The third quality is that of the small Brazil whale.  He was originally found on the coast of Nantucket, and first led that people to this pursuit:  he retired, first to the Banks of Newfoundland, then to the Western Islands, and is now found within soundings on the coast of Brazil, during the months of December, January, February, and March.  His oil chills at fifty-two degrees of Fahrenheit, and eight of Reaumur, is black and offensive; worth, therefore, but thirteen pounds the ton, in London.  In warm summer nights, however, it burns better than the Greenland oil.

To the qualities of the oils thus described, it is to be added, that an individual has discovered methods, 1. of converting a great part of the oils of the spermaceti-whale, into the solid substance called spermaceti, heretofore produced from his head alone; 2. of refining the Greenland whale-oil, so as to take from it all smell, and render it limpid and luminous as that of the spermaceti-whale; 3. of curdling the oil of the Brazil whale into tallow, resembling that of beef, and answering all its purposes.  This person is engaged by the company, which has established the refinery at Rouen:  their works will cost them half a million of livres; will be able to refine all the oil which can be used in the kingdom, and even to supply foreign markets.  The effects of the refinery, then, would be, 1. to supplant the solid spermaceti of all other nations, by theirs, of equal quality and lower price; 2. to substitute, instead of spermaceti-oil, their black whale-oil refined, of equal quality and lower price; 3. to render the worthless oil of the Brazil, equal in value to tallow; and 4. by accommodating these oils to uses, to which they could never otherwise have been applied, they will extend the demand beyond its present narrow limits, to any supply which can be furnished, and thus give the most effectual encouragement and extension to the whale-fishery.  But these works were calculated on the Arret of December the 29th, which admitted here, freely and fully, the produce of the American fishery.  If confined to that of the French fishery alone, the enterprise may fail, for want of matter to work on.

After this review of the whale-fishery as a political institution, a few considerations shall be added on its produce, as a basis of commercial exchange between France and the United States.  The discussions it has undergone, on former occasions, in this point of view, leaves little new to be now urged.

The United States, not possessing mines of the precious metals, can purchase necessaries from other nations, so far only as their produce is received in exchange.  Without enumerating our smaller articles, we have three of principal importance, proper for the French market; to wit, tobacco, whale-oil, and rice.  The first and most important, is tobacco.  This might furnish an exchange for eight millions of the productions of this country; but it is under a monopoly,