The basis of it was, and is, the funds called "Obras Pias" [105] (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 commence 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, &c. are determined. Their statutes differ in many unessential points; [106] but their general tenour 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. [107] When, without risking any capital of his own, the merchant might thus share the enormous profits of this trade, with no more exertion than signing the invoices and letters (they were written by Indian clerks), and receiving the treasure on the return of the vessel, it is not surprising that for nearly two centuries they neglected all the other commercial advantages which surrounded them, or that such a commerce produced such merchants: the history of it and of them for that period may be confined to a few words:--they were the agents of the merchants of Madras and Bengal, receiving and shipping their goods, and returning their proceeds, while their profits were confined to a large commission on them. [108]