The dolphin is a small fish of only two or three feet in length—and has the power of changing its color. The flesh is said to be poisonous in some degree, and is therefore not good for food. These fish are shy and hard to take, except by stratagem.

Our captain is an old whaleman, and his vessel was fitted out from Nantucket, for that purpose. On our way south,—he one day took 4 or 5 men into a whale-boat, and started out from the vessel in pursuit of some black fish we saw at a short distance from us. We had not watchd him long before we saw him returning with a large black fish in tow of his whale boat. He presently came along side, and down the halyards were let—to haul the monster upon deck,—and in a few minutes, was seen stretchd athwart the ship, a giant fish, weighing about 2500 pounds,—out of which, was obtaind 4 barrels of oil.

This was a specimen of whaling on a small scale. The fish here caught, was a species of whale, and was organizd similarly. A few inches from the end of his snout, upon the top of it, was a valve, about 3 inches square, out of which, the animal spouts.

After tossing and rolling about upon the wide Pacific, till I was utterly tird of my situation, we at length arrivd at the outer confines of Panama bay, on Monday, Nov. 26. Although this bay is more than 100 miles wide at the entrance, yet it is so situated, that most of the year, there is a wind from the Caribbean sea, blowing across the continent outward from the harbor of Panama, which renders an entrance into it slow and difficult. We, however, after tacking the ship the tedious number of 10 times, arrivd in safety at the harbor of Panama, on the evening of Friday, Nov. 30.

Our arrival at Panama, was an epoch of satisfaction to me, as well as my fellow passengers, after having experienced so many days of monotony upon the ocean.

The anchorage for ships is inconveniently situated from town, being nearly 3 miles distant.

After having arrivd at the town, and wanderd over it somewhat, I found it to be located upon a rock, formd of successive layers of apparent lava. But as my opportunity of examining it was scanty, I could not well determine its character. The town wears a dilapidated appearance, from its extreme age, and a want of attention to repairs. Many of the houses are large,—and three stories high, with broken down roofs, and with grass growing out of every corner, and upon the roofs. They have the oddity of being built partly of bricks, and partly of stone, intermingld together in the body of the walls. They have windows arrangd similar to windows in houses of the states, but without sash or glass, being left entirely open. No chimneys are built to any of the houses, and cooking is done with small portable furnaces, or a fire is built upon the ground, between 2 small rocks set up edgewise, so as to contain the fuel. In the cooking apartments, an arrangement is made for the escape of the smoke at the top of the room, so that it may not communicate with their dining or sitting rooms.

The town, previous to the gold excitement of California, was in a great measure, vacant of inhabitants, and large and commodious rooms may have been hird for the small sum of 12½ cents per day. The streets are mostly narrow, but they are tolerably well pavd, and are washd nearly every day for ¾ of a year, from the all copious fountain of the heavens above. No drays or coaches are seen to mar the beauty of the streets, and grass is seen growing even in the middle of the streets, and along its sidewalks. This was once a populous town, but now—like most other Spanish towns along the western coast of America, is seen the marks of imbecility, indifference and decay. They have a small market or two, to which all classes indiscriminately, resort for their daily support. The town next to the bay is walld around, upon which, a few cannon were placd for its former defense.

The inhabitants speak the Spanish language. They are cleanly in dress, plain in their manners, and familiar in their conversation. They are unassuming in their style, and liberal in their hospitalities.

I am inclind to think the character of the American Spanish has hitherto been misrepresented. During my stay in California, I was located among that people, and I ever found them willing to part with half their last meal to feed a hungry man. Although the Spanish ladies are almost universally neat washers, yet their is a want of taste in their dress, it being loosely, though not fantastically adjusted about their persons. In their behavior, their sitting and reclining postures have an unchaste appearance, though this may arise from want of proper training.