ASIENTO

ASIENTO,in Matters of Commerce, a Contract or Convention between the King of Spain and other Powers, for furnishing the Spanish Dominions in America, with Negro Slaves. See NEGRO, etc. The Term is originally Spanish, and signifies a Contract: Accordingly, the first Asiento was a Treaty or Contract made with the French Guinea Company, whereby they were put in possession of this Privilege, in consideration of a certain Duty which they were to pay to the King of Spain's Farms, for every Negro thus furnished.—This Contract was signed in the Year 1702, to last ten Years, with a further Liberty allowed the Asientists of two Years more, in case they had not furnished the whole Number stipulated before.—The two principal Articles regarded,first, the Number of Negroes to be provided, which was 4800 while the War should last, and 4800 in case of Peace. Secondly, The Duty to be paid the King of Spain, during the Farm, or Asiento; which was fixed at 33 Pieces of Eight per Head.—By the Treaty of Utrecht, Philip V. being acknowledged King of Spain by the Allies; it was one of the Articles of the Peace between England and France, that the Asiento Contract should be transferred to the English—Accordingly a new Instrument was signed in May 1713, to last 30 Years; and the furnishing of Negroes to the Spanish America, was committed to the South-Sea Company, just then erected. See SOUTH-SEA COMPANY.



In virtue hereof, they are yearly to furnish 4802 Negroes; for which they are to pay at the same Rate as the French, with this Condition, that during the first 25 Years, only half the Duty shall be paid for such as they shall import beyond the stated Number. The last Article gives them a further Privilege not enjoyed by the French; which is, that the English Asientists shall be allowed, every Year, to send to the Spanish America a Ship of 500 Tons, laden with the same Commodities as the Spaniards usually carry thither; with a Licence to sell the same concurrently with them at the Fairs of Puerto Bello, and La Vera Cruz.—This additional Article is supposed as advantageous to the Company, as the whole Contract besides; being granted contrary to the usual Spanish Policy, which has ever solicitously preserved the Commerce of their America to themselves. See RESTRICT.

Some new Articles have been since added to the ancient Asiento; as, that the English shall send their Register-Ship yearly, even though the Spanish Flota and Galleons do not go; and that for the first 10 Years, the said Ship may be of 650 Tons. The manner of valuing the Negroes, in order to settle the King of Spain's Duty, is the same as delivered under the Article Negro.

ASIENTO