will
employ to do wrong, and because there might be no economy in it as
to Ourselves, in the end, as it would increase the expenses of that
coercion which we may in future be obliged to practise towards them.
The only question then, is, What sum of money will we agree to pay them
annually, for peace? By a letter from Captain O'Bryan, a copy of which
you will receive herewith, we have his opinion that a peace could be
purchased with money, for sixty thousand pounds sterling, or with naval
stores, for one hundred thousand dollars. An annual payment equivalent
to the first, would be three thousand pounds sterling, or thirteen
thousand and five hundred dollars, the interest of the sum in gross.
If we could obtain it for as small a sum as the second, in money, the
annual payment equivalent to it would be five thousand dollars. In
another part of the same letter, Captain O'Bryan says, 'If maritime
stores and two light cruisers be given, and a tribute paid in maritime
stores every two years, amounting to twelve thousand dollars in
America,' a peace can be had. The gift of stores and cruisers here
supposed, converted into an annual equivalent, may be stated at nine
thousand dollars, and adding to it half the biennial sum, would make
fifteen thousand dollars, to be annually paid. You will, of course, use
your best endeavors to get it at the lowest sum practicable; whereupon
I shall only say, that we should be pleased with ten thousand dollars,
contented with fifteen thousand, think twenty thousand a very hard
bargain, yet go as far as twenty-five thousand, if it be impossible to
get it for less; but not a copper further, this being fixed by law as
the utmost limit. These are meant as annual sums. If you can put off the
first annual payment to the end of the first year, you may employ any
sum not exceeding that, in presents to be paid down; but if the first
payment is to be made in hand, that and the presents cannot by law
exceed twenty-five thousand dollars.

And here we meet a difficulty, arising from the small degree of
information we have respecting the Barbary States. Tunis is said to
be tributary to Algiers. But whether the effect of this be, that
peace being made with Algiers, is of course with the Tunisians without
separate treaty, or separate price, is what we know not. If it be
possible to have it placed on this footing, so much the better. In
any event, it will be necessary to stipulate with Algiers, that her
influenc