ance, like Russia, could have put to profit this delay, the one,
Russia, in order to proceed to a partial mobilization, the other,
France, to take precautions compatible with the maintenance of peace.

On the other hand, Austria and Russia have entered into direct
negotiations. Russia demands of Austria what treatment she reserves for
Servia. Austria answers that she will respect her "territorial
integrity." Russia figures that it is not enough and that it must also
include that "the sovereign rights of Servia are guaranteed."

Even if discord comes between the views of Austria and those of Russia,
one could measure the distance of the ideas and work on a solution of a
problem whose points are determined. It is then, it seems, that the
English idea of mediation which seeks a form, its means of expression,
but which in the end will prevail, for it embodies the profound
sentiments of the people, and without doubt the desire of the rulers
who feel rising toward them, like punishment, this peril of war, with
which for a moment they thought of playing like a diplomatic toy.

If we judge what war itself will be and the effects it will produce by
panic, sinister rumors, economic difficulties, monetary difficulties,
and the financial disasters which the mere possibility of a conflict
creates; when we think that even now we must postpone payments, and
prepare to decree a forced circulation for the paper certificates, one
asks if the most crazy or the sanest of men are capable to open such a
crisis.

The greatest danger at this time is not, if I can say it, in the events
themselves. It is not even in the real dispositions of the
chancelleries, however guilty they may be; it is not in the real will of
the people; it is in the nervousness which is gaining, in the worry
which is spread, in the sudden impulse which grows from fear, of the
growing uncertainty, prolonged anxiety. To these crazy panics the crowd
may give in, and it is not sure that the Governments, too, may give in.
They spend their time (delicious occupation) to frighten and to reassure
each other. And this, do not mistake, can last for weeks. Those who
imagine that a diplomatic crisis must be or can be settled in a few days
are mistaken. Just as the battles of modern war develop on an immense
front, last seven or eight days, the same way the diplomatic battles,
placing now in the game entire Europe and involving a number of powerful
nations, will spread necessarily