That Spain, from the actual and expected prevalence of French power, is
in a most perilous situation,--perfectly dependent on the mercy of that
republic. If Austria is broken, or even humbled, she will not dare to
dispute its mandates.
In the present state of things, we have nothing at all to dread from the
power of Spain by sea or by land, or from any rivalry in commerce.
That we have much to dread from the connections into which Spain may be
forced.
From the circumstances of her territorial possessions, of her resources,
and the whole of her civil and political state, we may be authorized
safely and with undoubted confidence to affirm that
_Spain is not a substantive power_.
That she must lean on France or on England.
That it is as much for the interest of Great Britain to prevent the
predominancy of a French interest in that kingdom as if Spain were a
province of the crown of Great Britain, or a state actually dependent on
it,--full as much so as ever Portugal was reputed to be. This is a
dependency of much greater value; and its destruction, or its being
carried to any other dependency, of much more serious misfortune.
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