Page:Vol 3 History of Mexico by H H Bancroft.djvu/676

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656
REVENUE AND FINANCE.

This duty was established in the Indies royal cédula of the 5th of February, 1504, and was payable by all vassals and residents in the domains of the crown.[1] In order to secure the collection of this tax an inspector of mines was appointed at an early date, and in 1528 royal officers were required to be present at the smelting of gold. This fifth on gold was found in some instances to be discouraging to mining enterprises, and the king caused it temporarily to be reduced to one tenth, which concession was extended from time to time.[2] After a variety of changes the tax was reduced in the last half of the eighteenth century ta three per cent on gold, and eleven per cent on silver. This caused a considerable increase to the revenue, and in the twenty-five years from 1765 to 1789 inclusive, the amount collected was $43,041,468.[3]

Almost contemporaneous with the establishment of the royal fifth impost was that of the Indian tribute. The surrender of Montezuma to the crown of Castile made both him and his former subjects vassals of the king of Spain, and indeed that unfortunate monarch sent valuable presents to Cárlos V. in token of his recognition of him as his sovereign. Ac-

  1. The royal fifth was also paid on all treasures and treasure trove. On June 19, 1540, a royal cédula was issued, enjoining the strict collection of it on all treasure captured in war, discovered in graves or elsewhere, or received as ransom. Pacheco and Cárdenas, Col. Doc., xix. 59-03. Cortés in 1552 appointed officers to collect this revenue. Fonseca and Urrutia, Real Hac., i. 1-5.
  2. In 1572 the duty on silver was reduced to one tenth for six years. Id., i. 16. During the next two centuries a great number of cédulas were issued relative to this duty, and for the encouragement of mining.
  3. Id., i. 43. In the single year of 1798 the yield amounted to $2,230,945. Notic. N. Exp., in Soc. Mex. Geog; ii. 25. Connected with this branch of the revenue were the assay offices, which were established in the Indies by royal cédula of September 14, 1519, Recop. de Ind., ii. 75-7, and in 1522 were made vendible. The proceeds of these offices thus depended on the conditions of sale, and regulations enacted. For melting, assaying, and stamping, one and a half per cent was ordered to be charged by royal cédula of June 5, 1552, which was renewed in 1619. Id., 79. The system of selling this source of revenue proved unprofitable owing to fraud, and in 1783 it was incorporated with the crown administration; during the following seven years it yielded the small net amount of $27,375. Fonseca and Urrutia, Hist. Real. Hac., i. 45-51. In the year 1798, however, the net proceeds amounted to 47,944 pesos. Soc. Mex. Geog., ii. 25.