of which Mr. William Seton was cashier, and Mr. Charles Wilkes first teller. Those were the blessed days of specie currency; and if you will indulge me, and laugh with me instead of frowning at me, I will describe how pleasantly it worked. The few notes which were given out by the merchants and shopkeepers (and the sequel will show how few they must have been) were collected of course through the bank. Michael Boyle, the runner, (how delightfully do his jocund laugh and pleasant countenance mix up with the recollections of my early years!) called, several days before the time, with a notice that the note would be due on such a day, and payment expected three days thereafter. When the day arrived, the same person called again with a canvass bag, counted the money in half-dollars, quarters, and sixpences, (those abominable disturbers of the people's peace, bank notes, were scarcely known in those days,) carried it to the bank, and then sallied out to another debtor; and so all the notes were collected in this great commercial city, and in such a circumscribed circle did its operations revolve. Well do I remember Michael Boyle, running around from Pearl street to Maiden Lane, Broadway, and William street, (the business limits of which district, happily for him, did not extend north of the present Fulton street,) panting under the load of a bag of silver, a sort of locomotive sub-treasurer, or the embodiment of a specie circular.

But where would New York have been if the channels of its trade had remained so circumscribed-the bounds of its enterprise so contracted? Economy and prudence are virtues worthy of all praise in individuals, and carefulness is the pilot to preserve us from the dangers which beset the voyage of human life; but the prosperity of commerce springs from individual enterprise, and public spirit keeps pace with the success of private undertakings. The spirit of trade has infused itself into all our institutions, given activity to every branch of industry, developed our resources and improved our advantages, bound our citizens together in a mutual intercourse of good offices, made available the gifts of nature, found employment for the artisan, and rewarded the labors of the man of science. These are the blessings of trade, and abundantly has New York participated in them. What though she has experienced a momentary check, she must resume the noble impulse which has hitherto sustained and carried her forward. Without commerce, and the generous confidence on which credit is founded, where would now have been the religious, charitable, and scientific establishments with which our city abounds; where her seminaries of education, public and private, and where the noble institution in whose service we are now engaged, and whose present condition and future prospects cause the hearts of its founders and early friends to swell with pride and exultation? In vain should we now look for long vistas of elegant private dwellings, the abodes of taste and refinement, and public squares rivalling in magnificence those of the great cities of Europe, in a portion of the city which, within the recollection of some of our citizens, was almost a day's journey from home; the shouts of welcome would not resound from our wharves at the almost daily arrival from foreign ports of our unrivalled line of packets; and those splendid travellers on the great deep, evincing, under the influence of British skill and enterprise, the successful application of a new element to the purposes of commerce and national intercourse, would have been strangers to our shores; and massy columns and porticoes of granite and marble, rivalling

in their classical proportions the architecture of ancient Greece and Rome, would not be seen to mark the place "where merchants do congregate, and the natural connection between government and commerce.

Then let us fervently pray that no mistaken notions of national policy, no circumscribed views of political results, no temporary expedients for local effect, may ever interpose to impede the onward progress of our city; and let us all, (and you, young men, in an especial manner, who are preparing to take the places which we of more mature age are about to vacate,) charge ourselves with the sacred duty of keeping pure in its fountains this heart's-blood which circulates through the veins of the body politic, and never to let its streams be polluted by fraud or false dealing; and, above all, let us exercise over the rulers of our country, in all future time, our constitutional right to demand for commerce the protection and support of the civil government.

But I must leave the general treatment of this exciting subject to abler and more experienced hands; and, in conclusion, touch briefly upon that branch of it to which I intended more particularly to call your attention. Otherwise, I may overstep my porter's bounds, and intrude too far into the company of my betters.

Trade, as we have seen, is the true wealth of nations, the support of government, the source of social improvement, and the promoter of individual prosperity; but on the preservation of a high tone of mercantile character, depends in a great measure its ability to exercise these bene

* Since preparing this address, I have witnessed an exhibition which enables me to carry out still farther the contrast I have attempted to describe, between New Yɔrk in the olden time, and her present commanding position, and to indulge in cheering antici pations of the glorious results of the commercial spirit and mechanical genius of her citizens.

The event to which I allude, was the launch of the splendid steamship Kamschatka, built by New York architects, under the superintendence of New York merchants, by order and for the use of the emperor of Russia.

