It has been said that the Directory was compelled against its will to accept the basis of barter (as if that had tended to accelerate the work of pacification!) by the voice of all France. Had this been the case, the Directors would have continued to listen to that voice to which it seems they were so obedient: they would have proceeded with the negotiation upon that basis. But the fact is, that they instantly broke up the negotiation, as soon as they had obliged our ambassador to violate all the principles of treaty, and weakly, rashly, and unguardedly to expose, without any counter proposition, the whole of our project with regard to ourselves and our allies, and without holding out the smallest hope that they would admit the smallest part of our pretensions.

When they had thus drawn from us all that they could draw out, they expelled Lord Malmesbury, and they appealed, for the propriety of their conduct, to that very France which we thought proper to suppose had driven them to this fine concession: and I do not find that in either division of the family of thieves, the younger branch, or the elder, or in any other body whatsoever, there was any indignation excited, or any tumult raised, or anything like the virulence of opposition which was shown to the king's ministers here, on account of that transaction.

Notwithstanding all this, it seems a hope is still entertained that the Directory will have that tenderness for the carcass of their country, by whose very distemper, and on whose festering wounds, like vermin, they are fed, that these pious patriots will of themselves come into a more moderate and reasonable way of thinking and acting. In the name of wonder, what has inspired our ministry with this hope any more than with their former expectations?

Do these hopes only arise from continual disappointment? Do they grow out of the usual grounds of despair? What is there to encourage them, in the conduct or even in the declarations of the ruling powers in France, from the first formation of their mischievous republic to the hour in which I write? Is not the Directory composed of the same junto? Are they not the identical men who, from the base and sordid vices which belonged to their original place and situation, aspired to the dignity of crimes,—and from the dirtiest, lowest, most fraudulent, and most knavish of chicaners, ascended in the scale of robbery, sacrilege, and assassination in all its forms, till at last they had imbrued their impious hands in the blood of their sovereign? Is it from these men that we are to hope for this paternal tenderness to their country, and this sacred regard for the peace and happiness of all nations?

But it seems there is still another lurking hope, akin to that which duped us so egregiously before, when our delightful basis was accepted: we still flatter ourselves that the public voice of France will compel this Directory to more moderation. Whence does this hope arise? What public voice is there in France? There are, indeed, some writers, who, since this monster of a Directory has obtained a great, regular, military force to guard them, are indulged in a sufficient liberty of writing; and some of them write well, undoubtedly. But the world knows that in France there is no public,—that the country is composed but of two descriptions, audacious tyrants and trembling slaves. The contests between the tyrants is the only vital principle that can be discerned in France. The only thing which there appears like spirit is amongst their late associates, and fastest friends of the Directory,—the more furious and untamable part of the Jacobins. This discontented member of the faction does almost balance the reigning divisions, and it threatens every moment to predominate. For the present, however, the dread of their fury forms some sort of security to their fellows, who now exercise a more regular and therefore a somewhat less ferocious tyranny. Most of the slaves choose a quiet, however reluctant, submission to those who are somewhat satiated with blood, and who, like wolves, are a little more tame from being a little less hungry, in preference to an irruption of the famished devourers who are prowling and howling about the fold.

This circumstance assures some degree of permanence to the power of those whom we know to be permanently our rancorous and implacable enemies. But to those very enemies who have sworn our destruction we have ourselves given a further and far better security, by rendering the cause of the royalists desperate. Those brave and virtuous, but unfortunate adherents to the ancient Constitution of their country, after the miserable slaughters which have been made in that body, after all their losses by emigration, are still numerous, but unable to exert themselves against the force of the usurpation evidently countenanced and upheld by those very princes who had called them to arm for the support of the legal monarchy. Where, then, after chasing these fleeting hopes of ours from point to point of the political horizon, are they at last really found? Not where, under Providence, the hopes of Englishmen used to be placed, in our own courage and in our own virtues, but in the moderation and virtue of the most atrocious monsters that have ever disgraced and plagued mankind.

The only excuse to be made for all our mendicant diplomacy is the same as in the case of all other mendicancy, namely, that it has been founded on absolute necessity. This deserves consideration. Necessity, as it has no law, so it has no shame. But moral necessity is not like metaphysical, or even physical. In that category it is a word of loose signification, and conveys different ideas to different minds. To the low-minded, the slightest necessity becomes an invincible necessity. "The slothful man saith, There is a lion in the way, and I shall be devoured in the streets." But when the necessity pleaded is not in the nature of things, but in the vices of him who alleges it, the whining tones of commonplace beggarly rhetoric produce nothing but indignation: because they indicate a desire of keeping up a dishonorable existence, without utility to others, and without dignity to itself; because they aim at obtaining the dues of labor without industry, and by frauds would draw from the compassion of others what men ought to owe to their own spirit and their own exertions.

