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He spoke of ship-building, and showed, as it seemed to me, rather a close knowledge of the main points involved.

He referred to the superiority of Russian ships, the wood used being more suitable than that generally found elsewhere.

As to American ships, he thought they were built, as a rule, of inferior woods, and that their reputation had suffered in consequence.

The conversation again falling upon public men, a reference of mine to Gladstone did not elicit anything like a hearty response; but the mention of Disraeli seemed to arouse a cordial feeling.

Among the guests was Lothar Bucher, whom Bismarck, in earlier days, would have hanged if he had caught him, but who had now become the chancellor's most confidential agent; and, as we came out together, Bucher said: ``Well, what do you think of him?'' My answer was: ``He seems even a greater man than I had expected.'' ``Yes,'' said Bucher; ``and I am one of those who have suffered much and long to make him possible.'' I said: ``The result is worth it, is it not?'' ``Yes,'' was the reply; ``infinitely more than worth it.''

My next visit was of a very peculiar sort. One day there arrived at the legation Mr. William D. Kelly of Pennsylvania, anxious, above all things, to have a talk with Bismarck, especially upon the tariff and the double monetary standard, both of which were just then burning questions. I told Mr. Kelly that it was much easier to present him to the Emperor than to the chancellor, but that we would see what could be done. Thereupon I wrote a note telling Bismarck who Mr. Kelly was--the senior member of the House of Representatives by term of service, the leading champion therein of protection and of the double standard of value; that he was very anxious to discuss these subjects with leading German authorities;and that, knowing the prince's interest in them, it had seemed to me that he might not be sorry to meet Mr.

Kelly for a brief interview. To this I received a hearty response: ``By all means bring Mr. Kelly over at four o'clock.'' At four o'clock, then, we appeared at the palace, and were received immediately and cordially. When we were seated the prince said: ``I am very sorry; but the new Prussian ministry is to meet here in twenty minutes, and I must preside over it.'' The meaning of this was clear, and the conversation began at once, I effacing myself in order to enjoy it more fully. In a few seconds they were in the thick of the tariff question; and, as both were high protectionists, they got along admirably. Soon rose the question of the double standard in coinage; and on this, too, they agreed. Notable was the denunciation by the chancellor of those who differed from him; he seemed to feel that, as captain of the political forces of the empire, he was entitled to the allegiance of all honest members of parliament, and on all questions. The discussion ran through various interesting phases, when, noticing that the members of the Prussian ministry were gathering in the next room, I rose to go; whereupon the prince, who seemed greatly interested both in the presentation of his own views and those of Mr. Kelly, said: ``No, no; let them wait.'' The new ministers therefore waited, the argument on the tariff and the double standard being more vigorously prosecuted than ever. After fifteen or twenty minutes more, I rose again; but Bismarck said:

``No, no; there's no hurry; let's go and take a walk.''

On this we rose and went into the garden. As we stopped for an instant to enable him to take down his military cap, I noticed two large photographs with autographs beneath them,--one of Lord Beaconsfield, and the other of King Victor Emmanuel,--and, as I glanced at the latter, Inoticed an inscription beneath it:

Al mio caro cugino Bismarck.

VITTORIO EMANUELE.

Bismarck, seeing me look at it, said: ``He calls me `cousin'

because he has given me his Order of the Annunciata.''

This remark for a moment surprised me. It was hard for me to conceive that the greatest man in Europe could care whether he was entitled to wear the Annunciata ribbon or not, or whether any king called him ``cousin'' or not. He seemed, for a moment, to descend to a somewhat lower plane than that upon which he had been standing; but, as we came out into the open and walked up and down the avenues in the park, he resumed his discussion of greater things. During this, he went at considerable length into the causes which led to the partial demonetization of silver in the empire; whereupon Mr. Kelly, interrupting him, said: ``But, prince, if you fully believed in using both the precious metals, why did you allow the demonetization of silver?'' ``Well,'' said Bismarck, ``I had a great many things to think of in those days, and as everybody said that Camphausen and ---- were great financiers, and that they understood all about these questions, I allowed them to go on; but I soon learned, as our peasants say of those who try to impose upon their neighbors, that they had nothing but hot water in their dinner-pots, after all.'' He then went on discussing the mistakes of those and other gentlemen before he himself had put his hand to the work and reversed their policy. There were curious allusions to various individuals whose ideas had not suited him, most of them humorous, but some sarcastic. At last, after a walk of about twenty minutes, bearing in mind the ministers who had been so long waiting for their chief, Iinsisted that we must go; whereupon the prince conducted us to the gate, and most cordially took leave of us.