aint the banks with everything that is going on, when they,
guided by the transactions of the day, determine and fix upon, between
themselves, the various prices of notes, sycee, and dollars. Their
unanimity on those points is very remarkable; and they are all deeply
impressed with the salutary conviction, that their chief strength
consists in the degree of mutual harmony that they preserve, and the
confidence they place in one another. These reporters are also very
useful to new arrivals, in affording them guidance on matters of
exchange, or in introducing them to the best bankers; and the
allowances that the stranger makes to them for their assistance, and
the banker for procuring him custom, constitute the gains of their
calling. They have also to report the prices of silver every morning
at the Magistracy, which, from its daily increasing value, has become
an object of especial attention.' Twenty years ago, much discontent
was expressed that silver, which had been worth 1000 cash per ounce,
rose to 1500; now it is over 2000, owing to the continuous drain of
the metal from the country.

Still, with all this, failures are rare. The petty banks are most
liable to this reverse; and on such occasions, they generally contrive
to arrange the matter quietly among themselves; but the whole property
or lands belonging to the defaulters may be seized and sold to satisfy
the claims of the creditors: the dividend is usually from 10s. to 12s.
in the pound. Wilful fraud is seldom practised; the heaviest instance
known, was for 70,000 dollars; from the year 1843 to 1848, there were
but four bankruptcies, and three of these were for less than 6000
dollars. The defaulters frequently escape punishment owing to the high
cost of prosecution. The large banks are safe; but at times, from
false or malicious reports, are exposed to a sudden 'run;' a great
crowd besets the doors when least expected, and numbers of vagabonds
seize the opportunity for mischief and plunder. These outbreaks grew
to such a pitch, that the magistrates now, whenever possible, hasten
to the threatened establishment, to repress violence by their presence
and authority. The rush, however, is so sudden, that before they can
arrive on the spot, the mob has improved its opportunity for
destruction, and disappeared.

Forgery is not often attempted, probably because it does not pay,
owing to the fact of its being extremely difficult to circulate any
but notes of small va