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The markets were glutted with the frequent importations from Peru, and thirteen years before the above-mentioned period one vessel brought from South America two hundred and three pounds of fine emeralds, worth at the present valuation more than seven millions of dollars. Since this period they have become very rare, and their valuation has advanced enormously.
Ever since the year 1453, as already mentioned, considerable importations of gold had been made to Portugal from the coast of Africa; but little or no progress had been made in extending the discoveries farther south, for some time previous to the decease of Don Henry.
All the sanguinary laws of Spain and Portugal are not able to keep their gold and silver at home. The continual importations from Peru and Brazil exceed the effectual demand of those countries, and sink the price of those metals there below that in the neighbouring countries.
The importations of Merino sheep, and afterward of the Saxon, proved a failure chiefly from this cause. Those engaged in the importation of English cattle begin already to make the same complaint, which they would not have done had they taken the precaution to import their foreign stock in families. The Mulatto is an apparent, not a real exception to the rule.
The noble earl had asserted also, that the population in the West Indies could not be kept up without further importations; and this was the opinion of the planters, who were the best judges of the subject. As a planter he differed from his lordship again. If, indeed, all the waste lands were to be brought into cultivation, the present population would be insufficient.
As a matter of fact Japan had already completed her military preparations in our country in times of absolute peace, the sole difficulty experienced being in connection with the concentration of the remaining coolie importations. The Japanese invasion, which our politicians dismissed as possible only in the dim and distant future, was actually completed at the beginning of the year 1908.
Unless some salutary check shall be given to these tendencies it is to be feared that importations of foreign goods beyond a healthy demand in this country will lead to a sudden drain of the precious metals from us, bringing with it, as it has done in former times, the most disastrous consequences to the business and capital of the American people.
It has been a history of extravagant expansions in the business of the country, followed by ruinous contractions. At successive intervals the best and most enterprising men have been tempted to their ruin by excessive bank loans of mere paper credit, exciting them to extravagant importations of foreign goods, wild speculations, and ruinous and demoralizing stock gambling.
To complain of the foreign phraseology and turns of thought in 'Paradise Lost' would be the blackest ingratitude nowadays, seeing that our language has become enriched by steady gleams of pomp and splendour due, in large part, to the peculiar lustre of Milton's comely importations. It was to be the Sila in earnest, this time.
The rates of duty imposed by it on some articles are prohibitory and on others so high as greatly to diminish importations and to produce a less amount of revenue than would be derived from lower rates. They operate as "protection merely" to one branch of "domestic industry" by taxing other branches.
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