Note 15 — XXV
Reading edition
The reason of this premiun on silver was, that the Chinese bought up all the Spanish and Mexican dollars, in order to send them to China, where they are worth more than other dollars, being known from the voyage of the galleon thither in olden times, and being current in the inland provinces. (The highest price there can be obtained for a Carlos III.)
A mint erected in Manila since that time, which at least supports itself, if the government has derived no other advantage from it, has removed this difficulty. The Chinese are accustomed to bring gold and silver as currency, mixed also with foreign coinage, to Manila for the purpose of buying the produce of the country; and all this the native merchants had recoined. At first only silver ounces were usually obtainable in Manila, gold ounces very rarely. This occasioned such a steady importation that the conditions were completely reversed. In the Insular Treasury the gold and silver dollar are always reckoned at the same value.