September 15th. At the same hour throughout Spain they were to go to the shops of all bankers, brokers, agents, traders, etc., seize whatever vellón money they should find, weigh it, register it, and convey it to a secure place, where it was to be kept under three padlocks, the keys being held by as many officials. When this was done they were to proclaim that the value of all vellón money was reduced to one sixth: the piece that had been circulating for twelve maravedis was in future to be worth but two, and so forth. All discount or premium between the metals was prohibited for the future, under the customary severe penalties, and it was hoped that the general benefit thus derived to the community at large would compensate for the losses inflicted on individuals, but to lessen these there were vague promises held out of satisfaction to be adjusted by the registry of the amount of vellón seized; and it was suggested that the king would consider any propositions made by those who should prefer honors or privileges or some other advantages in lieu of satisfaction.
Apparently it was soon found that something more was needed to bring the refractory metals closer together, and a cédula of December 23d endeavored to accomplish this by diluting the silver coinage. The marc of silver, in place of furnishing sixty-seven ryals, was ordered to be worked into eighty-three and one quarlillo, thus diminishing the value of the ryal by twenty-five per cent; and in accordance with this, the existing pesos, or pieces of eight, were declared to be worth ten ryals, the profit on those in private hands being generously left to the holders. Gold was more simply treated by marking up the crown from 440 to 550 maravedis, and by a subsequent decree of January 12, 1643, to 612. The effect of this on the specie premium was, however, neutralized by diminishing from 98 grains to 75·3, the amount of silver to the marc of copper in the moneda de vellón rica, and holders of the white metal were tempted to have it thus employed by offering to coin it for them in vellón without charge of seigniorage.
Taken as a whole, these decrees formed but a halting measure of contraction; but, even as it was, it brought a strain too sudden and severe to be endured, and the effort was soon abandoned. A pragmatica of March 12, 1643, announced that the vellón coinage (except some recent issue by the mint of Segovia) should in future be current at a fourfold increase of value, the piece of two maravedis being raised to eight and the rest in proportion. The dilution of the silver coinage was similarly revoked, or at least suspended until the arrival of the fleet; the pieces of eight were to be current for eight ryals and no more, while the gold crown was reduced to 510 maravedis. As usual, the royal word and faith were pledged that there should be no further variation in the value of the vellón coinage, and that it should remain forever
