Old Panama, the chief Spanish city in South America, with the one exception of Cartagena, was built along the sea-beach, fronting the bay of Panama, between the rivers Gallinero and Matasnillos. It was founded between 1518 and 1520 by Pedrarias Davila, a poor adventurer, who came to the Spanish Indies to supersede Balboa, having at that time "nothing but a sword and buckler." Davila gave it the name of an Indian village then standing on the site. The name means "abounding in fish." It soon became the chief commercial city in those parts, for all the gold and silver and precious merchandise of Peru and Chili were collected there for transport to Porto Bello. At the time of Morgan's attack upon it, it contained some 7000 houses, with a number of huts and hovels for the slaves. The population, counting these latter, may have been as great as 30,000. Many of the houses were of extreme beauty, being built of an aromatic rose wood, or "native cedar," ingeniously carved. Many were built of stone in a Moorish fashion, with projecting upper storeys. It had several stone monasteries and convents, and a great cathedral, dedicated to St Anastasius, which was the most glorious building in Spanish America. Its tower still stands as a landmark to sailors, visible many miles to sea. The stones of it are decorated with defaced carvings. Inside it, within the ruined walls, are palm and cedar trees, green and beautiful, over the roots of which swarm the scarlet-spotted coral snakes. The old town was never properly fortified. The isthmus was accounted a sufficient protection to it, and the defences were consequently weak. It was a town of merchants, who "thought only of becoming rich, and cared little for the public good." They lived a very stately life there, in houses hung with silk, stamped leather, and Spanish paintings, drinking Peruvian wines out of cups of gold and silver. The Genoese Company, a company of slavers trading with Guinea, had a "stately house" there, with a spacious slave market, where the blacks were sold over the morning glass. The Spanish King had some long stone stables in the town, tended by a number of slaves. Here the horses and mules for the recuas were stabled in long lines, like the stables of a cavalry barrack. Near these were the royal storehouses, built of stone, for the storage of the gold from the King's mines. There were also 200 merchants' warehouses, built in one storey, round which the slaves slept, under pent roofs.