5. Those who carry away the silver from Acapulco are all Spaniards, and the greater part of it accumulates in the empire of China, which has not waged war against us, nor will she do so, with the gains that we allow her; but those who carry away the silver which reaches Cadiz are the foreigners, and it is going to remain with the powers who are harassing and ruining us with our own wealth. Let these points of difference be compared, and decide whether it is not a weak argument, that of the export [of silver from Nueva España], against which so much clamor has been made by the commerce of Cadiz--or, to speak more correctly, the convenience of the foreigners--and I believe that it will be outweighed, not only by the loss of the royal duties which are yielded to the royal treasury by the silver which goes to Cadiz, but by the injury that is caused to us by the profits which we furnish to the foreigners. Moreover, the silver carried away from Acapulco can yield the same [amount in] duties, in order to avoid the aforesaid loss, if it be considered of much importance--which it is not; for even if two millions of pesos were carried away each year, and the royal treasury deprived of the duties thereon (for which privation there is no necessity), that is not a sum which merits the great opposition, if not bitter hatred, of the commerce of Cadiz for this poor commerce [of Manila]. 6. The other argument, that of the retardment which our manufactures of España would suffer [in competition] with those of China, is as easily overthrown. It is certain that our factories cannot furnish all the goods which are consumed in our dominions, and that on this account the silks, fabrics, hose, ribbons, etc., of other powers are allowed entrance therein; and what more need is there, in the case of these wares than of those of China, for declaiming against the injury which the latter, but not the former, occasion? There is no further difference except that the Spaniards trade with one class of the goods, and the foreigners with the other. Against the foreigners there is no one to raise objections, as some of them do against our own people; and as in these clamors there is no mention of the name of Englishmen, Frenchmen, Dutch, Swedes, Danes, Irishmen, etc., but [only] of the commerce of Cadiz and of its Spanish traders, the motive for this opposition is better hidden, the injury which they exaggerate is more readily believed, the minds of people are preoccupied with impressions of this sort; and the commerce of Manila, which has neither capital nor fame nor authority, and not so much influence as that of Cadiz, is the one which always suffers, which is permitted [only] with restrictions, and which cannot repair the damages experienced by the merchants of Cadiz without knowing them.