An agreement has been arrived at between the Panama liquidators,
the heirs of Baron Reinach, and IL Cornelius Herz, by which, in consideration of £60,000 to be paid by each of the two latter, all proceedings are to be stopped. M. Herz may therefore return to Paris. We cannot congratulate France. There can be no doubt whatever that funds belonging to the Canal shareholders were used to corrupt politicians, but after a frightful amount -of scandal and a pretence of full investigation, nearly every-- body except M. Baihaut, who confessed, and M. Clemenceau, who was turned out without evidence of any misconduct except friendship with M. Herz, nobody has been punished. The " Panamists " are all rising to power again, and the affair ends in what in England would be called a heavy payment of hush money. The whole transaction is singularly discreditable to- the Opportunist party, and to its reputation for the virtues- it claims, probity, austerity, and patriotism. Neither in America nor in France does the Democracy appear to have any- genuine hatred of corruption, though it sometimes punishes- it when detected. Its feeling seems to be that of the old. borough-mongers in England, that bribery is like a revoke at- whist, sufficiently punished, if detected, by the forfeiture laid. down in the rules of the game.