With the publication of the official peace treaty ati the promulgation of an imperial message on peace on Monday last, the curtain is tually rang down on one of the most momentous and decisive wars of modern times. In a little more than twenty months Japan ha leapt into the position of n first-class military power and Russia's aspirate Far East have been effectually checked for ton years at least, if not permanently. Moreover, Japan has effected this miracle without exhausting herself snd is now in the heyday of popular strength, com-potent, if properly directed, to use the next ton years 80 that her position will be unassailable. In his message on peace, the Emperor says: "Peace and glory: having thus be ured, we are happy to invoke the blessings of the Benign Spirits of our Ancestors and to be able to bequeath the fruits of these great deeds to Our Posterity." No endorsement of the peace terms'could be more nnreseryed and emphatic than this Imperial declaration of tion with the peace terms. It is therefore strange to note that some of the vernacular papers should still continue openly to grumble at the peace terms.
Text read from the printed page and cleaned; old type leaves the occasional error.