to redeem his pledge. We have almost forgotten our troubles, in hearing that King William, "to recompense his soldiers and reward their valour," has made his son and his nephew Field Marshals. We wish to know whether, if his army takes Paris, he will reward the men by declaring himself infallible, and giving "our Fritz" a few million francs. With fear and trembling we ask whether the success of the Bavarians will be recognized by their monarch being allowed to inflict on us the operas of his friend Wagner. A new industry has sprung up in Paris. A manufactory has been discovered, in which Prussian casques and sabres were being made. It was at first thought that the owner was engaged in a dark conspiracy, but, upon being arrested, he confessed that he was endeavouring to meet the demand for trophies from the fields of battle. In one room of the house of this ingenious speculator, a large number of forged letters were found, from mothers, sisters, and brides, to their relations in the army before Paris: these, he explained, were to be sold, warranted from the pocket of a German corpse. Has Gambetta contracted with a London firm for a loan of 250 millions at 42? The financial world here is in a state of the greatest agitation about a statement to this effect, which has been discovered in an English newspaper. The Government officially declares that it knows nothing about the matter. It is a curious sign of the universal belief of any one in official utterances, that this denial is regarded as very questionable evidence against the loan having been made. What puzzles us is, that the Rente is at 53--why then was this new loan issued at 42? An attempt has been made to oblige those persons left in charge of houses occupied by foreigners here, to pay the tax upon absents. An energetic protest, however, of Mr. Washburne, has saved Americans from this extortion. CHAPTER XI. _Wednesday, November 9th._