The Treaty of Prague, the secret military conventions signed at Nikolsburg, the ascendancy secured by Von Bismarck, now elevated to the dignity of a Count, together with the complete removal of alien Powers from Italy, wrought a radical change in the political relations of the European States. Excluded from Germany, although including powerful German elements, the dominions of Austria still extended to the verge of Venetia and the Lombard plains; but as the Prussian statesman had already hinted, her future lay Eastward, and her centre of gravity had been removed to Buda-Pesth. In the South German Courts, no doubt, there was a bias towards Vienna, and a dislike of Prussia; yet both the leaning and the repugnance were counterbalanced by a deeper dread of France rooted in the people by the vivid memories of repeated and cruel invasions. Russia, somewhat alarmed by the rapid success of King William, had been soothed by diplomatic reassurances, the tenour of which is not positively known, although a series of subsequent events more than justified the inference made at that time, that promises, bearing on the Czar’s Eastern designs, were tendered and accepted as a valuable consideration for the coveted boon of benevolent neutrality, if not something more substantial. Like Russia, France had lost nothing by the campaign of 1866; her territories were intact; her ruler had mediated between Austria and Prussia; and he had the honour of protecting the Pope, who, as a spiritual and temporal Prince, was still in possession of Rome and restricted territorial domains. But the Napoleonic Court, and many who looked upon its head as a usurper, experienced, on the morrow of Sadowa, and in a greater degree after the preface to a peace had been signed at Nikolsburg, a sensation of diminished magnitude, a consciousness of lessened prestige, and a painful impression that their political, perhaps even their military place in Europe, as the heirs of Richelieu, Louis XIV., and Napoleon, had been suddenly occupied by a Power which they had taught themselves to contemn as an inferior. Until the summer of 1866 the Emperor Napoleon fancied that he was strong enough to play with the Prussian Minister a game of diplomatic finesse; indeed, he seems to have thought that the Pomeranian gentleman would be an easy prey; but having thus put it to the proof, he did not concur in the maxim that it is as pleasant to be cheated as to cheat, especially when the result is chiefly due to complaisant self-deception. On the other hand, Herr von Bismarck had no longer any delusions concerning Louis Napoleon. If, at an early period, when the English Radicals were considering whether the new Emperor was “stupid,” a proposition they had taken for granted theretofore, he had over-estimated the capacity of the self-styled “parvenu,” later experience had reduced the estimate to just proportions, and had produced a correct judgment upon the