e still may be on the
bed-rocks of the rivers or in the lodes in the mountains from which it
has been washed, awaits the advent of modern gold-seekers.

The first samples of gold from Puerto Rico were taken to the Espanola
by Ponce, who had obtained them from the river Manatuabon, to which
the friendly cacique Guaybana conducted him on his first visit (1508).
This river disembogues into the sea on the south coast near Cape
Malapascua; but it appears that the doughty captain also visited the
north coast and found gold enough in the rivers Coa and Sibuco to
justify him in making his headquarters at Caparra, which is in the
neighborhood. That gold was found there in considerable quantities is
shown by the fact that in August of the same year of Ponce's return to
the island (he returned in February, 1509), 8,975 pesos corresponded
to the king's fifth of the first _washings_. The first _smelting_ was
practised October 26, 1510. The next occurred May 22, 1511, producing
respectively 2,645 and 3,043 gold pesos as the king's share. Thus, in
the three first years the crown revenues from this source amounted to
14,663 gold pesos, and the total output to 73,315 gold pesos, which,
at three dollars of our money per peso, approximately represented a
total of $219,945 obtained from the rivers in the neighborhood of
Caparra alone.

In 1515 a fresh discovery of gold-bearing earth in this locality was
reported to the king by Sancho Velasquez, the treasurer, who wrote on
April 27th: " ... At 4 leagues' distance from here rich gold deposits
have been found in certain rivers and streams. From Reyes (December
4th) to March 15th, with very few Indians, 25,000 pesos have been
taken out. It is expected that the output this season will be 100,000
pesos."

The streams in the neighborhood of San German, on the south coast, the
only other settlement in the island at the time, seem to have been
equally rich. The year after its foundation by Miguel del Toro the
settlers were able to smelt and deliver 6,147 pesos to the royal
treasurer. The next year the king's share amounted to 7,508 pesos, and
Treasurer Haro reported that the same operation for the years 1517 and
1518 had produced $186,000 in all--that is, 3,740 for the treasury.

A good idea of the island's mineral and other resources at this period
may be formed from Treasurer Haro's extensive report to the
authorities in Madrid, dated January 21, 1518.

" ... Your Highness's revenues," he s