of travelling is nominally the same that it was in the autumn of 1818. At that time I paid in specie, or in money, which {247} was considered as nearly equivalent to it, but of late I have on various occasions found that paper is accepted which is 50 per cent, worse than silver. A person who collected a salary to the amount of about eight hundred dollars, told me that he had received only five dollars of that sum in specie. You can easily perceive that, under this state of things, very few will give specie to the tavern-keeper, grocer, or others, while he can previously procure for it one and a half times, or twice its nominal amount, in what is called current paper. Most of the small towns have a person who follows the business of money changing; and merchants and other persons transact in that way, so that specie is almost entirely withdrawn from retail business, and applied to the purchase of public lands, or other objects, for which depreciated paper would not be accepted of in payment. Under this condition, an unsettled or precarious sort of internal trade is carried on, but it is impossible to import foreign goods as formerly.
The want of employment is another strong inducement to adopt an independent system of economy, but a cumbrous load of paper money presses industry to the earth. It is found by experience that the farmer cannot pay 125 cents per day to the labourer, and sell his corn for 25 cents per bushel, nor can the labourer work for a small hire while he pays two and a half, or three dollars a-week for his board, and an extravagant price for his clothing. Similar obstacles occur in almost every branch of industry that furnishes anything for exportation, or comes into competition with the labour of foreign artizans, so that the operations of this country now consist chiefly of works
