rful co-operation
with our allies, and which have enabled the enemy to linger on our
coasts with the dregs of a force once formidable; and it is from this
cause that they have been permitted to extend the theatre, and
multiply the victims of their ambition.

America alone will not derive benefit from the advances which Spain
may make to her. All the associates in the war will feel the
_consequential_ advantages. The expense of the American war now hangs
a heavy weight about the neck of Britain, and enfeebles her on that
element, which she called her own. An increase of that expense, or the
loss of her posts here, must necessarily follow from additional
efforts on our part, and either of these must be a consequential
benefit to those who are opposed to her. France will derive a small
_immediate_ benefit from it, as she will thereby get more money here
for her bills of exchange, than she can at present procure. But it is
not so much from any advantage, which may be expected to that kingdom,
or from any motives of _interest_, as from the generosity and
magnanimity of the Prince, that we hope for support. I will not doubt
a moment, that at your instance, his Majesty will make pressing
representations in support of Mr Jay's application, and I hope that
the authority of so great a Sovereign, and the arguments of his able
Ministry, will shed auspicious influence on our negotiations at
Madrid.

From the best returns I have been able to collect, and which are in
some measure imperfect, from the confusions and disasters of the
Southern States, I find that there are about seven millions two
hundred thousand dollars due on certificates, which bear an interest
of six per cent, payable in France, at the rate of five livres for
every dollar. Many causes have conspired to depreciate the
certificates, notwithstanding the interest is so well secured, and has
been punctually paid. This depreciation is so great, that they are
daily offered for sale at a very considerable discount, which is
attended with two pernicious consequences; one, that a considerable
expense is unnecessarily incurred, and the other, that the public
credit is unnecessarily impaired. If I had the means, therefore, I
would remove this evil by purchasing in the certificates; and to
procure the means, I am to pray that you would state this matter fully
to the Ministers of his Most Christian Majesty. The interest being
guarantied by the Court of France, they now pay for