At the preceding Treaty of Paris, I mean that of 1763, there was nothing at all on which to fix a basis of compensation from reciprocal cession of conquests. They were all on one side. The question with us was not what we were to receive, and on what consideration, but what we were to keep for indemnity or to cede for peace. Accordingly, no place being left for barter, sacrifices were made on our side to peace; and we surrendered to the French their most valuable possessions in the West Indies without any equivalent. The rest of Europe fell soon after into its ancient order; and the German war ended exactly where it had begun.

The Treaty of Aix-la-Chapelle was built upon a similar basis. All the conquests in Europe had been made by France. She had subdued the Austrian Netherlands, and broken open the gates of Holland. We had taken nothing in the West Indies; and Cape Breton was a trifling business indeed. France gave up all for peace. The Allies had given up all that was ceded at Utrecht. Louis the Fourteenth made all, or nearly all, the cessions at Ryswick, and at Nimeguen. In all those treaties, and in all the preceding, as well as in the others which intervened, the question never had been that of barter. The balance of power had been ever assumed as the known common law of Europe at all times and by all powers: the question had only been (as it must happen) on the more or less inclination of that balance.

This general balance was regarded in four principal points of view: the GREAT MIDDLE BALANCE, which comprehended Great Britain, France, and Spain; the BALANCE OF THE NORTH; the BALANCE, external and internal, of GERMANY; and the BALANCE OF ITALY. In all those systems of balance, England was the power to whose custody it was thought it might be most safely committed.

France, as she happened to stand, secured the balance or endangered it. Without question, she had been long the security for the balance of Germany, and, under her auspices, the system, if not formed, had been at least perfected. She was so in some measure with regard to Italy, more than occasionally. She had a clear interest in the balance of the North, and had endeavored to preserve it. But when we began to treat with the present France, or, more properly, to prostrate ourselves to her, and to try if we should be admitted to ransom our allies, upon a system of mutual concession and compensation, we had not one of the usual facilities. For, first, we had not the smallest indication of a desire for peace on the part of the enemy, but rather the direct contrary. Men do not make sacrifices to obtain what they do not desire: and as for the balance of power, it was so far from being admitted by France, either on the general system, or with regard to the particular systems that I have mentioned, that, in the whole body of their authorized or encouraged reports and discussions upon the theory of the diplomatic system, they constantly rejected the very idea of the balance of power, and treated it as the true cause of all the wars and calamities that had afflicted Europe; and their practice was correspondent to the dogmatic positions they had laid down. The Empire and the Papacy it was their great object to destroy; and this, now openly avowed and steadfastly acted upon, might have been discerned with very little acuteness of sight, from the very first dawnings of the Revolution, to be the main drift of their policy: for they professed a resolution to destroy everything which can hold states together by the tie of opinion.

Exploding, therefore, all sorts of balances, they avow their design to erect themselves into a new description of empire, which is not grounded on any balance, but forms a sort of impious hierarchy, of which France is to be the head and the guardian. The law of this their empire is anything rather than the public law of Europe, the ancient conventions of its several states, or the ancient opinions which assign to them superiority or preëminence of any sort, or any other kind of connection in virtue of ancient relations. They permit, and that is all, the temporary existence of some of the old communities: but whilst they give to these tolerated states this temporary respite, in order to secure them in a condition of real dependence on themselves, they invest them on every side by a body of republics, formed on the model, and dependent ostensibly, as well as substantially, on the will of the mother republic to which they owe their origin. These are to be so many garrisons to check and control the states which are to be permitted to remain on the old model until they are ripe for a change. It is in this manner that France, on her new system, means to form an universal empire, by producing an universal revolution. By this means, forming a new code of communities according to what she calls the natural rights of man and of states, she pretends to secure eternal peace to the world, guarantied by her generosity and justice, which are to grow with the extent of her power. To talk of the balance of power to the governors of such a country was a jargon which they could not understand even through an interpreter. Before men can transact any affair, they must have a common language to speak, and some common, recognized principles on which they can argue; otherwise all is cross purpose and confusion. It was, therefore, an essential preliminary to the whole proceeding, to fix whether the balance of power, the liberties and laws of the Empire, and the treaties of different belligerent powers in past times, when they put an end to hostilities, were to be considered as the basis of the present negotiation.

