memoir of the precious metals, showing that he had carefully studied
and had thorough knowledge of the subject. In his letter forwarding
the order he said:

"The Government of the United States proposes that their forces shall
occupy the Mexican Republic, and raise in said country the means to
meet the expenses of occupation. To obtain this object, it appears
convenient that said resources should be raised so as to interfere as
little as possible with the existing interests of foreign as well as
of native residents; for if any measure calculated to involve the ruin
of a part or the whole of said interests was taken, there is little or
no doubt that the results would be as injurious to the interest of the
United States as to those of this country, for the destiny of both
interests in the case of occupation is linked together. It appears
that this recommendation, besides being fully justified by a sound
policy, will also be the means of facilitating the organization of a
financial system, and ultimately lead to increase of revenue.

* * * * *

"The tariff given by the United States for the Mexican ports occupied
allows the free exportation of gold and silver either in bars or
coined. Although it has been done, perhaps, with a liberal view, it
would seem that the measure was taken to hostilize the Mexican
Government, preventing thus any advance from being made to said
Government on future export duties on silver or gold, and depriving it
of that resource. However, who would benefit by the free export of
gold or silver? It is well known that nothing finds its level,
respecting prices, as soon as the precious metals, and therefore as
soon as the exportation should be carried into effect there would have
been exchange on England, France, and the United States, a difference
equivalent to the duties taken off on the precious metals. The free
exportation would apparently have been advantageous to none but the
miners; apparently is the word, for it is evident that the higher
prices obtained by them at first would have gradually come down until
they were on a level with those obtained in Europe, and ultimately
would have become lower than they are to-day, for it is not to be
doubted that the free exportation of bars partially or totally
occasioning the ruin of the mints, coined specie would have
disappeared from circulation, and that miners would have been for the
sale of their product entirely at