There was indeed gold and silver in large quantities, accumulated in the Mexican plateau and the Andean altiplano. In 1519 Cortés told Spain of the fabulous magnitude of Montezuma’s Aztec treasure, and fifteen years later there arrived in Seville the gigantic ransom—a roomful of gold and two of silver—which Francisco Pizarro had made the Inca Atahualpa pay before strangling him.

