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Updated: June 21, 2025


These rich mines are known by the name of Potosi, which is that of the district, or province in which the mountain is situated.

This may be observed from the course of the Roman history, above two thousand years before those inexhaustible silver mines of Potosi were known. The value of an obolus, and of every other coin between the time of Romulus and that of Augustus, gradually sunk about five parts in six, as appears by several passages out of the best authors.

The year that saw the birth of modern sea power is a date to be remembered in this history; for 1545 was also the year in which the mines of Potosi first aroused the Old World to the riches of the New; it was the year, too, in which Sir Francis Drake was born. Moreover, there was another significant birth in this same year. The parole aboard the Portsmouth fleet was God save the King!

Yon rainbow's end, would I were there, thought I. And none the less I wished it, for now first noticing what seemed some sort of glen, or grotto, in the mountain side; at least, whatever it was, viewed through the rainbow's medium, it glowed like the Potosi mine.

But Gonzalo Pizarro was at Charcas, busily occupied in exploring the rich veins of Potosi, whose silver fountains, just brought into light, were soon to pour such streams of wealth over Europe.

On it was placed a label, bearing,"This is the head of the traitor Gonzalo Pizarro, who rebelled in Peru against his sovereign, and battled in the cause of tyranny and treason against the royal standard in the valley of Xaquixaguana." 14 His large estates, including the rich mines in Potosi, were confiscated; his mansion in Lima was razed to the ground, the place strewed with salt, and a stone pillar set up, with an inscription interdicting any one from building on a spot which had been profaned by the residence of a traitor.

In 1545, the mines of Potosi were discovered; these, and the principal Mexican mine, discovered soon afterwards, first brought a permanent and valuable revenue to Spain.

Hernando comprehended the capabilities of the ground, and he began working the mines on a more extensive scale than that hitherto adopted, though it does not appear that any attempt was then made to penetrate the rich crust of Potosi.11 A few years more were to elapse before the Spaniards were to bring to light the silver quarries that lay hidden in the bosom of its mountains.12

"It shall be the object of my life to serve you, and you and I shall arrange this matter satisfactorily. I have influence, believe me. A word from Luis Longorio will go further with my chief than a protest from your President. General Potosi is a man of the highest honor, and I am his right hand. Very well, then!

There were pearl fisheries up and down the bay, yielding the finest of pearls; and "golden Potosi" the tangible Eldorado, was not far off. The merchants of old Panama were, perhaps, as stately fellows and as sumptuous in their ways of life as any "on the Rialto."

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