OII U1C IVJII I’UdM.The William Penn, now lying at Iron-gate Stairs, is allowed to bo the finest-American vessel that ever appeared in the river. She is built entirely of cedar* and carries 300 tons. The figure oftltt Indian and his dog.on her head, is r.aid to be an cxadi representation of Piamingo, Chief of the Checkasaws, now living. As she was the first vessel that ever he saw, he attended the building of her from the moment her keel was laid till she was launched ; and the moment he saw her descend to the waves, set up the most dismal howl— which was immediately succeeded by the most immoderate transports of joy, when he saw she did not sink. -