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282 inexhaustible. The people have all the wants and cravings of a growing creature; and whatever be their efforts, they are always surrounded by more than they can appropriate. It is not the ruin of a few individuals which may be soon repaired, but the inactivity and sloth of the community at large which would be fatal to such a people. Boldness of enterprise is the foremost cause of its rapid progress, its strength, and its greatness. Commercial business is there like a 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 amongst 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