The text on the portrait reads:

CAPTN JAMES MUGFORD
OF THE
SCHR. FRANKLIN CONTINENTAL CRUISER 1776

"One of the heroic men with Thomas Russell 1st Lieut. and 19 Officers and men from Marblehead who captured the armed British Transport Ship Hope Ladened with powder, implements of War and Pioneer Tools, destined for and in sight of the British Admiralty Fleet then in Nantasket Roads Nov 1775. The scarcity of Powder was severely felt by the Continental Congress the procuring of it attracted their particular and constant attention every encouragement had been held by them to the inhabitants of the Country, to engage in the manufacture thereof, no opportunity was neglected in importing, or seizing it from the Enemy. March 1776 Genl Washington entered Boston in triumph the British evacuated and embarked and lay in Nantasket Roads waiting the arrival of their Powder Ship. The enterprising and heroic Mugford, with Officers and men captured said Ship and transfered her with Cargo to the United States Commissary Genl and Quarter Master by the Continental Agent Col. Jonathan Clover. This was One of the most valuable prizes during the Revolution the principal and interest to 1854 Amounts to 1,340,34300 Dollars! This and similar events produced the general voice - We will be free: Congress deliberately and solemnly decided to declare it to the world; and the Declaration of Independance was agreed to in Congress on the 4th of July 1776. Who can estimate the real value of that capture?"