With the conquest of Peru and the discovery of gold in Darien, Old Panama came rapidly to its own and soon became a city of great importance, being for the time the richest city in New Spain. All the gold of Peru and the rich west coast was brought to Panama to be sorted and packed across the Isthmus, thence to be sent to Spain. Porto Bello became a rich town and maintained great annual fairs up to the time of its destruction by Morgan's pirates. The century and a half between the establishment of Old Panama as the chief city of the Isthmus and its destruction in 1671 supplied one of the tempestuous periods of history. It was on the Isthmus of Panama that the American slave trade began and was continued for three hundred years. The native Indians were so destroyed by the brutality and greed of the Spanish conquerors that the expedient of importing black men from Africa was devised in order to secure a labor supply for the country. Here arises the historical precedent for the use of West Indian labor in the digging of the American Canal. The best account of the sacking and destruction of Old Panama is that written by John Esquemeling and published seven years after the event, of which he was an eyewitness, being a member of the pirates' band. The detailed account of this event, with the general pillaging of the Isthmus by the English buccaneers, has been narrated with much exactness and great interest. [Illustration: RUINS OF OLD PANAMA. THE MOST ROMANTIC SPOT IN THE NEW WORLD] Stories of the great wealth of Old Panama in the day of its glory are not hard to find. With the complete destruction of all this magnificence, the present city was founded with due ceremonies in 1673 and much stone was transported from the old city and built into the new. The cathedral was soon built and stands to-day as solid as when first erected. The queen of Spain sent detailed instructions for the building of the city, and among other things directed that a safe wall for defense should be provided. This was so well done that some of it still stands, an interesting relic of the vigor and thoroughness of the civilization that produced it. Many years passed in building these walls, and they were said to have cost ten millions of dollars, most of which came from Peru. The story is told of a Spanish king, who stood one day looking out of his palace window. When asked what he was looking for he replied, "I am looking for those costly walls of Panama; they should be visible even from here." A little knowledge of the business methods of those days may throw some light on the whys and wherefores of the high cost of the old walls. Twenty-six years after the founding of the present city of Panama an effort was made to establish an English colony in Darien, but fever and discouragement aided the Spanish in ending the venture.