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survive-Isabella, the wife of Christian, and | Their laws are very simple-suggested to Susannah (not the chaste). The latter they them, I believe, by Captain Russell Elliot, of say was a wild creature, and murdered one the Fly sloop-of-war, who also presented to of her own countrymen for the sake of her them a union-jack. They elect a chief mafavorite mutineer. Isabella remembers Capt. gistrate every year, the males and females Cook, and is said to have had a child when of a certain age having an equal right to he visited Otaheite in his second voyage in vote: he calls to his aid two councillors. 1773. Supposing her to have been then 14, Every thing of any moment is recorded in a she must now be upwards of 82 years of age; book; and if they cannot agree, the disputed yet, though rather bent and perfectly gray, point is left for the decision of the Captain of she runs about the hills and rocks with won- the man-of-war-their ultimate appeal. derful activity.

Capt. Jones investigated every thing very The population of the island, at the time minutely, and held a public meeting, where of our visit, amounted to 110 souls, the num- he made them a most sensible speech, imber of males and females being equal. In pressing upon them the importance of main1825, Capt. Beechey found 66 individuals, taining strictly their former high and most forming a happy little society, well in- praiseworthy character; and giving them to structed, orderly, and friendly.' Candor understand that, if they did not uphold this obliges me to state that this description will character, the English Government and peono longer apply to them: they certainly re- ple would instantly cease to take any further mained so, as long as "their father, their interest in them. They are industrious; patriarch, and pastor" (Adams) lived, but and, fortunately for them, they are obliged they have changed since his death. We as- to be so, for the nature of their soil requires certained that some strifes and dissensions constant attention, to enable them to provide had sprung up amongst them of late; though for themselves and to afford supplies to ships they were anxious to conceal the facts from that call there. They appear more anxious us, knowing well that it was only their char- to increase this communication with ships, acter of being a virtuous, religious, and than that the population of the island should innocent family, which made the English become so numerous as to require their enGovernment and people take such a lively tire produce to support themselves. They interest in their welfare and happiness. rise very early, generally before daylight, Their rapidly-increasing communication to go to their work; but no one is permitted with ships, particularly whalers, of late to leave the house until family worship is years had produced, and I suspect will con- performed, which is always repeated in the tinue to produce, a still greater change evening: a long grace is said before and among them. It also increases the risk of after each meal. Divine service is performinfection: we endeavored, but unsuccess-ed every Sunday when the schoolmaster, fully, while at Lima, to procure lymph, for by birth an Englishman, but married to a the purpose of introducing vaccination amongst them. The men have begun to show a degree of keenness and some cunning quite foreign to their natural character; but the women, particularly the younger ones, and the female children, retain all their former simplicity, modesty, and strict virtue: they have no communication with ships, as the men have; but it can hardly be supposed that they will long maintain this modest and virtuous conduct if the men become corrupt. But, though I must say that I do not think them so modest and simple-minded as formerly, yet they constitute a society the most virtuous I ever saw. Their traffic with ships consists entirely in barter: they have no money, nor do they require any; they have a nominal price for every article, which answers every purpose. They give their yams, pigs, goats, potatoes, fruit, &c., in exchange for calicoes, shirts, old clothes, oil, carpenters' tools, tobacco, &c.; they are getting very fond of the latter article.

native, reads prayers and preaches, and prayer-meetings are held during the week; but these latter are not so regularly nor so well attended as formerly. They bestow great pains in educating and training up their children: their excellence in writing surprised us, and certainly could not be surpassed by children of the same age in England. There were fifteen families, and each had their portion of ground allotted to them. The girls generally marry at 16 or 17, and the men at 18 or 19 years of age.

There is no anchorage here, so the ship stood off and on until the evening of the 20th, when we all embarked; the men, women, and children following us to the boat. They were sorry to lose us so soon as well they might be, for they got numbers of presents from the ship: these were not confined to the Captain and officers-the seamen, also, took great interest in these islanders, the offspring of their own brother-sailors, and gave them clothes, biscuit, soap, tobacco,

&c., &c., and entertained those who came on board in their own messes.

but as we estimate highly his powers of observation and inference, we accept them without suspicion; and so far as the prem

Some of the islanders remained on board to the last moment-giving three hearty ises assumed are not local, but general-in cheers on leaving us, which we as heartily other words, so far as they are taken from returned; bidding farewell to this interest- the principles of political economy-we ing spot, (which, though it has been the thoroughly assent to them. With this prescene of horrid crimes, has also been the face, we recommend the paper to the serious abode of virtue and peace,) and wishing that attention of our readers. happiness and prosperity might ever be the lot of its inhabitants.

