I see where you're coming from but in my opinion so long as we're careful and clever those things are very unlikely to happenI'm not opposed to us trying but there might be a couple problems that would make it very costly. First, the loyalist faction would probably be averse to losing independence and could cause negotiations to go poorly. We could have a rebelion, balkanization, or the creation of an adversarial political faction within the empire. Any of those outcomes would be extremely annoying to deal with in the long term.
Most of Maretonia's population are either former slaves who are only free because of us and would be significantly happier under any rule that didn't enslave them (and probably even more so as long as that rule didn't consist of the same people who had enslaved them), surviving nobles that we have in our pocket, people who have family that live in the Empire and those who are just grateful that the war is over and would accept just about any government that kept things stable and put food on the table
Let's be honest between our history of charitable work, how bad a state Maretonia is in and our desire to not have a lawless state on our border we were probably going to pay for most, or at the very least a significant chunk, of the reconstructionThe second and more immediate concern is that if we make them a protectorate then we'll take the lion's share of the cost for reconstruction, our economy will take a huge hit from that.
As for our economy, keep in mind that while the war cost us a lot of our stockpile we are still making a lot of money and have plenty of options for making more available to us, such as trade with the Emerald Isles and Equestria, producing more alcohol and the development of steamships and commercial airships
I get what you're saying but in my opinion dividing Maretonia will be even more controversial than just turning it into a protectorate not only because it will give the people who are anti-Empire a country to run but also because it makes the argument that we're just doing it to help stabilise and reconstruct the country look a lot less believable, because if that's the case then why are we only doing it for some of the countryMaking them a protactorate is definately the high-risk/high-reward option here. I'm only suggesting we negotiate for the northern abolitionist territory instead because I know most of us are going to want to help them either way and I don't want us to do it for nothing if people think going for another protectorate is too risky.
I don't know, territorial concession is pretty damn goodWe don't want territorial concessions (we have everything in that regard from Libertalia), and short of trade and economic influence I can think of nothing particular we need. The sooner we get them off gold, and onto paper money the better if Dragons are that much of a problem.
It's more land to mine, more resources to feed our economy, removes another competitor on the eastern coast and provides us with a much larger work force and citizenry, a not insignificant percentage of which are capable of magic