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d with traditional treasure ships, and to this day remnants of doubloons or "pieces of eight" and bits of bullion and jewelry are washed up on the shining beaches of Panama and northern Colombia as grim memorials of his lawless activities. The expenditure of energy necessary to transport the gold, silver and precious stones from the New World to the bottomless treasury of Spain was stupendous. Yet not less stupendous was the amount of treasure transported. From the distant mines of Potosi, from the Pilcomayo, from the almost inaccessible fastnesses of what are now Bolivia and Ecuador, a precious stream poured into the leaking treasure box of Spain that totalled a value of no less than ten billion dollars. Much of the wealth which came from Peru was shipped up to the isthmus of Panama, and thence transferred to plate-fleets. But the buccaneers became so active along the Pacific coast that water shipment was finally abandoned, and from that time transportation had to be made overland by way of the Andean plateau, sometimes a distance of two thousand miles, to the strongholds which were built to receive and protect the treasure until the plate-fleets could be made up. Of these strongholds there were two of the first importance, the old city of Panama, on the isthmus, and the almost equally old city of Cartagena, on the northern coast of what is now the Republic of Colombia. The spirit of ancient Carthage must have breathed upon this "Very Royal and Loyal City" which Pedro de Heredia in the sixteenth century founded on the north coast of New Granada, and bequeathed to it a portion of its own romance and tragedy. Superbly placed upon a narrow, tongue-shaped islet, one of a group that shield an ample harbor from the sharp tropical storms which burst unheralded over the sea without; girdled by huge, battlemented walls, and guarded by frowning fortresses, Cartagena commanded the gateway to the exhaustless wealth of the _Cordilleras_, at whose feet she still nestles, bathed in perpetual sunshine, and kissed by cool ocean breezes which temper the winds blowing hot from the steaming _llanos_ of the interior. By the middle of the sixteenth century she offered all that the adventurous seeker of fame and fortune could desire, and attracted to herself not only the chivalry, but the beauty, wealth and learning which, mingled with rougher elements, poured into the New World so freely in the opening scenes of the great drama inaugura
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