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nio Bassoco who made the largest individual subscription to the tune of
200,000 pesos. A further thirteen individual investors and nineteen reli-
gious corporations also subscribed sums.
Source: Guillermina del Valle (1997), Table IV-3, pp. 289“290.

Tobacco Loan of 1795“1802. Amount requested nominal: 15,000,000 pesos.
Interest: 5 percent. (Amount actually collected: 7,172,264 pesos.)
On December 12, 1794, the king Charles IV and his Finance Minis-
ter, Diego de Gardoqui, authorized the mortgage of funds of the tobacco
monopoly in New Spain to guarantee a huge 15-million-peso loan at 5
percent interest. In April, 1795, the viceroy of New Spain, the marquis
of Branciforte, asked the Mexico City Merchant Guild and the Mining
Appendixes 283

Tribunal to take charge of the subscription and to raise a minimum sum
of 3 million pesos each. The receipts of the tobacco monopoly served as
guarantee of debt service. Actually the loan was a much-extended opera-
tion, lasting almost eight years. According to one document from 1813,
(Biblioteca Nacional, ms. 1282), 3.1 million pesos were collected by the
Merchant Guild and 3.7 million pesos by the Tribunal de Miner´a.
±
Sources: On the loan contract, see AGN, Correspondencia de Virreyes, 1st series,
vol. 213, exp. 57, f. 100 and AGN, Consulado, caja 312, exp. 8; also see
Correspondencia de Virreyes, 1st series, vol. 180, exp. 337 and exp. 361. For
some information on subscribers, see Guillermina del Valle (1997), Table
IV-4, pp. 291“292.

Patriotic Loan of October 22, 1798. Amount requested: 500,000 pesos. Interest:
non-interest-bearing loan. (Amount collected: 496,366 pesos.)
On May 27, 1798, the Spanish Minister of Finance, Francisco Saavedra,
signed a royal decree requesting a donativo and a pr´stamo patri´tico from the
e o
vassals of the king in the Americas in order to pay for expenses in the naval
war against Britain. The loan was issued in the shape of bonds (“acciones”)
of 50 pesos each (1,000 reales) without interest, to be returned to subscribers
ten years alter the end of the war. The lists of the contributors were to be
published in the of¬cial gazettes in the Spanish American colonies.
Viceroy Azanza himself advanced a personal loan of 15,000 pesos but the
largest individual contribution was that of the Veracruz Merchant Guild for
100,000 pesos. According to the documentation found, the total raised was
496,366 pesos, and there were 8,162 bonds issued, some of which evidently
were worth more than 50 pesos.
Sources: For the royal instruction, see Memoria de Hacienda of Francisco de
Saavedra, in J. Canga Arguelles, Diccionario de Hacienda, (1833“1834), vol.
2, p. 185. On individual subscribers, see lists regularly published in Gazeta
de M´xico, 1798“1799; also AGN, Donativos y Pr´stamos, vol. 32, exp. 14,
e e
fs. 198“200 and AGN, Donativos y Pr´stamos, vol. 2, exps. 12, 55“57.
e

Patriotic Loan of August 5, 1809. Amount requested: 3 million pesos. Interest:
6 percent. (Amount collected: 3,176,835 pesos.)
Viceroy Francisco Xavier de Lizana y Beaumont publicly noti¬ed the
inhabitants of New Spain on August 5, 1809, that the Spanish minister of
Finance had announced the request of a new loan for the struggle against
Napole´ n under the authority of Ferdinand VII, in order to obtain con-
o
tributions from “los vasallos (de Fernando VII) en todos sus distantes y
muy extensos dominios.” The viceroy requested the merchant guilds of the
cities of Mexico, Veracruz, and Guadalajara to collaborate as well as the
284 Appendixes

royal treasury of¬cials of New Spain. An exceptional 6 percent was offered
as annual interest on the loan and ¬ve years for amortization. The loan
was issued in the shape of a kind of bond (“escrituras de imposici´ n”) pro-
o
vided to all subscribers. Among the wealthy merchants who each invested
more than 100,000 pesos were Antonio Bassoco, Gabriel Iturbe, Sebas-
tian Heras, Tom´ s Domingo Acha, Francisco, and Antonio Alonso Ter´ n.
a a
The other subscribers were also mainly merchants, ¬fty of whom invested
25,000 or more apiece. The Mexico City Merchant Guild found additional
subscribers who placed 2,000“20,000 pesos per head.
The publication of the request for the loan was impelled by the arrival
on July 26, 1809, of a British warship to Veracruz with admiral Cochrane
on board. The admiral had been commissioned by the Supreme Junta of
Seville to collect funds in Spanish America to cover debts due to the British
government for support in the struggle against Napoleon.
Sources: Gazeta de M´xico, vol. 16, nos 102 and 105 (August 11 and 23, 1809)
e
pp. 761“764 and 787. Also see Alam´ n, vol. 1, pp. 304“305; AGN, Dona-
a
tivos y Pr´stamos, vol. 3, fs. 16“17; also see lists of subscribers in Guillermina
e
del Valle (1997), Table IV-1, pp. 423“426.

