wasted his estate in the most nefarious course of dissipation and vice. If it be manifest, if it be confessed, that the petitioner has poured out his money, or rather that of his creditors, in the dark dens of gambling, or the foul stews of infamy-it is nothing. If his debts have been contracted by false promises, by broken faith, by fraudulent pretences, by the basest contrivances;it is nothing, he will, nevertheless, receive the benefit of the laws intended, one would presume, for unfortunate debtors; he demands and obtains his relief, although he may stand before the court which awards it to him, a convicted, avowed swindler. He takes the prescribed oath with an air of absolute indifference, and marches off with the step of a conqueror. The only subject investigated, the only question to be answered, is, do you now offer to deliver up, for the use of your creditors, all the property you now possess. When a debtor holds such a power over his estate to the last moment, what will there be left to be delivered up? It is true, the mockery of an assignment is gone through, but it is so well understood that there is nothing to be transferred by it, that it rarely happens that the assignees take upon themselves the empty trust, or are put in possession of one dollar by virtue of it. Creditors no longer think it worth while to attempt an opposition to the discharge, however they may have been injured and defrauded.*

As our laws between debtor and creditor rather encourage than suppress the impositions and injustice we have spoken of, there is but one other tribunal to which we can look for correcting them. Public opinion must inculcate sound doctrines, and visit with indignation those who offend them. While the truly unfortunate insolvent should be treated with tenderness and respect; should be enabled by a generous assistance to re-establish himself and retrieve his fortune by increased industry and economy: the careless spendthrift, the rash and reckless adventurer, the slave of vicious indulgences, who sports with property not his own, and lavishes uncounted sums to glut his pride and pamper voluptuous appetites, who wastes with extravagance what he has gained by fraud-should be made to feel his crimes and his degradation by the withering neglect of an honest community.

The topics I have endeavored to bring to your consideration are far too extensive in their illustrations and importance to be compressed, with the justice that is due to them, within the compass of a lecture. I have not attempted or hoped for more, on this occasion, than to present them to you in their broad and general aspects, and to invite you to give them a more full and exact examination in your own reflections. Look to your experience, to that which has passed and is passing under your own eyes, for the truth of the facts I have stated; and, for the principles I would inculcate, turn to the fair and unprejudiced suggestions of your own hearts and understandings. Do not believe that there is one sort of honesty, one code of morality,

*The insolvent system of New York, so far as regards contracts made, or to be executed, within the state, has much of the character of a bankrupt law. The debt is discharged, and not merely the person of the debtor exonerated from imprisonment. The scrutiny into the conduct of the insolvent, and the restrictions imposed upon his acts in contemplation of insolvency, are, at least, nominally, more rigid than in Pennsylvania. Nevertheless, the chancellor and judges of the supreme court of New York reported to the legislature that, in their opinion, the insolvent law was the source of a great deal of fraud and perjury; that the evil arose from the infirmity inherent in the system; that it renders the debtor heedless in the creation of debt, and careless as to the payment; that he hopes for relief rather in contrivances for a discharge, than in exertions to perform his duty. "That the system has been, and still was. and probably ever must be, from the nature of it, productive of incalculable abuse, fraud, and perjury, and greatly injurious to public morals."

for your business, and another for your ordinary transactions; that you may deceive and ruin a man in the way of trade, while you would shrink from taking a tooth-pick from his pocket; that any thing can be just and honorable in a merchant, that is not so in the man and the citizen, in the gentleman and christian. Such distinctions may satisfy the ethics of a grasping cupidity, and quiet the conscience of one who would be honest only for the world's eye and to avoid the penalties of crime, but can never be sanctioned by a pure and uncorrupted mind.

As a summary of the doctrines I desire to impress upon you, let me add, that debts contracted in the indulgence of extravagant and unbecoming luxuries, or in the pursuit of rash and desperate adventures, are a violation of the sound principles of mercantile integrity; that the true merchant will thoroughly qualify himself for his business by a patient and systematic preparation, and will depend upon the regular operations of legitimate commerce for his profits, which, though more slow, are finally more sure and lasting than the fluctuating gains of speculation; that if misfortune and bankruptcy should fall upon him, he will meet them promptly and manfully, and not attempt to gain a few lingering, anxious days of credit, for himself, by drawing his friends into the vortex of his ruin, and extending it to others who may, unwittingly, continue to trust him. He will rather at once surrender into the hands his creditors shall choose to hold the trusts for them, all the property in his possession or power, unencumbered by selfish stipulations for his own benefit, undiminished by any concealment, or by assignments or transfers to favorites of any description.

Since the first delivery of this lecture, events have occurred which have placed the commercial character of the United States in a new and imposing attitude, and forced admiration from the most jealous and reluctant of our enemies. We have seen this superb city swept by a devastating conflagration, annihilating in a few hours many millions of property; its fierce and terrible torrents rolling in fearful grandeur into the mid air, fed by magnificent edifices and precious merchandise.

