There is, then, nothing to hope for--either advance in agriculture and the useful arts, or the great extension and progress of which the consumption of monopolized articles is susceptible--without the creation of a colonial money which will remain within the colony to which it belongs, which will liberate it from the precarious dependence on foreign commerce, which will afford to the Indian the just profits from his labor, which by remaining with him in the provinces will encourage him to obtain possession of it as an easy means of providing him with the necessities of life at the time [when he needs them,] and which likewise may be an allurement to his children--which up to a certain point it is of great importance to encourage in the Indians, as a powerful incentive to make them labor. [Lastly, this colonial money would check the exportation of silver coin by the Chinese, [150] who would then prefer to export from Filipinas its nature products in return for their commodities. In China all the Spanish pesos are, in order to keep them within the empire, disfigured with so many marks that they cannot be used in foreign commerce.] We have no knowledge thus far of there being silver mines in Filipinas; but it is a positive fact that gold abounds there, of so low grade and so mingled with silver that it has little more value than that metal. This circumstance, aided by the introduction of some silver bars from America, carried thither by foreigners, the recoinage of the half-dollars, and of the silver two-real, one-real, and half-real pieces which circulate in the islands, and the use of the great amount of old silver in household articles--which is there sold at very low prices, on account of being alloyed and manufactured in China--would supply the government with easy means for the creation of a colonial currency without need for expense, or for forestalling [the income from] any fund, only by accepting from the persons interested their respective materials in gold or silver, under assay, and returning to them the value of the metal in the coined money which it would yield, after deducting the necessary expenses. Likewise the government could accept, in payment of all taxes, the gold which is obtained from the placers, at the same prices at which the Chinese carry it away, and after it was assayed at its mint--where the learned professors who for this purpose would be sent from Europe would dictate the necessary measures for carrying into effect an undertaking which is the basis for all progress in the islands. I am therefore of opinion that his Majesty should deign to issue the following orders: That a colonial currency be immediately created for internal circulation in the Filipinas Islands. That for this purpose a mint be established there. That the standard for this money be the same as those of the moneys of the same kind which have been adopted in the other colonies of Asia. That the subdivisions of its value be made according to the