gente a la frontera de Navarra e luego mandaremos a Don Juan que apriete a los de Tudela en guisa que fagan la razon. Quanto a lo que scriven en el tercero capitulo de la limosna que les parece se debe facer de sus bienes a los pobres penitenciados imponiendolos alguna pecuniaria sentencia, porque los conversos de aquella ciudad son muy conocidos y podria ser que allá les dieren a entender una cosa por otra me parece que les debeis escribir que envien relacion de quien son, specificando los nombres de cada uno e que bienes tienen e quantas sentencias e que penitencia les parece que se debe dar a todos e a cada uno dellos, porque, sabida la relacion de todo ello se podrá mejor determinar lo que en ello se debe facer. Quanto a la particion de los bienes dentre marido e muger quando el uno es sentenciado y el otro se falla inmune porque es cosa que esta en drecho

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