hearkened，andtheydidwelltohearken，tothefirstoverturesthatweremadethem。Thedispositionoftheirenemiesinvitedthemtodoso，butthatoftheirfriends，andthatofapartyathomewhohadnursed，andbeennursedbythewar，mighthavedeterredthemfromit；forthedifficultiesanddangerstowhichtheymustbeexposedincarryingforwardthisgreatwork，couldescapenoneofthem。Inalettertoafriend，itmaybeallowedmetosay，thattheydidnotescapeme：andthatIforesaw，ascontingentbutnotimprobableevents，agoodpartofwhathashappenedtomesince。Thoughitwasaduty，therefore，thatweowedtoourcountry，todeliverherfromthenecessityofbearinganylongersounequalapartinsounnecessaryawar，yetWastheresomedegreeofmeritinperformingit。Ithinksostronglyinthismanner，Iamsoincorrigible，mylord，thatifIcouldbeplacedinthesamecircumstancesagain，Iwouldtakethesameresolution，andactthesamepart。Ageandexperiencemightenablemetoactwithmoreability，andgreaterskill；butallIhavesufferedsincethedeathofthequeenshouldnothindermefromacting。Notwithstandingthis，IshallnotbesurprisedifyouthinkthatthepeaceofUtrechtwasnotanswerabletothesuccessofthewar，nortotheeffortsmadeinit。Ithinksomyself，andhavealwaysowned，evenwhenitwasmakingandmade，thatIthoughtso。
Sincewehadcommittedasuccessfulfolly，weoughttohavereapedmoreadvantagefromitthanwedid：and，whetherwehadleftPhilip，orplacedanotherprinceonthethroneofSpain，weoughttohavereducedthepowerofFrance，andtohavestrengthenedherneighborsmuchmorethanwedid。Weoughttohavereducedherpowerforgenerationstocome，andnottohavecontentedourselveswithamomentaryreductionofit。Francewasexhaustedtoagreatdegreeofmenandmoney，andhergovernmenthadnocredit：butthey，whotookthisforasufficientreductionofherpower，lookedbutalittlewaybeforethem，andreasonedtoosuperficially。Severalsuchtherewerehowever；forasithasbeensaid，thatthereisnoextravagancywhichsomephilosopherorotherhasnotmaintained，soyourexperience，youngasyouare，musthaveshownyou，thatthereisnoabsurdextreme，intowhichourpartypoliticiansofGreatBritainarenotpronetofall，concerningthestateandconductofpublicaffairs。ButifFrancewasexhausted，sowerewe，andsoweretheDutch。Faminerenderedherconditionmuchmoremiserablethanours，atonetime，inappearanceandinrealitytoo。Butassoonasthisaccident，thathaddistressedtheFrenchandfrightenedLouistheFourteenthtotheutmostdegree，andtheimmediateconsequencesofitwereover；itwasobvioustoobserve，thoughfewmadetheobservation，thatwhilstwewereunabletoraiseinayear，bysomemillionsatleast，theexpensesoftheyear，theFrenchwerewillingandabletobeartheimpositionofthetenth，overandabovealltheothertaxesthathadbeenlaiduponthem。Thisobservationhadtheweightitdeserved；andsurelyitdeservedtohavesomeamongthosewhomadeit，atthetimespokenof，andwhodidnotthinkthatthewarwastobecontinuedaslongasaparliamentcouldbeprevailedontovotemoney。Butsupposingittohavedeservednone，supposingthepowerofFrancetohavebeenreducedaslowasyouplease，withrespecttoherinwardstate，yetstillIaffirm，thatsuchareductioncouldnotbepermanent，andwasnotthereforesufficient。
Whoeverknowsthenatureofhergovernment，thetemperofherpeople，andthenaturaladvantagesshehasincommerceoverallthenationsthatsurroundher，knowsthatanarbitrarygovernment，andthetemperofherpeopleenableheronparticularoccasionstothrowoffaloadofdebtmuchmoreeasily，andwithconsequencesmuchlesstobefeared，thananyofherneighborscan：
thatalthoughinthegeneralcourseofthings，tradebecrampedandindustryvexedbythisarbitrarygovernment，yetneitheronenortheotherisoppressed；
andthetemperofthepeople，andthenaturaladvantagesofthecountry，aresuch，thathowgreatsoeverherdistressbeatanypointoftime，twentyyearsoftranquillitysufficetore-establishheraffairs，andtoenrichheragainattheexpenseofallthenationsofEurope。Ifanyonedoubtsofthis，lethimconsidertheconditioninwhichthiskingdomwasleftbyLouistheFourteenth：thestrangepranksthelateDukeofOrleansplayed，duringhisregencyandadministration，withthesystemofpublicrevenue，andprivateproperty：andthenlethimtellhimselfthattherevenuesofFrance，thetenthtakenoff，exceedalltheexpensesofhergovernmentbymanymillionsoflivresalready，andwillexceedthembymanymoreinanotheryear。