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and of doing what is called a 'regular business.' Monopolies do harm on the whole, but they certainly elevate the favoured few. The Medici and the Strozzi were both princes and merchants, while those around them were principally dependants. Competition, in our day, has let in thousands to share in the benefits; and the pursuit, while it is enlarged as a whole, has suffered in its parts by division."

"You surely do not complain that a thousand are comfortable and respectable to-day, for one that was il magnifico three hundred years since?"

"Certainly not. I rejoice in the change; but we must not confound names with things. If we have a thousand mere factors for one merchant, society, in the general signification of the word, is clearly a gainer; but if we had one Medici for a thousand factors, society, in its particular signfication, might also be a gainer. All I mean is, that, in lowering the pursuit, we have necessarily lowered its qualifications; in other words, every man in trade in New York, is no more a Lorenzo, than every printer's devil is a Franklin."

"Mr. Blunt cannot be an American!" cried Mr. Sharp; "for these opinions would be heresy."

" Jamais, jamais " joined the governess.

"You constantly forget the treaty of cosmopolitism. But a capital error is abroad concerning America on this very subject of commerce. In the way of merchandise alone, there is not a Christian maritime nation of any extent, that has a smaller portion of its population engaged in trade of this sort than the United States of America. The nation, as a nation, is agricultural, though the state of transition, in which a country in the course of rapid settlement must always exist, causes more buying and selling of real property than is usual. Apart from this peculiarity, the Americans, as a whole people, have not the common European proportions of ordinary dealers."

"This is not the prevalent opinion," said Mr. Sharp.

"It is not, and the reason is, that all American towns, or nearly all that are at all known in other countries, are purely commercial towns. The trading portion of a community is always the concentrated portion, too, and of course, in the absence of a court, of a political, or of a social capital, it has the greatest power to make itself heard and felt, until there is a direct appeal to the other classes. The elections commonly show quite as little sympathy between the majority and the commercial class as is consistent with the public welfare. In point of fact, America has but a very small class of real merchants, men who are the cause and not a consequence of commerce, though she has exceeding activity in the way of ordinary traffic. The portion of her people who are engaged as factors,--for this is the true calling of the man who is a regular agent between the common producer and the common consumer,--are of a high class as factors, but not of the high class of merchants. The man who orders a piece of silk to be manufactured at Lyons, at three francs a yard, to sell it in the regular course of the season to the retailer at three francs and a half, is no more a true merchant, than the attorney, who goes through the prescribed forms of the court in his pleadings, is a barrister."

"I do not think these sentiments will be very popular at home, as Mr. Dodge says," Eve laughingly remarked; "but when shall we reach that home! While we are talking of these things, here are we, in an almost deserted ship, within a mile of the great Desert of Sahara! How beautiful are the stars, mademoiselle! we have never before seen a vault so studded with brilliants."

"That must be owing to the latitude," Mr. Sharp observed.

"Certainly. Can any one say in what latitude we are precisely?" As Eve asked this question, she unconsciously turned towards Mr. Blunt; for the whole party had silently come to the conclusion that he knew more of ships and navigation than all of them united.

"I believe we are not far from twenty-four, which is bringing us near the tropics, and places us quite sixteen degrees to the southward of our port. These two affairs of the chase and of the gale have driven us fully twelve hundred miles from the course we ought to have taken."

"Fortunately, mademoiselle, there are none to feel apprehensions on our account, or, none whose interest will be so keen as to create a very lively distress. I hope, gentlemen, you are equally at ease on this score?"

This was the first time Eve had ever trusted herself to out an interrogatory that might draw from Paul Blunt any communication that would directly touch upon his connexions. She repented of the speech as soon as made, but causelessly, as it drew from the young man no answer. Mr. Sharp observed that his friends in England could scarcely know of their situation, until his own letters would arrive to relieve their minds. As for Mademoiselle Viefville, the hard fortune which reduced her to the office of a governess, had almost left her without natural ties.

"I believe we are to have watch and ward to-night," resumed Eve, after the general pause had continued some little time. "Is it not possible for the elements to put us in the same predicament as that in which we found the poor Dane?"

"Possible, certainly, but scarcely probable," returned Mr. Blunt. "The ship is well moored, and this narrow ledge of rocks, between us and the ocean, serves admirably for a break-water. One would not like to be stranded, helpless as we are, at this moment, on a coast like this!"

"Why so particularly helpless? You allude to the absence of our crew?"

