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62 was wanting in order to turn them to account. The emigration of the Old Spaniards, who were, with few exceptions, the Aviadores, or Habilitators, and the vast sums withdrawn by them from the country, during the years 1821 and 1822, rendered an accession of fresh Capitalists necessary, in order to restore the Mines to any thing like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 favourable 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 adventurers, 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 commence their operations