money. The "boom" of 1824 was followed by a panic in 1826, a general depression at home, and, in course of time, the transfer of the interests to cheaper hands.
Among the English companies mentioned was the Real del Monte Company, which bought up, among others, all the mines of the Count of Regla, at Real del Monte and Pachuca. These had produced in fifty years $26,500,000. The history of the growth of the Count's magnificence is briefly this. His principal vein, the Biscaina, had been worked continuously from the middle of the sixteenth century. Its yield in 1726 was nearly $4,500,000. In the beginning of the eighteenth century it was abandoned in consequence of the impossibility of drainage with the defective appliances of that day. A shrewd individual took up these mines anew in later years, and associated with him Don Pedro Tereros, a small capitalist, who became his heir. In 1762 Tereros struck a bonanza, and in twelve years took out $6,000,000. He procured the title of Count of Regla by his munificent gifts to Charles III., and, investing his money judiciously, entered upon the career of splendor to which reference has heretofore been made.
By 1801, however, he found himself at such a depth with his levels that the yield was insufficient to pay the expenses of extraction, and the mines were again disused.
It was in this condition that the English company took them, knowing full well that there was treasure in the deeper levels, and proposing to bring it out with its improved machinery and Cornish labor.
The director took a salary of $40,000 a year, built himself a castellated palace, and rode out with a body-guard of fifty horsemen. A magnificent road was built to Regla, six leagues away. The only access thither, for the six hundred mules of the Count of Regla, had been by a dan-
