Viola's son died at sea ;
that child represents the People of the ideal Libertarian Republic that never
was. When Nostromo says that the son would have been like him, the deeper meaning
(which Viola does not hear) is that such a People would have reacted to the Republic
of laws and property exactly as he has, i.e., with new ideals of the kind Giorgio
himself would not understand. "It is well" has a subtle double meaning
of, "It is well he never lived, for you to have seen that."