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152 when there has never yet been in America any such thing as an institution, but only defiance of institution; neither any such thing as a res-publica, but only a multitudinous res-privata; every man for himself. It is not republicanism which fails now in America; it is your model science of political economy, brought to its perfect practice. There you may see competition, and the "law of demand and supply" (especially in paper), in beautiful and unhindered operation. Lust of wealth, and trust in it; vulgar faith in magnitude and multitude, instead of nobleness; besides that faith natural to backwoods-men—"lucum ligna," —perpetual self-contemplation issuing in passionate vanity; total ignorance of the finer and higher arts, and of all that they teach and bestow; and the discontent of energetic minds unoccupied, frantic with hope of