the mercy of the speculators, while,
the exportation being prohibited, the mints are obliged to pay to them
at any time a fixed price for their gold and silver which can not be
altered.

* * * * *

"The exportation of gold and silver in bars has been prohibited in
this country by all the tariffs that have existed either under the
Spanish or Mexican Government; and though licenses of exportation to a
small amount have now and then been granted, the prohibition has been
the rule and the exportation has been the exception, until the Mexican
Government, having rented all their mines but two to foreign
companies, has taken the solemn engagement not to give any more
licenses of exportation. As it may easily be supposed, the engagement
of giving no more licenses of exportation has been the principal basis
on which the companies have relied to make their contracts, and the
principal inducement for them to advance the rent as they have done.
It is not known what policy will be adopted by the United States
respecting neutral interests in Mexico in case the country should be
occupied by their armies, but too high an opinion is entertained of
the justice of their Government to admit for a moment the possibility
of such interests being sacrificed or ruined when no direct benefit
could be derived from such a measure for the United States, and when,
on the contrary, it might be injurious to them, as may be explained."

On December 17th he again wrote to the Secretary calling his attention
to General Orders No. 376, the seventh paragraph of which contained
the duties on exported bars of gold and silver, which had been made
free by order of the United States Government. Since the publication
of the order he had seen a slip cut from a Vera Cruz paper of the
17th, from the Department to him on the subject, which said: "I have
taken great pains to obtain correct information in respect to the
production and exportation of the precious metals in and from this
country. The Mexican policy has been uniform against the exportation
of bars and ingots, though, from want or cupidity, special licenses
have been given in violation of that sound policy and in gross
violation of the rights purchased by the renters of the mints. This
army is also interested in some prohibition, for if we permit the
exportation of bars and ingots there will be but little domestic
coinage, our drafts would soon be under par, and the Mexi