THE TOMB OF LAIUS.
WHERE Delphi's consecrated pass
Boeotia's misty region faces,
Rises a tomb-like stony mass
Amid the bosky mountain-bases;
It seems no work of human care,
But many rocks split off from one ;
Laius, the Theban king, lies there,
His murderer-Edipus-his son.

No pilgrim to the Pythian shrine

But marked that spot with decent awe,
In presence of a power divine,
O'erruling human will and law:

And to some thoughtful hearts that scene,

NEW-YORK, Oct. 17, 1842. I wrote to you some time ago on the question, whether this country is righting or not, and I concluded that there were all the signs that she was now undergoing the process by which she will return to a sound state of things. The only circumstance which would make one doubt this is, that the same thing has been hoped (by the Americans themselves at least) so often since the first crisis in '37, and all such expectations have been followed by disappointment. Can my present hopes be as ill-founded as those which have been entertained in former years? I think not; because, until the last twelve months, the country has never been put into the true process of cure, but on the contrary, the apparent return of prosperity was but a continuation and extension of the evils which first brought on the confusion. After '37 all the causes, which led to the general stoppage in that year, have been seen in renewed activity, though usually on a smaller

Those paths, that rock, those browsing herds, scale-speculation, as in the famous case of the

Was more than e'er that tale had been,
Arrayed in Sophoclean words.

So is it yet! no time or space

That ancient anguish can assuage :
For sorrow is of every race,
And suffering due from every age:
That awful legend falls on us

With all the weight that Greece could feel,
And every man is Edipus,

Whose wounds no mortal skill can heal.

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Morus Multicaulis, the credit system, as in the
open credits which were granted by some Lon-
don houses with as little caution in the choice of
the individuals, though not to so great an extent,
as before '37, artificial attempts to keep up pri-
ces by bank action, as in Biddle's great cotton
operations, the maintenance of an enlarged cur-
rency without an adequate basis of specie, and
the continued issue of state stocks in very large
amounts by the Western States. Add to this,
that there was no sufficient retrenchment in the
expenditure of individuals—which was yet the
end at which all real improvement was to begin.
I infer this, both from the amounts of imports of
articles of convenience and luxury in different
years, and from the fact that all the doleful com-
plaints of watering places deserted, the charges
at the hotels reduced, summer travelling dimin-
ished, large houses unoccupied and only small
ones in demand, the dullness of society, and the
stoppage of the whole system of expense, of
which we now hear and see so much, appear to
date back to last year only. At present all is
different. Speculation appears at length fairly
knocked on the head. Even last year there was
speculative movements, in great gains at the be-
a speculation got up, resulting, like all other
ginning and great losses at the end: I mean the
speculation in coal, which was set on foot by the
damages occasioned in the Lehigh region by the
great freshet of January, 41, which were ex-
pected to produce a short supply of coal. But
this year I cannot hear that any thing partaking
stirring in any quarter.
of the character of speculation or enterprise is

Supposing it to be admitted that an improvement in the state of the country is about to com

although the new cotton is but just beginning to come forward. What, then, are we to expect when it is forced on the market in large quantities? The first effect of the low exchange, both on London and New-York, at New Orleans, has been to induce shipments of specie from the latter point, which are now being made to great advantage; but when there shall have been time enough to set the specie in motion at more distant points, large amounts will certainly arive from Europe, and particularly from England and France. In fact, the importations into the United States are and will, throughout the winter, continue to be so exceedingly small, and the failure of the States to pay their debts will reduce so much the remittances on that account next January and February, that I do not see how the bulk of the crop is to go forward, except in exchange for specie. New Orleans, therefore, may be expected to be very well stocked with specie. Of her stock a good deal will flow back to New-York, to which New Orleans is tributary in many ways. A considerable portion will go up the Mississippi, in payment for the produce of the Western States, which even at present prices will command a large sum. A good deal will also find its way to these last from New-York and Boston. The work of resumption will thus be facilitated throughout the West. I do not think it will be completed within the time I am speaking of, because there are large amounts of notes issued by banks connected with some of the States, which cannot be redeemed, and yet will not be completely cleared away; but specie will, throughout the Union, be made the measure of value, and there will be a sufficient sprinkling of it everywhere to enable people to apply this measure.

