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in palm-wine. When the first calls purpose of mastication, because they of thirst are silenced, and the head reckon them impure on account of begins to grow warm, they order the monthly evacuations to which the wine to be brought in bottles they are subject. Even the Europea holding one or two quarts, and con ans accustom themselves to the chi. tinue drinking as long as there is ca prepared in this manner; yet any left. In these drunken carousals, they would take care not to drink it, women and even children of three if a living toad were thrown in and or four years old take part, as the dissolved in it, as Gage saw done capacity of drinking a great deal is with his own eyes among the Indians esteemed an honourable art. For- of Guatimala *. merly the drunkard, who wanted to When the Americans have premake a figure, let two-thirds of the pared a due quantity of this chica, wine run down his beard. If, during they invite their friends to a jovial their senseless intoxication, they drinking bout. Indeed there are parcommit murder or any other act of ticular districts where the women violence, they, with the utmost com abstain from drinking at these scenes posure, take no blame to themselves, of riot, and when their husbands have but lay the fault on the wine or the had enough, carefully put them to brandy.

rest; but usually the women and The Americans, beyond all other children take part, like the men, in nations of their kind, justify the re these drunken frolics, and the womark, that the slow and stupid sa men even give a good dose of chica vages have never shown greater in- to their children at the breast....... genuity than in the discovery of the When the Americans have once beart of making inflammatory liquors. gun to carouse, they observe no There is hardly any eatable fruit, or bounds, but drink till they fall bereft root, or plant, from which they have of their senses on the earth. The not learnt the method of preparing drunkards resist with all their might an intoxicating drink; and many of any attempts to carry them off, and the wildest savages had, previous to return with a kind of fury to the field the arrival of the Europeans, invent- of battle; and this, continues Ulloa, ed from six to nine several kinds of is not peculiar to Americans of any strong liquors. The most universal particular districts, but in this they drink of the original Americans, is are every where alike. The most that which bears the name of chica, violent vomitings not only do not in which indeed is prepared a great the least abate the drunken rage of many different


but the most the Americans, but rather inflame usual is from maize, or Turkish it more; and when they are relieved wheat. Some soak the maize in wa and somewhat freshened by it, they ter, even in feculent water. But fall to it again with redoubled avidicommonly it is chewed by old wo ty. Such drinking bouts last not only men, and as often by young children, three or four days, during which who spit it out all together into a every American drinks as much as vessel, where it is left standing till would fill a large cask, but at times the whole mass has fermented. The for ten or fifteen days, nay, for three Americans give several reasons why or four months almost without interthe maize is best chewed, and why this mastication should be performed

Ulloa, voyag. vol. i. p. 249, proby old women and young children.

nounces the chica, when prepared like Namely, they pretend that it is a

our beer, without the disgusting masticommon observation, that the chica cation by the old women, to be not only never more perfectly ferments than a very nutritious and cooling drink, but when it is mixed with spittle. But also ascribes to it several medicinal vir. they make choice of old women and tues, and particularly praises it as a children in preference to marriage- powerful promoter of urine and a pre. able girls and young wives, for the servative from the gravel.

mission. When any one falls, there to put up with the most wretched he remains, whether in a heavy habitations, the vilest food, and the shower of rain or in a morass, or in poorest covering. When they have a heap of filth, till he comes to him- drunk out their stock of brandy, they self, without letting any thing dis- beg the Europeans, with tears in turb him. When a man feels the their eyes, to give them more bitter burning heat too excessive, he makes water, or demand it with the utmost great wounds in his head, in the assurance. In Peru an Indian drank temples, or the breast, or sticks a to the amount of seven pesos, or thirknife in the calf of the leg, in order teen bottles of rum, in a very few to ease himself a little from the con- hours, without feeling any other efsuming fire by a copious loss of blood. fects from it but a senseless intoxiIt almost always happens that some cation. Adair, unable to free himof them die from the excessive self from the importunity of an imdraughts they have taken; and still pudent savage for brandy, gave him more frequently that they come to a large bottle of pepper-water. The bloody contiicts, in which several are American drank of this fiery distileither killed or wounded. All acts lation till he was almost suffocated. of manslaughter and maiming com He was as little dismayed, however, mitted in fits of drunkenness appear by these painful effects, as another to the Americans as perfecly inno was after a merry-making, though cent, and are never revenged, either from the violent agitation of his stoby the magistrate, or by the rela- mach and bowels he fell breathless tions, or even by the wounded per on the ground. When both had son himself.

