Online Encyclopedia

Search over 40,000 articles from the original, classic Encyclopedia Britannica, 11th Edition.

ASIENTO, or ASSIENTO (from the verb a...

Online Encyclopedia
Originally appearing in Volume V02, Page 761 of the 1911 Encyclopedia Britannica.
Spread the word: del.icio.us del.icio.us it!

See also:

ASIENTO, or ASSIENTO (from the verb asentar, to See also:place, or establish)  , a See also:Spanish word meaning a See also:farm of the taxes, or See also:contract . The See also:farmer or contractor is called an asentista . The word acquired a considerable notoriety in See also:English and See also:American See also:history, on See also:account of the " See also:Asiento Treaty " of 1713 . Until 1702 the Spanish See also:government had given the contract for the See also:supply of negroes to its colonies in See also:America to the Genoese . But after the See also:establishment of the See also:Bourbon See also:dynasty in 1700, a See also:French See also:company was formed which received the exclusive See also:privilege of the Spanish-American slave See also:trade for ten years from See also:September 1702 to 1712 . When the See also:peace of See also:Utrecht was signed the See also:British government insisted that the See also:monopoly should be given to its own subjects . By the terms of the Asiento treaty signed on the 16th of See also:March 1713, it was provided that British subjects should be authorized to introduce 144,000 slaves in the course of See also:thirty years, at the See also:rate of 4800 per annum . The privilege was to expire on the 1st of May 1743 . British subjects were also authorized to send one See also:ship of 500 tons per annum, laden with manufactured goods, to the fairs of See also:Porto See also:Bello and La See also:Vera Cruz . Import duties were to be paid for the slaves and goods . This privilege was conveyed by the British government to the See also:South See also:Sea Company, formed to See also:work it . The privilege, to which an exaggerated value was attached, formed the solid basis of the notorious See also:fit of speculative See also:fever called the South Sea Bubble .

Until 1739 the trade in blacks went on without interruption, but amid increasingly angry disputes between the Spanish and the British governments . The right to send a single trading ship to the fairs of Porto Bello or La Vera Cruz was abused . Under pretence of renewing her provisions she was followed by tenders which in fact carried goods . Thus there arose what was in fact a vast See also:

contraband trade . The Spanish government established a service of See also:revenue boats (See also:guarda costas) which insisted on searching all English vessels approaching the shores of the Spanish colonies . There can be no doubt that the smugglers were guilty of many piratical excesses, and that the guarda costas often acted with violence on See also:mere suspicion . After many disputes, in which the claims of the British government were met by Spanish See also:counter claims, See also:war ensued in 1739 . When peace was made at See also:Aix-la-Chapelle in 1748 See also:Spain undertook to allow the asiento to be renewed for the four years which were to run when war See also:broke out in 1739 . But the renewal for so See also:short a See also:period was not considered advantageous, and by the treaty of El Retiro of 1750, the British government agreed to the recession of the Asiento treaty altogether on the See also:payment by Spain of £See also:Ioo,000 . A very convenient account of the Asiento Treaty, and of the trade which arose under it, will be found in See also:Malachy Postlethwayt's Universal See also:Dictionary of Trade and See also:Commerce (See also:London, 1751), s.v .

End of Article: ASIENTO, or ASSIENTO (from the verb asentar, to place, or establish)
[back]
ASIATIC
[next]
ASIR

Additional information and Comments

There are no comments yet for this article.
» Add information or comments to this article.
Please link directly to this article:
Highlight the code below, right click and select "copy." Paste it into a website, email, or other HTML document.