mence, there remains the question, with what degree of rapidity will this improvement proceed, and to what extent will it be carried? On this subject, I think there can be no doubt that, in one respect, the restoration of a sound state of things will be nearly completed within the next six months: I mean the re-establishment of a circulation based on specie. Virginia having resumed successfully, suspension continues only among some of the States of the South and West. The most important point where resumption has not been enforced is New Orleans. Now I think it clear that the present state of things in that city will soon be put an end to. Even at present, although all the banks but two have out larger or smaller amounts of irredeemable paper, this can hardly be considered as the circulation of the place. Transactions are all based on specie values-the very small amount of business done during the dull season has been arranged with specie funds-and the paper of the suspended banks has been more an article of speculation among the brokers, bought and sold by them according to the fluctuations of the market, than a circulating medium and measure of value. The principal demand for it has been on the part of the debtors of the several banks, who wish to avail themselves of the discount upon it in paying their debts. As the cotton business begins to thicken, the distinction between specie funds and the suspended paper will become more marked, as the planters from the country have become thoroughly determined to take nothing but specie for their crops, and the notes of the non-specie paying banks will become quite useless. According to the banking law, all the banks must resume, and it appears now to be certain that that law will be strictly enforced, so that each bank will have either to prove its ability to maintain specie payments, or go into liquidation. It is thought that the Mechanics' and Traders' will certainly resume, and even before the time; it is hoped the Union and one or two others may be able to do so too. The great obstacle in the way of resumption has hitherto been the Citizens' Bank; but as the Board of Currency have already taken a preliminary step towards putting this into liquidation, this impediment will be removed. When all the weak banks are shut up, so that they can no longer involve the sound institutions in their discredit, as was the case in the former attempt at resumption, the latter will regain confidence, and extend a little their circulation, which is at present almost nominal. While the rotten paper currency is being thus cleared away, there will be a flow of specie, which will supply its place. The importation of specie into the United States, and especially into New Orleans, during the next six months, must be large. Exchange on London in New-York has fallen in the last fortnight But if by improvement be meant the return of from 8 to 6; and considering that this is comparatively high prices, I do not think this the season when exchange on England is usually likely to take place in most articles during the very high, this last rate is most significant of the next six months, and doubt whether it ought to turn which things are taking. In fact, we shall be expected to any great extent within a year. pass from the low rates of last cotton season, To begin with the great article of export, cotton, which have been continued through the summer, the crop will certainly be a full average, if not a to the still lower rates of this season, without the large crop, and having to wait for means to send occurrence of any interval of high rates. Ex-it forward, until the low prices both of cotton change is already down to par at New Orleans, and bills have drawn large amounts of specie

In another respect, I believe the improvement in the state of things will show itself in a decided manner: I mean in the rare occurrence of failures, either among individuals or corporations. There is so little credit given, except to persons of the most undoubted solidity, that men cannot go much beyond their means; and therefore, if they lose by their operations, the loss will be confined within their own capital. But, in fact, even such losses will not be common, because the price of every thing is down to the lowest point, and no operations are engaged in anticipation of a rise; in fact, I hear very little of failures, either among great people or small, and as little about suspicions of future failures. There was, indeed, a solitary case of a house which, by the help of a good standing, carried the burthen of its old embarrassments to the middle of this year, and then sank under them; in almost all other cases, where there was real insolvency, the pressure of the times exposed it, and forced a settlement long ago.

