e
enabled to remit money to their London and Liverpool correspondents, and
fulfil their engagements with them.

That there is a great deal of roguery going on in this city is
undeniable, much more, perhaps, than (taking into consideration the
difference between the populations) in the good city of London. But it
should be borne in mind that New York has become, as it were, the
Alsatia of the whole continent of Europe. Every scoundrel who has
swindled, forged, or robbed in England, or elsewhere, makes his escape
to New York. Every pickpocket, who is too well known to the English
police, takes refuge here. In this city they all concentrate; and it is
a hard thing for the New York merchants, that the stream of society,
which otherwise might gradually become more pure, should be thus
poisoned by the continual inpourings of the continental dregs, and that
they should be made to share in the obloquy of those who are outcasts
from the society of the old world.

America exists at present upon credit. If the credit of her merchants
were destroyed she would be checked in her rapid advance. But this
system of credit, which is necessarily reciprocal, is nevertheless acted
upon with all possible caution. Many are the plans which the large New
York importers have been compelled to resort to, to ascertain whether
their customers from the interior could be trusted or not. Agents have
been despatched to learn the characters, standing, and means of the
country dealers who are their correspondents, and who purchase their
goods; for the whole of the transactions are upon credit, and a book of
reference as to people's responsibility is to be found in many of the
mercantile houses of New York.

Willing as I am to do justice to the New York merchants, I cannot,
however, permit Mr Carey's remarks upon credit to pass unnoticed. Had
he said nothing I should have said no more; but, as he asserts that the
security of property and credit in America is greater than in England, I
must, in defence of my country, make a few observations.

At the commencement of his article Mr Carey says,--

"In England confidence is _almost_ universal. The banker credits the
manufacturer and the farmer. They are willing to give credit to the
merchant, because they have confidence that he will pay them. He gives
credit to the shopkeeper, who, in his turn, gives credit to the
labourer.

"Immense masses of property change owners without examination;
co