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In short time, Spanish Conquistadors had overwhelmed both the powerful Aztec and Incan Empires that had controled
today's Mexico and Peru. They claimed all the land for Spain and the settlement were very soon established.Individual settlers for Spain received large areas of land and the right to control all of the labor of those who lived on the land. In these settlements, the Spanish raised cattle and sheep, but however, the most important product of New Spain was silver. All the native people mined silver in the mountians, and often at the expense of thier own lives. The silver that came to Spain financed it's trade with other counrtries, and it fueled a huge inflation of goods that lasted until 1600.
Most of the silver found in America eventualy wound up in India and China. European goods were not nearly as good to barter with the well manufatured Asian goods. For this, Europeans used thier gold and silver to trade for Asian spices, silk, and cotton cloth.
