“In modern wars, the longest purse must chiefly determine the event.  I fear that of the enemy will be found to be so.  Though the government is deeply in debt and of course poor, the nation is rich, and their riches afford a fund which will not be easily exhausted.  Besides, their system of public credit is such, that it is capable of greater exertions than that of any other nation.  Speculatists have been a long time foretelling its downfall; but we see no symptoms of the catastrophe being very near.  I am persuaded it will at least last out the war.

“France is in a very different position.  The abilities of the present financier, have done wonders; by a wise administration of the revenues, aided by advantageous loans, he has avoided the necessity of additional taxes.  But I am well informed if the war continues another campaign, he will be obliged to have recourse to the taxes usual in time of war, which are very heavy, and which the people of France are not in a condition to endure for any length of time.  When this necessity commences, France makes war on ruinous terms, and England, from her individual wealth, will find much greater facilities in supplying her exigencies.

“Spain derives great wealth from her mines, but it is not so great as is generally imagined.  Of late years the profit to government is essentially diminished.  Commerce and industry are the best mines of a nation; both which are wanted by her.  I am told her treasury is far from being so well filled as we have flattered ourselves.  She is also much divided on the propriety of the war.  There is a strong party against it.  The temper of the nation is too sluggish to admit of great exertions; and though the courts of the two kingdoms are closely linked together, there never has been in any of their wars, a perfect harmony of measures, nor has it been the case in this; which has already been no small detriment to the common cause.

“I mention these things to show that the circumstances of our allies, as well as our own, call for peace, to obtain which we must make one great effort this campaign.  The present instance of the friendship of the court of France, is attended with every circumstance that can render it important and agreeable, that can interest our gratitude or fire our emulation.  If we do our duty we may even hope to make the campaign decisive of the contest.  But we must do our duty in earnest, or disgrace and ruin will attend us.  I am sincere in declaring a full persuasion that the succour will be fatal to us if our measures are not adequate to the emergency.