Spain and the history of the trade of silver

Ancillary industries, necessary to feed, clothe, and shelter mineworkers, mushroomed within the mining zones and beyond, including artisan work and craftwork, stock raising, agriculture, cloth production, and related enterprises.

Spanish treasure fleet

By the second half of the 17th century, that number had dwindled to less than half of its peak. Of the remaining 1. Walton [40] gives the following figures in pesos.

The demand for opium rose rapidly and was so profitable that Chinese opium dealers began to seek out more suppliers of the drug, thus inaugurating the opium trade; one merchant declared that Opium "is like gold.

As in Peru, the ripple effects generated by the silver mining industry transformed local and regional economies far from the actual sites of production.

His attempt involved imposing harsh limits on silver mining to stop its flow into Spain and the history of the trade of silver market and subsequently replaced it with baochao or paper money. By law, the colonies could trade only with the one designated port in the mother country, Seville.

In the s, Spain opened its colonies to free trade. In the debts of the Spanish crown were 30 million pesos short-term and million long-term.

Two other British attempts were foiled by the Rosario in and the Begonia in InBritish Admiral Edward Vernon raided Portobello, but in his campaign against Cartagena de Indias ended in defeat, with heavy losses of men and ships. However, the currency never popularized and silver proved its mainstay as a global currency.

A shipyard on the river Guadalquivir in 16th century Seville: A single galleon might carry 2 million pesos. The organized system of convoys dates frombut Spain sought to protect shipping prior to that by organizing protection around the largest Caribbean island, Cuba and the maritime region of southern Spain and the Canary Islands because of attacks by pirates and foreign navies.

That measure, however, resulted in an increase in drug smuggling by Europeans and Chinese traders. Thereafter small groups of naval frigates were assigned specifically to transferring goods or bullion as required.

After loading was complete, both fleets sailed for HavanaCuba, to rendezvous for the journey back to Spain. Reviews of New Books "Sets a new standard for the writing of Spanish imperial history. The Ming Ministiry of War sent approximatelyliang of silver to its soldiers and required provinces to provide silver as tax for the war effort as well.

It can sell any time. Scholarly consensus holds that overall, this price revolution disproportionately benefited wealthier classes and harmed the poor, as the relentless rise in the price of bread, cloth, and rents was not matched by rising wages or productivity. For the year period the peso or piece of eight had about 25 grams of silver, about the same as the German thalerDutch rijksdaalder or the US silver dollar.

The Spanish, along with other European nations, had a great desire for Chinese goods such as silk and porcelain. Silver was one of the only accepted trade items from Europeans and its value in China was astronomical compared to rest of the world.

By the s, African slaves also began to play an increasingly important role in the mining industry, a development that provided an important stimulus to the Atlantic slave trade during its earliest phase.

The fleets, however, must be counted as among the most successful naval operations in history. From Acapulco, the Asian goods were transhipped by mule train to Veracruz to be loaded onto the Caribbean treasure fleet for shipment to Spain.

Spanish colonialism, the authors suggest, was the cutting edge of the early global economy. Indian and mestizo laborers were lured into the region from the Basin of Mexico and elsewhere mainly by relatively high wages and related incentives.

Silver ores were first discovered there in September by Juan de Tolsa, commander of a detachment of Spanish soldiers exploring the arid region. Two main centers of silver production emerged in 16th-century Spanish America: His publications include Vassouras: This work is also deeply grounded in archival research The bimetallic ratio of silver to gold was about two to one, which meant that European and Japanese merchants made a large amount of profit.

Some ships went to Portobello on the Caribbean coast of Panama to load Peruvian silver that had been shipped from the Pacific coast port of Callao.

Global silver trade from the 16th to 18th centuries

Their emphasis on the vital role played by American silver is fully convincing. The Asian goods were brought overland from Acapulco to Veracruz by mule train. Mercury was the one of the highest costs of production for the Americas, since much of it had to be shipped. Inthe Daoguang Emperor issued an edict concerning the matter, declaring, "Opium has a harm.

Most of the New World production was silver but Colombia produced mostly gold.

Silver, Trade, and War is about men and markets, national rivalries, diplomacy and conflict, and the advancement or stagnation of states. The income of the Spanish crown from all sources was about 2. Spanish merchants and Spaniards acting as fronts cargadores for foreign merchants sent their goods on these fleets to the New World.Silver, Trade, and War is about men and markets, national rivalries, diplomacy and conflict, and the advancement or stagnation of states.

Stanley J.

Silver, Trade, and War

Stein is the Walter Samuel Carpenter III Professor in Spanish Culture and Civilization, emeritus, at. GOLD AND SILVER: SPAIN AND THE NEW WORLD which had a royal monopoly on the New World trade, In one of the ironic twists of history. The Spanish treasure fleet, or West Indies Fleet from Spanish Flota de Indias, also called silver fleet or plate fleet (from the Spanish plata meaning "silver"), was a convoy system adopted by the Spanish Empire from tolinking Spain with its territories in America across the Atlantic.

Spain, peripheral to western Europe inproduced American treasure in silver, which Spanish convoys bore from Portobelo and Veracruz on the Carribbean coast across the Atlantic to Spain in exchange for European goods shipped from Sevilla (later, Cadiz).

Silver was one of the only accepted trade items from Europeans and its value in China was astronomical compared to rest of the world. In fact, its value was twice that of Spain in the 16th and 17th centuries. Silver in the Americas a development that provided an important stimulus to the Atlantic slave trade during its earliest phase.

New Spain’s silver mines.

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Spain and the history of the trade of silver
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