INTRODUCTION. 



73 



teen per cent upon all the precious metals extracted 

 from the mines. The profits of the crown derived 

 from the monopoly of quicksilver, without which the 

 mines cannot be worked, is very considerable. The 

 diminution of the produce of the mines during the 

 last ten years, is thought by many politicians to be 

 one of the causes of the commercial embarrassments 

 throughout the world. Those of Mexico during that 

 period, it appears from official documents, have scarce- 

 ly produced a third of the annual amount drawn from 

 them formerly. The mines of La Plata, it is pre- 

 sumed, have produced still less; but it is probable that 

 those of Peru have undergone no sensible diminution. 

 The quantity of the precious metals withhehl from 

 circulation, by the troubles of America, can be ascer- 

 tained with tolerable accuracy; what may have been 

 the effect of this on the commercial world, is not so 

 easily conjectured. It is well know n, that there were 

 immense quantities of gold and silver in Mexico and 

 Peru, which were called into circulation, and proba- 

 bly contributed to make up the defect produced by 

 a partial failure of supply from the mines. 



The next branch of revenue I shall notice, is the 

 alcavala, than which a more vexatious exaction could 

 not well be contrived.* It is a duty varying from 

 one to four per cent on all sales and purchases, with 

 the exceptions in favor of the church and of paupers. 

 Every merchant, shopkeeper, and tradesman, was 



* It originated in Spain during the struggle to expel the Moors; 

 it was an extraordinary contribution to enable the king of Spain 

 to maintain the contest, and was afterwards continued when the 

 reason ceased, and was introduced into America contrary to every 

 principle of justice.' 



VOL. I. 10 



