Page:The Works of the Rev. Jonathan Swift, Volume 3.djvu/410

402 and annuities are so much real wealth in the nation; whereas every farthing of it is entirely lost to us, scattered in Holland, Germany, and Spain; and the landed men, who now pay the interest, must at last pay the principal.

Fourthly, those who are against any peace without Spain, have, I doubt, been ill informed as to the low condition of France, and the mighty consequences of our successes. As to the first, it must be confessed, that after the battle of Ramillies, the French were so discouraged with their frequent losses, and so impatient for a peace, that their king was resolved to comply upon any reasonable terms. But, when his subjects were informed of our exorbitant demands, they grew jealous of his honour, and were unanimous to assist him in continuing the war at any hazard, rather than submit. This fully restored his authority; and the supplies he has received from the Spanish West-Indies, which in all are computed since the war to amount to four hundred millions of livres, and all in specie, have enabled him to pay his troops. Besides, the money is spent in his own country; and he has since waged war in the most thrifty manner, by acting on the defensive: compounding with us every campaign for a town, which costs us fifty times more than it is worth, either as to the value or the consequences. Then he is at no charge for a fleet, farther than providing privateers, wherewith his subjects carry on a piratical war at their own expense, and he shares in the profit; which has been very considerable to France, and of infinite disadvantage to us, not only by the perpetual losses we have suffered, to an immense value, but by the general discouragement of trade, on which we