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1857.] the waves asleep, the incident would have produced a burst of indignation, above the deeper wail of sorrow, strong enough to sweep the guilty instruments of it out of existence. The world would have felt that some great law of mechanics had been wilfully violated. But here is a whole commercial society suddenly wrecked, in a moment of general peace, after ten years of high, but not very florid or very unwholesome prosperity, on the heel of an abundant recompense to the efforts of labor,—when there has occurred no public calamity, no war, no famine, no fire, no domestic insurrection, scarcely one startling event, and when the interpositions of the government have been literally as unfelt as the dropping of the dew, a whole commercial society is wrecked; values sink to the bottom like the California gold on the "Central America"; great money-corporations fall to pieces as her state-rooms and cabins fell to pieces; the relations of trade are dislocated as her ribs and beams were dislocated; and the people are cast upon an uncertain sea, as her passengers were cast,—not to struggle for physical existence like them, but to endure an amount of anguish and despair almost equal to what was endured by those unhappy victims.

Now can this have happened arbitrarily, capriciously, mysteriously, without some gross and positive violation of social law, some wilful and therefore wicked departure from the known principles of science? Every random conjecture as to the causes of the prevailing distress implies an answer to the question, and it need not be repeated. It is more important to inquire what those violations and departures have been, than to reiterate the general principle. What has led to the lamentable results under which we suffer? What has rendered the winds so tempestuous that they must needs blow down our noble ship? What has provoked the ire of those big bully waves so that they advance to demolish us? Ah! hark just here how the Diogenidae tumble and thump their tubs! each one rapping out his own tune; each one screaming to boot, to be heard above the din!

One cries, that we Americans are an unconscionably greedy people, ever hasting to get rich, never satisfied with our gains, and, in the frantic eagerness of accumulation, disregarding alike justice, truth, probity, and moderation. Under this impulse our trade becomes an incessant and hazardous adventure, like the stakes of the gambler upon the turn of the dice, or upon the figures of the sweat-cloth; a feverish impatience for success pushes everything to the verge of ruin, and only after it has toppled over the brink, and we have followed it, does the danger of the game we had been playing become apparent.—A second qualifies this view, and shouts, that our vice is not so much greed, which is the vice of the miser, as extravagance, which is the vice of the spendthrift; and that as soon as we get one dollar, we run in debt for ten. We must have fine houses, fine horses, fine millinery, fine upholstery, troops of servants, and give costly dinners, and attend magnificent balls. Our very shops and counting-houses must resemble the palaces of the Venetian nobility, and our dwellings be more royally arrayed than the dwellings of the mightiest monarchs. When the time comes—as come it will—for paying for all this glorious frippery, we collapse, we wither, we fleet, we sink into the sand.—A third Diogenes, of a more practical turn of mind, vociferates, that the whole thing comes from the want of a high protective tariff. These subtle and malignant foreigners, who are so jealous of our progress, who are ever on the watch to ruin us, who make any quantity of goods at any time, for nothing, and send them here just at the right moment, to swamp us irrecoverably, are the authors of the mischief, and ought to be kept outside of the nation by a triple wall of icebergs drawn around each port. They pour in upon us a flood of commodities, which destroys our manufactures; they