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THREE:These certainly were large concessions, but it was to be remembered that we had not received them for nothing; they had cost vast sums, and the national debt had been doubled by this war, and now amounted to one hundred and twenty-two million six hundred thousand pounds. These territories had, in fact, cost us upwards of sixty million pounds; and it is certain that Pitt would have exacted a more complete renunciation from France of the conquered countries. There was a clause inserted which Pitt would never have permitted��namely, that any conquests that should be made after the signing of these articles, should be restored by all parties. Now, Bute and the Ministry knew that we had expeditions out against Cuba and the Philippines, and that the only conquests likely to be made were in those quarters. To throw away without equivalent the blood and money expended in these important enterprises was a most unpatriotic act. Still, there was opportunity for more rational terms, for Grimaldi, the Spanish ambassador at Paris, held back from signing, in hope that we should be defeated at Havana, and that then he could raise his terms. When the news of the loss of both Havana and Manila arrived, Grimaldi was in great haste to sign, and Mr. Grenville and Lord Egremont very properly insisted that we should demand an equivalent for the conquest in Cuba. Pitt would have stood firm for the retention of that conquest as by far the most important, and as justly secured to us by the refusal of the Spanish ambassador to sign at the proper time. But Bute would have signed without any equivalent at all. Fortunately, there was too strong an opposition to this in the Cabinet, and the Duke of Bedford was instructed to demand Florida or Porto Rico in lieu of Havana. Florida was yielded��a fatal, though at the moment it appeared a valuable concession, for it only added to the compactness of the American colonies, hastening the day of independence, whilst Cuba would have remained under the protection of the fleet, one of the most valuable possessions of the British empire.

On the other hand, we denounce with righteous indignation and dislike men who are so beguiled and demoralized by the charms of pleasure of the moment, so blinded by desire, that they cannot foresee