somewhat recovered, they broke out Ever since the American savages in extravagant praises of the powhave been acquainted with the Eu- erful water and the bountiful donor. ropean brandy, or with the rum pre

Another time Adair was so long perpared by the Europeans, their ea secuted by a savage for brandy, that gerness after intoxication is much he was obliged at last to give him a increased by a new incentive. They quart of the strongest spirit of turthemselves confess that the fire-wa- pentine. The American presently ter kills them before their time, that gulped it down, began to foam at it reduces them to poverty, that it the mouth, and fell senseless to the undermines their activity and vi- ground, but was in a few days quite gour; but they add, that it is impos- recovered by the hot bath and coolsible for them to abstain from it, and ing drinks. complain of the Europeans for hav Though it is agreed by all traveling introduced among them so dan- lers, that brandy and the small-pox gerous and irresistible a liquor. For have committed more ravages in procuring brandy, in South Ameri- America than the sword of the Euca, they sell all they have, even their ropeans, yet it is no less certain that wives and children; and in northern numberless Americans can be guilLouisiana it has often happened, that ty of the most prodigious excesses the most faithful, and to all appear in drinking, without getting pleuriance the most sensible Indians, have sies or other sicknesses, the usual murdered their masters at the chace, attendants on that practice with us. only for the sake of getting posses- With all their debauches, as Frazer sion of his brandy-bottle. The labo- informs us, they will reach to the rious Indians who work in the Spa- age of a hundred years; and, withnish mines expend in a few hours in out being bald or grey-headed, numrum the half of the money that is bers are seen that are a hundred paid them every Sunday; and in the and twenty, or a hundred and thirty, same manner, the other Americans, or even of a greater age. women as well as men, throw away The foregoing facts are sufficient all or greatest part of the money to convince every one, that the prothey earn, and are therefore obliged pensity of the Negroes and AmeriVOL. II. NO. VII.


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cans to intoxicating liquors is of a A being in want of 1001. requests
kind altogether different from the B to accept a note or bill drawn at
licentiousness in that respect of the two months, which B, therefore, on
European nations; and that the the face of it, is bound to pay ; it is
former as much exceed the latter in understood, however, that A will
their avidity for inflammatory li- take care either to discharge the
quors, as in the capacity of drinking bill himself, or to furnish B with the
them in such quantities as would means of paying it. A obtains ready
infallibly cost any European his life. money for the bill on the joint credit

of the two parties. A fulfils his pro-
mise of paying it when due, and thus

concludes the transaction. This serTHE USE AND ABUSE OF NOTES OF vice rendered by B to A is, however,

not unlikely to be requited at a more The following remarks on a certain spe.

or less distant period by a similar cies of paper credit, though written acceptance of a bill on A, drawn and in England, are also applicable to the discounted for B’s convenience. mercantile system of the United Statess

Let us now compare such a bill The pro and con on this subject are

with a real bill. Let us consider in thus discussed by able politicians.

