for the hides and tallow which they barter for in the territory. It is
well known, that at any of these parts there is no possibility of
realizing any money, for here it does not circulate. The goods imported
by foreign vessels are intended to facilitate the purchase of the
aforesaid articles, well knowing that the missions have no interest in
money, but rather such goods as are necessary for the Indians, so that
several persons who have brought goods to sell for nothing but money
have not been able to sell them. It will appear very extraordinary that
money should not be appreciated in a country where its value is so well
known; but the reason may be easily perceived by attending to the
circumstances of the territory.

"The quantity of hides gathered yearly is about thirty or forty
thousand; and the arrobas of tallow, with very little difference, will
be about the same. Averaging the price of each article at two dollars,
we shall see that the intrinsic value in annual circulation in
California is 140,000 dollars. This sum, divided between twenty-one
missions, will give each one 6666 dollars. Supposing the only
production of the country converted into money, with what would the
Indians be clothed, and by what means would they be able to cover a
thousand other necessaries? Money is useful in amplifying speculations;
but in California, as yet, there are no speculations, and it
productions are barely sufficient for the absolute necessary
consumption. The same comparison may be made with respect to private
individuals, who are able to gather a few hides and a few arrobas of
tallow, these being in small quantities."