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the remainder only in merchandise ; because the fishermen require, indispensably, some money. But he thought that after the first year, the merchandise of the preceding year, would always pro duce money for the ensuing one, and that the whole amount would continue to be taken annually afterwards, in merchandise. I added, that though the diminution of duty, was expressed to be but for one year, yet I hoped they would find their advantage in renewing and continuing it: for that if they intended really to ad mit it for one year only, the fishermen would not find it worth while to rebuild their vessels, and to prepare themselves for the business. The Count expressed satisfaction on the view of com mercial exchange held up by this article. He made no answer as to the continuance of it; and I did not choose to tell him, at that time, that we should claim its continuance under their treaty with the Hanseatic towns, which fixes this duty for them, and our own treaty, which gives us the rights of the most favored nation. 5. Tobacco. I recalled to the memory of the Count de Vergennes, the letter I had written to him on this article ; and the object of the present conversation being, how to facilitate the exchange of commerciable articles between the two countries, I pressed that of tobacco in this point of view ; observed that France, at present, paid us two millions of livres for this article ; that for such portions of it as were bought in London, they sent the money directly there, and for what they bought in the United States, the money was still remitted to London, by bills of exchange : whereas, if they would permit our merchants to sell this article freely, they would bring it here, and take the returns on the spot, in merchan dise, not money. The Count observed, that my proposition con tained what was doubtless useful, but that the King received on this article, at present, a revenue of twenty-eight millions, which was so considerable, as to render them fearful of tampering with it; that the collection of this revenue by way of Farm, was of very antient date, and that it was always hazardous to alter ar rangements of long standing, and of such infinite combinations with the fiscal system. I answered, that the simplicity of the mode of collection proposed for this article, withdrew it from all fear of deranging other parts of their system ; that I supposed they would confine the importation to some of their principal ports, probably, not more than five or six ; that a single collector in each of these, was the only new officer requisite ; that he could get rich himself on six livres a hogshead, and would receive the whole revenue, and pay it into the treasury, at short hand. M. de Rey- neval entered particularly into this part of the conversation, and explained to the Count, more in detail, the advantages and sim-