M EX ICO. 403 mote the progress of Mining enterprises throughout the Federation, since, by destroying the monopoly of the Capital, they diminish, most materially, both the time and the expense necessary in order to convert Bars into dollars, at a distance (sometimes) of three and four hundred leagues from the place where the silver is raised; and thus add, specifically, to the value of every marc that the Mines produce. But, notwithstanding these advantages, capital was want- ing in order to turn them to account. The emigration of the Old Spaniards, who were, with few exceptions, the Avia- dores, or Habilitators,* and the vast sums withdrawn by them from the country, during the years 1821 and 1822, ren- dered an accession of fresh Capitalists necessary, in order to restore the Mines to any thing like their former importance ; and with this view, by an act of the Congress, the door was thrown open to Foreigners, who were allowed to become joint proprietors with Natives, on terms highly favourable to the adventurers, had they entered upon the field presented to them with a proper knowledge of ^^the country, and of the nature of the enterprises which they were about to undertake. Of the eagerness with which the clauses in this Act favour- able to foreign speculation were taken advantage of by His Majesty's subjects, it would be unnecessary for me here to speak, were it not for the very prejudicial influence which this eagerness has exercised upon the interests of the adven- turers, by creating a ruinous competition at the very outset, and thus compelling many Companies, in lieu of proposing their own terms, to submit to those dictated by the Mexican Proprietors; and consequently, in some instances, to com- mence their operations upon conditions so onerous, as much to diminish their prospects of success. Before I attempt, however, to point out the errors that
- To habilitate, signifies to furnish funds for working a Mine, with or
without a share in the management of the works. Habilitar, and Habi- litador, can only be rendered into English by adoption. 2 D 2