Around, the smoking, scattered fragments lie,
And one vast ruin meets the aching eye.

It was an awful calamity-which might paralyze the stoutest heart and sicken the firm soul to despair. It was not so with you-your merchants, the principal sufferers, met it with a fortitude that has no example in my memory. They stood not a moment to deplore their losses with unavailing complaints, but bravely set to work to repair them. The embers were not cold-nay, the smothered fires were not extinguished, when the mechanic and the laborer, in mid winter, were busy among the ruins, removing the smoking rubbish, to erect new mansions surpassing those which were destroyed. This was, assuredly, a noble and exalted exhibition of moral courage and elastic energy. In the city of my residence it was beheld with amazement and pride your misfortune was our misfortune, and your triumph over it was also our triumph. May that generous and sisterly sympathy forever continue between us.

Another, more general calamity, fell upon us, which put the resources of our country and the character of our people, particularly the mercantile portion, to a severe trial; a trial which would have shaken to the centre, if not overthrown for a long period, the credit and prosperity of any other people. From causes of which it is no part of my business now to speak, there was a sudden and universal prostration of confidence; the paper currency, which

was the evidence and support of that confidence, was blighted; it could no longer be redeemed by the gold and silver it professed to represent. There was not, in these United States, a piece of paper of any public institution, of any individual, nay. of the government itself, which could command its nominal amount or value in specie. Even the smallest denominations of coin were withdrawn from circulation, and all sorts of paper and promises set afloat as their substitutes. This looked like universal ruin; so it was considered in Europe, to the excessive gratification of some politicians, who sicken at the prosperity of a republic. Ours was sneered at or abused, and the end of its career confidently pronounced. Our creditors abroad were scoffed for having trusted American merchants, and their debts declared to be irrecoverably lost. In the mean time, we were going quietly and perseveringly to work to repair the mischief, breaking its force by patience and forbearance. Incredible efforts were made, and monstrous sacrifices submitted to, to meet the foreign claims. The resources of the country, the energy and fortitude of our citizens, were brought to the rescue-and at the end of fifteen months, all was right again. Payments in specie were resumed, or rather offered, for so complete was the restoration of confidence, that but little of it was asked for; business fell into its accustomed channels, as if nothing had happened to divert or obstruct it. The young eagle shook her bright plumage, and spread her nervous wings, as she rose to her dazzling height, looking down upon a prosperous and happy people. For this renovation of health we did not require seven and twenty years, nor the aid of government, as in Great Britain, to re-establish our credit and recruit its strength. It was done by the spontaneous action, the power and prudence of a free people, confident in their resources, and understanding how to use them. This termination of our difficulties was a prodigy that European economists were not prepared for, and could not comprehend. The consequence of it has been to revive American credit, to raise it, indeed, beyond its former elevation.

For ourselves, let us not become rash and presumptuous on this success; let us rather take a salutary lesson from the difficulties and dangers we have passed through, that they may not come again upon us; let us temper our enterprise with discretion, our ambition with moderation, and avoid the errors, whatever they were, which inflicted upon us such deep injuries, and exposed us to such appalling perils."

To the female portion of this audience, the subject of my lecture may seem to have no interest; indeed, on its former delivery, I had not the honor of such a presence; it was prepared for an association of merchants. If I am asked what have ladies to do with the business and dealings of men? How are they concerned in the transactions of trade, or in the manner in which merchants may settle their accounts? Allow me, in turn, to ask—who has a deeper interest than woman in the integrity of man? Are not her good and evil fortune, her happiness and hopes, inseparably connected with his? Can his good name be blighted, that a wife, a mother, a sister, does not share

From the alarming appearance which now hangs over our paper credit; the multiplication of irresponsible banks, and their enormous issues of notes on a very slender foundation of specie; and perhaps, our immense importation of foreign goods, requiring a substantial payment-it is feared that the caution here recommended has not been regarded; that we may again be plunged into the difficulties we had so lately overcome, and from which we shall not escape so easily. It is said that " Experience teaches," but how few are the scholars who profit by her lesson. They hear, but they heed not; they approve, but they follow not.

in the suffering and the shame; when he becomes a mark of scorn-how are these tender bosoms lacerated? Would you have a dishonored name descend upon your children? Can you, without keen anguish, see them blush and weep over their father's guilt? It is an error, sometimes a fatal one-that men are not more confiding to their wives; that they do not communicate more freely with them about their affairs, especially in difficulties. The good sense, the prudence and sagacity of a wife, sharpened by an affectionate anxiety for the common welfare, will often suggest the best and wisest counsel. Many a ruined man could have been saved, if he had listened to the advice of his wife. What wife would not counsel her husband to adhere, in all circumstances, and under every trial, to his integrity, as the best and dearest property he can retain for his family-as the surest means of retrieving his misfortunes.

