Usurers were here from the beginning, and their tax was often ruinously exorbitant. So much did they charge for money, in fact, that from two to twelve and a half per cent. _a week_ was paid; this brought about the loss of many early estates. I recollect, for example, that the owner of several thousand acres of land borrowed two hundred dollars, at an interest charge of twelve and a half per cent. for each week, from a resident of Los Angeles whose family is still prominent in California; and that when principal and interest amounted to twenty-two thousand dollars, the lender foreclosed and thus ingloriously came into possession of a magnificent property. For at least twenty years after I arrived in Los Angeles, the credit system was so irregular as to be no system at all. Land and other values were exceedingly low, there was not much ready money, and while the credit of a large rancher was small compared with what his rating would be today because of the tremendous advances in land and stock, much longer time was then given on running accounts than would be allowed now. Bills were generally settled after the harvest. The wine-grower would pay his score when the grape crop was sold; and the cattleman would liquidate what he could when he sold his cattle. In other words, there was no credit foundation whatever; indeed, I have known accounts to be carried through three and four dry seasons. It is true, also, that many a fine property was lost through the mania of the Californian for gambling, and it might be just as well to add that the loose credit system ruined many. I believe, in fact, it is generally recognized in certain lines of business that the too flexible local fiscal practice of to-day is the descendant of the careless methods of the past. My early experiences as a merchant afforded me a good opportunity to observe the character and peculiarities of the people with whom I had to deal. In those days a disposition to steal was a common weakness on the part of many, especially Indians, and merchants generally suffered so much from the evil that a sharp lookout had to be kept. On one occasion, I saw a native woman deftly abstract a pair of shoes and cleverly secrete them on her person; and at the conclusion of her purchases, as she was about to leave the store, I stepped up to her, and with a "_¡Dispense me Vd.!_" quietly recovered the _zapatos_. The woman smiled, each of us bowed, the pilfering patron departed, and nothing further was ever said of the affair. This proneness to steal was frequently utilized by early and astute traders, who kept on hand a stock of very cheap but gaudy jewelry which was placed on the counter within easy reach--a device which prevented the filching of more valuable articles, while it attracted, at the same time, this class of customers; and as soon as the esteemed customers ceased to buy, the trays of tempting trinkets were removed.