It is generally assumed that Tsarskoe Selo knows what the
Japanese terms will be ; but Tokio keeps its secrets well, and there is still evidence of some uncertainty upon that point. It is probable, therefore, that the Czar wishes to obtain an official declaration of the Japanese minimum. He can then accept the terms, or declare that they are too injurious to the interests or humiliating to the pride of Holy Russia. • He wishes, in fact, to keep a free hand at long as he can. None of the sketch agreements as yet published can be considered official ; and though President Roosevelt knows something of the Japanese ideas, and pronounces them "moderate," the view of the litigants in a case and that of an impartial bystander as to what constitutes " moderation" are seldom exactly alike. It seems to follow from Japanese defensive policy so far as yet revealed, and from her continuous victories, that she will demand the cession of Saghalien, the dismantling of Vladivostok, ' the cession
of Port Arthur and its neighbouring land, the retrocession of Manchuria to China, the control of the great railway from the Amur to the Pacific, the acknowledgment of her protectorate over Korea, and the payment of an indemnity of —as a minimum-2100,000,000 sterling. Other clauses are suggested, such as the banishment of the Russian flag from the Pacific; but such terms would be very difficult to' enforce, and a constant cause of friction. These territorial 'concessions will not annoy the Russian people, which would gladly with- draw its troops within the ancient boundaries of Siberia; but they will annoy the courtiers, who have recently speculated in forests and mines in Northern Korea ; white the masses, un- accustomed to large figures, may be alarmed by fears of new taxation for payment of the indemnity.
