A revision of these accounts is needed almost from moment to moment as I write, to keep pace with the rapid changes in affairs. A National Bank and banks of foreign incorporators have been established in the mean time, with
authority to issue large amounts of but inefficiently secured paper. The Mexican National Bank may now issue bills to the amount of $60,000,000, upon a capital of
$20,000,000. They are legal tender from individuals to the government, but not from the government to individuals, nor between individuals. One of the arguments in favor of this bank, our minister was assured, was that it would counteract in some sort the influence of the United
States: the usual patriotic leaven cropping up, it will be seen; though how it should accomplish the purpose in view it is by no means easy to understand. A flood of depreciated paper is driving the solid coin out of circulation; so that, while the traveller may be now able to
carry his money comfortably about him, there may be much worse in store for the Mexicans themselves than the handling of bags of unwieldy dollars. It is not
pleasant to see also that the government shows some unusual pecuniary embarrassment. Its expenditures for
the last fiscal year exceeded its revenues by ten per cent., and a loan is talked of. Should a spirit of recklessness enter into the management of the finances, in all this whirl of novelties, complicated by the issues of paper, a crisis might be precipitated, which would, of course, have to be counted among the retarding influences on the railways.
III.
Shops and shopping in Mexico follow much more European than American traditions. A fanciful. title over the door of the shop takes the place of the name of a firm
