A total annexation of Maretonia would be folly in more ways than one.I know this may qualify as counting your chickens before they hatch, but should we annex Maretonia after we take care of House Storm? I know we promised the Colleges of Magic we wouldn't do it for their help, but as it is, they no longer exist, with only a few mages (some of which won't even come out of hiding) left of it, so one could make the argument that the agreement no longer holds up.
Also, with all the damage done, with the current state of the country, they may not even have the means to fix everything themselves at this point.
For one thing, they're not utterly leaderless.
Many nobles, depowered as they happen to be, still exist in White Star's realm and unless we start mass confiscating their lands will continue to do so and remember the griffons enforcing direct rule on them.
Then you must remember the abolitionists, our allies that wanted to abolish slavery and likely get a good kicking at their former masters: Maybe they still want to hold the land under Maretonian - true Maretonian - control, and would find annexation a betrayal?
Secondly, Maretonia still holds to their culture, unlike the Crystal Empire that lost much of it thanks to either Sombra intentionally destroying them, or everyone just forgetting them thanks to amnesia and PTSD.
Even the Crystal Empire still held nationalists who didn't want to be under the rule of non-ponies and they had just been saved from
Thirdly, we made the promise to the Colleges as you mention. It will look very bad if we made a promise such as that and then turn 180 degrees when it becomes convenient.
Fourth: we might have a land connection via our protectorate, but technically we aren't de jure bordering the new lands we would annex. That makes administration a tad more difficult, albeit one of the easiest of the listed problems to resolve.
Fifth, we have set a precedent with the Crystal Protectorate: they needed our help more than Maretonia will, it could easily be claimed. They had less population than Maretonia, they lacked farmland, they lacked surviving leadership.
If we now turned to Maretonia and went further than with the Crystal Protectorate, wouldn't it look utterly baffling?
What, are the Crystal Ponies supposed to be more important than Maretonians? Less important?
Put in one sentence:
How would you justify direct annexation when there are more ponies, more land, the ponies have still-alive leadership, we have made agreements not to annex Maretonia, we have harder time administering the land by distance, they still have their culture mostly intact and we have already created a precedent of at most going for a protectorate arrangement with someone that was even easier to annex?
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