"with only a moderate degree of observation, will suffice to convince us, that with man, as with animals, there are peculiarities and propensities in families and in characters, which are known to the world, by which they may justly be designated as of a good or a bad breed. As an instance, among distinguished men, no contemporary of those great British naval commanders, the Howes, who had observed their course, but would decide that they belonged to the former class; and that they were incapable of other than noble, honorable, and chivalrous acts. On the contrary, there are none who are familiar with the names and course of the Cochranes, but must have identified them with the latter class. They have invariably exhibited a thievish propensity, for the gratification of which, and for a long course of years, they have set at defiance the laws of God and man. In the indulgence of this propensity, Admiral Cochrane stands pre-eminent. The multitude of defenceless merchant vessels which he took and sent in for adjudication in the early part of the war, incident to the French revolution, and while in command of the Thetis frigate, on the Halifax station, will long be remembered; and, although he must have been aware that not one in fifty of them could be confiscated, yet, as he would be exonorated from expense, he seemed not only to have a total disregard of the ruin he was causing innocent men, but actually to riot in the exercise of the power which produced the ruin. During the long war which succeeded, and in which he was promoted, his highest ambition seems to have been that of enriching himself by the plunder of defenceless merchant vessels. The attack on New Orleans was projected by him; and the watchword of "beauty and booty," is sufficiently expressive of the character of the enterprise. This abortive attempt was the last great buccaneering expedition in which the admiral was engaged.

"The unenviable course of Lord Cochrane, nephew of the admiral, who has figured at the head of the Chilian navy, and its consequences, are of general notoriety; and I mention him because, being both designated as admirals, and equally eager for plunder, they are often confounded; and because, being a relative, it serves to confirm the theory of breeds.

"Those, only, of our countrymen who were engaged in commerce thirty years ago, can, from experience, form a just estimate of the atrocious conduct of the British government towards neutrals, and of the hopelessness of any cause, however fair, which was subjected to the decision of any of the West India vice-admiralty courts, and especially that of Tortola; the most infamous mockery of justice and apology for sanctioning plunder, with which the world has ever been disgraced. Even before such a tribunal, however, with such entire absence of all cause for confiscation as my case presented, a hope of escape might have been indulged had I been sent in by some poor, friendless lieutenant; but, with an admiral for my opponent, confiscation was certain.”

Upon the arrival of the parties at Tortola, Captain Cleveland was informed by a merchant, who was present at the first examination of the Telemaco's papers, that the judge could find no reason for condemnation ; but, upon an intimation from the prize agent that, in such a case, no more prizes would be sent for adjudication to that court, the judge took further time to consider of it.

"As the case of the Telemaco was perfectly plain, involving no intri cate point whatever, it was impossible that the judge should have perceived, in thirty days, any more cause of confiscation than was discoverable on

the first examination of the papers; hence, it is probable that his mind was made up soon after the threat of Dougan, the prize agent, and that the trial was neither more nor less than a shield to cover an act of villainy. The ship and cargo were condemned as good and lawful prize to Admiral Cochrane, on two grounds: the one, being that of pursuing a voyage in time of war, which is not permitted in time of peace; the other, 'the inadmissibility of a continuity of voyages.""

Our author points out a distinction between this act of piracy, and similar ones committed by the old buccaneers, in the fact, that the first was sanctioned by a hundred banditti, termed a vice-admiralty court, while the latter were too honest and magnanimous to practise such hypocrisy. A distinction without any difference; or, at any rate, a difference in favor of the old-fashioned pirates.

Arrived in New York, he had to learn that, owing to some new orders in council, no insurance had been effected upon the property, and that the loss was on the joint account of himself and Mr. Shaler. In addition to which, he was informed that the Aspasia, the vessel which he took out, had been wrecked, with the proceeds of her cargo, at Havana; that a friend and relation had failed, for whose paper he was responsible, for six thousand dollars; making the aggregate of his losses about one hundred and fifty thousand dollars, and reducing him to a state of comparative poverty.

Those who have found sufficient interest in the preceding pages to be induced to follow me in my subsequent enterprises, will find abundant evidence that my forebodings were fully realized in the repeated long and painful separations from those whom it was no less my duty, than it would have been my happiness, to protect. Compelled to navigate for the support of my family, and deprived, in consequence, of superintending the education of my children, worn with anxiety, and sick at heart by hope deferred, it will be seen that I was, for many years, an exile from all that rendered life dear and desirable; and this, as a consequence of the robbery of my hard earned fortune, by Admiral Cochrane. If his enjoyment of this property, so wickedly obtained, bears any proportion to the years of suffering caused the proprietor by its loss, it affords the strongest presumptive evidence of a perversion of mind, which must meet its punishment hereafter."

