We have not in a long time heard either from you or Mr Jay, so that we are much in the dark respecting the probable prospect of a negotiation this winter, or rather are led to conclude from your silence, that the prospect is extremely remote; in which case, all your objects will concentre in preparing for the ensuing campaign, and directing the operations as far as possible to this country. The success of the combined operations this summer will give great weight to your arguments, especially as they are such as would deserve, independent of that, the most serious attention. But, Sir, you will have a difficult card to play, to induce France to do what not only our but her interests essentially require. Never was there a time in which money was more necessary to us than at present. The total abolition of paper, the length of the war, the restricted commerce we have carried on for the first five years of it, the arrears of debts, and the slender thread by which public credit hangs, put it totally out of our power to make any great exertions without the immediate supply of money. Taxation will be carried as far as it can go, but this will fall very far short of our wants. The richest nations in Europe, unable to carry on a war by taxation only, are compelled to borrow. How then will it be expected that a nation, which has had every difficulty to struggle with, an enemy in the heart of its country, and all its considerable towns at one time or another in their possession, a superior navy on its coasts, and the consequential ruin of its agriculture and commerce, how, I say, can it be expected that such a nation should find resources within itself for so long and bloody a war? And yet in this situation, we are alarmed by our advices from you, by representations from the Minister of France, by assurances from every quarter, that we must expect no further assistance in money. Surely it is not possible that France, after having done so much for us, after having brought us within view of the desired haven, should oblige us to lose the advantage of all she has done; and yet be assured that the most serious consequence may attend her stopping her hand at this critical time. Public credit, which is growing very fast, will drop to the ground. The contracts made for the ensuing campaign must be given up; the troops, who were made to expect pay in specie, will be dissatisfied; and upon the least ill fortune, a failure in supplies will show their discontents; recruiting will be checked, and the conclusion of the war on those advantageous terms, which one vigorous exertion next spring in this country would secure, will be postponed to a later period, when in fact all we wish, to enable us to accomplish these great objects, is less than one year's continuance of the war will cost France. You will, therefore, show the necessity of setting our credit upon a firm basis, the prospect we have of accomplishing it, from the great confidence in the integrity and