The pamphlet of which the following pages are a translation has obtained a world wide notoriety as embodying the first coherent view which has been made public of the designs of napoleon III. In the New World. It has been commonly attributed to M. Michel chevalier, one of the first of living French publicists; but I have reason to believe that this is an error. There can be no doubt, how ever, that it sets forth with substantial accuracy the general theory of American affairs in favor at the Tuileries. Nor can it be well denied that the actual position of France in Mexico threatens to make the adoption of such a policy towards the United States, as is here sketched out, a matter almost of necessity with the Emperor. It would seem, therefore, to be important that the public mind should make itself familiar with possibilities which involve issues so vast and so vital to our future welfare as those which are suggested in these few but pregnant pages.