what points they differ, or seem to

differ; and in what they agree. THE interest which traders have They agree, inasmuch as each is in being always possessed of a num a discountable article ; each has ber of notes and bills, has naturally also been created for the purpose of led to a great multiplication of them; being discounted ; and each is, perand not only to the multiplication of haps, discounted in fact. Each, notes given for goods sold, or of re- therefcre, serves equally to supply gular bills of exchange, but to the means of speculation to the merchant. creation of numerous other notes and So far, moreover, as bills and notes bills. Of these, some are termed constitute what is called the circu. notes and bills of accommodation: lating medium, or paper currency, and the term fictitious is often ap- of the country (a topic which shall plied to them. It may be useful to not be here anticipated), and predescribe them particularly.

vent the use of guineas, the fictitious The principal motive for fabric and the real bill are upon an equacating what must here be called the lity; and if the price of commodities real note, that is, the note drawn in be raised in proportion to the quanconsequence of a real sale of goods, tity of paper currency, the one conis the wish to have the means of tributes to that rise exactly in the turning it into money. The seller, same manner as the other. therefore, who desires to have a note Before we come to the points in for goods sold, may be considered as which they differ, let us advert to taking occasion to ingraft on the one point in which they are comtransaction of the sale, the conveni- monly supposed to be unlike, but in ent condition of receiving from the which they cannot be said always buyer a discountable note of the same or necessarily to differ. amount with the value of the goods. “ Real notes," it is sometimes A fictitious note, or note of accom- said, “ represent actual property. modation, is a note drawn for the There are actual goods in existence, same purpose of being discounted; which are the counterpart to every though it is not also sanctioned by real note. Notes which are not the circumstance of having been drawn in consequence of a sale of drawn in consequence of an actual goods, are a species of false wealth, sale of goods. Notes of accommo- by which a nation is deceived...... dation are, indeed, of various kinds. These supply only an imaginary caThe following description of one pital; the others indicate one that may suffice:

is real."

In answer to this statement it may sent. The supposition that real bills be observed, first, that the notes represent property, and that fictitious given in consequence of a real sale bills do not, seems, therefore, to be of goods cannot be considered as, on one by which more than justice is that account, certainly representing done to one of these species of bills, any actual property. Suppose that and something less than justice to A sells one hundred pounds worth the other. of goods to B at six months credit, We come next to some points in and takes a bill at six months for it; which they differ. and that B, within a month after, First, the fictitious note, or note sells the same goods, at a like credit, of accommodation, is liable to the to C, taking a like bill; and again, objection that it professes to be what that C, after another month, sells it is not. This objection, however, them to D, taking a like bill, and so lies only against those fictitious on. There may then, at the end of bills which are passed as real. In six months, be six bills of 1001. each many cases it is sufficiently obvious existing at the same time, and every what they are. Secondly, the ficti. one of these may possibly have been tious bill is, in general, less likely to discounted. Of all these bills, then, be punctually paid than the real one. one only represents any actual pro. There is a general presumption, that perty.

the dealer in fictitious bills is a man In the next place, it is obvious, who is a more adventurous speculathat the number of those bills which tor than he who carefully abstains are given in consequence of sales of from them. It follows, thirdly, that goods, and which, nevertheless, do fictitious bills, besides being less safe, not represent property, is liable to are less subject to limitation as to be encreased through the extension their quantity. The extent of a of the length of credit given on the man's actual sales form some limit sale of goods. If, for instance, we to the amount of his real notes; and, had supposed the credit given to be as it is highly desirable in commerce a credit of twelve months instead of that credit should be dealt out to all six, 1,2001. instead of 6001. would persons in some sort of regular and have been the amount of the bills due proportion, the measure of a drawn on the occasion of the sale of man's actual sales, certified by the goods; and 1,1001. would have been appearance of his bills drawn in virthe amount of that part of these tue of those sales, is some rule in the which would represent no property. case, though a very imperfect one