Pr´stamo/Suplemento de Emergencia: Noviembre/Diciembre de 1809. Amount
e
requested: 1 million pesos. Interest: no interest.
This non-interest-bearing loan was intended to ful¬ll royal orders to
the effect that silver should be boarded on the warship Asia to leave Ver-
acruz bound for C´ diz in December 1809 in order to assist the patriot
a
troops ¬ghting against the French invaders in Spain. The viceroy, arch-
bishop Lizana, called together a series of meetings of the wealthiest residents
of Mexico City. In less than one week, ¬fteen merchants, silver miners, and
landowners contributed sums ranging between 20,000 and 200,000 pesos,
while another sixty individuals contributed sums of less than 20,000 pesos
each.
Sources: Gazeta de M´xico, December 2, 1809, p. 1088 and December 6,
e
1809, pp. 1095“1096, which provide complete lists of lenders. Also see
information in Diario Mercantil de Veracruz, March 6, 1810 (copy in Bib-
lioteca Nacional, Madrid).

Patriotic Loan of January 10, 1810. Amount requested nominal: 20 million
pesos. Interest: 6 percent. (Amount collected: 2,010,000 pesos.)
The Spanish Regency rati¬ed a royal order on January 10, 1810, request-
ing a great loan of 20 million pesos to be raised in the Spanish American
colonies to help ¬nance the war against the French army in Spain. On
September 25, 1810, Viceroy Venegas requested the merchant guilds of the
cities of Mexico, Veracruz, and Guadalajara to begin subscription to this
Appendixes 285

loan, offering tax branches as guarantee of debt service and amortization.
The of¬cial proclamation indicated that the bonds (“acciones” o documen-
tos entregadas a los prestamistas) “ser´ n negociables o transmisibles por
a
endosos de unos a otros. . . . ” In other words, the intention was that these
securities should be marketable.
Sources: The texts of the royal order and other relevant documents can
be found in Hern´ ndez y D´ valos (1878), vol. 2, docs. 14 and 15; also
a a
see Alam´ n (1850), vol. 2, p. 233. For information on the subscription,
a
see AGN, Donativos y Pr´stamos, vols. 4“6 and 11; and Guillermina del
e
Valle (1997), Table VI.3, pp. 430“436.
Information on repayments on part of this loan is found in “Memoria
instructiva y documentada del estado comparativo de los productos de la
˜
Real Hacienda del ano de 1809,” (M´ xico, 1813), Biblioteca Nacional, ms.
e
1282.

Emergency Patriotic Loan to Be Dispatched to Spain on the British Warship Bul-
wark, July 1810. Amount requested: 1 million pesos. Interest: no interest.
In the last two weeks of July, 1810, approximately one million pesos of
a short-term loan (“empr´ stito gratuito y de corto plazo”) were collected in
e
Mexico City among wealthy merchants “para cargar en el buque de guerra
ingl´ s, el Baluarte, que sal´a con destino a C´ diz “para socorro de nuestra
e ± a
madre patria.”
Sources: AGN, Donativos y Pr´stamos, vol. 1, leg. 1, exp. 7, July 19 and 21,
e
1810. For a complete list of contributors, see Guillermina del Valle (1997),
Table VI.4, pp. 437“439.

Emergency Patriotic Loan to Be Dispatched to Spain on the British Warship Impla-
cable, December 1810. Amount requested: 2,000,000 pesos. Interest: no interest.
(Amount actually collected: 1,567,000 pesos.)
Lucas Alam´ n wrote that in 1810, despite the war against the insurgent
a
forces in Mexico led by revolutionary priest Miguel Hidalgo, “los recur-
sos no solo abundaban sino que todav´a se continuaban haciendo remesas
±
˜
considerable de caudales a Espana, contribuyendo a este ¬n los acaudala-
˜
dos espanoles. As´ fue que el virrey en diciembre de 1810 resolvi´ mandar
± o
a C´ diz un pronto socorro de dos millones de pesos por el nav´o ingl´ s
a ± e
Implacable, solicitando fondos de los comerciantes novohispanos. Una lista
completa de los contribuyentes se public´ en la Gaceta, participando con
o
gruesas sumas entre el 7 y 21 de diciembre la mayor´a de los comerciantes
±
˜
del Consulado, espanoles y criollos.”
It should be noted, however, that the correspondence between Viceroy
Venegas and George Cockburn, captain of the British warship Implacable
286 Appendixes

(which was to take the silver to C´ diz), indicates that only 1,567,000 pesos
a
were actually boarded, of which 87,000 pesos came from a previous dona-
tivo, 980,000 pesos from the tobacco monopoly, and 500,000 pesos from
pro¬ts of the Mexico City mint.
Sources: Gazeta Extraordinaria de M´xico, December 7, 11, and 21, 1810.
e
Also see Alam´ n (1850), vol. 2, p. 232. For the correspondence between
a
the viceroy and Cockburn, see AGN, Marina, vol. 244, fs. 253“265.

