For those not familiar with 18th century literature, a little context might be in order.
The Spectator that Franklin made a model of is no relation of the modern magazine. This Spectator was an "essay series", a peculiarly 18th century genre, something like an editorial column without a magazine -- or a blog, for that matter.
At the time, the Spectator essays were considered the high-water mark of good style and clear expression in English.
You can read them for yourself on Project Gutenberg: