3 JANUARY 1903, Page 2

The author of this remarkable indictment, which we can hardly

suppose is simply the °biter dictum of the corre- spondent, and not based upon some foundation, which, how- ever, he cannot disclose, goes on to say that "only the Emperor's association with England saved him from a kind of remonstrance against his proceedings in Venezuelan waters which it would have been equally embarrassing to him to accept or to resent." The correspondent of the Times ends by declaring that it is certain that the Emperor's action "has left the relations—sentimental, if not official—between Germany and the United States less cordial than before, while those between England and the United States, thanks also to him, though against his wish, have become closer and more trustful than within living memory. That is the best legacy of 1902, and for that Americans are duly grateful to the ruler of Germany. He has builded better than he. knew." A close study of the facts at first hand enables us to endorse in the strongest possible way the above conclusion. The American people, with their wonderful national instinct for quick, almost instantaneous, appreciation of the facts of a situa- tion, have understood the real truth from the very beginning of this humiliating business.