INTRODUCTION. 



m 



Venezuela and La Plata, which were not possessed 

 of mines, and depended on commerce entirely for the 

 value of their products, were kept in the lowest state 

 of misery and depression. Until a change in the sys- 

 tem took place, they were regarded as the poorest of 

 all the Spanish possessions, although they afterwards 

 came to rank among the most valuable and important; 

 they are now indeed the strong holds of liberty, and 

 by them in all probability will the independence of 

 South America be achieved. 



It has already been stated, that at first the manufac- 

 tures of Spain and her European dependences, in 

 some measure sufficed to purchase the gold and silver, 

 the cochineal, indigo, cocoa, Jesuit's bark, sugar, cot- 

 ton, and dye woods of America. During the reign 

 of Charles V. Spain was one of the most industrious, 

 and therefore powerful and prosperous nations of Eu- 

 rope. The Spanish manufactures in wool, flax, silk, 

 and iron, were not surpassed by those of any other na- 

 tion; and yet these so early as the middle of the seven- 

 teenth century, had fallen into decay, so as to be in- 

 sufficient to supply even the home consumption. This 

 sad reverse has been attributed by able writers to the 

 sudden influx of wealth, whose effects were rather to 

 overturn the sober plans of industry, than to afford a 

 natural and friendly stimulus. But the causes before 

 enumerated, the bigotry of Charles II. and his suc- 

 cessors, and the short sighted cupidity of the Spanish 

 commercial monopolists, must be regarded as sufficient 

 to account for the ruin of Spain. From that time, her 

 importance in Europe was gradually declining, her 

 population diminished, her agriculture decayed, and 

 her naval and military force sunk into contempt. 

 VOL. T. i.2 



