sold in the more remote districts, at four and four and a half dollars the marc during the Revolution, although the mint price was never less than eight dollars, and two or four reals. It will be seen that there is nothing improbable in the fact, since in time of peace, and within fifty leagues of the capital of a mining state, the sacrifice of four reals upon the marc is still made, in order to obtain immediate supplies in dollars. As the produce of the country increases, these supplies will become more abundant, and the profits of the capitalist diminish in proportion; but much time will probably elapse before the present rate of discount[1] can materially decrease.
Of the great Haciendas, or amalgamation works of Catorce I can say nothing, as I was prevented from visiting them by the distance, and the extreme badness of the roads. I was informed, however, that those belonging to the Catorce Company, the Governor, and the principal rescatadores, at El Cĕdrāl, Vĕnēgăs, and Mătĕhūālă, are all upon the model of those of Guanajuato, and, in general, extremely well conducted. The spots selected for most of them abound, (comparatively at least,) in wood, water, and forage, the extreme dearness of which in the Real itself sufficiently accounts for the
- ↑ I hardly know whether the term of "discount" can be properly applied to the operation which I have just described. European bankers, however, would probably be glad to be able to effect their discounts upon so substantial a substitute for paper.
