Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1884-07-05
THE /. MOUNTAIN or PITY
A Unique Mexscau Financial Institution
Pounded In f1l<, and It's strange History.

Of the Monte Pic Bank, says Mexican let
ter 20 the Denver 1ribune. Gonzalez
ra,ded 10 OF all the GoverRment securities.
then demanded 100000 In silver. which
was refused. Indignant at the reply sent |
him from the bank officials, he promnl-
gated the story that the bank was uusound, |
which caused a terrific "run," aud In |
three DAYS Its doors were closed. Like all
banks that have been considered staunch, |
and suddenly .submerge, it, PROMISES
of speedy resumption were at first |
implicitly believed. but the fact is. |
jts paper depreciates daily. and a cord |
Of Monte Pho bills are abont ~
valuable ns an equal bunch Of Confederate |
scrlp at the close OF our late war. This |
bank was brunch Of unique and famous |
institution which has become one OF the |
features OF Mexico, the Monte de Piedsd. |
or national pawn.shop. The translation OF |
this title Il " Mountain OF Pity" and It's OBJ |
ject is philanthropic to the last degree. IL
was founded In 1744, by the Count de Regla |
Don Pedro Ferreros, who organized and
matured the plan on which the institution
is at present worked, and endowed 1t with
e35O.O00 out OF his private fortune. His
object was 10 relieve the poor aud those IN
bitter straits i.om the empelos, or pawn
sho;s. as well rs TO lend helping hand TO
those In comfortable circumstances who
might be pressed for money by some sud-
den or unexpected emergency.
The Monte Pho Is one OF the oldest edi-
fees in the capital, having been built inn
mediately after the conquest, for the private
residence OF Cortez. and for generations It
was used as official headquarters for the
yceroy. Happily for the nineteenth CEN
tury tourist, Il has been spared ny the
modern hand OF Improvement. lis doors
and windows. staircaSes. and ceilings,
pqtios, and balconies, are the same as when
the naughty hidalgos fitted in aud out, AT
tired in all the bravery OF velvet aud lace.
and n It's walls could speak they would re-
veal dark secrets plotted by cunning brains
that are long since dust.
The rules and regulations permit the
lending Of money on most liberal teTmi;
the depos,tor gets about one Third value on
goods deposited. The yearly rate OF inter-
est never goes lower than 3 per cent. nor
higher than l2!, aud the tickets have to DE
renewed every eight months. When the
depositof ceases TO pIy the interest on the
loan advanced his pledges. wlIltcveT they
may be, arc retained in the bank Tor
seven months: they are then carefully
nre offered for sale at the appraisers
valuation for one month. IL, at the cHpl-
ration OF the month, they remain unsold,
they are again valued. this lime 1t lower
figure. and again offered in the sales-room'
on the lower floor. For six months this
nrocesS poes on. when, il still unSOld, the
Goods are offered at public auction and
knocked down TO the highest bidder, when,
II the goods bring less than The value SCI
upon them by the appraisers, the latter
must themselves make up the deficit TO the
bank.
On certain DAYS in the month certain
goods are sold; one day for jewels, AN
other for clothes. another for odds and
ends. During the week OF the panic tue
pushed business, and sold
more than under ordinary circumstances
they would have disposed OF in ten years
IL is a famous resport for those curious
Yankees, who here pick up all kinds OF
hric.a-brac, curious and valuable. III
il necessary 10 get a permit 10 %
through the entire establishment, e'pe-
ciaIly for an inspection OF the vaults,
which are veritable Aaddin's cave.
There are pictures, siver-plate. can.
delabra, time-piece. and bric-a-brac rooms.
and an immense jewel department,
which shows the richest and rsrest cOllec-
ton. perhaps. In the world. Pearls. ruhies,
emeralds, and diamonds; heirloom' des-
cended from the time OF the conquest, de-
posited here at various periods, partly for
safety, for Il is the "safe Deposit OF Mexico,
and partly for the consideration oil hard
cash. Could this history be told it would
be vastly more dramatic and inter
esting than any history OF Mexico
that has ever been written, covering
time when loot was u recogniz-
ed institution, and pillage the boast OF
the country. II is the proud boast that
during all seasons 81 revolution and dlsas-
ter the Monte Pho has been respected.
Church affairs might be robbed. but its
treasure was safe. II was only Mexican
safety, however--all on the surface; Tor
during the frequent rcigns OF terror the
Church came to the rescue. There was
subterranean communication with con-
vent OF nuns, and in times OF danger the
Jewels were carried by a private staircase
out OF the monte and placed under the care
OF the nuns Of Santa Brigida.
The bank which has just closed was but
q side issue OF the central institution. and
its closing in no way affects the Monte Pie
dad. IL is the resort OF all. aud a'l
are equally received; the poor peon, with
his treasured SeTdpe, or the naughty don,
with his family diamonds. The ma
chine works with marvellous precision.
and the order is simply admirable. The
sales-room il generally crowded, and 1t
is 10 humiliation 10 have little transac-
ton at the Monte Piedad The dealings
are strictly confidential, and every one licS
thither when "Short" with the same
alacrity as we step into n bank IN wall
street. Don Pedro Terrcros's portrait holds
an bonored place in the building, and his
name Is venerated and respected all through
Mexico. II his soul is not pretty sale u
is sad thing to contemplate. for all the
profits OF the institution for seventy years
went for mssssS for il. repOse.
The history OF this same Count de Regla
is rather an interesting one. lie was origi-
nally IN humble shopkeeper-plaln Peter
Terreros-a man OF limited means but
sbreWd Judgment. lie was, in fact, the
first bonanza king OF Mexico. In oljen
times the only method OF getting water out
OF the mines was by lifting it out OF the
shafts in BULBS hides, carried M on wind
lass, hut after certain depth had been
reached tie head OF water could no longer
be kept down by this process. In conse-
quence. about the beginning OF the last
centurytbe famous Real del Monte mines
the richest in MeXico-wcre abandoned, be-
coming the kind OF ruin only possible TO
mines filed with water mass OF floating
timheIs. earth, rubbish, aud fallen rock.
By the laws OF Mexico, the title to mine
is lost by abandoning or ccasing TO work it.
II becomes a waii, and may be "de-
nounced" or adopted BIZ any one. Old
Peter conceived the idea Of draining this
abandoned mine by means OF tunnel
through solid rock, II distance OF mile aud
a half He toi!ed upon this undertake
ing twelve long years. sneered aud
jeered at by the unbelieying Thorn
ases," who considered him Il harmless
though industrious crank. striking an
occasional vein with sufficient silver to
carry on his enterprise. he completed his
task and tapped bonanza Of fabulous
riches. He became the CrG,us OF Mexico,
making such a magnificent display OF his
wealth aud such royal generosity that he
was ennobed by the title Of Count OF
Regla." A single hacienda OF his in Mi.
choacan was ninety miles in length by tif.y-
one in breadth. Sloping down from the
temperate plateau, Il embraced the product
OF every cline. lie expended s3.0O0,00J
in building reduction works. When his