"I cannot conceal from your Serene Highness that the proposals of the company, which must be settled by constitutional methods, encounter no small difficulties, arising from the very nature of the affair. Nevertheless, my Government has every wish to prepare a solution which would be acceptable to both parties, and which could be successfully promoted in the Chamber here. If we may hope for the benevolent interest of your Highness in this delicate question, I do not doubt that it will soon be solved. M. Rosetti is able to give the necessary information should your Highness desire to enter more fully into the question." _From_ PRINCE BISMARCK, _March 1875_. "I return my humblest thanks to your Highness for the gracious letter which Minister Rosetti has handed to me. The knowledge and personal amiability of the latter has made a favourable impression on all circles here, and he has brought the negotiations to such a point that their conclusion may be expected, provided the result here gains the approbation of your Highness's Government. I myself entertain the hope that such may be the case, the more willingly since so large an amount of German capital is placed in no other foreign enterprise, and the solidly assured future of the railways must exert a decisive influence on the development of the rich resources with which Roumania is blessed by nature. The protection afforded to the enterprise by your Highness will contribute materially to maintain and further public interest in Germany for the welfare of Roumania." * * * * * Whilst these delicate negotiations were in progress, the question of the right of Roumania to enter into commercial treaties was brought to a close. The intimate relations of the Principalities to Austria-Hungary rendered it desirable that the first treaty should be concluded with that State, not without opposition in the Chamber, and it was actually voted on July 10, 1875. "This international act," the Prince wrote, "is of great importance, as it contains the germ of Roumanian independence." The Budget of 1876, which announced a deficit of 30,000,000 francs, was received with a storm of indignation, and eventually led to the fall of the Catargiu Ministry. _To_ PRINCE CHARLES ANTHONY, _April 26th, 1876_.