1820 June 4

Emancipation Spanish

'.5. People Sufferers

But of any real profit to be shared among you, the Spanish people by means of any such cramping arrangements, the expectation is illusory. If for the purpose of enabling you to get from them a higher price than you could if they were at liberty to get the commodities in question or the equivalent from foreign nations they are precluded /prevented/ from getting them from foreign nations, and thus the competition between you and foreigners excluded, still there is other competetion which on this supposition would not be excluded, and that is the competition of your mercantile men one with another.

If in exportation to Spanish America an extraordinary tax were imposed on goods sent from Spain, this would be a direct tax on the Spanish-Americans and the production of those same goods in Spain would be proportionably discouraged and narrowed

If on importation into Spain, an extraordinary tax was imposed on goods sent from Spanish America this would be a direct tax on the Spaniards, and the production those same goods in Spanish America proportionably discouraged and narrowed.

Thus in no such indirect shape could any profit be extracted, through the medium of the dominion, from the people of Spanish America, for the easement and benefit of the Spanish people.