All this I quote directly from the treaty. It is Article V. The national cause is handled as nothing more than a bundle of individual claims, and the result of the proceedings under the proposed treaty is to be “a full and final settlement,” so that hereafter all claims “shall be considered and treated as finally settled and barred, and thenceforth inadmissible.” Here is no provision for the real question, which, though thrust out of sight, or declared to be “finally settled and barred,” according to the terms of the treaty, must return to plague the two countries. Whatever the treaty may say in terms, there is no settlement in fact; and until this is made, there will be constant menace of discord. Nor can it be forgotten that there is no recognition of the rule of international duty applicable to such cases. This, too, is left unsettled. While doing so little for us, the treaty makes ample provision for all known claims on the British side. As these are exclusively “individual,” they are completely covered by the text, which has no limitations or exceptions. Already it is announced in England that even those of “Confederate bondholders” are included. I have before me an English journal which describes the latter claims as founded on “immense quantities of cotton, worth at the time of their seizure nearly two shillings a pound, which were then in the legal possession of those bondholders”; and the same authority adds, “These claims will be brought, indifferently with others, before the designed joint commission, whenever it shall sit.” From another quarter I learn that these bondholders are “very sanguine of success _under the treaty as it is worded_, and certain it is that the loan went up from 0 to 10 as soon as it was ascertained that the treaty was signed.” I doubt if the American people are ready just now to provide for any such claims. That they have risen in the market is an argument against the treaty. THE CASE AGAINST ENGLAND. Passing from the treaty, I come now to consider briefly, but with proper precision, the true ground of complaint; and here again we shall see the constant inadequacy of the remedy now applied. It is with reluctance that I enter upon this statement, and I do it only in the discharge of a duty which cannot be postponed.