merchants. Consequently, the ocean trade increased, in a short time,
from at most fifty or one hundred casks of wine and a few more jars
of olive-oil--carried by one or two vessels, unauthorized and without
register--to cargoes which fill thirty or forty vessels, that sail
annually in a trading fleet. The vessel in which this is received
is earthen, and of limited capacity; and what was slowly filling it
continued to increase. Now this vessel is full to the brim, but still
they obstinately continue to pour in more. Is it not evident that what
is more than enough to fill it must overflow, and be the same as lost?

Thus was the land conquered in Perú. True reports were published
concerning its so great abundance of wealth--that it was considered
easier and cheaper to arm men and shoe horses with silver than with
iron; and that for one quire of paper ten pesos of gold were paid,
for one cloth cloak one hundred pesos, and for one horse three or
four thousand pesos. At this report, various kinds of merchandise were
brought, and had a continual good outlet and sale; and they were taken
in the necessary quantity. Years passed, and the treasure--which was
too plentiful, because it was in possession of people who had no use
for it--came into the hands of those who finally saw it disseminated
through the world--and for this reason the share of each part is
less. The account that should be taken of reason and common sense is
forgotten, and men persuade themselves blindly that, since they get
a thousand for five hundred, with one million they must make two:
And as if they could expect the same profit from supplying necessity
and from adding to abundance, they multiply their trading-fleets and
double their investments. Is it not evident that if their shipments are
in excess, their profits must fall short, and that the ratio between
the two cannot be equal to what it was before? Let the records of the
customs duties belonging to your Majesty be examined, where those