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 are much deranged here. Bankruptcy is now a sin prohibited by law. In the Eastern States, and in Europe, our condition must be viewed as universal insolvency. Who, it may be asked, would give credit to a people whose laws tolerate the violation of contracts? Mutual credit and confidence are almost torn up by the roots. It is said that in China, knaves are openly commended in courts of law for the adroitness of their management. In the interior of the United States, law has removed the necessity of being either acute or honest.

The money in circulation is puzzling to traders, and more particularly to strangers; for besides the multiplicity of banks, and the diversity in supposed value, fluctuations are so frequent, and so great, that no man who holds it in his possession can be safe {199} for a day. The merchant, when asked the price of an article, instead of making a direct answer, usually puts the question, "What sort of money have you got?" Supposing that a number of bills are shown, and one or more are accepted of, it is not till then, that the price of the goods is declared; and an additional price is uniformly laid on, to compensate for the supposed defect in the quality of the money. Trade is stagnated—produce cheap—and merchants find it difficult to lay in assortments of foreign manufactures. I have lately heard, that if a lady purchases a dress in the city of Cincinnati, she has to call at almost all the shops in town, before she can procure trimmings of the suitable colours. It is only about three years ago, that an English traveller[119] asserted, that in Cincinnati "English goods