History of Bolivia to 1809 reduction in silver output. After 1700 only small amounts of bullion from Upper Peru were shipped to Spain. Kings from the Bourbon Dynasty in Spain tried to reform the colonial economy in the mid-eighteenth century by reviving mining. The Spanish crown provided the financial support necessary to develop deeper shafts, and in 1736 it agreed to lower the tax rate from 20 to 10 percent of the total output. The crown also helped create a minerals purchasing bank, the Banco de San Carlos in 1751 and subsidized the price of mercury to local mines. The foundation of an academy of
Bourbon Democrat Bourbon Democrats. The nickname "Bourbon Democrat" was first used as a pun, referring to bourbon whiskey from Kentucky and even more to the Bourbon Dynasty of France, which was overthrown in the French Revolution, but returned to power in 1815 to rule in a reactionary fashion until its final overthrow in the July Revolution of 1830. The term was occasionally used in the 1860s and 1870s to refer to conservative Democrats (both North and South) who still held the ideas of Thomas Jefferson and Andrew Jackson and in the 1870s to refer to the regimes set up in the South