Etymology
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Latino 
"male Latin-American inhabitant of the United States" (fem. Latina), 1946, American English, from American Spanish, a shortening of Latinoamericano "Latin-American" (see Latin America). As an adjective, attested from 1974.
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Latino- 
prefix in use from 1939 as a combining form of Latin, from ablative of Latin latinus. By 1958 as a combining form from Latino.
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spic (n.)

derogatory for "Latino person," 1913, from cliche protestation, No spick English. Earlier spiggoty (by 1907 "speak-a the ..."); the term is said to have originated in Panama during the canal construction. But it also was applied from an early date to Italians, and some have suggested an alteration of spaghetti.

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Cholo 
"Indian or mixed-race person of Latin America" (fem. Chola), 1851, from American Spanish (c. 1600), said to be from Nahuatl (Aztecan) xolotl "dog, mutt." Proposed derivation from Mexican city of Cholula seems too late, if this is the same word. In U.S., used of lower-class Mexican immigrants, but by 1970s the word began to be embraced in Latino gang slang in a positive sense.
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Latin (n.)

"the language of the (ancient) Romans," Old English latin "Latin, the language of the Romans; any foreign language," from Latin latinium "the Latin language," noun use of the adjective latinius (see Latin (adj.)). The more common form in Old English was læden, from Vulgar Latin *ladinum, which probably was deformed by influence of Old English leoden "language." For "the Latin language" Old English also had lædenspræc.

In Old French the word was used very broadly, "speech, language:" "What Latin was to the learned, that their tongue was to laymen; hence latino was used for any dialect, even Arabic and the language of birds ...." [Donkin, "Etymological Dictionary of the Romance Languages," 1864].

Roughly speaking, Old Latin is the Latin before the classical period including early authors and inscriptions. Classical Latin flourished from about 75 B.C.E. to about 200 C.E., the Latin of Lucretius, Catullus, Caesar, Cicero, Virgil, Horace, Ovid, Livy, Seneca, etc.; it is the standard Latin of the grammars and dictionaries. Late Latin followed the classical period to about 600 and includes the early church fathers. Medieval Latin was the Latin of the Middle Ages, from about 600 to 1500. Modern Latin is Latin as written from about 1500 on, largely by scientific writers in description and classification. Vulgar Latin was the speech of the Roman home and marketplace, going on concurrently under Classical and Late Latin.

This bit of student doggerel said to have been often scrawled on inside covers of school books, seems to date to 1913 in this or similar wording.

Latin's a dead language —
As dead as it can be;
It killed off all the Romans,
And now it's killing me.
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