If we assume the local finances of the rest of France to have been handled during the last decade on the same lines, there is nothing extravagant in the estimate made by a friend of mine, who formerly held a very high post in the Treasury, and who puts the accumulation of local deficits and the local indebtedness in France, independently of the national deficits and the national loans, since 1880, at two milliards of francs, or eighty millions of pounds sterling. For, although Amiens is an important city, it represents only about one four-hundred-and-fiftieth part of the population of France. While I was at Amiens in June M. Goblet came there and made a rather remarkable speech. It was in the main aimed at a society called the 'Association of the Conservative Young Men of Amiens,' all of whom, I am told, except the president, are young working men--mechanics, clerks, or the sons of clerks, mechanics, and working men--in short, a kind of French 'Tory democracy.' They are not Boulangists at all, but outspoken royalists. They support Boulanger simply and avowedly in order to get at a revision of the Constitution and make an end of the Republic. 'This association,' said M. Goblet, 'is making a tremendous stir. I admit its right to do this. It holds meetings and conferences; it listens to speeches in the city and the suburbs; it attacks both democracy and the Republic in no measured terms; it does not hesitate to denounce its enemies personally and by name, and neglects no means of acting on public opinion. These conservative young men speak and act energetically. They believe in the re-establishment of the monarchy; they desire it; they preach a reaction against all that we have done for twenty years past!' There could hardly be a more signal proof given of the reality and vitality of the anti-Republican movement in this part of France than these words of a Republican leader who began his political career, as I have shown, twenty years ago in a hopeless minority of Republicans under the Empire, who has since worked his way up the municipal ladder at Amiens and up the legislative ladder in Paris; and who, after reaching the top of the tree, now finds himself in imminent peril of slipping down again to the point from which he started. The force of the testimony is certainly not weakened by the fact that at the legislative elections in September, M. Goblet, standing as a candidate for the Chamber, was completely beaten.