ART. II. ON THE MORAL END OF BUSINESS.

Moral Views of Commerce, Society, and Politics. Twelve Discourses, by ORVILLE DEWEY. New York: 1838. D. Felt & Co.

We know of no more fitting subject for the pages of our magazine, than the following: on the moral end of business. The subject is treated calmly and philosophically, and the important truth kept constantly in view, that the ultimate end of business is virtue, and not, as it would seem too often to be believed-gain. There are a multitude of instances between men in transactions of business, where the path of strict moral rectitude will not seem clearly defined unless conscience is felt to be a law; but there never will arise a case in which the course to be pursued will not be clearly apparent to the man whose soul is trained to sentiments of uprightness and generosity. For the pursuit of commerce, Mr. Dewey entertains the highest respect, believing it to be an instrument for nobler ends than promoting the wealth of individuals or nations. Next to the christian religion, it is the most powerful and active principle of civilization-of knowledge, liberty, and refinement. Liberty has always followed its steps, and with liberty, science and religion have steadily advanced; and the encouragement and protection which commerce has lent to the arts in ancient and modern times is well known to all. Of its moral influences we leave Mr. Dewey to speak, and we earnestly recommend the profound and interesting discourse to the calm and deep consideration of our readers.

"Its moral influences are the only ones of which we stand in any doubt, and these, it need not be said, are of unequalled importance. The philanthropist, the Christian, the Christian preacher, are all bound to watch these influences with the closest attention, and to do all in their power to guard and elevate them. To this work I am attempting to contribute my humble part; and I conceive, that I have now come to the grand principle of safety and improvement, viz., that trade is essentially a moral business, that it has a moral end more important than success, that the attainment of this end is better than the acquisition of wealth, and that the failure of it is worse than any commercial failure-worse than bankruptcy, poverty, ruin."

"It is upon this point that I wish especially to insist; but there are one or two topics, that may previously claim some attention.

"If, then, business is a moral dispensation, and its highest end is moral, I shall venture to call in question the commonly supposed desirableness of escaping from it-the idea which prevails with so many of making a fortune in a few years, and afterwards of retiring to a state of leisure. If business really is a scene of worthy employment and of high moral action, I do not see why the moderate pursuit of it should not be laid down in the plan of entire active life; and why upon this plan, a man should not determine to give only so much time each day to his avocations, as would be compatible with such a plan; only so much time, in other words, as will be compatible with the daily enjoyment of life, with reading, society, domestic intercourse, and all the duties of philanthropy and devotion. If the merchant does not dislike or despise his employment-and it is when he makes himself the mere slave of business, that he creates the greatest real objections to it-if, I say, he looks upon his employment as lawful and laudable, an appointment of God to accomplish good purposes in this world and better for the next: why should he not, like the physician, the lawyer, and clergyman, like the husbandman and the artisan, continue in it through the period of active life; and adjust his views, expectations, and engagements, to that reasonable plan? But now, instead of this, what do we see around us? Why, men are engaging in business-here, at home, in their own country, in the bosom of their families and amidst their friends-as if they were in a foreign and infectious clime, and must be in haste to make their fortunes, that they may escape with their lives to some place of safety, ease, and enjoyment!

"And now, what sort of preparation for retirement is this life, absorbed in business? It is precisely that sort of preparation that unfits a man for retirement. Nothing will work well or agreeably in experience, which has not some foundation in previous habits and practice. But for all those things which are to be a man's resources in retirement, his previous life, perhaps, has given him not a moment of time. He has really no rural tastes; for he has scarcely seen the country for years, except on hurried journeys of business; the busy wheels of commerce now, alas! roll through the year, and he is chained to them every month. He has made no acquaintance with the fine arts; no music has there been for his ear but the clink of gold; no pictures for his eye, but fine colored drawings of houses and lots, or of fancy villages and towns. He has cultivated no habits of reading; and-what I hold to be just as fatal to the happiness of any life, retired or active-he has cultivated no habits of devotion.Add to all this, that he is thrown upon dangerous state of luxurious leisure-that prepared, enriched, productive hotbed of prurient imaginations and teeming passions-without any guards against it moral perils. And what is likely to be the consequence? He will become perhaps an indolent and bloated sensualist, cumbering the beautiful grounds on which he vegetates rather than lives; or from the violent change of his habits, you will soon hear, perhaps, that, without any other cause than the change, he is dead; or he may live on, in weariness and ennui, wishing in his heart that he were back again, though it were to take his place behind the counter of the humblest shop.

the

"I do not pretend, of course, that I am portraying the case of every man who is proposing to retire from business. There are those, doubtless, whose views of retiring are reasonable and praiseworthy; who do not propose to escape from all employment; who are living religiously and virtuously