governor, General Trochu, has literally created out of the young and demoralised troops within its walls, armies of unquestionable valour and worth. These armies commenced offensive operations on the 29th and 30th November, by making immense sorties from the capital; and though they have not succeeded in breaking through the net which hems them in, it is not impossible that they may yet do so. The situation, in fact, has so completely changed since the beginning of the month of November, that all competent persons now think that if Paris can hold out five or six weeks more, the result may be fatal to the Germans. It is almost useless to speculate on events which may be solved before these lines shall be printed, but we venture to hazard a glance into the future. It appears to us that in all probability Paris will ultimately succumb to famine, that it will not be relieved from without, and that General Trochu and his brave troops will have to yield to adverse fortune. This blow, if it happens, will be terrible, but if France continues to evince the resolution and energy of the last two months, its military consequences need not be decisive. In that event the defence of France will have to be undertaken on the Loire; and if her young armies are carefully husbanded; if her generals and statesmen admit the truth that the siege of Paris has gained time for developing her restored vigour; and if no fatal mistakes are made, we believe that she yet may repel the invader. What is most to be feared is, that if Paris falls, a collapse of authority may ensue, that Red Republicanism may lift its head, and that the men who have done such eminent service, may be overthrown by popular fear and terror. But if France is true to herself, if she goes on as she has done lately, and if her forces are rationally handled, she may possibly succeed in shaking off her assailants, and avoid the dismemberment with which she is threatened. Let the nation comprehend that if Paris falls, it will have done wonders in gaining time, and in allowing the spirit of France to revive, and then let it go on with the contest, obedient as a man to the existing Government, and looking steadily to the one great object, deliverance from impending subjugation.