At the middle of last June the leadership of Europe--Frenchmen said of the world--was in the hands of France; and that such was France's place was the work of Napoleon III. The Emperor had been successful in all his undertakings, with one exception. His Mexican business had proved a total failure; but this had not injured him. Americans thought differently, some of us going so far as to suppose the fall of Maximilian's shaky throne would involve that of the solid throne of Napoleon. No such thing. The great majority of Frenchmen know little and care less about the Mexican business. Intelligent Frenchmen regret the Emperor's having taken it up; but they do so because of the expenditure it has involved, and because they have learnt from their country's history that it is best for her to keep out of that colonizing pursuit which has so many charms for the Emperor,--perhaps because of his Dutch origin. There is something eminently ridiculous about French colonization, which contrasts strangely with the robust action of the English. The Emperor seems to believe in it,--an instance of weakness that places him, on one point at least, below common men, most of whom laugh at his doings in regard to Mexico. If report does him no injustice, he thinks his Mexican undertaking the greatest thing of his reign. What, then, is the smallest thing of that reign? It is somewhat strange that this immense undertaking should not have been practicable till some time after the United States had become involved in civil war, that tasked all American energies, and did not permit any attention to be paid to Napoleon's action in Mexico.