There was the conspiracy of Bacolino, a year ago, which, had it succeeded, would have cast us into the hands of Florence.

It failed, but another such might not fail again.

The increased disfavour of his Highness may bring more adherents to a fresh conspiracy of this character, and we should be lost as an independent state.

And the peril that menaces us is the peril of being so lost.

Not only by defection of our own, but by the force of arms of another.