timidly and on a small scale, may lead to a general diffusion of
wealth on a like small scale, but not to the risks and development of
external trade and shipping interests. To illustrate,--and the
incident is given only for what it is worth,--a French officer,
speaking to the author about the Panama Canal, said "I have two shares
in it. In France we don't do as you, where a few people take a great
many shares each. With us a large number of people take one share or a
very few. When these were in the market my wife said to me, 'You take
two shares, one for you and one for me.'" As regards the stability of
a man's personal fortunes this kind of prudence is doubtless wise; but
when excessive prudence or financial timidity becomes a national
trait, it must tend to hamper the expansion of commerce and of the
nation's shipping. The same caution in money matters, appearing in
another relation of life, has checked the production of children, and
keeps the population of France nearly stationary.

The noble classes of Europe inherited from the Middle Ages a
supercilious contempt for peaceful trade, which has exercised a
modifying influence upon its growth, according to the national
character of different countries. The pride of the Spaniards fell
easily in with this spirit of contempt, and cooperated with that
disastrous unwillingness to work and wait for wealth which turned them
away from commerce. In France, the vanity which is conceded even by
Frenchmen to be a national trait led in the same direction. The
numbers and brilliancy of the nobility, and the consideration enjoyed
by them, set a seal of inferiority upon an occupation which they
despised. Rich merchants and manufacturers sighed for the honors of
nobility, and upon obtaining them, abandoned their lucrative
professions. Therefore, while the industry of the people and the
fruitfulness of the soil saved commerce from total decay, it was