ABSTRACT
A fact of great importance in revealing the economic characteristics of Spanish rule in America was, that discoveries and settlements were usually made, not at the expense of the state, but with private funds. One of the earliest features of Spain's economic policy with reference to America was the adoption of the system of encomiendas. The fundamental idea of the commercial and industrial policy of Spain, as carried out through the India House, was that of restriction and privilege. Favoring a limited amount of direct trade with Spain, there was revealed in this no intention to depart from the general policy which had been adhered to previously. Black slaves were introduced into Spain as early as 1442, and the modern trade in negroes began about that time.
