Note 53 — Grau y Monfalcon’s Informatory Memorial of 1637 (continued 2)

It follows that it is not to be denied that in the two traffics permitted to Filipinas and Perú the same illegal acts might be found as in the other parts where there is trade; but it is not conceded that these excesses are so enormous as are represented. Nor are they greater than those in other regions, where, in the shadow of 200,000 ducados of silver, 50,000 go concealed, while in that of 250,000 in merchandise will come another 60,000; and perhaps both one and the other will be so much less that they merit no attention, and never [is the concealed merchandise] so much more that it exceeds the principal. Some arguments can be advanced on this point. The first is that there is no place whence so much silver can be obtained that three millions of it should be sent from Perú to Nueva España, and ten from Nueva España to the Filipinas. For if six millions and upwards come every year from Perú to these kingdoms, one remains in their land, and three go to Acapulco, then their mines yield from ten to eleven millions. Those of Potosi never amount to six,53 while all the others together do not yield two. Consequently, the supposition that eleven millions are mined is false. That will be better proved by what has come [thence] and what shall come in the future; for since it is ordered that the ship that was permitted shall not sail from Perú, it will be necessary for three millions more than usual to come from its provinces, since those who trafficked by way of the South Sea cannot let their money remain idle, and must employ it on the Northern Sea. The same consideration ought to hold for Nueva España. Three millions are sent [here] annually from that country, and one-half or one [no—MS.] million remains there in the country. Let us suppose that ten millions are sent to Filipinas. It is proved that the three millions cannot be sent from Perú; but admitting for the sake of the argument that they can be sent, it follows that it [i.e., Nueva España] alone yields another eleven millions from its mines—which is impossible, as is gathered from the royal fifths, and from the facts that in some years ships do not go to Filipinas, and that more silver is not for that reason sent to these kingdoms, as would be necessary.