In the first place, the necessity of the citizens, who are unable to support themselves with so small a quantity, or to gain profit in trade; since, if there are no more than five hundred [thousand pesos] they need all which is sent them for their living alone.

Accordingly, even at a great cost to themselves, they seek means to get profits from their property.

The limitation of this permission entails a difficulty which I have mentioned; for in the first place measures must be taken to enrich them, since it is of so great importance to kings that their subjects should be rich, while the poverty of the latter causes such diminution of their power.

If this reason holds in all the kingdoms of your Majesty, it does so much more in that one which is so distant, where, when necessary, they lend to the royal treasury on occasions of need--as they did last year to Don Alonso Faxardo de Tenca, your governor, whom they lent 200U ducados to lead an army against the Dutch, and likewise their slaves to man four galleys.

They have done this same thing on other occasions, and expose their persons in war and lose their lives, as many of the best men of that city have done--their misfortune lying in this, that they were so far distant from the royal eyes of your Majesty, wherefore their services are not conspicuous.
In the second place, there is the greediness of the merchants from Mexico, to whom the greater part of this silver which passes to the Filipinas belongs; if this could be remedied, the difficulty of so much outflow of silver as is reported would be obviated.