, that from the best intelligence I can obtain, we shall not hear
much more of the mediation till another campaign is closed; that
things will remain nearly in their present state in Europe through
this year, unless Holland, by the prevalence of the patriotic party,
should be able to make some exertion, and come to a decision about the
much talked of alliances with the enemies of Britain. Whether this
will probably take place, you will be better informed from that
quarter than from me.

The acts of accession and acceptation on the part of the Emperor and
Empress, relative to the neutral confederation, were exchanged here a
few days after the date of my last letter to the President. A want of
connexion is observable among the powers who have adopted this system;
they are divided into three parties, the Empress standing at the head
of each. First, Russia, Denmark, Sweden, and Holland; next, Russia and
Prussia; and lastly, Russia with the Emperor. These parties are
without connexion one with the other, unless it should be supposed,
that the Empress being a party in each of them, connects the whole;
but this must necessarily be a feeble connexion, as it imposes no
duties, and confers no rights, which are in common to all the powers,
which have adopted the system. The principles of it, however, have
acquired some support by these last accessions, particularly by that
of Russia, and it seems highly probable, that they will not fail of
being established as the clear rights of neutral nations at the close
of the present war. During the continuance of it, unless Britain
should be so imprudent as to commit further infractions upon this
system, we may not see anything more arise out of these associations.
For if the subjects of the confederated powers, at present in a state
of neutrality, meet with no further obstruction in their commerce or
navigation, their end is answered. Neither Russia, Sweden, nor Denmark
will give themselves much concern to vindicate the right of Holland to
participate in the benefits of the system, according to their demands,
especially the two last, who derive very great advantages from the
present situation of the Dutch. Holland has let her opportunity slip
by unimproved, and she must patiently wait the return of a _general_
peace for the restoration of her rights, whether founded in her
treaties with Britain or in this new system.

You will excuse my referring you to my former despatches, because it
w