Tokugawa Japan and Spanish colonial America led the world in silver production from 1500 to 1750. The primary flow of silver was from Japan to China and from the Americas to Europe. The documents explain the negative, bias and positive economic effects of the global flow of silver from the mid-sixteenth century to the early eighteenth century. Documents 2, 5 and 3 all deal with the negative effects of the silver flow.
Antonio Vazquez de Espinosa, a Spanish priest, states that more than 3,000 Indians worked away hard with picks and hammers “poor fellows” loaded down with ore and according to royal records 326,000,000 silver coins have been taken out of his range. The priest probably said this because of his religious beliefs, he sees the hard work Indians go through to get large quantities of silver that have been taken out and he hates it.
Wang Xijue from document 3, a Ming dynasty court official, The respected elders of Wang’s home district explained that the reasons why grain is cheap despite poor harvest in recent years is due entirely to the scarcity of silver coin, and as the grain prices fall less land is put into cultivation. The court official is against silver trade because the people of his home district are also against it since there will be less land to put in cultivation which means less grain production resulting in less money.
The Essay on Statement of Cash Flow
The importance of cash the cash flow statement help businesses and creditors understand how liquid a company is. Team A discussed some important factors about the statement of cash flow. The purpose of the statement of cash flow and how it is used in accounting is explained. The direct and indirect method of preparing a statement is used. Steps in preparation and classification are explained. The ...
Document 5 states the changes and difficulties that silver coins brought to the dye shops and customers. In the past the shops would sell cloth dyed in exchange for rice, wheat, or even chickens but since silver became popular the customer received a bill that was paid with silver obtained from a moneylender which caused greater difficulty in buying cloth. Documents 8 and 2 seem to be bias about the wealth and profit that is made by silver.
Tomas de Mercado from document 2, a Spanish scholar, states that high prices have ruined Spain as the prices attracted Asian commodities and the silver currency flowed out to pay for them. By saying this he shows that raising prices ruined the economy but it’s good because later they didn’t have to pay for Asian commodities. Document 8 explains that East Indies have been in dyed cotton cloth, silks, and other goods are for our own use but a much greater part, in times of peace. Both documents show favor in both sides.
Documents 1, 4 and 7 are in favor of the silver trade and explain the great advantages it has. Ralph Fitch, a British merchant from document 4 describes the goods the Portuguese carry when the go from Macao to Japan and states that the Portuguese use this silver to their great advantage in china. Ralph Fitch is a merchant, he makes a living off of trading, and this explains why he would be in favor of trading silver since it can be exchanged for numerous amounts of valuable items. He Qiaoyuan, a Ming dynasty court official reports to the emperor on the possibility of repealing forging trade.
He can see that the Spanish have “silver mountains” and that they can make huge profit on Chinese silk yarn. The court official is in favor of slave trade because he is aware of the profit it can bring to the Ming dynasty. An additional document of an Indian mine worker would have been helpful to analyze the effects of the silver bullion in this period. Indian workers were necessary for the successful flow of silver, by having their point of view the effects would be seen more equally since they were the ones who were exploited to get these huge amounts of silver.
