Terms of Debt Composition in Michoacán
| Amount of debt (in pesos) . | Average / Median initial payment . | Required by law . | Average terms of debt retirementa . | Required by law . |
|---|---|---|---|---|
| Under 4,000 (approx, property value under 10,000b) 80 properties | 24% / 22% | 50% | 4.4 years | 1 year |
| 4,000-7,999 (property value 10-19,999) 49 properties | 15%/13% | 33% | 7.6 years | 2 years |
| 8,000—19,999 (property value 20-49,999) 64 properties | 15%/11% | 25% | 7.3 years | 5 years |
| 20-39,000 (property value 50-100,000) 36 properties | 12%/9.5% | 20% | 11 years | 6-7 years |
| Over 39,999 (property value over 100,000) 11 properties | 8%/8% (4593) | ca. 15% (at least 12,000) | 14.7 years | 10 years |
| All debts (240) | 17%/13% | 7.7 years |
| Amount of debt (in pesos) . | Average / Median initial payment . | Required by law . | Average terms of debt retirementa . | Required by law . |
|---|---|---|---|---|
| Under 4,000 (approx, property value under 10,000b) 80 properties | 24% / 22% | 50% | 4.4 years | 1 year |
| 4,000-7,999 (property value 10-19,999) 49 properties | 15%/13% | 33% | 7.6 years | 2 years |
| 8,000—19,999 (property value 20-49,999) 64 properties | 15%/11% | 25% | 7.3 years | 5 years |
| 20-39,000 (property value 50-100,000) 36 properties | 12%/9.5% | 20% | 11 years | 6-7 years |
| Over 39,999 (property value over 100,000) 11 properties | 8%/8% (4593) | ca. 15% (at least 12,000) | 14.7 years | 10 years |
| All debts (240) | 17%/13% | 7.7 years |
Not all compositions recorded by junta officials specified terms of debt retirement. These averages are based on terms specified in 74 cases.
Property values were not given in the consolidation records, so the relationship between ecclesiastical debt and property value assumed here (that the former was on average 40 percent of the latter) is based on the fact that total debt (most of which was ecclesiastical) on haciendas sold or appraised in Michoacán between 1790 and 1806 was 42 percent of the value of the property.
Sources: “Cuenta general . . . 1805” and “Cuenta general . . . 1806,” AGN, Consolidación, vol. 5, exp. 1; “Cuaderno 2 . . . de 1807” and “Cuaderno 3 . . . de 1808,” AHMCR, Negocios Diversos, Consolidación, 1807; ANM (for average terms of debt retirement); Sugawara, La deuda, 18 (Articles 23-27).