f America passed from the
possession of the Spaniards into that of other nations, it will be
sufficient to consider these two things: The use which Charles V. and
Philip II. made of their money; and the manner in which other nations
acquired a share in the mines of Peru.

37. The emperor Charles V. who was always travelling, and always at war,
necessarily dispersed a great quantity of that specie which he received
from Mexico and Peru, through Germany and Italy. When he sent his son
Philip over to England, to marry queen Mary, and take upon bun the title
of king of England, that prince deposited in the tower of London,
twenty-seven large chests of silver, in bars, and an hundred
horse-loads of gold and silver coin. The troubles in Flanders, and the
intrigues of the league in France, cost this Philip, according to his
own confession, above three thousand millions of livres of our money.

28. The manner in which the gold and silver of Peru is distributed
amongst all the people of Europe, and from thence is sent to the
East-Indies, is a surprising, though well-known circumstance. By a
strict law enacted by Ferdinand and Isabella, and afterwards confirmed
by Charles V. and all the kings of Spain, all other nations were not
only excluded the entrance into any of the ports in Spanish America, but
likewise from having the least share, directly or indirectly, in the
trade of that part of the world. One would have imagined, that this law
would have enabled the Spaniards to subdue all Europe; and yet Spain
subsists only by the continual violation of this very law. It can hardly
furnish exports for America to the value of four millions; whereas the
rest of Europe sometimes send over merchandize to the amount of near
fifty millions.

29. This prodigious trade of the nations at enmity, or at alliance with
Spain, is carried on by the Spaniards themselves, who are always
faithful in their dealings with individuals, and always cheating their
king. The Spaniards gave no security to foreign merchants for the
performance of their contracts; a mutual credit, without which there
never could have been any commerce, supplies the place of other
obligations.

30. The manner in which the Spaniards for a long time consigned the gold
and silver to foreigners, which was brought home by their galleons, was
still more surprising. The Spaniard, who at Cadiz is properly factor for
the foreigner, delivered the bullion he received to the care of cert