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In a serious move to tap what it thought was a serious source of revenue, the crown in 1804 promulgated the Act of Consolidation (Consolidación de Vales Reales), in which the crown mandated that the church flip over its funds to the crown, which would in turn pay the church five p.c on the principal. Crown economic insurance policies rattled American-born elites’ loyalty to Spain when in 1804, it instituted a policy to make mortgage holders pay immediately the principal on their loans, threatening the economic place of money-strapped landowners.
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