Let me explain:
For example, you need a LOT of lime for several essential things (build stone wall, make leather, make iron, make clay ...). To get lime - depending on your location, you need to travel some minutes to get to the lime deposit. Of course, you have to travel farther and farther the more lime deposits you exhaust. With backpack you have 24 bag spaces available which means 24 lime per trip.
Now I don't know if anyone has already brought it up but it's actually pretty obvious what you can do in this situation:
1) Register multiple accounts. For convenience this might be woodie1, woodie2, woodie3, woodie4, woodie5, ... same password everywhere, same email address is also possible
2) Start up the Salem client as many times as you have accounts
3) Create 1 alt with each of your accounts, log in which each of them
4) Kin your alts with your main, teleport them to your base via homestead secret
5) Make all of your alts follow your main (there's actually a right-click function that allows you to do that - very convenient indeed)
6) Be sure to take materials with you to build a chest at the remote location
6) Travel to your remote location (e.g. lime deposit). Be sure that you don't get too close to any objects as the following algorithm seems to be pretty unforgiving concerning these things
7) Construct your chest so you can exchange things between your characters
8) Mine your lime and fill up your alts
9) Travel back with your convoi
This is how it looks like:
I did it with 4 twinks and my main. That gives 16*4+24 = 88 lime per trip. But of course you can do it with any number of alts you like. Or you could give a backpack to each alt if you wanted to. You could also use it for other things, like farming food or stuff like that (quite a lot of space one dead deer takes up isn't it).
Now even though that works really fine, and I don't consider it as cheating or exploiting or anything like that (not using any third-party programs or bugs for this, just clever use of game mechanics), I still don't like it. Playing with multiple Salem clients opened and a ton of alts just isn't fun. It totally breaks the immersion and everything. But people will use this method if it's there, and if they don't they are at a serious disadvantage.
You cannot limit the amount of alts or accounts one creates in any way. With abonement games like WoW this would be much more difficult as each of the accounts has to be paid and stuff. But with F2P, I don't see a way you could prevent people from doing this. You can only reduce the need for people to do this. And that would be by one of following options:
1) Increase inventory space considerable
2) Make items that are needed in masses stackable (e.g. stacks of 10 lime per inventory slot) - my preferred solution as this would also greatly reduce the amount of clicking necessary to do things and would keep the UI compact
3) Create something like a big storage house in Boston where you can port items you find in the wildernis to, for example by some magical device. This would also allow for some funny things like you just loosing an item in a given percentage of times you try to teleport stuff. Or the item being transformed into something entirely different, stuff like that. You could then access your stuff by teleporting between your homestead and Boston.