I have already spoken of Guaranty as an essential condition. Indemnity is not essential. At the close of our war with Slavery we said nothing of indemnity. For the life of the citizen there could be no indemnity; nor was it practicable even for the treasure sacrificed. Security for the Future was all that our nation required, and this was found in provisions of Law and Constitution establishing Equal Eights. From various intimations it is evident that Germany will not be content without indemnity in money on a large scale; and it is also evident that France, the aggressor, cannot, when conquered, deny liability to a certain extent. The question will be on the amount. Already German calculators begin to array their unrelenting figures. One of these insists that the indemnity shall not only cover outlay for the German Army,—pensions of widows and invalids,—maintenance and support of French wounded and prisoners,—compensation to Germans expelled from France,—also damage suffered by the territory to be annexed, especially Strasbourg; but it is also to cover indirect damages, large in amount,—as, loss to the nation from change of productive laborers into soldiers,—loss from killing and disabling so many laborers,—and, generally, loss from suspension of trade arid manufactures, depreciation of national property, and diminution of the public revenues:—all of which, according to a recent estimate, reach the fearful sum-total of 4,935,000,000 francs, or nearly one thousand million dollars. Of this sum, 1,255,000,000 francs are on account of the Army, 1,230,000,000 for direct damage, 2,250,000,000 for indirect damage, and 200,000,000 for damage to the reconquered provinces. Still further, the Berlin Chamber of Commerce insists on indemnity not only for actual loss of ships and cargoes from the blockade, but also for damages on account of detention. Much of this many-headed account, which I introduce in order to open the case in its extent, will be opposed by France, as fabulous, consequential, and remote. The practical question will be, Can one nation do wrong to another without paying for the damage, whatever it may be, direct or indirect,— always provided it be susceptible of estimate? Here I content myself with the remark, that, while in the settlement of international differences there is no place for technicality, there is always room for moderation.