The royal decree of 1815, and the improvements in the financial
situation, as a result of the new administrative system established by
Ramirez, gave a strong impulse to foreign commerce. Though commerce
with the mother country remained in a languishing condition, because
the so-called "decree of graces" had fixed the import duty on Spanish
merchandise at 6 per cent _ad valorem_, while the valuations which
the custom-house officials made exceeded the market prices to such an
extent that many articles really paid 8 per cent and some 10, 12, and
even 15 per cent.

An estimate of the commerce of this island about the year 1830 divides
the total imports and exports which, in that year, amounted to
$5,620,786 among the following nations:

Per cent. Per cent.

West Indian Islands imports 53-12 Exports 26
United States imports 27-14 " 49
Spanish imports 12-18 " 7
English imports 2-34 " 6-12
French imports 2-58 " 6-58
Other nations' imports 1-34 " 8-34

The American trade at that time formed nearly one-third of the whole
of the value of the imports and nearly half of all the exports.

An American consul resided at the capital and all the principal ports
had deputy consuls. The articles of importation from the United States
were principally timber, staves for sugar-casks, flour and other
provisions, and furniture.[75]

* * * * *

The financial history of Puerto Rico commences about the middle of the
eighteenth century. In 1758 the revenues amounted to 6,858 pesos. In
1765, to 10,814, and in 1778 to 47,500. Their increase up to 1,605,523
in 1864 was due to the natural development of the island's resources,
which accompanied the increase of population; yet financial distress
was chronic all the time, and not a year passed without the
application of the supposed panacea of royal decrees and ordinances,
without the expected improvement.

From 1850 to 1864, for the first time in the island's history, there
happened to be a surplus revenue. The authorities wasted it in an
attempt to reannex Santo Domingo and in contributions toward the
expenses of the war in Morocco. The balance was used by the Spanish
Minister of Ultramar, the Government being of opinion that surpluses
in colonial treasuries were a