A year ago we were largely concerned with the possible cause of war emanating from France. Since then a peace-loving president has dropped the reins of government, and another peace-loving president has succeeded him. It is a favorable sign that the French government did not dip into Pandora's box in calling to office another chief magistrate, and that we may be assured of the continuance under President Carnot of the peaceful policy which President Grévy was known to represent. Changes in the French cabinet are even more reassuring than the change in the presidency, where a great many different reasons had to be considered. The ministers who might have been ready to subordinate the peace of their own country and of Europe to their personal plans have resigned, and others have taken their places of whom we need not fear this. I believe, therefore that I may state that our outlook toward France is more peaceful and less explosive today than it was a year ago and I am glad to do this, because I wish to quiet, not to excite, public opinion. The fears which have sprung up during the last twelve months have had to do more with Russia than with France, or I may say with the exchange of mutual excitement, threats, insults, and challenges in the French and Russian papers during the past summer. Nevertheless, I believe that our relations with Russia have not changed from what they were last year. The _Liberal News_ has stated, in especially heavy type, that I said a year ago: "Our friendship with Russia has suffered no interruption during our wars, and is today beyond a doubt. We expect of Russia neither an attack nor a hostile policy." The reason why this was printed in heavy type may have been either to give me an easy starting point, or because the writer hoped that I had changed my mind since I said these things, and was at present convinced that I had erred in my confidence in the Russian policy a year ago. This is not the case. The only events which could have occasioned a change of opinion are the attitude of the Russian press and the allocation of the Russian troops.