towards it, cannot be expected to advance much | no doubt that we shall see the United States in price during the season. Then the supera- continue to advance in the essential elements of bundance of bread stuffs and other provisions, prosperity, i. e. in population, in the amount of which will continue to be sent to the shipping annual production, and in the accumulation of ports from the west, and which will find no ade- fixed capital, as rapidly as ever. In fact, this quate foreign markets, as it is certain that the process is even now going on at the same rate British ports will continue closed against foreign as usual in the two former respects, though a grain for this winter, will keep the prices of this check has been given to the investment of labor class of products very low thoughout the Union. in new works, such as railroads, canals, factories, The only articles in which a rise may be ex- ships, etc., by the want of profitable openings, pected are such as are protected by the present the scarcity of money, and the damp that has tariff, especially sugar and cotton manufactures, been cast over all enterprise. so far as the latter depend on the home market. But a doubt has occurred to me, whether the Even in these the improvement will be very mode- money value of the annual production of the rate, as the power of consumption will be so country will increase in the same proportion greatly checked by the inability of the other with population and the quantity of products classes of the community to obtain good prices raised or articles manufactured; in other words, for their products. Nor do I expect any con- whether the chief products of American indussiderable general rise in Stocks during the next try will regain the standard of prices of former six months-because I do not anticipate that years, or whether they will not settle down perthere will be much more money available for manently to a lower scale of prices, occasioning such investments than at present. That the cir- a fall in the productiveness, reckoned in money, culation of the New-York, Philadelphia, and New of an American's day's labor, and therefore a England banks will be increased is very probable corresponding fall in wages. I am not now re-but this increase will not be produced by any ferring to the unnatural rise occasioned by the desire on the part of their managers to expand, expansion of the paper currency, which will cerbut only by the increased demand for accommo-tainly not be recovered, but to the average prices dation by their customers, as business becomes of the ten years preceding that expansion, durmore active--and such an increase in the ing which the natural value of commodities was amount of money, strictly proportioned to the in- not disturbed either by the inflation of the balcreased demand for it, will not make it cheaper loon, or by the subsequent collapse. or more abundant for other purposes than those of trade. Then the balance of the United States Loan, which there appears no hope of nogotiating in Europe, will have to be disposed of here -and will absorb a good deal of the capital available for investment in stocks. Capitalists are now hesitating to invest even in such stocks as they have a good opinion of, because, low as they now are, they are not confident that they will not decline still farther, having observed the downward tendency of all things so long, that they have lost all faith in their beginning to rise again. This feeling will diminish when they find that many months have passed without any further decline, and some of the money which is now kept floating in loans may be transferred to stocks, and thus produce some improvement. However, the great bulk of American State Stocks being held in England, it will be hard for any material improvement to take place without an improvement in the feeling respecting them in that country. And this is not likely to occur, as respects that part of the State Stocks on which interest is not paid, for the next six months, because it is not likely that any effort, at least any effectual effort, will be made within that time to resume payment on any of them. I should think, however, that the abundance of money must produce an improvement in the demand for such of them as are still paying their interest, and will certainly continue to pay it-as people will begin to distinguish between the good and the bad, and understand that the causes which have led to repudiation or failure to pay in part of the States are not at all likely to operate in many others.

This doubt has been suggested to me by the following considerations. If I understand rightly, in a country which does not produce the precious metals, the value in money of the product of a day's labor depends on the price commanded in the general market of the world by such quantity of the usual articles of export from the said country as is there produced by a day's labor. It is clear that the price of these articles of export themselves will be regulated by the prices of foreign markets-and as labor cannot continue to be either more or less profitable in one branch of industry than another in the same country, the price of the product of a day's labor bestowed on such articles as are not exported must conform itself to the same standard. Now, for a great many years past, the product of a day's labor in the United States has yielded a higher price than in any other country in the world. This appears from the fact that the wages of labor have been higher there than anywhere else, and that profits, that is, all that part of the product of labor which is not paid to the laborer as wages, have also been high. Looking for the causes of this superiority, one is, that a day's labor in the United States includes more labor than a day's labor in any other country-certainly more than in any other country with the exception of England. An American works quicker and longer too. You will have the best idea of this by considering that all labor in America resembles labor by piece work in England; and if you turn to navigators excavating earth for a railroad by the yard, or mowers mowing by the acre, when there is a scarcity of hands, you will understand the character of that Looking farther ahead, to a time when the kind of unskilled labor which obtains such high effects of all the present checks and embarrass- wages here. Another cause of the high earnments shall have been worked off, there can beings of a part of the American population is

their great readiness and ingenuity. These cultural, and must be dragged down to the same qualities, the quickness with which they make level of prices. This is the natural tendency of new improvements, or apply those made in other things, even with the present population and procountries, and the superior skill with which they ductiveness of the United States. But the populacarry on particular manufactures, have enabled tion is increasing rapidly, and, as I have elsewhere them to compete, in particular cases, with the expressed an opinion, the great proportion of each lower rates of wages of other countries. year's addition to the population will turn itself, not to the planting of the South, nor to the manufactures and shipping of the North, but to the agriculture of the West. There will thus be (on an average of seasons) a constantly increasing surplus of agricultural products to be disposed of, without any corresponding increase in the foreign demand.

