Both parties have aimed to intimidate and cajole; but while the one party has taken recourse to effrontery and has made much and ostentatious use of threats and acts of violence against person and property, the other has constantly observed a deferential attitude toward American national self-esteem, even while engaged on a persistent infraction of American commercial rights.

The first named line of diplomacy has convicted itself of miscarriage and has lost the strategic advantage, as against the none too adroit finesse of the other side.

The statesmen of this European war power were so ill advised as to enter on a course of tentatively cumulative intimidation, by threats and experimentally graduated crimes against the property and persons of American citizens, with a view to coerce American cupidity and yet to avoid carrying these manoeuvres of terrorism far enough to arouse an unmanageable sense of outrage.

The experiment has served to show that the breaking point in popular indignation will be reached before the terrorism has gone far enough to raise a serious question of pecuniary caution.
This national honour, which so is rated a necessary of life, is an immaterial substance in a peculiarly high-wrought degree, being not only not physically tangible but also not even capable of adequate statement in pecuniary terms,--as would be the case with ordinary immaterial assets.

It is true, where the point of grievance out of which a question of the national honour arises is a pecuniary discrepancy, the national honour can not be satisfied without a pecuniary accounting; but it needs no argument to convince all right-minded persons that even at such a juncture the national honour that has been compromised is indefinitely and indefinably more than what can be made to appear on an accountant's page.