As I have already observed that it may be objected depreciations & other payments have been made good; but can a just debt be equitably discharged by certificates of very small comparative value, or depreciated paper money? Certainly no, consequently the States are still bound to make good the deficiency. To this it will probably be answered that those certificates have generally passed into other hands, who have paid a consideration for them; but what consideration? A tenth or a twentieth of the principal value expressed therein, independent of interest; and is it not generally understood in some States, if not in all, that when those certificates are to be paid off they will be estimated at no more than what was given for them? I therefore conceive the following rules should be observed in discharge of these obligations.
Every person in whose favour a certificate has been or shall be given, & who will keep it to the conclusion of the war, to be paid its full value.
To every person paid in depreciated money the depreciation thereof to be made good.
To the original possessors of certificates sold two thirds of the value expressed, the other third to be considered as received when the certificate was sold. This is certainly much beyond what, on an average, has been received for all certificates sold, but as it will be difficult, if at all possible, to ascertain in a reasonable time the money paid, it is requisite to fix some rule.
This war must have shewn to all, but to military men in particular the weakness of republicks, & the exertions the army has been able to make by being under a proper head, therefore I little doubt, when the benefits of a mixed government are pointed out & duly considered, but such will be readily adopted; in this case it will, I believe, be uncontroverted that the same abilities which have lead us, through difficulties apparently unsurmountable by human power, to victory & glory, those qualities that have merited & obtained the universal esteem & veneration of an army, would be most likely to conduct & direct us in the smoother paths of peace.
Some people have so connected the ideas of tyranny & monarchy as to find it very difficult to seperate them, it may therefore be requisite to give the head of such a constitution as I propose, some title apparently more moderate, but if all other things were once adjusted I believe strong arguments might be produced for admitting the title of king, which I conceive would be attended with some material advantages.
I have hinted that I believed the United States would be benefited by my scheme, this I conceive would be done, by having a savage & cruel enemy seperated from their borders, by a body of veterans, that would be as an advanced guard, securing the main body from danger. There is no doubt but Canada will some time or other be a seperate State, and from the genious & habits of the people, that its government will be monarchical. May not casualties produce enmity between this new State & our Union, & may not its force under the direction of an active prince prove too powerful for the efforts of republicks? It may be answered that in a few years we shall acquire such vigour as to baffle all inimicel at temps. I grant that our numbers & riches will increase, but will our governments have energy enough to draw them forth? Will those States remote from the danger be jealously anxious to assist those most exposed? Individuals in Holland abound in wealth, yet the government is poor & weak.
Republican bigots will certainly consider my opinions as heterodox, and the maintainer thereof as meriting fire & faggots, I have therefore hitherto kept them within my own breast. By freely communicating them to your Excellency I am persuaded I own no risk, & that, tho disapproved of, I need not apprehend their ever being disclosed to my prejudice.
(The above by Col. Nicola)
