“Mercy,” preached Fray Casimiro Díaz, “is the legitimate daughter of compassion. And the indigent exclaims, the widows, orphans, and destitute women broadcast, even the religious communities acclaim, that mercy is the distinctive virtue of this Holy Board, for your pious gifts reach all of them.” The Augustinian friar was addressing the guardians and members of Manila's Hermandad de la Misericordia (Confraternity of Mercy) in a mass that commemorated the anniversary of its foundation in mid September of 1743. At first glance, the occasion would not deserve much attention, another sermon praising the alms-giving labor of a confraternity. Spanish America swelled with similar institutions devoted to administering alms and endowments to sponsor prayers and charity. Yet, the Manila Misericordia was different. Church corporations in the Americas invested donations in low-interest annuities in perpetuity attached to property. Charity donors in Manila had found a better way to maximize pious gifts: by creating legacies to be invested in maritime trade loans at high interests.

中文翻译：

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太平洋彼岸的虔诚基金（1668-1823）：慈善遗赠还是信贷来源？

“慈悲，”弗赖·卡西米罗·迪亚兹 (Fray Casimiro Díaz) 说，“是慈悲的合法女儿。贫穷的人们大声喊叫，寡妇、孤儿和贫困妇女在广播，甚至宗教团体也都赞叹道，慈悲是这个圣座的独特美德，因为你们的虔诚礼物惠及所有人。” 奥古斯丁修士在纪念 1743 年 9 月中旬成立周年的弥撒中向马尼拉 Hermandad de la Misericordia（慈悲会）的监护人和成员发表讲话。乍一看，这个场合不值得太多关注，这是另一场布道赞美兄弟会的施舍劳动。西属美洲拥有类似的机构，致力于管理施舍和捐赠，以赞助祈祷和慈善事业。然而，马尼拉 Misericordia 是不同的。美洲的教会公司将捐款投资于永久附属于财产的低息年金。马尼拉的慈善捐助者找到了一种更好的方式来最大化虔诚的礼物：通过创造遗产来投资于高息的海上贸易贷款。