this will depend on the intermediate captures: if they are many and
rich, the price may be raised; if few and poor, it will be lessened.
However, if it is decided, that we shall buy a peace, I know no reason
for delaying the operation, but should rather think it ought to be
hastened: but I should prefer the obtaining it by war.

1. Justice is in favor of this opinion. 2. Honor favors it. 3. It will
procure us respect in Europe; and respect is a safeguard to interest. 4.
It will arm the federal head with the safest of all the instruments of
coercion over its delinquent members, and prevent it from using what
would be less safe. I think, that so far you go with me. But in the
next steps we shall differ. 5. I think it least expensive. 6. Equally
effectual. I ask a fleet of one hundred and fifty guns, the one half
of which shall be in constant cruise. This fleet, built, manned, and
victualled for six months, will cost four hundred and fifty thousand
pounds sterling. Its annual expense will be three hundred pounds
sterling a gun, including every thing: this will be forty-five thousand
pounds sterling a year. I take British experience for the basis of my
calculation: though we know, from our own experience, that we can do in
this way for pounds lawful, what costs them pounds sterling. Were we to
charge all this to the Algerine war, it would amount to little more than
we must pay if we buy peace. But as it is proper and necessary, that we
should establish a small marine force (even were we to buy a peace from
the Algerines), and as that force, laid up in our dock-yard, would cost
us half as much annually as if kept in order for service, we have a
right to say, that only twenty-two thousand and five hundred pounds
sterling, per annum, should be charged to the Algerine war. 6. It will
be as effectual. To all the mismanagements of Spain and Portugal, urged
to show that war against those people is ineffectual, I urge a single
fact to prove the contrary, where there is any management. About forty