The resignation has created less disturbance in opinion than was
expected, partly because it has been understood for some time that the Emperor intended to rule himself, partly because people have not yet comprehended the full significance of the event. In Germany all is tranquil, the people looking to the Emperor ; and in Austria there is a resolution to appear confident in the great alliance. There is more emotion in Italy, where Prince Bismarck's favour seriously protected Signor Crispi ; and in Russia and France there is something like alarm. In both these countries there is an impression that Prince Bismarck had become devoted to peace, and that it is un- safe to rely with equal firmness on the young Emperor and the new men he will bring forward. At the same time,, there is no panic anywhere, the idea being that the Emperor is occupied with domestic problems, that the great League of Peace will be maintained, and that while it lasts an attack upon it will be tno,clangerons. This is pretty obviously the view of the great fiia; nciers ; but they are occasionally in error. The pivot of European affairs cannot be changed without great con- sequences. In England, where the interest in the event is intense, but is without the element of alarm, it should be remembered that the German Emperor believes in projects of Colonial expansion which his Chancellor never heartily encouraged.
