London, Thursday, May 1, 1851.

Our Human Life is either comic or tragic, according to the point of view from which we regard it. The observer will be impelled to laugh or to weep over it, as he shall fix his attention on men's follies or their sufferings. So of the Great Exhibition, and more especially its Royal Inauguration, which I have just returned from witnessing. There can be no serious doubt that the Fair has good points; I think it is a good thing for London first, for England next, and will ultimately benefit mankind. And yet, it would not be difficult so to depict it (and truly), that its contrivers and managers would never think of deeming the picture complimentary.

But let us have the better side first by all means. The show is certainly a great one, greater in extent, in variety, and in the excellence of a large share of its contents, than the world has hitherto seen. The Crystal Palace, which covers and protects all, is better than any one thing it contains, it is really a fairy wonder, and is a work of inestimable value as a suggestion for future architecture. It is not merely better adapted to its purpose than any other edifice ever yet built could be, but it combines remarkable cheapness with vast and varied utility. Depend on it, stone and timber will have to stand back for iron and glass hereafter, to an extent not yet conceivable. The triumph of Paxton is perfect, and heralds a revolution.The day has been very favorable—fair, bland and dry. It is now 4 P. M. and there has been no rain since daylight, but a mere sprinkle at noon unregarded by us insiders—the longest exemption from "falling weather" I have known since I left New York, and I believe the daily showers or squalls in this city reach still further back. True, even this day would be deemed a dull one in New York, but there was a very fair imitation of sunshine this morning, and we enjoy rather more than American moonlight still, though the sky is partially clouded. [How can they have had the conscience to tax such light as they get up in this country?] Of course the turn out has been immense; I estimate the number inside of the building at thirty thousand, and I presume ten times as many went out of their way to gaze at the Procession, though that was not much. Our New York Fire Department could beat it; so could our Odd-Fellows.—Then the most perfect order was preserved throughout; everything was done in season and without botching; no accident occurred to mar the festivity, and the general feeling was one of hearty satisfaction. If it were a new thing to see a Queen, Court and aristocracy engaged in doing marked honor to Industry, they certainly performed gracefully the parts allotted them, and with none of the awkwardness or blundering which novel situations are expected to excuse. But was the play well cast?

The Sovereign in a monarchy is of course always in order: to be honored for doing his whole duty; to be honored more signally if he does more than his duty. Prince Albert's sphere as the Sovereign's consort is very limited, and he shows rare sense and prudence in never evincing a desire to overstep it. I think few men live who could hold his neutral and hampered position and retain so entirely the sincere respect and esteem of the British Nation. His labors in promoting this Exhibition began early and have been arduous, persistent and effective. Any Inauguration of the Fair in which he did not prominently figure would have done him injustice. The Queen appears to be personally popular in a more direct and positive sense. I cannot remember that any one act of her public life has ever been condemned by the public sentiment of the Country. Almost every body here appears to esteem it a condescension for her to open the Exhibition as though it were a Parliament, and with far more of personal exertion and heartiness on her part. And while I must regard her vocation as one rather behind the intelligence of this age and likely to go out of fashion at no distant day, yet I am sure that change will not come through her fault. I was glad to see her in the pageant to-day, and hope she enjoyed it while ministering to the enjoyment of others.

But let us reverse the glass for a moment. The ludicrous, the dissonant, the incongruous, are not excluded from the Exhibition: they cannot be excluded from any complete picture of its Opening. The Queen, we will say, was here by Right Divine, by right of Womanhood, by Universal Suffrage—any how you please. The ceremonial could not have spared her. But in inaugurating the first grand cosmopolitan Olympiad of Industry, ought not Industry to have had some representation, some vital recognition, in her share of the pageant? If the Queen had come in state to the Horse-Guards to review the Élite of her military forces, no one would doubt that "the Duke" should figure in the foreground, with a brilliant staff of Generals and Colonels surrounding him. So, if she were proceeding to open Parliament her fitting attendants would be Ministers and Councillors of State. But what have her "Gentleman Usher of Sword and State," "Lords in Waiting," "Master of the Horse," "Earl Marshal," "Groom of the Stole," "Master of the Buckhounds," and such uncouth fossils, to do with a grand Exhibition of the fruits of Industry? What, in their official capacity, have these and theirs ever had to do with Industry unless to burden it, or with its Products but to consume or destroy them? The "Mistress of the Robes" would be in place if she ever fashioned any robes, even for the Queen; so would the "Ladies of the Bedchamber" if they did anything with beds except to sleep in them. As the fact is, their presence only served to strengthen the presumption that not merely their offices but that of Royalty itself is an anachronism, and all should have deceased with the era to which they properly belonged. It was well indeed that Paxton should have a proud place in the procession; but he held it in no representative capacity; he was there not in behalf of Architecture but of the Crystal Palace. To have rendered the pageant expressive, congruous, and really a tribute to Industry, the posts of honor next the Queen's person should have been confided on this occasion to the children of Watt, of Arkwright and their compeers (Napoleon's real conquerors;) while instead of Grandees and Foreign Embassadors, the heirs of Fitch, of Fulton, of Jacquard, of Whitney, of Daguerre, &c., with the discoverers, inventors, architects and engineers to whom the world is primarily indebted for Canals, Railroads, Steamships, Electric Telegraphs, &c., &c., should have been specially invited to swell the Royal cortege. To pass over all these, and summon instead the descendants of some dozen lucky Norman robbers, none of whom ever contemplated the personal doing of any real work as even a remote possibility, and any of whom would feel insulted by a report that his father or grandfather invented the Steam Engine or Spinning Jenny, is not the fittest way to honor Industry. The Queen's Horticulturists, Gardeners, Carpenters, Upholsterers, Milliners, &c., would have been far more in place in the procession than her "gold stick," "silver stick," and kindred absurdities.

