wever, in vain to lament an evil that is past. There is neither
manhood nor policy in grief; and it often happens that an error in
politics, like an error in war, admits of being turned to greater
advantage than if it had not occurred. The enemy, encouraged by that
error, presumes too much, and becomes doubly foiled by the re-action.
England, unable to conquer, has stooped to corrupt; and defeated in
the last, as in the first, she is in a worse condition than before.
Continually increasing her crimes, she increases the measure of her
atonement, and multiplies the sacrifices she must make to obtain peace.
Nothing but the most obstinate stupidity could have induced her to let
slip the opportunity when it was within her reach. In addition to the
prospect of new expenses, she is now, to use Mr. Pitt's own figurative
expression against France, _not only on the brink, but in the gulph
of bankruptcy_. There is no longer any mystery in paper money. Call
it assignats, mandats, exchequer bills, or bank notes, it is still the
same. Time has solved the problem, and experience has fixed its fate.(1)

1 See Chapter XXVI. of this volume.--_Editor._.

The government of that unfortunate country discovers its faithlessness
so much, that peace on any terms with her is scarcely worth obtaining.
Of what use is peace with a government that will employ that peace for
no other purpose than to repair, as far as it is possible, her shattered
finances and broken credit, and then go to war again? Four times within
the last ten years, from the time the American war closed, has the
Anglo-germanic government of England been meditating fresh war. First
with France on account of Holland, in 1787; afterwards with Russia;
then with Spain, on account of Nootka Sound; and a second time against
France, to overthrow her revolution. Sometimes that government employs
Prussia against Austria; at another time Austria against Prussia; and
always one or the other, or both against France. Peace with such a
government is only a treacherous cessation of hostilities.

The frequency of wars on the part of England, within the last century,
more than before, must have had some cause that did not exist prior to
that epoch. It is not difficult to discover what that cause is. It is
the mischievous compound of an Elector of the Germanic body and a King
of England; and which necessarily must, at some day or other, become
an object of attention to France. That one nation