Page:Mexico in 1827 Vol 2.djvu/646

626 But during the last ten years the produce has barely covered the expences, and the proprietors have derived little or no profit from the concern, although the establishment has been kept up in the hope of discovering a "clavo rico," and obtaining another bonanza. Captain Vetch having convinced himself by a long and patient investigation, that the system of management was susceptible of great improvements, and that by reducing the establishment the receipts might, even in the present state of the mines, be made to exceed the expenditure, while the extent of vein yet unexplored afforded the fairest opening for new works, entered into a contract with the proprietors, to whom he paid 130,000 dollars on the part of the Company, for the transfer of the negotiation. He likewise took fixtures and property to the amount of 207,000 dollars more, to be paid by quarterly instalments in three years; but a part of this property consisted of "tortas," and ores already in the Hacienda, which might, consequently, be regarded as silver.

The reforms contemplated by Captain Vetch met with considerable opposition amongst the native miners; and although the Company took possession of the mines in April 1826, in December the expences still exceeded the value of the silver raised. Eleven thousand dollars were coined weekly, but the charges were nearly twelve; the underground work alone averaging seven thousand dollars, and the costs of the Hacienda five. From eighty-five to