And yet, empty and blundering as the conception of this pageant may seem and is, there is nevertheless marrow and hope in it. "The world does move," O Galileo! carrying onward even those who forced you to deny the truth you had demonstrated! We may well say that these gentlemen in ribbons and stars cannot truly honor Labor while they would deem its performance by their own sons a degradation; but the grandfathers of these Dukes and Barons would have deemed themselves as much dishonored by uniting in this Royal ovation to gingham weavers and boiler-makers as these men would by being compelled to weave the cloth and forge the iron themselves. Patience, impetuous souls! the better day dawns, though the morning air is chilly. We shall be able to elect something else than Generals to the Presidency before this century is out, and the Right of every man to live by Labor—consequently, to a place where he may live, on the sole condition that he is willing to labor—stands high on the general orders, and must soon be up for National and universal discussion. The Earls and Dukes of a not distant day will train their sons in schools of Agriculture, Architecture, Chemistry, Mineralogy, &c., inspiring each to win fame and rank for himself by signal and brilliant usefulness, instead of resting upon and wearing out the fame won by some ancestor on the battle-field of the old barbarian time. Even To-Day's hollow pageant is an augury of this. It is Browning, I think, who says,

"All men become good creatures, but so slow."

Let us, taking heart from the reflection that we live in the age of the Locomotive and the Telegraph, cheerfully press onward!

We will consider the Fair opened.

I shall venture no especial criticisms as yet—first because the Exhibition is not ready for it; next because I am in the same predicament. A few general observations must close this letter.

Immense as the quantity of goods offered for exhibition is, it is not equal to the enormous capacity of the building, to which Castle Garden is but a dog-kennel. [I do hope we may have a Crystal Palace of like proportions in New-York within two years; it would be of inestimable worth as a study to our young architects, builders and artisans. If such an edifice were constructed in some fit locality to be leased out in portions, under proper regulations, for stores, I believe it would pay handsomely. Each store might be separated from those next it by partitions of iron and glass; the fronts might be made of movable plates of glass or left entirely open; the entire building being opened at eight in the morning, closed at eight at night, and carefully watched at all times.] True, many things are yet to be received, and some already in the building remain in the boxes; still, I think there will be some nakedness, even a week hence. The opportunity for seeing every thing, judging every thing, is all the better for this, and indeed is unexampled.

The display from different countries is very unequal, even in proportion: Old England is of course here in her might; France has a vast collection, especially of articles appealing to taste or fancy; but Germany and the rest of the Continent have less than I expected to see; and the show from the United States disappoints many by its alleged meagerness. I do not view it in the same light, nor regret, with a New-York merchant whom I met in the Fair to-day, that Congress did not appropriate $100,000 to secure a full and commanding exhibition of American products at this Fair. I do not see how any tangible and adequate benefit to the Nation would have resulted from such a dubious disposition of National funds. In the first place, our great Agricultural staples—at least, all such as find markets abroad—are already accessible and well known here. Bales of Cotton, casks of Hams or other Meats, barrels of Flour or Resin, hogsheads of Tobacco, &c., might have been heaped up here as high as St. Paul's steeple—to what end? Europeans already know that we produce these staples in abundance and perfection, and when they want them they buy of us. I doubt whether cumbering the Fair with them would have either promoted the National interest or exalted the National reputation. It would have served rather to deepen the impression, already too general both at home and abroad, that we are a rude, clumsy people, inhabiting a broad, fertile domain, affording great incitements to the most slovenly description of Agriculture, and that it is our policy to stick to that, and let alone the nicer processes of Art, which require dexterity and delicacy of workmanship. We must outgrow this error.

