410 MEXICO. My readers will perceive by this statement, that British Capital, to the amount of nearly three millions sterling, is actually invested in the Mexican Mines ; or has, at least, been expended in enterprises immediately connected with them, as machinery, mining implements and stores, quick- silver, and the salaries of officers employed in the different Companies. The exact sum disbursed in Mexico, it is impossible for me to state; I should conceive, however, that at least twelve millions of dollars must have been laid out, at the commence- ment of 1827, the vivifying influence of which has extended to almost every part of the Federation.* I come now to " the character and extent of the under- takings in which the Companies are engaged, — the difficulties which they have had to encounter ; — their progress, — state, — and prospects, — in 1827" All these points are, in fact, so intimately connected, that they can hardly be considered apart ; nor will it, I fear, be possible for me to arrive at any satisfactory conclusion with re- gard to them, without entering into considerable details ; but this I shall do with the less scruple, because it is to the sup^ posed failure of those golden dreams, by which the imagina- tion of the public was captivated in 1824, (and to which no small portion of the enthusiasm then displayed in favour of American Independence may, perhaps, be traced,) that that revulsion of feeling, which has since taken place, must be ascribed, as well as the despondency, with which those most interested in American Affairs, now look forward to the issue of their several undertakings. For these gloomy forebodings
- I do not mean that bullion to this amount has been imported into
Mexico ; but that a capital of twelve millions, which would, otherwise, have found its way to Europe, has been retained, and brought into circu- lation in New Spain, in exchange for the Bills of the different Compa- nies. The imports in Specie on Mining account, have not, I believe, exceeded 300,000 dollars.
