abound in as great profusion as in Cheapside."—Merchants in Cincinnati, as elsewhere, have got into debt, by buying property, or by building houses, but are now secure in the possession. Such people, notwithstanding complain of the badness of the times, finding that the trade of buying without paying cannot be continued. Those who have not already secured an independence for life, may soon be willing to have trade and fair dealing as formerly. Property laws deprive creditors of the debts now due to them; but they cannot force them to give credit as they were wont to do.
Agriculture languishes—farmers cannot find profit in hiring labourers. The increase of produce in the United States is greater than any increase of consumpt that may be pointed out elsewhere. To increase the quantity of provisions, then, without enlarging the numbers of those who eat them, will be only diminishing the price farther. {200} Land in these circumstances can be of no value to the capitalist who would employ his funds in farming. The spare capital of farmers is here chiefly laid out in the purchase of lands.
Labourers and mechanics are in want of employment. I think that I have seen upwards of 1500 men in quest of work within eleven months past, and many of these declared, that they had no money. Newspapers and private letters agree in stating, that wages are so low as eighteen and three-fourth cents (about ten-pence) per day, with board, at Philadelphia, and some other places. Great numbers of strangers lately camped in the open field near Baltimore, depending on the contributions of the charitable for subsistence. You have no doubt heard of emigrants returning to Europe without finding the prospect of a livelihood in America. Some who have come out to this