And here we must take leave of our entertaining author; our space not permitting us to follow him through the subsequent voyages to which he alludes, although, perhaps, they are the most interesting and instructive part of his book. The work, as we have said, is highly creditable to the literary character of the author. The style, although not always correct, or particularly elegant, is without the slightest pretension; and is characterised by a kind of simplicity and straightforwardness, which is exceed. ingly pleasing. The author writes as if he was interested in telling his story, and not in merely making a book; and he has contrived to crowd, into two thin volumes, enough of incident and reflection to make, if sprawled out in the ordinary trying-to-do-something kind of way, half a dozen books of the same size. We hope that it will have the effect to incite others of our commercial marine to improve the unbounded field they have for observation, and to present us with similar records of their adventurous lives.

ART. IV.-STATE DEBTS.

SELDOM has a revolution been more complete than that which has just taken place in public opinion, within the last six years, on questions of commerce and finance. Until recently, the great business of legislators was to borrow money, by pledging the faith of a sovereign state, engage in internal improvements, charter banks, and stimulate a great variety of extravagant speculations. Men forgot that labor was the only source of wealth; and all classes abandoned themselves to El Dorado dreams of sudden fortunes. The result of this mania is seen in magnificent plans of canals and railroads, which, as yet, are incomplete; in lithographed cities and towns, which even now are destitute of inhabitants; in the prostration of individual and state credit in too many instances, the precursor of positive bankruptcy; and particularly in the feeling of despondency which pervades our commercial marts and manufacturing villages. The result, however, which is most distinctly visible to the world, the one in which it is most deeply interested, is the indebtedness of the states.

It is cause for sincere regret, that but few of the states have any just equivalent for the liabilities they have incurred. In some instances, they have been defrauded by their agents; in others, the money has been expended on projects too entirely visionary to refund a moiety of the outlay; while in others still, money has been distributed in sections of country where it was deemed impracticable to construct either roads or canals. It is not surprising that the states, with some few exceptions, have very little to show for their enormous liabilities.

A question of great magnitude is, Will these debts be paid? If the present pecuniary condition of some of the debtor states was alone considered, a negative answer would be given to the inquiry. But it is not their present condition, only, that we are to consider; we are justified in anticipating their future resources. We are to estimate the richness of the soil, the value of the mines, the facilities for transportation, the industrial habits of the people, and, above all, the moral feeling and high sense of honor which belong to the citizens of the United States. A better tone of feeling on the subject is observable. The real opinion of the people of America is oftentimes inactive. This is true in regard to the bankrupt act. The loud and ceaseless clamor amid which it was passed, was not the expression of the people; it was rather an ephemeral, superficial appearance, which has nearly passed away. So, we believe, it will be with the doctrine of repudiation; and those states which are most embarrassed will find means to pay their interest, and, eventually, the principal. Repudiation was the sudden and unpremeditated feeling in some states when the truth was first realized that all their grand schemes were frustrated, that their visions of wealth were dissipated, and their present and future resources pledged for the payment of their debts. This immoral, pernicious feeling, is passing away. Those states whose example will be imitated, have taken a just and proper course. New York and Massachusetts have declared themselves in favor of taxation, so far as it may be necessary to provide for their immediate wants and to maintain their credit. Although our debts are great, and have been incurred without the knowledge of the people as to their extent and character, our resources are immense; and we believe the moral feeling of the people is too acute to per

mit so foul a stain as repudiation to be permanently fixed on their character. Of course, each state will act for itself; but the friends of national honor rely with confidence on those which are embarrassed to exert all their energies to uphold American credit. It is no trivial matter, that our credit is doubted at home and abroad. While European states, of whose long-continued existence there are well founded doubts, are able to borrow money at comparatively low rates of interest, our government is unable to command a small loan; so impaired is American credit abroad, and so vague and inaccurate is the knowledge of our institutions and the character of our people.

Any judicious merchant who should find his credit at ten, fifteen, or twenty per cent below that of his neighbors, while he regarded it as one of the greatest evils that could befall him, would spare no honorable means to regain his standing. Is the credit, the honor of the American states, of less value to them? We pride ourselves on our valor, and, were a foreign power to cast any imputation on it, should hardly hesitate to engage in war. Is it more honorable to be considered a knave than a coward?

