We retain nothing, although we have conquered everything...France is chiefly, if not solely, to be dreaded by us in the light of a maritime and commercial power; and therefore by restoring to her all the valuable West India islands, and by our concessions in the Newfoundland fishery, we have given her the means of recovering her prodigious losses and of becoming once more formidable to us at sea...all the Spanish treasures and riches in America, lay at our mercy.