Ynez Exchanges of Europe are pretty good. political barometers, and the mercury in them is at "Fair" and is rising. They have come to the conclusion that peace will certainly follow the Gonference at Portsmouth, N. H. Despite all the preliminary talk, no one of the Japanese demands, as far as we know, has been rejected; those on which there seems at the moment to be an insuperable, divergence have been postponed for later consideration, When two-thirds of these demands have been accepted, the tendency will naturally be make the best of the remaining third. Mr. de Witte has gone to Portsmouth to buy peace for his country, and it is customary for the buyer to depreciate beforehand what he wants and means to purchase in the end. One of the objects of his visit, to the United States is to raise a loan, and as a guid pro quo he offers the emancipation of the Jews in Russia, As no one will lend-Russia money until she makes ace, it is obvious that. the new loan O7lis to pay the indemnity,. under whatever name it may be disguised, the word "indemnity" being so distasteful tothe country that has to ay it. It isto be noted that the fews in the United States show.a higher patriotism than their fellow-countrymen in Europe; the latter will always lend money to Russia if the security and interest are good enough; the former add the condition that the lot of their fellow-countrymen in Russia "shall be ameliorated, and unless this is promised they do not untie their purse-strings. Pare We take it that the inactivity of the Japanese in Manchuria is an indication that aspen knows that pence is certain, If another great russian defeat were necessary to per= suade the Czar to accept the best terms he -can* get, it-is. certain that. the defeat would be forth+ coming. Bub there is no use in sacrificing tens of thousands -of lives and increasing the bill that Russia will eventually have to. pay, for an end already. practically: attained. There are other reasons, too, why. the great expected battle is: still deferred.' One reason is that Marshal Oyama has got.on faster than was expected. It was expected by the Japanese that after the. battle of Mukden the Russians would make a stand somewhere half-way between Mukdenand the present: position of General Linievitch, which would give the Japanese time to make full preparations for keeping up the supply of provisions and munitions to the
Text read from the printed page and cleaned; old type leaves the occasional error.