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Rh its importation, even in the shape of manufactured articles, were to be strictly enforced. It was argued that when this, which through its superabundance had caused so much trouble, was out of the way, there would remain only the calderilla, which would all be needed for petty traffic, so that for larger transactions the precious metals would come forth and circulate abundantly at par, compensating the nation for the losses and sacrifices entailed by the measure.

This was a bold attempt in the right direction, but it was too sudden and too severe to be successful. It must have caused abundant ruin and distress, and the clamor for relief must have become irresistible, for in less than five months another edict was issued (November 14th), announcing a complete reversal of the means proposed for attaining the end in view. This time the vellón grueso was retained as money and the calderilla was proscribed and demonetized on the spot. Those who should register what they held within fifteen days and surrender it within two months were promised the same satisfaction as that offered in the previous decree to the holders of vellón, and any one in whose hands it should be found after sixty days was liable to the penalties for circulating forbidden money. This reduction in the base currency, together with the large amount of the precious metals in the country and the yearly accessions by the fleet, it was argued, deprived any difference in value of all excuse. As this measure was the ultimate remedy whereby to obtain absolute parity between them, any deviation from such equality was declared a species of treason. Any premium or discount, however small, exposed all participating in it, whether as principals or brokers, to confiscation and deprivation of office and of citizenship. A special court was established for the prosecution of such cases, in which the trial was to be secret and the names of the witnesses withheld from the accused. Judges everywhere were ordered to see that prices were reduced by one third, and all outstanding debts and obligations were required to be settled at the same reduction.

This fresh disturbance of all business relations was as fruitless as its predecessors. The calderilla thus called in was not melted down but was restamped, and by a decree of October 22, 1654, was received at its old valuation. Large amounts had apparently been retained by the people in spite of the threatened penalties, and this they were told would be receivable for dues to the fisc at one half its nominal value, or might be taken to the mints and by exchanged for half the amount in the restamped coin. Forty days were allowed for this, after which its possession involved confiscation and six years of presidio, or galleys.

After this there was a pause in legislation until September 24,