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80 Road, manned the flat-boats on the Chagres, cultivated the few fields and gardens; in short, did all the work while their masters made money in trade and speculation.

It was not so much the treasure-trade with Peru that brought wealth to the citizens of Old Panama, for that was a royal monopoly that profited only the king—and the officials that handled it. Neither was it the pearls from the Pearl Islands, nor the gold from the struggling placer-mines in Veragua. For a short time there was a profitable trade with the Philippines, soon stopped by a foolish royal decree. But what really profited the Isthmian merchants was the trade in smuggled goods.

Foreigners were strictly forbidden to trade with the Spanish colonies, and when the yearly plate-fleet came to Porto Bello, it was supposed to bring only homemade goods. But Spain has never been a great manufacturing country, and the company which had the monopoly of that trade usually sent only one small ship load. So when each of the other vessels sent ashore her sails to make a great booth for the busy weeks of the "Galleon Fair," there were more things sold than ever saw Spain or paid duty to the king. Every once in a while, the Spanish government would make an attempt to stop this free-trading by savagely attacking the foreign traders. So they had stirred up Sir Francis Drake against them, and now they were to rouse the bucaneers.

These were men of all nations, but principally English, French, and Dutch, who made a living hunting the wild cattle, descendants of stock introduced by the first Spanish discoverers, in the West Indian islands. They cured or dried the beef over a bed of live coals, after a fashion