the captain's enthusiasm, we may be
very certain from the government surveys, the quantity is so great, that
no probability exists of the supply being exhausted until all the
present inhabitants of this earth have ceased to move upon its surface.
We may be certain of another fact; that unless we commit a great
national wrong upon Peru, by seizing upon some of her guano territory; a
thing which the sober second thought of this nation will never sanction;
we shall not be able to obtain the article only through her government
agents, at such prices as her rulers think proper to affix to it. While
the demand and the result of the use of guano continues as at present,
there is not much probability of any material change.

The Peruvian Government are, of course, anxious to sell all that the
world want, and are willing to pay for at remunerating prices. The
Peruvian minister, in reply to the Secretary of State at Washington
says:--"The Peruvian Government, in leasing out its rights and
interests, as a proprietor of the article, adopted the only system that
was supposed likely to create a demand for guano; while, on the other
side, it was bound to leave the consignment as security, in the hands of
those persons who had hazarded their capital in meeting the heavy
expenses attending the process of freighting, and in making the advances
which were required to facilitate the exportation and construct the
depots. Far from establishing a selfish monopoly, which would have
proved injurious to its own interests, or fix a high, deliberate, and
conventional price upon the article, it has only aimed to secure a net
profit, reduced to the lowest possible standard, exceeding very little
the actual amount of expenses; and there have been accounts of sales
rendered exhibiting both loss and damage.

"The guano, therefore, is not monopolized; the government as the
proprietor, has forwarded it, on its own responsibility, to those
markets where it was in demand; selecting as consignees, as it was
natural and proper it should do, those persons or houses who have
advanced the capital necessary to defray the expenses; and, as these are
much greater in all cases of remittances to England, and it follows that
the sale of the article in this country is at the rate of ten pounds
sterling per ton, the net profit has been less than what is realized in
the United States, where the farmers obtain it at lesser prices. Nor has
my government imposed any restr