According to the Temps, M. Isvolsky's declaration was made in
consequence of a letter which the Emperor William addressed to the Czar. If this is true, it would seem to mean that the Emperor William has become alarmed at the results of the encouragement to forward action which he originally gave to the heir to the Austro-Hungarian throne, and that he is now anxious to do his best to prevent the consequences of such encouragement. No one, however, will desire to dwell upon the past as long as the German Sovereign is now making efforts to secure the peace of Europe. We desire to endorse the warm praise which the Times accords to the Czar and the Russian Government for the way in which they have noted. "They have," it points out, "had the real wisdom and the great moral courage necessary to acknowledge, and to act upon, the hard realities of the situation. Their conduct and the motives which inspire it will be understood and applauded by all competent to judge the difficulties they have to con- front. To M. Isvolsky in particular the gratitude of Europe, of Russia, and of the Slav race is in the highest degree due."