Andalucía, it seems that the only utility will be found in the less
occasion [for buying Chinese goods] that each of those provinces would
have, so that the export of silver would be in smaller quantity. That
is to be regulated by the wealth of each province, and by their
facilities for diverting it. All the silver that Nueva-España obtains
now comes from its own provinces, or is brought from the provinces of
Perú. The bulk of it is used in the trade with España, some in that
with the Philipinas, and very little in the retail trade of its own
cities and towns; for although Nueva-España has intercourse with Perú,
it never uses more than the products of the country for that. What is
sent to the islands goes by way of Acapulco, which is the only port
in all the South Sea where this despatch is made or can be made. That
España would have more silver if it retained within its bounds what
it receives, seems to be undeniable, since therein is gathered the
silver of México, Perú, and all the Indias. But the gates by which
that silver issues [from España]--now it is known whether there are
any--are, to speak correctly, as many as there are seaports and sterile
districts, with the usual and accustomed communication between them.

Accepting this as true--on which is based assertions of those who
say that less silver will be sent to Manila from a kingdom where
conditions are such [_i.e._, España] than México [now] gives--I,
at least, no matter how long may be the argument, do not comprehend
so obscure a secret; on the contrary, I am persuaded that España
will be no poorer thereby. For, if this mouth be stopped, España
must be drained, by those that remain (as is done today), of all of
this article that other kingdoms are offering it, as in a flood. But
with equal certainty, I understand that incomparably more money will
go to the Philipinas by this road than now goes by the other. And to
assert that this loss will cease because, with the increase of trade