to him.  He said that when he was going from Nueva Espana as commander, and the capitana in which he sailed was wrecked, he had placed the commercial silver in a place of safety, and there were three millions of it.  The truth is that he exaggerated this to enhance the value of his service, increasing the sum by more than half; for from us, who were there, this matter could not be concealed, and there has never passed so much silver as in that year.  If this service was placed at such figures, it deserved a heavy punishment, and not the reward which he seeks.  Since that time it is true that as much more passes, to Filipinas, by the permission which your Majesty gives.  The causes of this excess are two.  In the first place, the necessity of the citizens, who are unable to support themselves with so small a quantity, or to gain profit in trade; since, if there are no more than five hundred [thousand pesos] they need all which is sent them for their living alone.  Accordingly, even at a great cost to themselves, they seek means to get profits from their property.  The limitation of this permission entails a difficulty which I have mentioned; for in the first place measures must be taken to enrich them, since it is of so great importance to kings that their subjects should be rich, while the poverty of the latter causes such diminution of their power.  If this reason holds in all the kingdoms of your Majesty, it does so much more in that one which is so distant, where, when necessary, they lend to the royal treasury on occasions of need—­as they did last year to Don Alonso Faxardo de Tenca, your governor, whom they lent 200U ducados to lead an army against the Dutch, and likewise their slaves to man four galleys.  They have done this same thing on other occasions, and expose their persons in war and lose their lives, as many of the best men of that city have done—­their misfortune lying in this, that they were so far distant from the royal eyes of your Majesty, wherefore their services are not conspicuous.

In the second place, there is the greediness of the merchants from Mexico, to whom the greater part of this silver which passes to the Filipinas belongs; if this could be remedied, the difficulty of so much outflow of silver as is reported would be obviated.  But the remedy is not to send thither judges and guards who are not to allow it to pass; for on the contrary, as our experience shows, they go to enrich themselves by the salaries which your Majesty gives them, and the profit which they there make.  For in all countries ill-gained wealth is thus christened.  The silver which goes there is of no less value to the royal exchequer than that which comes here, since the investment of it pays no fewer duties, but more; and at least it comes finally into the hands of our friends, and is not like that which comes to Espana—­which for the most part is enjoyed by the enemies of your Majesty; and the fleets go more heavily laden with the enemy’s property than with that of your vassals.