In Italy the exchange of gold or notes on London into Italian paper is a matter of considerable importance to the holder, for the exchange allowed, though it fluctuates, is always high.[5] The lowest we received anywhere was 27·03 at Rome, 23d March 1877, and at San Remo 1878. The highest was at Venice, in May 1877, 28·25. This last was during the Eastern War, which had been declared in April, and considerably raised the value of gold in Italy. I presume the uncertainty as to whether Italy would be involved in the war helped to depress the value of the paper. It is difficult for one who has not been engaged in commerce or in banking to understand why these fluctuations occur, or to be acquainted with the causes which influence them. The current value is said to be dependent upon the position of the commercial relations between Great Britain and the Continent; but there are obviously other circumstances, such as national credit, political disturbances, war, and the abundance or scarcity of money, which affect or bias the barometer. But whatever may be the cause, the traveller obtains the benefit of the effect when the exchange is high, as his money goes so much further. The Italian paper money is, unless otherwise specially bargained for, taken everywhere in Italy—in hotels, in shops, and even at railways. It is only necessary to be particular in seeing that paper of the right sort is given. It is always safe to receive paper of the National Bank of Italy. This circulates everywhere throughout Italy, but notes of district or provincial banks are not accepted out of the province; and there are certain notes which have been called in (with which one soon becomes familiar), which, though taken in shops, are refused at railway stations and other public places, sometimes provokingly.