[122] "The basis of it was, and is, the funds called "Obras Pías" (Pious Works). These are funds under various denominations, whose origin was the piety of well-meaning Spaniards, who dying rich have bequeathed large sums for the purpose of lending to deserving traders to commerce or continue their career with. The administration of these is confided to various religious and charitable institutions, or to civil associations--the trustees forming a board, at which the sums to be lent, etc., are determined. Their statutes differ in many unessential points; but their general tenor is the same, viz., that sums not exceeding two-thirds of the fund shall be lent on respondentia at certain rates of interest, which are fixed according to the risk of the voyages; and these, when repaid, shall be added, principal and interest, to the original fund. The interests are 25 per cent. to Acapulco, 15 to Bengal, and so in proportion. The total of the capitals of these establishments (there are 12 or 14 of them), amounted to about three millions and a half of dollars in 1820, of which about two millions are due to the funds on various risks, principally those of New Spain: of this the major part is considered as lost by those best qualified to judge of the subject. "The principal employ of these funds has been in the commerce to Acapulco; and from the facility with which capital was procured, the excessive gambling spirit which this introduced, as well as the system of mutual accommodations from the trustees of different funds, and the utter absence of the wholesome restraint of public examinations of their accounts, it has resulted that more harm than good has been done by these establishments. The original intentions are entirely perverted, a few small sums being lent to young adventurers (when they have powerful friends), but far the greatest part is employed by the trustees themselves under the name of a relation or friend." (Remarks on the Philippine Islands, and their capital Manila, 1819-1822, by an Englishman.--Bl. and Rb., Vol. 51, pp. 148-149.) [123] Zuñiga, Estadismo de las Islas Filipinas. Historia General de Filipinas, José Montero y Vidal, Chapter XXVIII. [124] It is represented that the seamen are allowed to carry each 30 pesos' worth of goods as a private investment, in order to encourage Spaniards to enter the marine service; but this ought to be increased to 300 pesos (the allowance made to the men on the fleets that go to the Indias), for more Spaniards are needed on the Acapulco trade-route--hardly one-third of the men on the galleon being of Spanish birth, the rest being Indians--and on the rivera of Cavite." Extracto Historial, Antonio Alvarez Abreu, 1736.--Bl. and Rb., Vol. 44, Pp. 307-308. [125] Azcarraga, La Libertad, pp. 81-95.