Note 48 — Part II

4. All the silver that is coined in the dominions of España comes to a halt in foreign kingdoms, among our greatest enemies. The treasures of the Indias pass through the aqueduct of Cadiz, without leaving even a trace on the conduits of the Spanish merchants, as can be demonstrated by [comparing] the riches that the Indias have produced, and the poverty of the Spaniards. Upon this point I refer to what Don Miguel de Zavala says in his memorial; and that which the celebrated Macanaz has written on the same subject ought to be printed on plates of gold, or, better, in the hearts of our sovereigns and their ministers of state, in order to cure the wounds of their vassals with the remedies which he proposes. For if all the silver is carried away from the dominions of España, what more will she have, whether it go by way of Acapulco or by way of Cadiz? I assert that in Cadiz the commerce of the foreigners is greater than that of the Spaniards: the latter (with the exception of some strong business houses, which have been built up in this century) support themselves by being figureheads48 for the former, who cannot possess the commerce in their own behalf or in their own persons. This is disclosed by the “Universal dictionary of commerce,” in praising the good Catholic Spaniards in this illicit mode of carrying on business—which is the same as regarding them as being, even if not traitors, at least disobedient to their king. Here is seen the interested motive for [the claim] that the silver should not be exported by way of Acapulco, but that all should go to Cadiz, into the power of the foreigners—who are the ones who, in reality and with hidden hand, have always made opposition to this commerce of Manila.