I am thoroughly satisfied, that, if we degrade ourselves, it is the degradation which will subject us to the yoke of necessity, and not that it is necessity which has brought on our degradation. In this same chaos, where light and darkness are struggling together, the open subscription of last year, with all its circumstances, must have given us no little glimmering of hope: not (as I have heard it was vainly discoursed) that the loan could prove a crutch to a lame negotiation abroad, and that the whiff and wind of it must at once have disposed the enemies of all tranquillity to a desire for peace. Judging on the face of facts, if on them it had any effect at all, it had the direct contrary effect; for very soon after the loan became public at Paris, the negotiation ended, and our ambassador was ignominiously expelled. My view of this was different: I liked the loan, not from the influence which it might have on the enemy, but on account of the temper which it indicated in our own people. This alone is a consideration of any importance; because all calculation formed upon a supposed relation of the habitudes of others to our own, under the present circumstances, is weak and fallacious. The adversary must be judged, not by what we are, or by what we wish him to be, but by what we must know he actually is: unless we choose to shut our eyes and our ears to the uniform tenor of all his discourses, and to his uniform course in all his actions. We may be deluded; but we cannot pretend that we have been disappointed. The old rule of Ne te quæsiveris extra is a precept as available in policy as it is in morals. Let us leave off speculating upon the disposition and the wants of the enemy. Let us descend into our own bosoms; let us ask ourselves what are our duties, and what are our means of discharging them. In what heart are you at home? How far may an English minister confide in the affections, in the confidence, in the force of an English people? What does he find us, when he puts us to the proof of what English interest and English honor demand? It is as furnishing an answer to these questions that I consider the circumstances of the loan. The effect on the enemy is not in what he may speculate on our resources, but in what he shall feel from our arms.

The circumstances of the loan have proved beyond a doubt three capital points, which, if they are properly used, may be advantageous to the future liberty and happiness of mankind. In the first place, the loan demonstrates, in regard to instrumental resources, the competency of this kingdom to the assertion of the common cause, and to the maintenance and superintendence of that which it is its duty and its glory to hold and to watch over,—the balance of power throughout the Christian world. Secondly, it brings to light what, under the most discouraging appearances, I always reckoned on: that, with its ancient physical force, not only unimpaired, but augmented, its ancient spirit is still alive in the British nation. It proves that for their application there is a spirit equal to the resources, for its energy above them. It proves that there exists, though not always visible, a spirit which never fails to come forth, whenever it is ritually invoked,—a spirit which will give no equivocal response, but such as will hearten the timidity and fix the irresolution of hesitating prudence,—a spirit which will be ready to perform all the tasks that shall be imposed upon it by public honor. Thirdly, the loan displays an abundant confidence in his Majesty's government, as administered by his present servants, in the prosecution of a war which the people consider, not as a war made on the suggestion of ministers, and to answer the purposes of the ambition or pride of statesmen, but as a war of their own, and in defence of that very property which they expend for its support,—a war for that order of things from which everything valuable that they possess is derived, and in which order alone it can possibly be maintained.

I hear, in derogation of the value of the fact from which I draw inferences so favorable to the spirit of the people and to its just expectation from ministers, that the eighteen million loan is to be considered in no other light than as taking advantage of a very lucrative bargain held out to the subscribers. I do not in truth believe it. All the circumstances which attended the subscription strongly spoke a different language. Be it, however, as these detractors say. This with me derogates little, or rather nothing at all, from the political value and importance of the fact. I should be very sorry, if the transaction was not such a bargain; otherwise it would not have been a fair one. A corrupt and improvident loan, like everything else corrupt or prodigal, cannot be too much condemned; but there is a short-sighted parsimony still more fatal than an unforeseeing expense. The value of money must be judged, like everything else, from its rate at market. To force that market, or any market, is of all things the most dangerous. For a small temporary benefit, the spring of all public credit might be relaxed forever. The moneyed men have a right to look to advantage in the investment of their property. To advance their money, they risk it; and the risk is to be included in the price. If they were to incur a loss, that loss would amount to a tax on that peculiar species of property. In effect, it would be the most unjust and impolitic of all things,—unequal taxation. It would throw upon one description of persons in the community that burden which ought by fair and equitable distribution to rest upon the whole. None on account of their dignity should be exempt; none (preserving due proportion) on account of the scantiness of their means. The moment a man is exempted from the maintenance of the community, he is in a sort separated from it,—he loses the place of a citizen.