Page:Vol 3 History of Mexico by H H Bancroft.djvu/689

Rh currency, specie being unknown. The comparatively small amount of coined money introduced by the conquerors was principally of the higher denominations, and the scarcity of small coin even for domestic purposes caused great inconvenience. To obviate this, the cabildo of the city of Mexico passed a resolution on the 6th of April 1526 to the effect that the citizens might have their tepuzque gold converted at the smelting works into pieces of one, two, and four tomines, and of one, two, and four pesos de oro.

As trade and commerce increased, however, the necessity of a mint became urgent, and in January 1531 the oidor Salmeron in his letter to the council of the Indies strongly advised the establishment of one in the city of Mexico, but it was not till May 1535 that a royal cédula was issued to that effect. A portion of the house of Cortés was assigned by the viceroy for the new establishment; and in order to defray first expenses the crown granted one thousand marks of silver to be taken from the king's fifth, tribute, and other sources, to be coined It was furthermore ordered that to meet future current expenses one real out of every mark of silver should be retained for that purpose.