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A great lack of money has made itself felt in this colony; and, after having thoroughly investigated the cause thereof, it has been ascertained that it proceeds in part from the very great sum taken out annually for China.  It is also attributed in part to the issue of the money from the treasury—­not that it has been less than in other years, but it has always been much more limited than it might be, and than is advisable for a commerce that is increasing in extent and value so much as is that of this kingdom.  And since it would be greatly to the advantage of the treasurer to coin more money, they impute to him that, by not spending something at present, he is thus niggardly in making the necessary provision, and that by this he loses much and the state more.  These two difficulties are reenforced by another—­that since there have hitherto been, for various reasons, very few traders who were inclined to buy silver from private persons and send it to the mint to have it coined on their account, it has resulted that four or five men have made themselves the masters of this traffic; consequently there has been a great increase this year in the loss incurred by those who sell their silver in order to be furnished with coin.  All this has been observed at the time of the vessels and trading fleet; and it is a matter of much moment, in which it has seemed best to me to inform your Majesty, inasmuch as I have undertaken to institute a reform.  This, please God, will be made with energy, as in breaking open a package.  When the correctives usual in this region (which are mild) do not suffice, I will propose to your Majesty other and more severe measures, which might be adopted by the Council, and one might be of sufficient advantage to your Majesty.  However, it were not advisable to discuss this, but that the necessity of the public government demands it and invokes it, since only at such times can it be called just or used as an argument.

I consider your Majesty’s permit in regard to the money going to the Philipinas as liberal and beyond the excess of what is carried as contraband, which is a very large amount.  It is almost impossible to put a stop to this, notwithstanding that I do not give permission, expressed or tacit, in that commerce for one real more than the amount allowed; and I have ordered vigorous investigations on this point at the time of the despatch of the vessels.  But if it is easy to hide the money, there is little to fear in the penalties, although orders are given that they be executed.  Accordingly, in case of the cloth that can be brought to and unloaded at Acapulco, I think that, as it has bulk, it can be locked up in some warehouse and examined, or (which would be more efficacious), that no limit be placed on the use of this class of goods in Nueva Espana, so that those persons whom the viceroy considers needy might not be restricted in wearing it.  I fear greatly that in the case of the money, as it is so easy to hide,