Emergency Patriotic Loan to Be dispatched to Spain on the Spanish Warship
Mi˜ o, March 1810. Amount requested: 2,000,000 pesos. Interest: no interest.
n
(Amount actually collected: 1,194,000 pesos.)
This was also an emergency loan the purpose of which was to send all
possible silver to C´ diz to ¬nance the war against the French. According
a
to Guillermina del Valle (1997), pp. 415“416: “A ¬nes de marzo de 1811,
el virrey Venegas convoc´ a los sujetos m´ s acaudalados de la capital con
o a
objeto de pedirle un empr´ stito m´ s para socorrer a la ˜Madre Patria™ con
e a
´
una ˜lucida remesa™ que no bajara de de dos millones de pesos, la cual se
remitir´a en el buque de guerra Mi˜ o. Con cierta di¬cultad, el Consulado
± n
logr´ se juntaran 742,000 pesos con aportaciones de sus miembros, a los
o
que se agregaron otros 452,000 restantes del pr´ stamo patri´ tico de 1810.”
e o
Source: For a complete list of subscribers, see Guillermina del Valle (1997),
Table VI. 7, pp. 444“445.


III.3: Loans Taken in Holland by the Spanish Crown, 1770“1806 (with
Debt Service Mainly in Mexican Silver)3
1779 First Foreign Loan for the Imperial Canal of Arag´n y Tauste for a
o
sum of 2,000,000 ¬‚orins with annual interest payment of 3.5 percent and
amortization in twenty years. Issued by the merchant bankers of Echenique,
S´ nchez & C´a. of Amsterdam.
a ±
1780 Second Foreign Loan for the Imperial Canal of Arag´n y Tauste for a
o
sum of 2,000,000 ¬‚orins with annual interest payment of 3.5 percent and

3 The debt service of the majority of the Spanish loans issued in Holland was guaranteed by promissory
notes (libranzas) to be paid in silver by the royal treasuries of Mexico. The principal sources of
information on these loans are: Miguel Artola, La hacienda del antiguo r´gimen (1982), pp. 324, 387,
e
405, 413, 453, 454; Marten G. Buist, At Spes Non Fracta: Hope and Company, 1770“1815 (La Haya:
¨
Martinus Nijhoff, 1974), Chapters 9“12; Jos´ Canga Arguelles, Diccionario de Hacienda, Madrid,
e
1833“1834 (1834), vol. I, 304“314, vol. II, 378“383; James C. Riley, International Government
Finance and the Amsterdam Capital Market, 1740“1815 (Cambridge: U.K.: Cambridge University
Press, 1980), pp.165“173.
Appendixes 287

amortization in twenty years. Issued by the merchant bankers of Echenique,
S´ nchez & C´a. of Amsterdam.
a ±
1781 Third Foreign Loan for the Imperial Canal of Arag´n y Tauste for a
o
sum of 2,298,000 ¬‚orins with annual interest payment of 3.5 percent and
amortization in twenty years. Issued by the merchant bankers of Echenique,
S´ nchez & C´a. of Amsterdam. The contract speci¬ed that the Spanish
a ±
government would establish a special sinking fund for payment of debt
service and amortization.
1782 Foreign loan of 3 million ¬‚orins for the Spanish crown: interest rate
´
of 5 percent and negotiated by the Madrid merchant bank of Cabarrus y
Lalanne with the Amsterdam merchant banks of Hope and Fitzeaux. Riley
(1980), p. 168, af¬rms that the loan was paid off between 1789 and 1792
with remittances of Mexican silver pesos.
1792 Foreign loan of 6 million ¬‚orins for the Spanish crown: interest rate of
4.5 percent. Amortization was to commence in 1798 and conclude in 1807.
This loan was negotiated by the Madrid Gardoqui banking ¬rm (headed
by the brother of the Spanish Minister of Finance, Diego de Gardoqui)
´
with the Amsterdam banking ¬rm of Hope & Co. The loan was guaranteed
with the mortgage of the products of the customs receipts at the port of
C´ diz.
a
1799 Foreign loan of 3 million ¬‚orins for the Spanish crown: interest rate
of 5 percent and amortization in eight years. Its purpose was to convert
previous Spanish foreign loans issued at Amsterdam. It was issued by the
new international banker to the Spanish crown at Amsterdam, the ¬rm of
Weduwe E. Croese & C´a. The guarantees of debt service were six promissory
±
notes (libranzas) for 1,319,000 pesos on the royal treasuries of M´ xico.
e
1800 Foreign loan of 2.5 million ¬‚orins for the Spanish crown: interest rate of

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