ppose,
that factious or ambitious men, because they chance to possess talents,
can make revolutions in England as they have done in France.

In the papers which gave rise to these reflections, I observe that some
of your manufacturing towns are discontented, and attribute the
stagnation of their commerce to the war; but it is not unlikely, that the
stagnation and failures complained of might have taken place, though the
war had not happened.--When I came here in 1792, every shop and warehouse
were over-stocked with English goods. I could purchase any article of
our manufacture at nearly the retail price of London; and some I sent for
from Paris, in the beginning of 1793, notwithstanding the reports of war,
were very little advanced. Soon after the conclusion of the commercial
treaty, every thing English became fashionable; and so many people had
speculated in consequence, that similar speculations took place in
England. But France was glutted before the war; and all speculations
entered into on a presumption of a demand equal to that of the first
years of the treaty, must have failed in a certain degree, though the two
countries had remained at peace.--Even after a two years cessation of
direct intercourse, British manufactures are every where to be procured,
which is a sufficient proof that either the country was previously over
supplied, or that they are still imported through neutral or indirect
channels. Both these suppositions preclude the likelihood that the war
has so great a share in relaxing the activity of your commerce, as is
pretended.

But whatever may be the effect of the war, there is no prospect of peace,
until the efforts of England, or the total ruin of the French finances,*
shall open the way for it.

* By a report of Cambon's at this time, it appears the expences of
France in 1792 were eighteen millions sterling--in 1793, near ninety
millions--and, in the spring of 1794, twelve and a half millions per
month!--The church bells, we learn from the same authority, cost in
coinage, and the purchase of copper to mix with the metal, five or
six millions of livres more than they produced as money. The church
plate, which was brought to the bar of the Convention with such
eclat, and represented as an inexhaustible resource, amounted to
scarcely a million sterling: for as the offering was every where
involuntary, and promoted by its agents for the purpos