In order to justify the supposition in many respects. that a real bill, as it is called, re A fictitious bill, or bill of accompresents actual property, there ought modation, is evidently, in substance, to be some power in the bill-holder the same as any common promisto prevent the property which the sory note; and even better, in this bill represents from being turned to respect....that there is but one secu. other purposes than that of paying rity to the promissory note, whereas, the bill in question. No such power in the case of the bill of accommodaexists; neither the man who holds tion, there are two. So much jea. the real bill, nor the man who dis- lousy subsists lest traders should counts it, has any property in the push their means of raising money specific goods for which it was given: too far, that paper, the same in its he as much trusts to the general abi- general nature with that which is lity to pay of the giver of the bill, given, being the only paper which as the holder of any fictitious bill can be given, by men out of business, does. The fictitious bill may, in is deemed somewhat discreditable many cases, be a bill given by a per- when coming from a merchant. And son having a large and known capi- because such paper, when in the tal, a part of which the fictitious bill merchant's hand, necessarily imimay be said, in that case, to repre- tates the paper which passes on the

occasion of a sale of goods, the epi- ner. If, for instance, one-half per thet fictitious has been cast upon it; cent. is the commission, and the bills an epithet which has seemed to coun are drawn at two months, and a distenance the confused and mistaken count of five per cent. per annum is notion, that there is something alto- paid, the money is raised at an ingether false and delusive in the terest of cight per cent. Such trannature of a certain part both of the sactions, however, are often carried paper and of the apparent wealth of on alternately, for the benefit of the country.

each of the two parties; that is to Bills of exchange are drawn upon say, at one time the transaction is London to a great amount, from all on the account of A, who pays a parts, not only of Great Britain, but commission to B; at another it is on of the world; and the grounds on the account of B, who pays a comwhich they have been drawn, in a mission to A. Thus each party, on great degree elude observation. A the whole, gains about as much as large proportion of them, no doubt, he pays in the shape of such compartakes of the nature of bills of ac missions; and the discount in turning commodation. They have, however, the bill into money, which is the in general, that shape communicated same as that on any other bill, may, to them, whatever it may be, which therefore, be considered as the whole is thought likely to render them dis- expence incurred. Money may be countable; and it is not diflicult, as raised in this manner at an interest the preceding observations will have of only five per cent. In the case shown, to make use of some real, recently proposed, the drawing and and, at the same time, of many seem- re-drawing were imagined to be ing, transactions of commerce as a only between A, of London, and B, ground for drawing, and as a means of Amsterdam. This practice, howof multiplying such bills.

ever, is often carried on between The practice of creating a paper three or more parties drawing from credit, by drawing and re-drawing, three or more places. In such case, has been particularly described by the draft is drawn on the place on Dr. Adam Smith ; and is stated by which the existing course of exhim to have a tendency which is very change shows that it will best answer ruinous to the party resorting to it. to draw it. An operation of this This practice, however, is often car sort may obviously be carried on partried on at much less expence to those ly for the purpose of raising money, engaged in it, than Dr. Smith ima- and partly for that of profiting by a gines. A, for instance, of London, small turn in the exchange. Transacdraws a bill at two months on B, of tions which are the converse to this, Amsterdam, and receives immediate are, on the other hand, entered into by money for the bill. B enables him- those who happen to possess ready self to pay the bill by drawing, when money. They remit, if the exchange it is nearly due, a bill at two months seems to favour their remittance, and on A, for the same sum, which bill draw in consequence of having rehe sells or discounts; and A again mitted. To determine what bills finds the means of payment by again are fictitious, or bills of accommodadrawing a bill, at two months, on B. tion, and what are real, is often a The transaction is, in substance, ob- point of difficulty. Even the drawers viously the same as if A and B had and remitters themselves frequently borrowed, on their joint security, the either do not know, or do not take sum in question for six months. The the trouble to reflect, whether the ground on which transactions of this bills ought more properly to be consort have been stated by Dr. Adam sidered as of the one class or of the Smith to be ruinous, is, that of the other; and the private discounter, heavy expence of a commission on or banker, to whom they are offered, every bill drawn, which is paid by still more frequently finds the credit him who raises money in this man- of the bills to be the only rule which

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