As silver gained popularity, it had various effects worldwide. Silver was viewed favorably as a means to enhance trade and involve the government in society. However, some individuals disliked silver as it destabilized societies. British merchant Ralph Fitch and Ming dynasty court official He Qiaoyuan both saw silver as a valuable asset for trade. Similarly, Ming court official Wang Xijue and Spanish priest Antonio Vazquez de Espinosa admired silver as a way to involve the government in their respective societies. Conversely, writer Xu Dunqiu Ming and Spanish scholar Tomas de Mercado held a negative view of silver, considering it a corrupting influence on their societies.
During the 16th to 18th centuries, silver was highly recognized worldwide for its significant economic impact on both the Portuguese and Chinese. Ralph Fitch, during his travels in the East Indies, documented the Portuguese’s successful utilization of silver in global trade. Fitch likely aimed to encourage Britain to adopt silver trading, benefiting their economy and ensuring they would not be overlooked by other nations. Similarly, He Qiaoyuan, in a report to the emperor, emphasized the tremendous advantages of silver for commerce.
He Qiaoyuan wrote a document advocating for the repeal of the 1626 ban on foreign trade, as it had been benefiting the Chinese economy. He argued that selling products to the Chinese allowed them to obtain more money than the actual value of the goods, thus boosting their economy. Another supporting document is from a Ming dynasty businessman who praises the government for maintaining trade with silver. By conducting business with silver, he is able to receive three times the worth of his items.
Silver held political significance as it served as a means to attract the attention of the government. In the late 16th century, Wang Xijue informed the emperor about the scarcity of silver in the country, emphasizing the necessity of reintroducing it to facilitate tax payments by the people. Simultaneously, Antonio Vazquez de Espinosa, in his Compendium and Description of the West Indies, highlighted the existence of a black market and the dreadful working conditions in silver mines. As a clergyman, Vazquez aimed to compel the government to address these issues, enabling him to fulfill his religious duty and encourage people’s conversions.
Both men utilized the element of silver to draw attention from their respective governments towards the issues prevailing in their countries that required rectification. Another piece of evidence, which supports this viewpoint, can be found in the form of a Ming farmer whose harvest has suffered a decline primarily due to the inadequate payment he receives for his crops, resulting in insufficient funds to hire someone for tilling his land. Furthermore, silver was not favored due to the potential social instability it entailed. Tomas Mercado, in his Manual of Deeds and Contracts, discussed the escalating influx of silver into China and its retention there, consequently causing an economic crash in Spain; hence, giving rise to the possibilities of rebellion or nationwide debt.
In his essay “The Changing Times,” Xu Dunqiu Ming explains the transition of society from a barter system to a money-based system. This shift led to many individuals accruing debt as they were unable to afford upfront payment for goods and had to turn to moneylenders for silver. Furthermore, this transformation not only impacted the economy but also altered personal relationships within the country. To further emphasize the aforementioned points, including a document detailing the story of a father who, following the shift from barter, struggled to sustain his family and subsequently fell into perpetual debt to provide food and clothing would be highly effective.
