584 



NOTES ON BRAZIL. 



much more than sufficient to supply both Brazil and Portugal with a 

 circulating medium ; but so soon as the native metal of Brazil bore a 

 premium in the markets of Europe, the country was nearly drained of 

 it, and silver, in the shape of dollars, was sought for to supply its 

 place. These dollars had previously circulated, in small numbers as a 

 foreign coin, at the rate of 750 Reis each. The Treasury purchased 

 them at that rate, recoined them, and sent precisely the same quality 

 and weight of silver into circulation, at the rate of 96O Reis. This 

 circumstance, as was indeed clearly foreseen, caused the Spanish dollar 

 to advance to 915 Reis, and the country has been inundated with them at 

 the advanced price. Estimating the gold which the Treasury has exchanged 

 for these dollars at the rate established by law, it appears that the country has 

 paid a premium upon every million of dollars which it has received, not 

 less than 21,120 contos of Reis ; in other words, the people have paid so 

 much more for the silver than they can sell it for again. It may be said, 

 indeed, that, during the same period, gold has borne a premium, and that, 

 in consequence, the silver hCs not actually cost so much as, at first sight, 

 appears to be the case ; yet, even if we take this into consideration, it 

 will be found that the Brazilian Treasury has very simply given what is 

 intrinsically worth 22, for that which will produce to it no more than 

 17, thus making five-seventeenths of the whole transaction against the 

 country. Yet as these Notes are designed to represent the state of things, 

 rather than its attending evils, and the cure of them, perhaps sufficient 

 has been said upon a subject which relates almost exclusively to South 

 America. 



It may be advantageous to contemplate the more active part of 

 Commerce, under the several heads of the Coasting and Colonial trades, 

 the Brazilian Foreign trade, and that which is carried on in Foreign 

 vessels to Foreign ports. And, owing to the magnitude of this subject, 

 it will be necessary to confine our views to the Port of Rio de Janeiro, 

 as the principal one, and that which is best calculated to furnish an 

 example of the nature, growth, and present state of Brazilian Commerce. 

 These will be exhibited best by Tables, in which the vessels entering the 



