sharpest and thriftiest people alive in private affairs, and in public matters the most absolute fly-gobblers in the whole world!' I tried to console my friend by informing him that this particular kind of political financiering is not unknown in my own country. The scheme of Gambetta appears to me to be simply a development, on a grand scale, of the 'log-rolling principle,' on which, year after year, a measure known as the 'Rivers and Harbours Bill' is engineered, with more or less friction, through the Congress of the United States. It is regularly and diplomatically fought over between the two houses until an agreement about it is come to between the opposing forces, described by a recent American writer as 'the plutocracy at one end and the mobocracy at the other end' of our national legislature. In short, it has now become an 'institution,' and like other institutions it has its legendary hero, in a western legislator who is reputed to have re-elected himself for a number of years by 'putting through' successive appropriations for the 'improvement' of a stream which rose in an inaccessible mountain and emptied itself into an unfathomable swamp. 'That is very well,' said my friend gravely, 'very well indeed, but you have to do this thing every year, while Gambetta and Leon Say and De Freycinet committed France to it once for all and irremediably. And on what scale do you do this sort of thing?' I was forced to own that, upon this point, Washington so far lags shamefully in the rear of Paris. Our grandest 'log-rolling' in finance is, to the colossal operations of Gambetta, Leon Say, and De Freycinet, as is the ordinary iron lamp-post of New York to the Eiffel Tower. The 'Rivers and Harbours Bill,' in 1886, was only saved after a desperate struggle at the very end of the session, by a compromise over an 'ancient and fish-like' canal job in the North-West, the original promoter of which, long since passed beyond the hope, if not beyond the desire of hydraulic improvements, audaciously baptized it with the name of Father Hennepin, one of the glories of France in the New World. And yet the amount involved in the Bill did not exceed fourteen million dollars, or a beggarly seventy million francs. 'At that rate,' said my friend, 'it would take your great country more than a century to match what we have covered in ten years. And yet you are thought an enterprising people, and, what is more to the point, your treasury shows an annual surplus, while ours shows an annual deficit; and you have nearly twice our population, have you not, and more than ten times our area of territory?