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to a maximum of 6j millions of piastres*, of 

 which the government of the mother-country 

 never drew more than a twelfth. I have shewn, 

 in my Political Essay, that the Spanish colonies 

 in America, at the period of the greatest ac- 

 tivity of commerce and the mines, had a 

 gross revenue of thirty -six millions of piastres; 

 that the internal administration of the colonies 

 absorbed nearly twenty 'nine, and that only from 

 seven to eight millions of piastres flowed into the 

 royal treasury of Madrid. From these state- 

 ments, founded on official documents, and of 

 the exactness of which no doubt has been en- 

 tertained during fifteen years, we are surprised 

 to find that in grave discussions on political 

 economy, the financial embarrassments of the 

 mother-country are still attributed so often to 

 its separation from its colonies. The duties 

 on importation and exportation are, throughout 

 America, the principal source of public revenue ; 

 that source is become progressively more abun- 

 dant since the court has deprived the company 

 of Guipuzcoa of the monopoly of trade with 

 Venezuela ; a company in which, according to 

 the singular expression of a royal cedule, " every 

 body may take part without derogating from 



* Don Jose Maria del Castillo, in his report to the Con- 

 gress of Bogota (5th May, 1823) estimates las rentas ordi- 

 narias at present, at only 5 millions of piastres. 