Our Manufacturers are in many departments grossly deficient, in others inferior to the best rival productions of Europe. In Silks and Linens, we have nothing now to show; I trust the case will be bravely altered within a few years. In broad cloths, we are behind and going behind, but in Satinets, Flannels, (woolen) Shawls, De Laines, Ginghams, Drills and most plain Cottons, we are producing as effectively as our rivals, and in many departments gaining upon them. But few of these are goods which make much show in a Fair; three cases of Parisian gewgaws will outshine in an exhibition a million dollars' worth of admirable and cheap Muslins, Drills, Flannels, &c. And beside, our Manufacturers, who find themselves met at every turn, and often supplanted at their own doors by showy fabrics from abroad, are shy of calling attention in Europe to the few articles which, by the help of valuable American inventions, they are able to make and sell at a profit. I know this consideration has kept some goods and more machinery at home which would otherwise have been here. The manufacturers are here or are coming, to see what knowledge or skill they can pick up, but they are not so ready to tell all they know. They think the odds in favor of those who work against them backed by the cheap Labor and abundant Capital of Europe, are quite sufficient already.

Still, there are some Yankee Notions that I wish had been sent over. I think our Cut Nails, our Pins, our Wood Screws, &c. should have been represented. India Rubber is abundant here, but I have seen no Gutta Percha, and our New-York Company (Hudson Manufacturing) might have put a new wrinkle on John Bull's forehead by sending over an assorted case of their fabrics. The Brass and kindred fabrics of Waterbury (Conn.) ought not to have come up missing, and a set of samples of the "Flint Enameled Ware" of Vermont, I should have been proud of for Vermont's sake. A light Jersey wagon, a Yankee ox-cart, and two or three sets of American Farming Implements, would have been exactly in play here. Our Scythes, Cradles, Hoes, Rakes, Axes, Sowing, Reaping, Threshing and Winnowing machines, &c., &c., are a long distance ahead of the British—so the best judges say; and where their machines are good they cost too much ever to come into general use. There is a pretty good set of Yankee Ploughs here, and they are likely to do good. I believe Connecticut Clocks and Maine (North Wayne) Axes are also well represented. But either Rochester, Syracuse, or Albany could have beaten the whole show in Farming Tools generally.

Yet there are many good things in the American department. In Daguerreotypes, it seems to be conceded that we beat the world, when excellence and cheapness are both considered—at all events, England is no where in comparison—and our Daguerreotypists make a great show here.—New Jersey Zinc, Lake Superior Copper, Adirondack Iron and Steel, are well represented either by ores or fabrics, and I believe California Gold is to be.—But I am speaking on the strength of a very hasty examination. I shall continue in attendance from day to day and hope to glean from the show some ideas that may be found or made useful.P. S.—The Official Catalogue of the Fair is just issued. It has been got up in great haste, and must necessarily be imperfect, but it extends to 320 double-column octavo pages on brevier type (not counting advertisements) and is sold for a shilling—(24 cents). Some conception of the extent of the Fair may be obtained from the following hasty summary of a portion of the contents, showing the number of Exhibitors in certain departments, as classified in the Official Catalogue, viz:

The foregoing occupy but 55 of the 300 pages devoted expressly to the Catalogue, so that the whole number of Exhibitors cannot be less than Ten Thousand, and is probably nearer Fifteen Thousand; and as two articles from each would be a low estimate, I think the number of distinct articles already on exhibition cannot fall below Thirty Thousand, counting all of any class which may be entered by a single exhibitor as one article. Great Britain fills 136 pages of the Catalogue; her Colonies and Foreign possessions 48 more; Austria 16; Belgium 8, China 2, Denmark 1, Egypt 2½, France and Algiers 35, Prussia and the Zoll Verein States 19; Bavaria 2, Saxony 5, Wirtemburg 2, Hesse, Nassau and Luxemburg 3, Greece 1, Hamburgh 1, Holland 2, Portugal 3½; Madeira 1, Papal State ½, Russia 5, Sardinia 1½, Spain 5, Sweden and Norway 1, Switzerland 5, Tunis 2½, Tuscany 2, United States 8½. So the United States stands fifth on the list of contributing Countries, ranking next after Great Britain herself, France, Austria, and Prussian Germany, and far ahead of Holland and Switzerland, which have long been held up as triumphant examples of Industrial progress and thrift under Free Trade; and these, with all the countries which show more than we do, are close at hand, while our country is on the average more than 4,000 miles off.—I am confirmed in my view that the cavils at the meagerness of our contribution are not well grounded.