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subjects of Great Britain must experience from attempting to avail 

 of it, can be of little value to her, except as in its higher branches 

 and on the Missouri, it may facilitate the prosecution of the fur 

 trade. This trade, however, although it employs a large number 

 of persons, never has been very important to the nation, and must 

 from the operation of unavoidable causes, gradually lessen, and in 

 the course of a few years probably recede altogether from the 

 great rivers. She has, therefore, notwithstanding the opinion of 

 two of the American commissioners and her own probable preten 

 sions of fairness given up nothing in point of value compared with 

 the fisheries, which, upon the same ground, she is undoubtedly de 

 sirous of fortifying herself in withholding. 



&quot; In compliance with the intimation you had given me, 1 have 

 commented on this subject at much greater length even than I had 

 contemplated at the outset, perhaps, too minutely when I recollect 

 that a part of it at least must be much better understood at Qiiincy 

 than by myself, but the account of the recent state of these fish 

 eries and the mode in which they were prosecuted, I thought might 

 not be unacceptable to you. My information with regard to them, 

 has in general been derived from respectable sources upon which 

 I can rely, never having had any direct interest or concern in 

 the fisheries myself. I have not attempted to apply the principles 

 of public law to the question respecting them, because the few 

 books of this description which I possess, are still at Washington ; 

 and since the rising of the council, I have not had time to make any 

 research elsewhere, and because I presume this part of the busi 

 ness will be placed under the hands of those who will have both 

 the means and the ability to do it ample justice. 



&quot; I had intended also in reference to the treaty of 1314, to have 

 made some few remarks upon the interdiction it may occasion, of a 

 trade between the United States and the British ports in India, and 

 on its operation upon the contested boundary on our North Eastern 

 frontier, so far as regards the right of possession to the Islands of 

 Dudley, Moose, and Frederick, in the Bay of Passamaquoddy. I 

 have, however, already so unduly trespassed on your patience, that 

 f will only not omit them altogether. Both these objects attach 

 to them some importance, but compared in point of value with the 

 possession of the fisheries, perhaps in a ratio not much greater 

 than the bullion in the mint at Philadelphia would be to the ore in 

 the mines of Peru. 



* Feeling persuaded that in avowing the hope that all these ob 

 jects may be disposed of in such a manner as best to confirm the 

 rights and secure the interests of the United States, I shall unite 

 fully in sentiment with yourself. 



&quot; I have the honour to remain, sir, with great consideration, your 

 very respectful and obedient servant, 



&quot; JAMES LLOYD.&quot; 



