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 vast lottery, by which a small number of men continually lose, but the State is always a gainer; such a people ought therefore to encourage and do honour to boldness in commercial speculations. But any bold speculation risks the fortune of the speculator and of all those who put their trust in him. The Americans, who make a virtue of commercial temerity, have no right in any case to brand with disgrace those who practise it. Hence arises the strange indulgence which is shown to bankrupts in the United States; their honour does not suffer by such an accident. In this respect the Americans differ, not only from the nations of Europe, but from all the commercial nations of our time, and accordingly they resemble none of them in their position or their wants.

In America all those vices which tend to impair the purity of morals, and to destroy the conjugal tie, are treated with a degree of severity which is unknown in the rest of the world. At first sight this seems strangely at variance with the tolerance shown there on other subjects, and one is surprised to meet with a morality so relaxed and so austere among the self-same people. But these things are less incoherent than they seem to be. Public opinion in the United States very gently represses that love of wealth which promotes the commercial greatness and the prosperity of the nation, and it especially condemns that laxity of morals which diverts the human mind from the pursuit of well-being, and disturbs the internal order of domestic life which is so necessary to success in business. To earn the esteem of their countrymen, the Americans are therefore constrained to adapt themselves to orderly habits, and it may be said in this sense that they make it a matter of honour to live chastely.

On one point American honour accords with the notions of honour acknowledged in Europe; it places courage as the highest virtue, and treats it as the greatest of the moral necessities of man; but the notion of courage itself assumes a different aspect. In the United States martial valour is but little prized; the courage which is best known and most esteemed is that which emboldens men to brave the dangers of the ocean, in order to arrive earlier in port—to support the privations of the wilderness without complaint, and solitude more cruel than privations—the courage which renders them almost insensible to the loss of a fortune laboriously acquired, and instantly prompts to fresh exertions to make another. Courage