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 It will be perceived, therefore, that two Administrations at the commencement of the national existence of the new Republic, solemnly determined on an unqualified political and colonial separation from all European powers. They were anxious to preserve a state of mutual liberty and independence, and yet it was not deemed expedient to imitate the example of the Old World, by the formation of an American Holly Alliance, in defence of our freedom, as Europe had done in defence of legitimacy and allegiance. It, nevertheless, would seem, that as the great head of the Powers of this Continent, it becomes us now to persist in the policy wisely adopted near twenty years ago; and to be warned, in time, of every symptom of approaching danger.

If England extends her power, by gradual advances, from the Balize into Guatemala, (now under Indian rule,) and then into Yucatan, (now in revolt,) she will hold the key of both Americas, by controlling the passage across the Isthmus to the Pacific. If she pushes her claims on Mexico, and grasps the Californias; retains her hold on China, the mouth of the Columbia and Canada;—and, while she continues the possession of the Bermudas, sweeps our Eastern coast by armed war-steamers, marked under the peaceful disguise of West India Mail Packets(!) we will shortly find ourselves as comfortably and securely walled in by British bayonets, as the most loyal of Her Majesty's subjects could well desire.

And yet, all this would be effected by mere supineness on our part, and by neglect of determined firmness, and intimations similar to those of 1825, in regard to the French fleet, and the occupation of Cuba and Porto Rico. If I am answered, that these are dreams and visions of things that may occur, but perhaps will not in our day and generation; I reply, by the expression of a hope that the period of time-serving policy is over in our Union, and that the statesmanship of America is not hereafter to be confined by a horizon of four years, or, at most of ''eight. ''

If one-half the foresight that is employed in Britain to sustain a population over-taxed, over-worked, and surrounded by institutions far behind the spirit of the age, on a territory of small dimensions, were infused, especially, into the foreign relations of our own country, with its vast domain and happy people, the germ of a thousand ills would be destroyed for the future. If we begin right in our national career, we shall not be forced to remedy an accumulation of political errors by subsequent legislation, or, like England, to resort to unnatural stimulants and predatory wars for the purpose of infusing artificial life into a decrepit Empire.

In connection with the subject of our trade and interests in the Pacific, and the proposed junction of the Atlantic and that Ocean by a Canal across the Isthmus of Panama, I take the liberty to insert a very valuable note from Mr. Forbess "California," relative to Steam Navigation in that Sea.

EXTRACT OF A LETTER TO THE EDTTOR ON THE SUBJECT OF STEAM NAVIGATION IN THE PACIFC, FROM A GENTLEMAN FORMERLY RESIDENT IN ONE OF THE MEXICAN PORTS ON THE PACIFIC.

, Dec. 20, 1838. I have taken some pains to make myself acquainted with the grounds on which the "Pacific Steam Navigation Company" is founded, with its proceedings as far