Bases of power of the silver merchants of Mexico City. Networks, venality, Merchant guilds control and the Mint at the end of the 17th century

Abstract

In the last decades of the 17th century a small group of merchants from Mexico City guaranteed production of most silver produced in New Spain. This article presents the business networks established by these merchants to purchase silver, the role of family bonds and the importance of trust relationships to finance their ventures. It also analyzes how credit provided by silver merchants funded the mercury supply, specially after they took control of the Mexico City merchant guild which became responsible to collect alcabala taxes. Lastly, this study also examines how venality in royal positions allowed the same merchants to control the only mint in all of New Spain, as well as to illicitly adulterate coinage.