[105] "Ecclesiastical foundations and obras pías were, it may be said, innumerable. From the richest city to the smallest village, from one extreme of the Peninsula to the other, and even to the farthest boundaries which the monarchy reached in the period of its greatest grandeur, the acts of Christian piety are seen in various foundations. These include not only hermitages, confraternities, memorials, charitable foundations, and chaplaincies,--which by themselves alone made a total of enormous wealth--but more pretentious establishments, as convents, cathedrals, parish churches, and colleges; and any person will be surprised at those which were supported by some towns which in their present condition are reduced in population and poor. Larruga in his memoirs states that Toledo had 25 parish churches and its cathedral, 39 convents, 14 hospitals, and four colleges, in all, 83 foundations. Salamanca had more; Cuenca had 31, Avila 31, Almagro 17, and so with the other cities of Castilla." Among these pious gifts were "the exchanges of Barcelona, Sevilla, and Valencia, the colleges of Salamanca, that of Santa Cruz of Valladolid," and many cathedrals and convents. (Arias y Miranda, Examen crítico-histórico, p. 139.)--Eds. [106] At one of them (I believe that of Santa Clara), the sculls of the seven founders are placed on the table at which the trustees meet!--but this, it is said, does not exempt the funds from being misapplied. [107] It was not uncommon for a person worth ten thousand dollars to borrow 40 more from the public funds. Of these about 25 or 30,000 were shipped, and the remainder kept at home. If the ship was lost, the accounts were settled; and if she came back, the interest was always repaid,--which of course entitled them to borrow again, till a fortunate loss made them independent. And where every body did this, no one thought it incorrect. [108] It is not here meant to controvert the principle of this kind of commerce being at times the most lucrative that can be carried on; but to remark, that had it not been for the strange system of trading just described, the restrictive system, and the monopoly of the Phillippine Company, the activity and ingenuity of private traders would have discovered other branches of commerce, and with them, that their own produce might suffice to pay for the piece goods of Bengal. As an instance, the English and every other nation of Europe have for a century carried betel-nut to China, but from the Phillippines not a nut was exported--it was a royal monopoly! and the merchants and growers were thus deprived of about half a million of dollars annually, that the king might pocket 30,000. Many other instances might be cited. [109] The boletas "long did duty as paper money, passing from hand to hand." (Lala, Philippine Islands, p. 177.)--Eds.