The merits of a broken speculation, or a bankruptcy, or of a successful scoundrel, are not gauged by its or his observance of the golden rule, 'Do as you would be done by,' but are considered with reference to their smartness. I recollect, on both occasions of our passing that ill- fated Cairo on the Mississippi, remarking on the bad effects such gross deceits must have when they exploded, in generating a want of confidence abroad, and discouraging foreign investment: but I was given to understand that this was a very smart scheme by which a deal of money had been made: and that its smartest feature was, that they forgot these things abroad, in a very short time, and speculated again, as freely as ever. The following dialogue I have held a hundred times: 'Is it not a very disgraceful circumstance that such a man as So-and-so should be acquiring a large property by the most infamous and odious means, and notwithstanding all the crimes of which he has been guilty, should be tolerated and abetted by your Citizens? He is a public nuisance, is he not?' 'Yes, sir.' 'A convicted liar?' 'Yes, sir.' 'He has been kicked, and cuffed, and caned?' 'Yes, sir.' 'And he is utterly dishonourable, debased, and profligate?' 'Yes, sir.' 'In the name of wonder, then, what is his merit?' 'Well, sir, he is a smart man.'

In like manner, all kinds of deficient and impolitic usages are referred to the national love of trade; though, oddly enough, it would be a weighty charge against a foreigner that he regarded the Americans as a trading people. The love of trade is assigned as a reason for that comfortless custom, so very prevalent in country towns, of married persons living in hotels, having no fireside of their own, and seldom meeting from early morning until late at night, but at the hasty public meals. The love of trade is a reason why the literature of America is to remain for ever unprotected 'For we are a trading people, and don't care for poetry:' though we DO, by the way, profess to be very proud of our poets: while healthful amusements, cheerful means of recreation, and wholesome fancies, must fade before the stern utilitarian joys of trade.

These three characteristics are strongly presented at every turn, full in the stranger's view. But, the foul growth of America has a more tangled root than this; and it strikes its fibres, deep in its licentious Press.

Schools may be erected, East, West, North, and South; pupils be taught, and masters reared, by scores upon scores of thousands; colleges may thrive, churches may be crammed, temperance may be diffused, and advancing knowledge in all other forms walk through the land with giant strides: but while the newspaper press of America is in, or near, its present abject state, high moral improvement in that country is hopeless. Year by year, it must and will go back; year by year, the tone of public feeling must sink lower down; year by year, the Congress and the Senate must become of less account before all decent men; and year by year, the memory of the Great Fathers of the Revolution must be outraged more and more, in the bad life of their degenerate child.

Among the herd of journals which are published in the States, there are some, the reader scarcely need be told, of character and credit. From personal intercourse with accomplished gentlemen connected with publications of this class, I have derived both pleasure and profit. But the name of these is Few, and of the others Legion; and the influence of the good, is powerless to counteract the moral poison of the bad.

Among the gentry of America; among the well-informed and moderate: in the learned professions; at the bar and on the bench: there is, as there can be, but one opinion, in reference to the vicious character of these infamous journals. It is sometimes contended - I will not say strangely, for it is natural to seek excuses for such a disgrace - that their influence is not so great as a visitor would suppose. I must be pardoned for saying that there is no warrant for this plea, and that every fact and circumstance tends directly to the opposite conclusion.