I don't find it denied, that, when a treaty is entered into for peace, a demand will be made on the Regicides to surrender a great part of their conquests on the Continent. 'Will they, in the present state of the war, make that surrender without an equivalent? This Continental cession must of course be made in favor of that party in the alliance that has suffered losses. That party has nothing to furnish towards an equivalent. What equivalent, for instance, has Holland to offer, who has lost her all? What equivalent can come from the Emperor, every part of whose territories contiguous to France is already within the pale of the Regicide dominion? What equivalent has Sardinia to offer for Savoy, and for Nice,--I may say, for her whole being? What has she taken from the faction of France? She has lost very near her all, and she has gained nothing. What equivalent has Spain to give? Alas! she has already paid for her own ransom the fund of equivalent,--and a dreadful equivalent it is, to England and to herself. But I put Spain out of the question: she is a province of the Jacobin empire, and she must make peace or war according to the orders she receives from the Directory of Assassins. In effect and substance, her crown is a fief of Regicide. Whence, then, can the compensation be demanded? Undoubtedly from that power which alone has made some conquests. That power is England. Will the Allies, then, give away their ancient patrimony, that England may keep islands in the West Indies? They never can protract the war in good earnest for that object; nor can they act in concert with us, in our refusal to grant anything towards their redemption. In that case we are thus situated: either we must give Europe, bound hand and foot, to France, or we must quit the West Indies without any one object, great or small, towards indemnity and security. I repeat it, without any advantage whatever: because, supposing that our conquest could comprise all that France ever possessed in the tropical America, it never can amount in any fair estimation to a fair equivalent for Holland, for the Austrian Netherlands, for the Lower Germany,--that is, for the whole ancient kingdom or circle of Burgundy, now under the yoke of Regicide, to say nothing of almost all Italy, under the same barbarous domination. If we treat in the present situation of things, we have nothing in our hands that can redeem Europe. Nor is the Emperor, as I have observed, more rich in the fund of equivalents.