But these are causes of partial operation. The great cause which has enabled the United States in full communication with other countries, and importing largely, to maintain such high rates of wages, has been the high price of her great staple of export, cotton. It is true that the cultivation of this staple has been carried on by slave labor, and not by the free white laborers, The fact is, that it is not natural for a country and confined to one part of the Union; but as which is mainly agricultural to be rich in money the effect of the great stimulus given to the cot- wealth, or to be distinguished by high rates of ton cultivation was to withdraw the slave labor money wages; but the contrary. High money from other kinds of cultivation in which they wages and great command of money belong naturcompeted with the free laborers, and as in con- ally either to countries which themselves produce sequence of such withdrawal the South purchas- the precious metals, or to such as have a great ed its provisions from the free States to a very power of commanding them by a great superiority great extent, the latter derived the full benefit in the arts of commerce and navigation, or by the from the prosperity of the south. At present production of valuable and readily exportable artithe production of cotton throughout the world is cles. If the United States have been an apparent evidently fully equalized with the demand, partly exception, it has been because in cotton they had from the great extension of the cotton planting an article of export the demand for which was imin the United States, and partly from the in- mense and increasing, and of which they had alcrease of the cultivation of the plant in other most a practical monopoly; because another part countries. Henceforth the southern planters of their population made themselves profitable emmust content themselves with moderate profits, ployments by their superior enterprise and skill in obtained only by the conduct of their cultivation navigation, and all the branches of foreign comin the most economical manner: they will raise merce which required these qualities most; and the bulk of their provisions themselves; in the because the agricultural portion of the people, after tobacco growing States, where the land has been supplying these other classes and themselves, had exhausted by the exclusive cultivation of the no greater surplus than could be disposed of in plant, the diversion of the slave labor to ordinary various markets in which they were little interferagriculture will be carried to a still greater ex-ed with by the competition of other foreigners. tent; and the free States will thus find them - For the future, the settling down of the price of selves, in great measure, deprived of the south- | ern market, in which they formerly obtained such good prices. They can regain it only by a great fall in the price of their provisions, sufficient to render it more profitable for the planter to purchase than to grow for himself.

cotton to its natural average price, (i, e. to the lowest price at which it can be raised in an economical manner, with a living profit,) the approach to equality with the Yankees in maritime and commercial activity which other nations have been making during a long peace, and the continual inWhere, then, are the free States to find a suffi- crease in the agricultural surplus, will alter all ciently extensive market for their wheat and pro- these circumstances. The great West will be. visions? The markets to which they have hitherto come great in population, and abounding in all the carried these have but a limited power of consump. necessaries of life; but she will not command any tion, which has already been reached, and which but very low prices for her products, money wages shows a tendency rather to diminish than increase, will not be high, and her power of importing forbecause the tendency of things is towards an im-eign luxuries will be small in proportion to her provement in the agriculture of most of the coun- population ;-like other agricultural communities, tries which formerly depended on foreigners for she will be a cheap country. Her sons will not food. In order to force an extension of these mar- drink Champagne, nor her daughters wear French kets, the prices of American provisions must be silks; they will not be a race of fine ladies and reduced. The same is true of the British market, gentlemen, but of plain-living farmers. In the even supposing this perfectly open—as it is certain Šouth also, the planters will be farmers—thriving that American wheat cannot compete with the farmers by virtue of their superior skill and energy Polish, German, &c., except at prices much below in competition with the cotton growers of other the average of the New-York market in past years. countries, but thriving only by economy in their Every thing, therefore, tends to prove that the management and mode of living. They will, it is natural level of prices for American agricultural true, differ from other farmers in the very large products will henceforth be low. Then with res- scale on which a part of them will carry on their pect to their manufactures, so far as these come in operations, and the proportionably larger incomes competition with the European, they must fall to which they will realize. As to the agriculturists the same level; and even with a protected home of the older States near the seaboard, the prices of market we know that manufacturing industry can- their products will be regulated by the prices of the not permanently receive a higher reward, in pro- West, with the addition of the heavy expenses of portion to the toil and skill employed, than agri-transport-and this will allow them good profits on

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