"To that, and to the fact that, I believe, we could not muster as much as a pocket-pistol to defend ourselves with, everything in the shape of fire-arms having been sent with the party in the boats."

"Might we not lie on the beach, here, for days, even weeks," inquired Mr. Sharp, "without being discovered by the Arabs?"

"I fear not. Mariners have told me that the barbarians hover along the shores, especially after gales, in the hope of meeting with wrecks, and that it is surprising how soon they gain intelligence of any disaster. It is seldom there is even an opportunity to escape in a boat."

"I hope here, at least, we are safe?" cried Eve, in a little terror, and shuddering, as much in playfulness as in real alarm.

"I see no grounds of concern where we are, so long as we can keep the ship off the shore. The Arabs have no boats, and if they had, they would not dare to attack a vessel that floated, in one, unless aware of her being as truly helpless as we happen at this moment to be."

"This is a chilling consolation, but I shall trust in your good care, gentlemen. Mademoiselle, it is drawing near midnight, I believe."

Eve and her companion then courteously wished the two young men good night, and retired to their state-rooms; Mr. Sharp remained an hour longer with Mr. Blunt, who had undertaken to watch the first few hours, conversing with a light heart, and gaily; for, though there was a secret consciousness of rivalry between these two young men on the subject of Eve's favour, it was a generous and manly competition, in which each did the other ample justice. They talked of their travels, their views of customs and nations, their adventures in different countries, and of the pleasure each had felt in visiting spots renowned by association or the arts; but not a word was hazarded by either concerning the young creature who had just left them, and whom each still saw in his mind's eye, long after her light and graceful form had disappeared. At length Mr. Sharp went below, his companion insisting on being left alone, under the penalty of remaining up himself during the second watch. From this time, for several hours, there was no other noise in the ship than the tread of the solitary watchman. At the appointed period of the night, a change took place, and he who had watched, slept; while he who had slept, watched. Just as day dawned, however, Paul Blunt, who was in a deep sleep, felt a shake at his shoulder.

"Pardon me," cautiously whispered Mr. Sharp: "I fear we are about to have a most unpleasant interruption to our solitude."

"Heavenly powers!--Not the Arabs?"

"I fear no less: but it is still too dark to be certain of the fact. If you will rise, we can consult on the situation in which we are placed. I beg you to be quick."

Paui Blunt had hastily risen on an arm, and he now passed a hand over his brow, as if to make certain that he was awake. He had not undressed himself, and in another moment he stood on his feet in the middle of the state-room.

"This is too serious to allow of mistake. We will not alarm her, then; we will not give any alarm, sir, until certain of the calamity."

"In that I entirely agree with you," returned Mr. Sharp who was perfectly calm, though evidently distressed. "I may be mistaken, and wish your opinion. All on board but us two are in a profound sleep."

The other drew on his coat, and in a minute both were on deck. The day had not yet dawned, and the light was scarce sufficient to distinguish objects even near as those on the reef, particularly when they were stationary. The rocks, themselves, however, were visible in places, for the tide was out, and most of the upper portion of the ledge was bare. The two gentlemen moved cautiously to the bows of the vessel, and, concealed by the bulwarks, Mr. Sharp pointed out to his companion the objects that had given him the alarm.

"Do you see the pointed rock a little to the right of the spot where the kedge is placed?" he said, pointing in the direction that he meant. "It is now naked, and I am quite cenain there was an object on it, when I went below, that has since moved away."

"It may have been a sea-bird; for we are so near the day, some of them are probably in motion. Was it large?"

"Of the size of a man's head, apparently; but this is by no means all. Here, farther to the north, I distinguished three objects in motion, wading in the water, near the point where the rocks are never bare."

"They may have been herons; the bird is often found in these low latitudes, I believe. I can discover nothing."

"I would to God, I may have been mistaken, though I do not think I could be so much deceived."

Paul Blunt caught his arm, and held it like one who listened intently.

"Heard you that?" he whispered hurriedly.

"It sounded like the clanking of iron."

Looking around, the other found a handspike, and passing swiftly up the heel of the bowsprit, he stood between the knight-heads. Here he bent forward, and looked intently towards the lines of chains which lay over the bulwarks, as bow-fasts. Of these chains the parts led quite near each other, in parallel lines, and as the ship's moorings were taut, they were hanging in merely a slight curve. From the rocks, or the place where the kedges were laid to a point within thirty feet of the
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