66 -One sad losel soils a name for aye,
However mighty in the olden time."

By what means shall the debts be paid? There can be no doubt that the country has suffered incalculably by the policy which planned such splendid schemes of internal improvement, and encouraged borrowing money in such enormous sums. But the alternative is not now before us. The loans have been authorized by the states, the money in some form or other has been received, and the inquiry ought not to be whether we will pay, but how we shall pay ?

One mode of relieving the states is, for the Union to assume the debts. Aside from the manifest injustice of this plan, which would compel those who have been frugal and careful, to pay the debts of the extravagant and reckless, it is extremely impolitic. It is at all times most desirable that the credit of the general government should be unquestioned; but particularly so, when the credit of the states is at from ten to eighty per cent be low par. Should the debts be assumed, there will be no distinction between the general government and the states; as the former will have, should her determination be to make common cause with the latter. It is better for all parties, especially if there are any states in which the doctrine of repudiation is tolerated, that some of the members of the confederacy should be able to furnish an example of unwavering adherence to their obligations. If all become equally embarrassed, men will measura. bly overlook the sacredness of the contracts they have made, and soon learn to regard national faith as unworthy their consideration. A merchant is bankrupted when he deviates from the principles of honesty and the rules of mercantile life. So it is with states. Bankruptcy, repudiation, must not be tolerated in any form.

Some states have resorted to local banks for aid. This is dangerous and unwarrantable trifling. Nothing is gained, and much is usually lost, by borrowing to pay old debts. But where, as in some cases, forced loans are made from the banks to meet the interest account, the danger is incalculably increased. In such an exigency, no sound political economist nor honest politician should hesitate to declare in favor of direct taxation. If the people are unwilling to sustain the measure at this point in their affairs,

there can be no hope that they will be more ready or willing when the principal, with the accumulated interest of years, shall be due. The financial condition of many of the states is such, that nothing but an honest, determined purpose on the part of rulers and people will ensure the payment of their debts.

The position taken is, that any deficiency of revenue must be supplied by immediate taxation. This course, it is true, will press heavily on the people; but is a light matter compared with the loss of their credit, and the deep, imperishable stain which would be fastened on their character. In governments which are founded on a violation of the rights of the people, a failure to meet engagements is no stain on them, as it is a subject entirely beyond their control; but, with us, the disgrace of the government is the disgrace of every individual. Borrowing from the banks is the certain prelude to positive, irretrievable bankruptcy. No one can fail to perceive, that the condition of Pennsylvania would have been much better than it now is, had she resorted to taxation in the early stages of her embarrassments. There ought to be no reasonable doubt of the ability of Pennsylvania to pay all her debts; but when a policy is pursued which increases rather than diminishes them, the confidence of capitalists is impaired, and the depreciation of the scrip in the market is the consequence. The indebtedness of the states is positive; and it will be unavailing to attempt to shift the responsibility, or delay the payment. It must be remov- ed by the labor of the people. But to produce, is not enough; we must export.

The question now arises, What policy will favor exportation? It has long been admitted, that a nation which refuses to import, cannot export. Our country is adapted, by its variety of climate, its unequalled richness of soil, and the industrious habits of its people, to produce a surplus of the necessaries of life, which will always be in demand. But the demand will not be limited by the amount of foreign goods which we purchase, as, if we keep the carrying trade in our own hands, a large amount of specie or specie funds will find its way to our shores, or be subject to the order of our merchants and brokers abroad. In either case, it will avail us to pay our foreign debt. If our surplus were the luxuries of life, we might esteem ourselves fortunate were foreigners willing to take them in exchange for the necessaries. As we are situated, however, there will always be a reasonable demand for our productions, if we offer to the world a moderate share of encouragement. If the exchange of products once commences between two countries, it may not, and usually will not, be confined to the quantity which one party may find it for its interest to take of the other. Should France need a larger amount of cotton from the United States than they need of silks and wines, the balance will be paid in money; for France would hardly open a trade with India or Brazil for the differ. ence. But should the United States refuse entirely to receive the products of France, she would seek a market elsewhere. If she sold for cash, she would buy her cotton wherever her interest directed. The United States might, or might not, enjoy the trade. But if France sold her products in Texas or Brazil, it is very certain that we should not expect to share any considerable portion of it. From 1826 to 1840, inclusive, we exported cotton goods to Brazil, to the amount of $3,563,989. Now it is clear, that, had we prohibited the importation of Brazilian products, we should have deprived ourselves of this market.