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90 and braves these dangers. He weighs anchor in the midst of tempestuous gales; by night and day he spreads his sheets to the winds; he repairs as he goes along such damage as his vessel may have sustained from the storm; and when he at last approaches the term of his voyage, he darts onward to the shore as if he already descried a port. The Americans are often shipwrecked, but no trader crosses the seas so rapidly. And as they perform the same distance in shorter time, they can perform it at a cheaper rate.

"The European touches several times at different ports in the course of a long voyage; he loses a good deal of precious time in making harbor, or in waiting for a favorable wind to leave it; and pays daily dues to be allowed to remain there. The American starts from Boston to purchase tea in China; he arrives at Canton, stays there a few days, and then returns. In less than two years he has sailed as far as the entire circumference of the globe, and he has seen land but once. It is true that during a voyage of eight or ten months he has drunk brackish water, and lived upon salt meat; that he has been in a continual contest with the sea, with disease, and with a tedious existence; but, upon his return, he can sell a pound of tea for a half-penny less than the English merchant, and his purpose is accomplished.

"I cannot better explain my meaning than by saying that the Americans affect a sort of heroism in their manner of trading. But the European merchant will always find it very difficult to imitate his American competitor, who, in adopting the