This business was conducted without any directions from me. and in the usual form of doing business there. I have always been opposed to the specific contract law. as is well known. and believe that it was always a great detriment to the Pacific coast. During the war. and for years afterwards. until the resumption of specie payments. immigration to that country was absolutely shut out because the people would not stand the discount in taking their money from here and investing it there. It even kept travelers away. For a time a man who had $100 had to reduce it to $50 when he got to California.
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immigration