I have always thought the launch of a fine ship an interesting and beautiful sight, but this was peculiarly calculated to awaken the most pleasing reflections. What a subject of exultation is it that we, the people of a country comparatively in its infancy, should already have acquired so much proficiency in the mechanic arts as to be employed to build ships for the great powers of old Europe! And what a striking illustration of the beneficial influence of commercial enterprise and mechanical ingenuity upon the destiny of the commonwealth, when we see the iron of Russia transformed into steamengines, bolts, and chains, and her hemp stretched out into cables and cordage, and resold to her, enhanced tenfold in value by American skill and labor! I consider this the commencement of a new era in the commercial history of the United States, fraught with good to all concerned. This noble vessel will probably cost three or four hundred thousand dollars. The science and skill of the architect will be suitably compensated, the intelligent merchants will receive their well-earned commissions, and a hundred worthy artisans will have supported their families during the winter; whilst, on the other hand, the autocrat will, it is hoped, consider his roubles so well laid out in the purchase of this beautiful specimen of naval architecture, as to be induced to trade with us again.

What think you, my friends, of this picture, compared with that which I have been sketching, of the times when we sent our umbrellas to Europe to be repaired?

ficial influences. The character of a community essentially mercantile, such as ours, is deeply involved in that of the men who carry on its business. Mercantile probity naturally becomes the standard of its morality, and fair dealing the criterion of its claim to distinction. Where the merchant is respected by the other leading interests of society, he will inevitably rise to influence proportioned to the extent of his dealings; but to secure that respect, honor and good faith must characterize his conduct, and veracity and punctuality guaranty his engagements.

The attributes of an accomplished merchant are

1. A deep and practical sense of the obligations of religion and morality, leading to upright and candid dealing. It is a mistaken notion that success in trade is ever to be acquired by artifice and finesse. The experience of every person proves, that in the affairs of this world, (without reference to that higher accountability to the Being who "searches the heart of man," and is of "too pure eyes to behold iniquity,") whatever transitory benefit may be derived from such practices, in the end it will always be found that "honesty is the best policy."

Truth is never to be departed from; no possible advantage can be gained by falsehood in the transaction of business, commensurate in any degree with that of an established character for veracity, which is endangered by the chance of detection. A reputation for veracity, like the polished mirror, must know no flaw,-once cracked, its value is departed, and men cease to confide in the images it reflects. There is an anecdote, trite, perhaps, and which some of you may have heard before, which I am nevertheless tempted to repeat, because it illustrates so happily this sentiment, and proves the homage which vice is sometimes constrained to pay to virtue.

A celebrated gambler of great address, but notorious bad character, meeting with a gentleman of the highest reputation for honor and veracity, one of that exalted class whose "word is as good as their bond," observed to him, "Sir, I would give ten thousand pounds for your good name." "Why so?" demanded the surprised gentleman. "Because," replied the gambler, "I could make twenty thousand out of it."

We are more

2. Punctuality, and a strict observance of engagements. inclined to place confidence in a man of small means, who never makes an engagement beyond his ability to fulfil, and is not willing to risk his credit by a want of punctuality, than in one who makes his possession of wealth an excuse for a culpable negligence, the effect of which may be to deprive ourselves of the ability to be punctual.

3. Prudence and foresight in the arrangement of business, and a judicious employment of time. It was a wise rule of conduct laid down by the great Florentine shopkeeper in his advice to his son, by which, it would appear, he had been in the practice of governing himself, to "deliberate every evening on what you have to perform the following day.”

4. Economy in the habits of living. This is a virtue not by any means inconsistent with the obligations of benevolence and public spirit; but on the contrary, a reasonable denial of indulgence in extravagant expenses improves the ability to meet the demands of this nature incidental to the station which we maintain in society.

I have had some experience in the unthankful office of soliciting benefactions for public objects, and that experience has taught me, that with a few honorable exceptions, the rich men, and those whose style of living

is most expensive, do not contribute with the greatest liberality to such objects. The large and respectable class of merchants known as drygoods jobbers, occupying a middle station between the importer and the retailer, have always contributed more, in proportion to their means, than the men of large fortunes and expensive establishments; and let it be published in letters of gold, that a late noble benefaction of ten thousand dollars towards finishing the Bunker Hill Monument, was made by Amos Lawrence, late a drygoods merchant of Boston, and at present a cloth manufacturer of Lowell,-a member of a family, which, for business habits, liberality, and patriotism, may not unaptly be styled the Medici of Boston.