The whole of the enemy's plan was known when Lord Malmesbury was sent with his scrap of equivalents to Paris. Yet, in this unfortunate attempt at negotiation, instead of fixing these points, and assuming the balance of power and the peace of Europe as the basis to which all cessions on all sides were to be subservient, our solicitor for peace was directed to reverse that order. He was directed to make mutual concessions, on a mere comparison of their marketable value, the base of treaty. The balance of power was to be thrown in as an inducement, and a sort of make-weight to supply the manifest deficiency, which must stare him and the world in the face, between those objects which he was to require the enemy to surrender and those which he had to offer as a fair equivalent.

To give any force to this inducement, and to make it answer even the secondary purpose of equalizing equivalents having in themselves no natural proportionate value, it supposed that the enemy, contrary to the most notorious fact, did admit this balance of power to be of some value, great or small; whereas it is plain, that, in the enemy's estimate of things, the consideration of the balance of power, as we have said before, was so far from going in diminution of the value of what the Directory was desired to surrender, or of giving an additional price to our objects offered in exchange, that the hope of the utter destruction of that balance became a new motive to the junto of Regicides for preserving, as a means for realizing that hope, what we wished them to abandon.

Thus stood the basis of the treaty, on laying the first stone of the foundation. At the very best, upon our side, the question stood upon a mere naked bargain and sale. Unthinking people here triumphed, when they thought they had obtained it; whereas, when obtained as a basis of a treaty, it was just the worst we could possibly have chosen. As to our offer to cede a most unprofitable, and, indeed, beggarly, chargeable counting-house or two in the East Indies, we ought not to presume that they would consider this as anything else than a mockery. As to anything of real value, we had nothing under heaven to offer, (for which we were not ourselves in a very dubious struggle,) except the island of Martinico only. When this object was to be weighed against the Directorial conquests, merely as an object of a value at market, the principle of barter became perfectly ridiculous: a single quarter in the single city of Amsterdam was worth ten Martinicos, and would have sold for many more years' purchase in any market overt in Europe. How was this gross and glaring defect in the objects of exchange to be supplied? It was to be made up by argument. And what was that argument? The extreme utility of possessions in the West Indies to the augmentation of the naval power of France. A very curious topic of argument to be proposed and insisted on by an ambassador of Great Britain! It is directly and plainly this:—"Come, we know that of all things you wish a naval power, and it is natural you should, who wish to destroy the very sources of the British greatness, to overpower our marine, to destroy our commerce, to eradicate our foreign influence, and to lay us open to an invasion, which at one stroke may complete our servitude and ruin and expunge us from among the nations of the earth. Here I have it in my budget, the infallible arcanum for that purpose. You are but novices in the art of naval resources. Let you have the West Indies back, and your maritime preponderance is secured, for which you would do well to be moderate in your demands upon the Austrian Netherlands."

Under any circumstances, this is a most extraordinary topic of argument; but it is rendered by much the more unaccountable, when we are told, that, if the war has been diverted from the great object of establishing society and good order in Europe by destroying the usurpation in France, this diversion was made to increase the naval resources and power of Great Britain, and to lower, if not annihilate, those of the marine of France. I leave all this to the very serious reflection of every Englishman.

This basis was no sooner admitted than the rejection of a treaty upon that sole foundation was a thing of course. The enemy did not think it worthy of a discussion, as in truth it was not; and immediately, as usual, they began, in the most opprobrious and most insolent manner, to question our sincerity and good faith: whereas, in truth, there was no one symptom wanting of openness and fair dealing. What could be more fair than to lay open to an enemy all that you wished to obtain, and the price you meant to pay for it, and to desire him to imitate your ingenuous proceeding, and in the same manner to open his honest heart to you? Here was no want of fair dealing, but there was too evidently a fault of another kind: there was much weakness,—there was an eager and impotent desire of associating with this unsocial power, and of attempting the connection by any means, however manifestly feeble and ineffectual. The event was committed to chance,—that is, to such a manifestation of the desire of France for peace as would induce the Directory to forget the advantages they had in the system of barter. Accordingly, the general desire for such a peace was triumphantly reported from the moment that Lord Malmesbury had set his foot on shore at Calais.