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118 bound to state that I have been thought too sanguine by many persons to whom I have communicated it, and, amongst others, by some, for whose general knowledge of Mexico I have the highest respect; but at the same time I must add, that the apprehensions, which I have heard expressed, originate either in causes entirely unconnected with the mines, (principally of a political nature,) or in a supposition that the errors committed by the Companies on their first establishment are still persevered in, and, consequently, still occasion the lavish expenditure, with which they were necessarily attended at the outset.

Upon the last of these points my visit to the Mining Districts has relieved me from all doubts. The Companies have served their apprenticeship: they have paid dearly for their experience, it is true; but they have learned that nature is not to be forced, and that, without the strictest attention to economy, and to all the details of management, no command of capital can ensure success. Their establishments have been reduced in consequence; and it only remains, therefore, to inquire, whether the mines are sufficiently good to cover the expence already incurred, and still to hold out a reasonable prospect of advantage? This I have endeavoured to ascertain by a reference to the only data, upon which an estimate can possibly be formed; and by instituting a comparison between the expenditure of the Companies and the former produce of the mines