It had been also stipulated between them, that
no proposal of peace to their common enemies was to be made except by
common consent; that the two monarchs were to act as if they formed one
and the same power; that they should maintain for each other all the
possessions which they might possess at the conclusion of peace; and
finally, that the King of Naples might be allowed to participate in
their treaty, though no other family, except a prince of the house of
Bourbon, was to be admitted into this family compact.
Negociations for peace, therefore, proved abortive. Even Bute considered
many of the proposals of the French if not insulting to the majesty
of the British nation, at least inadmissible. Yet these negociations
resulted in the downfall of Pitt. At the council-table, that great
minister represented that Spain was only waiting for the arrival of
her annual plate-fleet from America, and then she would declare war.
He proposed, therefore, that her declaration should be anticipated by
England: that war should be forthwith proclaimed against Spain, and a
fleet sent out to intercept her ships and treasures from the western
world. He likewise proposed an immediate attack upon her colonies;
recommending the capture of the Havannah and the occupation of the
Isthmus of Panama, from whence an expedition might be sent against
Manilla and the Philippine Isles, to intercept the communication between
the continent of South America and the rich regions of the East.
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