Note 26 — II

Gambling rather than commerceThe return of a galleon to Manila, laden with silver dollars and new arrivals, was a great holiday for the colony. A considerable portion of the riches they had won as easily as at the gaming table, was soon spent by the crew; when matters again returned to their usual lethargic state. It was no unfrequent event, however, for vessels to be lost. They were too often laden with a total disregard to seaworthiness, and wretchedly handled. It was favor, not capacity, that determined the patronage of these lucrative appointments.26 Many galleons fell into the hands of English and Dutch cruisers.27 “Philippine Company” and smugglers cause change.But these tremendous profits gradually decreased as the Compañía obtained the right to import Indian cottons, one of the principal articles of trade, into New Spain by way of Vera Cruz, subject to a customs duty of 6 per cent; and when English and American adventurers began to smuggle these and other goods into the country.28 Spanish coins in circulation on China coast.Finally, it may be mentioned that Spanish dollars found their way in the galleons to China and the further Indies, where they are in circulation to this day.