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 not only retain what it has acquired, but it will constantly increase in prosperity.

It is difficult to say for what reason the Americans can trade at a lower rate than other nations; and one is at first led to attribute this circumstance to the physical or natural advantages which are within their reach; but this supposition is erroneous. The American vessels cost almost as much to build as our own; they are not better built, and they generally last for a shorter time. The pay of the American sailor is more considerable than the pay on board European ships; which is proved by the great number of Europeans who are to be met with in the merchant-vessels of the United States. But I am of opinion that the true cause of their superiority must not be sought for in physical advantages, but that it is wholly attributable to their moral and intellectual qualities.

The following comparison will illustrate my meaning. During the campaigns of the revolution the French introduced a new system of tactics into the art of war, which perplexed the oldest generals, and very nearly destroyed the most ancient monarchies in Europe. They undertook (what had never been before attempted) to make shift without a number of things which had always been held to be indispensable in warfare; they required novel exertions on the part of their troops, which no civilized nations had ever thought of; they achieved great actions in an incredibly short space of time; and they risked human life without hesitation, to obtain the object in view. The French had less money and fewer men than their enemies; their resources were infinitely inferior; nevertheless they were constantly victorious, until their adversaries chose to imitate their example.

The Americans have introduced a similar system into their commercial speculations; and they do for cheapness what the French did for conquest. The European sailor navigates with prudence; he only sets sail when the weather is favourable; if an unforeseen accident befalls him, he puts into port; at night he furls a portion of his canvass; and when the whitening billows intimate the vicinity of land, he checks his way, and takes an observation of the sun. But the American neglects these precautions and braves these dangers. He weighs anchor in the midst of tempestuous