Page "History of Paraguay" Paragraph 10

Leaving a small force on the northern shore of the broad estuary, Cabot proceeded up the Río Paraná uneventfully for about 160 kilometres and founded a settlement he named Sancti Spiritu.

He continued upstream for another 800 kilometers, past the junction with the Río Paraguay.

When navigation became difficult, Cabot turned back, but only after obtaining some silver objects that the Indians said came from a land far to the west.

Cabot retraced his route on the Río Paraná and entered the Río Paraguay.

Sailing upriver, Cabot and his men traded freely with the Guaraní tribes until a strong force of Agaces Indians attacked them.

About forty kilometers below the site of Asunción, Cabot encountered a tribe of Guaraní in possession of silver objects, perhaps some of the spoils of García's treasure.

Hoping he had found the route to the riches of Peru, Cabot renamed the river Río de la Plata, although today the name applies only to the estuary as far inland as the city of Buenos Aires.