Page:Early western travels, 1748-1846 (1907 Volume 9).djvu/142

 crop of flax augments the imaginary money capital to a greater extent, and while there is the smallest residuum of specie left in the country. It would be an interesting inquiry to find the number and the names of legislators in the different states assemblies, who are interested in banking concerns. The people would then see how the power that grants chartered privileges to banks is constituted.

Although the convulsion which agitates bankers in the western country, is but of recent date, their money is in various instances thirty per cent. under par in the eastern states. Tavern keepers, grocers, and others, receive the money of the banks nearest to them, although they know that these banks will not pay specie for them. They see that, without the rags now in circulation, they could have very little money. Every one is afraid of bursting the bubble. How the country is to be delivered from this dilemma, bankers have not yet shewn. They are still strongly inclined to continue the traffic; but they cannot be expected to support organized establishments of directors, presidents, cashiers, clerks, offices, and empty coffers, without committing farther spoliations on the people. When the sick system dies, the public will see the full amount of the penance they have to suffer {112} for their credulity. A smaller, but a more substantial capital, will be resorted to, one better calculated to "place the manufacturer beside the farmer."

December 5. To-day a shower of rain fell, and was followed by snow. The part that lies unmelted is about an inch thick.

Among the succession of people at the tavern, many are polite and obliging in their behaviour. Some are interesting in their conversation, and some talk of horses