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 urge them on. Moreover, as all the large fortunes, which are to be met with in a democratic community, are of commercial growth, many generations must succeed each other before their possessors can have entirely laid aside their habits of business.

Circumscribed within the narrow space which politics leave them, rich men in democracies eagerly embark in commercial enterprise: there they can extend and employ their natural advantages; and indeed it is even by the boldness and the magnitude of their industrial speculations that we may measure the slight esteem in which productive industry would have been held by them, if they had been born amid an aristocracy.

A similar observation is likewise applicable to all men living in democracies, whether they be poor or rich. Those who live in the midst of democratic fluctuations have always before their eyes the phantom of chance; and they end by liking all undertakings in which chance plays a part. They are therefore all led to engage in commerce, not only for the sake of the profit it holds out to them, but for the love of the constant excitement occasioned by that pursuit.

The United States of America have only been emancipated for half a century from the state of colonial dépendance in which they stood to Great Britain: the number of large fortunes there is small, and capital is still scarce. Yet no people in the world has made such rapid progress in trade and manufactures as the Americans: they constitute at the present day the second maritime nation in the world; and although their manufactures have to struggle with almost insurmountable natural impediments, they are not prevented from making great and daily advances.

In the United States the greatest undertakings and speculations are executed without difficulty, because the whole population is engaged in productive industry, and because the poorest as well as the most opulent members of the commonwealth are ready to combine their efforts for these purposes. The consequence is, that a stranger is constantly amazed by the immense public works executed by a nation which contains, so to speak, no rich men. The Americans arrived but as yesterday on the territory which they inhabit, and they have already changed the whole order of nature for their own advantage. They have joined the Hudson to the Mississippi, and made the Atlantic Ocean communicate with