Clarendon said that when he was at Paris four years ago for the Congress, the Emperor one day said to him: “I know you are a great Free Trader, and I suppose you mean to take this opportunity of advancing Free Trade principles here as far as you can.” Clarendon said certainly such was his intention, when the Emperor said he was happy to be able to take the initiative with him on this subject, and that he would tell him that it had just been settled in the Council of State that a great change in their commercial and prohibitive system should be proposed to the Chambers, which it was his intention to carry out as soon as possible. But not long after the Emperor renewed the subject, and told him he found the Opposition so strong to his contemplated measures, and the difficulties so great, that he had been obliged to abandon them for the present, and as there is no reason to doubt that the elements of opposition will be found as strong now as they were then, it is by no means certain that His Majesty will be able now to do all he wishes and has announced. _January 27._--There is apparently a strong feeling of doubt and quasi-hostility getting up against the Commercial Treaty, and it looks as if both the English and French Governments would have great difficulties in the matter. Public opinion here remains suspended till the Treaty is produced, and till we are informed what the immediate sacrifices may be that we shall have to make for it, and what are the prospective advantages we obtain in return. The French Protectionists are more impatient, and have begun to pour out their complaints and indignation without waiting to see the obnoxious Convention. Thiers is said to be furious. So far from any Commercial Treaty like this cementing the alliance, and rendering war between the two countries more difficult, it is much more likely to inflame the popular antipathy in France, to make the alliance itself odious, and render the chances of war between the two countries more probable. In maturing his scheme Louis Napoleon has given it all the appearance of a conspiracy, which is in accordance with his character and his tastes. The whole thing was carried on with the most profound secrecy, and the secret was confined to a very few people, viz. the Emperor himself, Fould, Rouher (Minister of Commerce), Michel Chevalier, and Cobden. All the documents were copied by Madame Rouher, and Rouher was so afraid that some guesses might be made if he was known to be consulting books and returns that were preserved in the Library of the Council of State, that he never would look at any of them, and made Chevalier borrow all that he had occasion to refer to. Now the Emperor springs this Treaty upon his reluctant Chambers and the indignant Protectionist interest. His manner of doing the thing, which he thinks is the only way by which it can be done at all, naturally adds to the resentment the measure excites. They feel themselves in a measure taken in. The objections