rt to go to Lisbon, from whence he will, probably,
embark for London, and return with the ultimatum of that Court, and
intelligence for the Spanish Minister, for it is not improbable, he
may be a better spy than negotiator. All this, however, is conjecture.
In all probability, great efforts will be made next campaign in
America, if the war continues, as we are told it will. The great
objects of it are in that part of the world. France is engaged at all
hazards to support our independence, and will do it, and Spain is
desirous of possessing the entire navigation of the Gulf of Mexico. I
take the liberty of repeating these reflections to the Committee, as
they arise from conversations on this subject with persons in a
situation to be well informed.

The different powers at war will, however, find some difficulty to
procure money. England has not completed her last loans. France has
begun to tax, and must continue to do so, notwithstanding the great
economy of their Minister of Finances. The last operations of this
Court to procure money, of which I gave the Committee a sketch in my
last letter, and the state of the revenues, which I gave Mr Jay in my
answer to his instructions, will show them the wants of this country.
The interference of M. Necker in the operation beforementioned,
deprived this Court of near two millions of _pesos_, and greatly
irritated the Ministry. I hope, however, their resentments have
subsided. This failure, they give as one reason for not being able to
advance the money we expected, to enable Mr Jay to pay the bills
drawn on him by Congress. Mr Jay has, however, at all hazards,
accepted those which have been presented, and is taking every step in
his power to provide money to pay them, as also those that may be
disposed of in America, previous to the advice he has given Congress
on this head.

The English Ministry are likely to have a large majority in the new
Parliament, which is generally the case in time of war. The great
neutral maritime powers of Europe, seem to regard the present war as
an event favorable to the augmentation of their commerce, and will,
probably, do so, until one or the other of the contending parties
engaged in it appear to have a decided superiority. Portugal seems
better disposed to the allies than heretofore. This change is,
probably, the result of fear, more than of affection. The combined
fleet at Cadiz, consists of fortythree sail of the line, besides
frigates, &c.