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so much consequence to France? Under Lotus XVIII. the Americans at first made l no clam, fact which We wish to impress 1 upon your attention. They knew 1t would be repelled. But for s4 licenses for their { vessels they were willing to liberate France of every debt towards them. Napoleon fell. and not only these but hundreds of oth- ] Ter American vessels entered our ports. l The Americans thus profited of the victory of England over France. Our disasters were their gain. Whom by means of the allies combined against France, the Ameri- cans had thus reimbursed themselves even beyond their claims, they addressed them selves to the Government of the King as their debtor, and as the successor to the Imperial Government

 But suppose Napoleon had not been

 conquered, and had thus addressed him. self 10 the Government of the United States after their peace with Great Britain: You consented to receive S4 licences as an indemnity; now l admit all your ves- sels without exception you are largely indemnihed--we are quattes. Or would you that England should have triumphed, and you remained at war with her !s What objections could the Federal Government have made? This conclusive answer to

 the pfetentiors of the United States. the government of the restoration never thought

 of. But 1t was not, perhaps, thought ne- cessary at first, for 1t was not until the

 year 1918 that the American claims assun-

 ed some importance. The Americans took

 advantage of our endorsements but

 generosity IS not virtue of cabinets no

 more in the new world than in the eld--no

 more in republics than in monarchies.

 But what shall We say of the minister who

 in 1881 submitted to conditions which the

 restoration had resisted for fifteen years Did he fear that the American Government

 would not recognize our new dynasty? Ri-

 dieuIoas! The American Government re-

 cognizes to-day Don Miguel-to-morrow Donna Marie. The Americans after show

 ing so much patience ought, at least, 10

 have given us a respite of 4 or , years

 they should have been made to know that

 a transaction signed so shortly after the

 revolution of 1850, would be little honor

 able either for us or them; for US, who

 appear to purchase their friendship--for

 them, who would have the air of selling it : to us. Do you believe, gentlemen, If tine : treaty of 1881 was to be signed to day, that there Is minister who would dare to subscribe to the totality of its stipuations !!

 iii respect tic tic ia! adyan ] tages accorded by the Americans, can they be considered a sufficient compensation 1, for the losses which the neglect to execute the Sth article of the treaty ceding Louisiana has caused to French commerce. But the : advantage boasted of we should have got independently of the treaty of 1881. The , Federal Government, according to the trea- ty of 1903, owes to France an unquestion-

 ed indemnity. Ii denies the fact and offers insignificant reasons that 1t knows to be such, and does not yield until after a pro- longed discussion. The concession grant nity 10 France, was in fact an advantage l gained by the American government. , The Americans being out of debt could

 easily make the reductions which they have f on our wines and silks. Our wines are articles of the first necessity in America l; , lit is their interest to reduce the imposts upon them. Thus has that government had the ingenuity to induce Us to accept l as favor what in reality IS a gain for

 them. The same with the tax on our silks, which was reduced by the Americans at their own suggestion, though falsely de- clared to be consequence of the treaty. Lyons is held up as bug bear, and we are warned to take care its trade IS not

 ruined, if we do not sanction the treaty. But the Americans did not, in their reduc-

 ton of silks, have Lyons in view more

 than China. For the impost on China

 silks was 3S per cent. while that on the

 French was only 20. That on China has

 been reduced 10 per cent. that on France

 suppressed, so the proportion remains as

 before; probably there was some sth ar tcle for which the government of the

 United States was obliged to give satIsfac- ton to China. IL was fer herself that

 America reduced the imposts in question;

 it is for herself she will maintain them.

 And 1t would be badly to understand a

 wise government, 1t would be an insult to

 1t to imagine that 1t would make a serious

 matter of few millions of francs which

 concerns only herself The honor of the

 American nation does not require that the

 French Treasury should be delivered up to handful of spectators. who probably are not all Americans, that France should

 give as premium to those speculators 70

 millions of francs, for doubtful claims,

 bought at the lowest prices by the actual

 holders. The sum itself is contemptlble,