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 is small, and where, (there is reason to believe,) a large proportion of the people are less acute.

The error committed in the Western States, is not in consequence of any defect exclusively inherent in the democratic system of government; as the fraud is neither matured nor confirmed in the older States, and as England suffers under an evil of the same kind, and apparently in a more dangerous form. Her restriction act of 1797, is not understood to be opposed by any recognized constitutional principle. It emanated from the highest authority in the land. It is not yet repealed, and twenty-four bank-directors still have it in their power to regulate the money value of all the property in the empire.[118]

Amidst all the pecuniary inconveniences of this country, the personal liberty of men is not in danger of being assailed by the hand of constituted authority. May the time soon come, when the people shall have understanding enough to take care of their property.

{198} LETTER XVII

Depreciated Paper Money—Stagnation in Trade—Produce cheap—Labourers and Mechanics in want of Employment—The Poor and Poor's Rates—Appropriations for the Expenses of the State of Indiana, for the year 1820—Objects and Rates of Taxation—County Taxes—A rude style of Improvement—The progress of New Settlements—Lands about to be Forfeited to the Government for non-payment of the price.

Jeffersonville, (Indiana,) May 4, 1820.

The accounts given in my last letter of the depredations committed by bankers, will make you suppose that affairs