"The funds have risen to an uncommon height owing to the considerable reimbursements made by the emission of _assignats_. These do not depreciate as might have been expected. On the whole, if there were any probability of the assembly's confining themselves merely to the business of organizing the government, so as to put an end to their session and call a new legislature, the Revolution might be considered as really in a successful state; but the Report of the Central Committee, which you will have received, prescribes such a superabundance of matter as necessary to be deliberated on and settled by the present assembly, that its end as well as the term of the completion of the constitution can be reduced to no calculation. All that seems to me certain is, that the Revolution will in one way or another end by giving a free government to France. This event might be hastened much by the assembly, if they would. My former letters will have informed you how little I think it is to be hoped from them, and for what reasons. "The Russians, as has been expected for some time, have taken Ismailow. They stormed it, and put the whole garrison to the sword on the 22d of December. This was probably to strike terror into the Turks, in order to aid the separate negotiation which it is known Prince Potemkin is endeavoring to effect with the Grand Visier. The object is to engage the Porte to accept peace without the mediation of other powers. On the other hand, Prussia is active both in negotiation and military demonstration to counteract this project. Preparations are making for sending a large army into Livonia in the spring, which has induced the Empress to call off some of the heavy troops from those employed against the Turks. England, also, keeps an augmented navy in commission. It seems not doubted that the design is to send a fleet into the Baltic as soon as the season will permit it. It is said, also, that the three mediating powers are negotiating with Denmark, to engage that country to be at least indifferent as to the entrance of this fleet; and that there are grounds for hopes of success. Some think, also, that there are indications which render it probable that Spain will join in the mediation for obtaining peace for the Turks. I have no reason to suppose it other than that arising from the desire which Spain must naturally have to see peace restored to that power. It is supposed if she joins in the mediation it will be merely for that object, and not from any disposition to favor generally the system of the mediating powers. Where so many and such opposite principles enter into account, it would be temerity to conjecture the particular results, without being behind the curtain; and even there probably the schemes are not yet fully ascertained. Every day must necessarily throw new lights on this complicated state of affairs, in proportion as the state of negotiation is more advanced.