t of 1895 stood
at 77,282,257 pesos (L5,796,170) on the 31st of May 1907. There are 23
joint-stock banks of issue, with an aggregate registered capital of
40,689,665 pesos (L3,051,724). Their circulating notes are secured by
deposits in the national treasury of gold, government notes and other
approved securities. There is no state bank, though the Bank of Chile,
with its numerous agencies and its paid-up capital of 20,000,000
pesos, may be said to fill the place of such an institution. Besides
these, there are four non-issue banks, two foreign banks and their
agencies, and three mortgage banks, with agencies at the important
provincial centres, which loan money on real-estate security and issue
interest bearing hypothecary notes to bearer. There are 8 savings
banks in the republic, whose aggregate deposits on the 31st of
December 1906 were 14,799,728 pesos.

The monetary unit, the gold peso, does not form a part of the actual
coinage. The gold coins authorized by this law are the _condor_ of 20
pesos, the _medio condor_, or _doblon_, of 10 pesos, and the _escudo_
of 5 pesos. The silver coins are the _peso_ of 100 centavos and its
fractional parts of 20, 10 and 5 centavos. The bronze coins are of 21/2,
2, 1, and 1/2 centavos.

The metric system of weights and measures is the legal standard in
Chile, but the old Spanish standards are still widely used, especially
in handling mining and farm produce. Nitrate of soda is estimated in
Chilean quintals (101.41 lb) in the field, and metric quintals (220.46
lb) at the port of shipment. In silver and copper mining the _marc_ (8
oz.) is commonly used in describing the richness of the ores. Farm
produce is generally sold by the _arroba_ or _fanega_; the _vara_ is
used in lineal measurement, and the _cuadra_ is used by country people
in land measurement. (A. J. L.)

HISTORY.

Inca conquest.

Chile was the recognized name of the country from the beginning of its
known history. The land was originally inhabited by tribes of Indians,
who, though not mere savages, were far below the level of civilization
distinguishing the races of Mexico and Peru. When the country first
became known to the Spaniards in the 16th century the northern tribes
were found to be more civilized and much more submissive than those of
the south. The difference was no doubt due to the invasion and conquest
of northern Chile in the 15th century