Note 4 — Chapter X · A Century of Obscurity and Decline. 1663–1762.

Ineffectiveness of These Restrictions.—These measures, while ruining the commerce of the Philippines, were as a matter of fact ineffective to accomplish the result desired. Contraband trade between China and America sprang up in violation of the law. Silks to the value of four million pesos were annually smuggled into America.4 In 1734 the folly and uselessness of such laws was somewhat recognized by the Council of the Indies, and a cedula was issued restoring the permission to trade in Chinese silks and raising the value of cargoes destined for Acapulco to five hundred thousand pesos, and the quantity of silver for return to one million pesos. The celebrated traffic of the galleon was resumed and continued until the year 1815.