5. A love of literature, ardor in the pursuit of knowledge, and a taste for the fine arts. These accomplishments, which may be classed among the virtues as well as the ornaments of social life, are indispensable in the formation of such a character as we are describing. The obligation of a merchant of the present day to possess and to practise them is greatly increased by the ease with which they may be acquired. No longer confined to a favored few, they are within the reach of the young men of every rank in life. Schools, libraries, and cabinets of the arts open wide their doors to the youthful aspirant after knowledge and correct taste; and he is invited at all times to partake within these walls of an intellectual banquet richer than that which was spread

"For Persia won,

By Philip's warlike son."

It is not presumed that every person engaged in trade should be an author, a philosopher, or a connoisseur; but in this enlightened age, none will be excused for ignorance which themselves have the means of avoiding.

Finally, every merchant should be a gentleman, in the strictest sense of the term. I am aware, my friends, that it is not at present the most popular term, and in using it I may possibly expose myself to misrepresentation; but rightly understood, the attributes of a gentleman cannot fail to command the respect of all classes of mankind; they soften the asperities and sweeten the intercourse of society. By a gentleman I do not mean the man who founds his pretensions upon the accidental gifts of fortune, or claims exclusive deference from any peculiar position in society; the poor man, and he of humble birth, has an equal claim to aspire to the title with the richest and the proudest, and frequently shows a better right to it.

The character of a gentleman embraces all the qualities which have been already enumerated; in addition to which, he is kind and courteous in his intercourse with others, conferring favors in such a way as not to destroy their effect by enhancing their value and humbling the recipient, or softening their refusal by satisfactory reasons and well-timed regrets. I have known an enemy made by the ungracious granting of a request, while a friend has been secured by its kind and reasonable denial. This is called politeness, a very convenient kind of small change, better adapted to the ordinary uses of society than a mass of unrefined gold, or an unpolished diamond.

A gentleman never does any thing which he can by possibility be ashamed of. While he is tenacious of his own rights, and ever ready to

defend them, he is scrupulously careful not to infringe upon the rights of others; possessing a delicate sense of honor, upright in his dealings and correct in his deportment, he seldom fails to obtain the respect and confidence of his fellow men, and his example and counsel are often relied upon as the guide of their conduct, and the arbiter of their differences.

Such, my young friends, is the character, and such are the attributes of a merchant; they are all within your reach; the benefits of early education you have already received: the seed is sown; see that it prove not to be "by the wayside," or "on stony ground," and that "thorns spring not up and choke it." You have within these walls a fertile field, and fit implements for its successful cultivation, and yours will be the blame if it produce not "fruit, thirty, sixty, or an hundred fold.”

I cannot close this address better than by repeating the words of the annual report of the trustees of Clinton Hall, presented last year, in which the Mercantile Library Association is designated as—

"An institution destined, as we have reason from present appearances to predict, to elevate the mercantile character of our city, by uniting in a happy union the refinement of literary taste with the spirit of trade, and to enrol among the proudest distinctions of society, the honored name of a New York merchant."

ART. III.-GOVERNMENTAL HISTORY OF THE UNITED

STATES.

FROM THE EARLIEST SETTLEMENT TO THE ADOPTION OF THE CONSTITUTION.

PART FOURTH.*

THE declaration of their independence produced a new era in the governmental history of the American colonies. Having assumed a separate and equal station among the nations of the earth, by proclaiming that they were, and of right ought to be, free and independent states; that they were absolved from all allegiance to the British crown, and that all political connection between them and the state of Great Britain was, and ought to be totally dissolved; and that, as free and independent states, they had power to levy war, conclude peace, contract alliances, establish commerce, and to do all other acts and things which independent states may of right do;" the necessity was originated for the adoption of some new measures, as well to establish and define their relations with each other, as to regulate their intercourse with foreign powers. The bond of union which had hitherto connected them was inadequate, in its nature and provisions, to their present circumstances, as in its formation they had not contemplated a separation of themselves from all dependence on the British crown. The frame of government under which they had been associated, though not perhaps in its motives and designs, was in its spirit and its tendencies of a revolutionary character, and has well been denominated a "revolutionary government." It might have availed for all the purposes of resisting

* Continued from part 3d, in the number for December, 1840.