By this measure the balance of power in the West Indies is totally destroyed. It has followed the balance of power in Europe. It is not alone what shall be left nominally to the assassins that is theirs. Theirs is the whole empire of Spain in America. That stroke finishes all. I should be glad to see our suppliant negotiator in the act of putting his feather to the ear of the directory, to make it unclinch the fist; and, by his tickling, to charm that rich prize out of the iron gripe of robbery and ambition! It does not require much sagacity to discern that no power wholly baffled and defeated in Europe can flatter itself with conquests in the West Indies. In that state of things it can neither keep nor hold. No! It cannot even long make war if the grand bank and deposit of its force is at all in the West Indies. But here a scene opens to my view too important to pass by, perhaps too critical to touch. Is it possible that it should not present itself in all its relations to a mind habituated to consider either war or peace on a large scale, or as one whole? Unfortunately other ideas have prevailed. A remote, an expensive, a murderous, and, in the end, an unproductive adventure, carried on upon ideas of mercantile knight-errantry, without any of the generous wildness of Quixotism, is considered as sound, solid sense; and a war in a wholesome climate, a war at our door, a war directly on the enemy, a war in the heart of his country, a war in concert with an internal ally, and in combination with the external, is regarded as folly and romance. My dear friend, I hold it impossible that these considerations should have escaped the statesmen on both sides of the water, and on both sides of the House of Commons. How a question of peace can be discussed without having them in view, I cannot imagine. If you or others see a way out of these difficulties I am happy. I see, indeed, a fund from whence equivalents will be proposed. I see it. But I cannot just now touch it. It is a question of high moment. It opens another Iliad of woes to Europe. Such is the time proposed for making a _common political peace_, to which no one circumstance is propitious. As to the grand principle of the peace, it is left, as if by common consent, wholly out of the question.