Another thing that surprised me was the quantity of silver that was in circulation. I certainly never saw so much silver at one time in my life, as during the week that we were at Monterey. The truth is, they have no credit system, no banks, and no way of investing money but in cattle. They have no circulating medium but silver and hides—which the sailors call "California bank notes." Everything that they buy they must pay for in one or the other of these things.
