As the President of the Federation sat down the German Emperor rose and said in a tone which showed that he had heard the speech with but little satisfaction—

"From what we have heard it would seem that the Federation of the Anglo-Saxon peoples considers itself as having conquered the world, and as being, therefore, in a position to dictate terms to all the peoples of the earth. Am I correct in this supposition?"

Tremayne bowed in silence, and he continued—

"But this amounts to the destruction of the liberties of all peoples who are not of the Anglo-Saxon race. It seems impossible to me to believe that free-born men who have won their liberty upon the battlefield will ever consent to submit to a despotism such as this. What if they refuse to do so?"

Tremayne was on his feet in an instant. He turned half round and faced the Kaiser, with a frown on his brow and an ominous gleam in his eyes—

"Your Majesty of Germany may call it a despotism if you choose, but remember that it is a despotism of peace and not of war, and that it affects only those who would be peace-breakers and drawers of the sword upon their fellow-creatures. I regret that you have made it necessary for me to remind you that we have conquered your conquerors, and that the despotism from which we have delivered the nations of Europe would infallibly have been ten thousand times worse than that which you are pleased to miscall by the name.

"You deplore the loss of the right and the power to draw the sword one upon another. Well, now, take that right back again for the last time! Say here, and now, that you will not acknowledge the supremacy of the Council of the Federation, and take the consequences!

"Our soldiers are still in the field, our aërial fleet is still in the air, and our sea-navy is under steam. But, remember, if you appeal to the sword it shall be with you as it was with Alexander Romanoff and the Russian force which invaded England. We have annihilated the army to a man, and exiled the Autocrat for life. Choose now, peace or war, and let those who would choose war with you take their stand beside you, and we will fight another Armageddon!"

The pregnant and pitiless words brought the Kaiser to his senses in an instant. He remembered that his army was destroyed, his strongest fortresses dismantled, his treasury empty, and the manhood of his country decimated. He turned white to the lips and sank back into his chair, covered his face with his hands, and sobbed aloud. And so ended the last and only protest made by the spirit of militarism against the new despotism of peace.

One by one the monarchs now rose in their places, bowed to the inevitable, and gave their formal adherence to the new order of things. General le Gallifet came last. When he had affixed his signature to the written undertaking of allegiance which they had all signed, he said, speaking in French—