een
employed in naval warfare. Indeed, it is my opinion that twenty-four
vessels moved by steam (such as the largest constructed for
your service) could commence at St. Petersburg, and finish at
Constantinople, the destruction of every ship of war in the European
ports. I therefore hold that you ought to strain every nerve to get
the steam-vessels equipped. For on these, next to the valour of
the Greeks themselves, depends the fate of Greece, and not on large
unwieldy ships, immovable in calms, and ill-calculated for nocturnal
operations on the shores of the Morea and adjacent islands. Having
thus repeated to you my opinions, I have only to add that, if
you judge you can follow a better course, I release you from the
engagement you entered into with me, and I am ready to return you the
37,000_l._ on your receiving as part thereof 72,500 Greek scrip, at
the price I gave for it on the day following my engagement (under the
faith of the stipulations then entered into), as a further stimulus
to my exertion, by casting my property, as well as my life, into the
scale with Greece. This release I am ready to make at once; but I
cannot consent to accept as security, for the fruits of seven years'
toil, vessels manned by Americans, whose pay and provisions I see no
adequate or regular means of providing. But should the 150,000_l._
placed at the disposal of the Committee not prove sufficient for the
objects _I have required_, I will advance the 37,000_l._ for the pay
and provisions necessary for the steamboats on the security of the
boats themselves. Thus you have the option of releasing me from
the service, or of continuing my engagement, although I shall lose
severely by my temporary acceptance of your offer."

In that letter Lord Cochrane conceded more than ought to have been
expected of him. In a supplementary letter written on the same day
he added: "I again assure you that I am ready to do whatever is
reasonable for the interest of Greece; but it cannot be expected that
for such interest I ought to sacrifice totally those of my family
and myself, as would be the case were I to give up both the means I
possess to obtain justice in South America and my indemnification, on
so slender a security as that offered to me. Believe me, I should have
tendered the 37,000_l._, without reference to the Greek scrip I
had purchased, had it not been evident to me that, under such
circumstances, the security of your public funds would be dep