The Consolidacion de Vales Reales in New Spain (from 1804)

A royal cedula of 26 December 1804 carried to the Americas an operation already running in Spain: the sale of the real estate of chantries and pious foundations and the calling in of the capital they had lent, to be paid into the royal treasury against the paper currency. In New Spain that capital was the mortgage credit of agriculture and mining. The petition against it counted 44.5 million pesos of pious capital against 59 million of working capital.