The New York Herald Newspaper, July 29, 1859, Page 5

eann ciate them, or foresee the recep- tion m nay ey will obtain in Italy. In seeing hostilities suspended before the fall of Ve- rona and Venice we might e Vene- tia would have been conditionally left to Austria, but the ~ — of ‘an iy tion, under the hono) Soe had been lost sight of. The gene! am: nesty was indispensable to reassure the inhabitants of certain parts of Italy whom their ardent zeal for independence had compromised in the eyes of their sovereign. This unforeseen solution of the import- ant and numerous questions which it seemed necea- sary to solve in order to arrive at the re-establish- ment of peace, will produce all the greater sensa- tion in Europe from the fact that the neutral Pow- ers were laboriously preparing for a regulation of Italian affairs to be made in common. This peace will certainly count Amores the most memorable and most unexpected events of our history. {From the Paris Debats, July 16. We have no need to say that when the war was once commenced the complete enfranchisement of Venice was one of our dearest hopes, although we should have thought that such a result would have been too dearly purchased at the cost of a general war. But the modification of the legal situation of Venetia has not the less great importance. The mere fact of the entrance that province into the Italian Confederation renders Inpseable the design which has at times been ascribed to Germany of causing that part of Italian territory to enter the Germanic Confederation. It is ‘useless to add that Fite bP acai oh in ae common destiny o rol enjoy liberal institutions, whicy’ the fialian Confedo ration will have for mission to support, and if need be to guarantee, as the Ger ic Confede ration has just done for the German duchies sub- jected to the crown of Denmark. It is less easy to igure to ourselves in advance what this Italian federation, under the honorary Pr« cy of wilh be; but if these questions present some culties, those difficulties will, perhaps, moore concern Italy herself and those who orga the new system than the rest of Europe. We hope that this peace, which was as much unforseen as it is happy, will be accepted by all the Powers with sentiments which will render it lasting, and which will cause to succeed to this short war a long inter- val of repose and prosperity. {From the Paris Constitutionnel, July 13 } This great result of one of the most glorious campaigns recorded in military histor ny will fill pos- terity with astonishment and admiration, For such events, time only is wanting to cause them to ap- pear as great as those which have cast the greatest eclat on humanity. And, what is new in history, per- haps, the conqueror has not abused his victory. af- ter four battles won, the Emperor, triumphant on the Mincio, has nobly offered peace toa vanquished enemy who could not have solicited it from him. In the plenitude of his force—at the moment at which @ Sardinian army was investing Pes- chiera—at which the French army was about to besiege Verona—at which Prince Napoleon had brought up a reinforcement of 40,000 fresh troops—at which the fleet, consist- ing of forty vessels, was about to bombard Ve- nice—at that moment the Emperor Napoleon stops short, and, master of himself and of the situation, dominates and moderates events. He astonishes Europe by a peace which is so much the more glo- rious that, in attaining the object of the war, he re- pudiates all ambition. After this peace we may say, without any exaggeration, that the situation Durope is changed, for thus rsone of the most active causes of the disorder which was kept alive by the revolutionary spirit. The treaties ¥ 1815 are torn as far as concerns Tialy; italy is reconstituted in her independence; her rent States are anited in a confederation which is in accordance with her national traditions, and which is the necessary condition of her political existence. Piedmont, which so bravely fought on the fields of battle by the side of France, receives Lombardy. The Pope, President of the Confederation, will obtain by that great political position an in- crease of moral power, which will enable him to rect. necessary reforms in his Slate. The Holy See will find in this state of things the surest guarantee of its independence, and will thereby be freed from any piesien influence or in- terference. The duchies also will find in regular governments the guarantee of their enfranchise- ment from all foreign influence. In a word, Italy will cease to be a “ geographical ereeplon, and will become the representative of right, civiliza- tion and nationality. {From the Paris Constitutionnel, July 15.) Victorious on the Mincio, the Emperor of the French might have advanced to new victories. Venetia offered the allied armies new and glorious fields of battle. But the war, if rae , might have assumed a different character. the one hand, a certain revolutionary effervescence had appeared in some of the ian 3; on the other hand, Prussia, after mobilizing her corps @armée, might not perhaps have much longer, maintained her passive attitude; borne along by the passions which she had been unable to appease, she might have been obliged to place herself at the head of the national movement so perfidiously ex- cited against us in‘ Germany. Thus, in advancing beyond the Mincio, towards the Adriatic, the Em- peror had to reckon with the revolution in Italy and with war on the Rhine. What was he to do? Was he, forgetting the primitive cause of a just and holy war, to give it greater extension and entirely change its character?’ Was he to convert the war for italian independence into a European war? ‘Was he to expose to these terrible risks the pros- perity of France, the grandeur of civilization, and the repose of the world? Had glory been his onl: object, he would not have hesitated; he would, perhaps, have renewed those heroic times whose splendor in history is obtained at the cost of oceans oft blood. But the end he had in’ view was more generous, more nseful to humanity, * * * This peace, proceeding from the interview at Villatranca, suddenly restores Europe to repose, and gives France influence the most complete satis- faction that could be desired. For centuries past, Italy has been as if defunct, and generous blood of France has just resuscitated her. She is about to be reconstituted, in conformity with the laws of her nature and her civilization. From the Alps to the Adriatic there will be a strong and powerfal Italian nationality, for the grand confederation, of which the two Emperors have just laid the foun- dations will embrace Venetia as well as Lombar- dy. By means of this confederation Italy will be organized, regenrrated, and so recover all the con- ditions of her existence and her grandeur, An enslaved Italy will soon be succeeded by an Italy confederated and free; for the confederation ne- cessarily supposos the union of the peoples and rinces guaranteed by institutions wisely liberal. These results are imense, and the Emperor Napo- Jeon, to whom they are due, will be able so return st onbe and resume, in all honor, the direction of his government. [From the Paris Union, July 18.) * * * * * * It must be remarked that i is simply the bases of the peace which are given in the telegraphic despatch. They still have to be formally establish- ed in the general treaty which will settle the se- condary questions raised by the war, directly or in- directly. Tnis will, of course, be the work of a Congress. (From the Péris Univers, July 18.] We need scarcely say with what sentiments of happiness and admiration this glorious news has peen everywhere received. The joy felt at the peace is doubled by the manner in which the Km- peror has concluded it, quite independently of those prudentual counsels that were preparing to profi! by the Blood which they had allowed to be shed. As the Emperor Of Austria will have a voice in the Malian confederatian, the States of the Church will be properly protected. Glory to the two Roman Catholic 3 who have concluded be- tween themselves the peace of the world, and who take the Church under their own protection. 3 [From Galignan\'s Messenger, » July 13) r As soon as the important intelligence of the con- clusion of peace became known yesterday, consid- erable crowds collected, as if by magic, in every part of Paris, in spite of the extreme heat of the weather, and congratulated each other on the war being over. Flags soon appeared at the windows, and at night the public offices, theatres, and great thoroughfares, were brilliantly il- Juminated. An immense crowd filled the streets to a late hour, admiring the _ bril- Jiant appearance of the houses, as was seen at the rejoicing on the occasion of the battle of Solferino. Many of the secondary streets were more gay and better lit up than the grand thorough- fares. Jn some places lines of variegated Janterns were suspended across the. street, and on the bou- porte ier striking effect was produced on se- y veral points roups of colored lights being clus- a fastically on the higher branches Sc the eB. (From the Paris Univers (Church organ), July 15} 'y the side of the pretensions of the revolu- tionary party rose others not leas dangerous, which he has not Jess ably fruxtrated—namely, the preten- sions of the various Powers, Having with some- what unchivalrous dexterity kept aloof from the war, which they thought would turn to their advan- tage, the Powers intended to intervene as soon as they should see either France or Austria sufficiently weakened, and then impose peace, and regulate the affuirs of Italy in their Congress hy 9 majority of forces. Prussia reckoned much on this, and Boge extremely. ‘These Protestanis especially flattered themselves with mee } great ame- liorations in the government o. the domain of St. Peter, and we have read the programing of them every aay, as drawn up by the English journals. The friends of the monarchical principle had good reason to be alarmed at this Congress, before which sove- reigns would be dragged rather than invited to give an account to other sovereigns, who had become in some sort the e advocates of the revolution againet tae, ale Catholics asked with ‘igh ‘the ao Father, who would certainly not e submitted to the affront of appearing, would be ¢ ed as contumacious by these heretics and un- elevers, who would tiene to dispose of his ina- Menable rights? But, thank God, this Congress, which appeared as the last and most alarming con- sequence of the war, either will not take place at all, or will meet merely to discuss what may cou- cern it without at all interfering with the essential rights of the sovereigne, By treating directly with the Emperor of Austria, our Emperor has rendered the movarchical rinelple a service at least equal to that he has rendered to the principle of nationa- lity. Nations and crowns have been emancipated atonce. At the same time that French pride is satisfied by this result, French wit, it must be own- ed, makes it a source of amusement, and many a merry jest may be heard in the streets on the dis- sppoloitment of the Prussians and the English. THE FINANCIAL EFFECT OF THE TREATY. Fiom the London Times (city article), July 14.) tthe commencement of business this morning in the Stock Exchange was marked by great excite- ment, and numerous bargains were immediately entered into at an advance of more than a half per cent. In proportion, however, as the terms of the treaty of the two Emperors came to be considered there was a disposition on the part of the public to take advantage of its first effect,and numerous realizations were consequently pressed until there were sellers at 953. Ultimately the market again exhibited more firmness, and the latest transac- tions were at 95{ to 96. The facts that Condols have to-day touched the hprice at which they stood before the ‘ream that ibe Empire was Peace, tad been woe. cannes eedien ee of oe new 1 ) OF itutic government on the continent oF with some force in checking the extraor- _ Se od limited supp! however, makes itself 'm0- ment there is poison Alone radar eran ast other causes, [From the London News, July 14.} The announcement of Tsay render a giance at the ition and the money market interesting. it, let us consider the results ot pee experience. We have upon s occasions referred to the course of the market during the years succeeding the commercial crisis of 1847 as furnishing « good criterion of its probable course di years succeeding the crisis of 1867. The parallel holds good ina remarkable degree. Afver Setar tenes t teas fiat oxtri rate for money, a low ‘and 1867 commercial speculation attained {ts climax, caus. ingan unusually ective demand for accommodation, and a Dearne as sees. ingens we y vd om Panic, followed 3 by » and ae ceni, the value of money fell x ahetonl ordinary rapidity to three, and even two per cent, We have before adverted to the remarble fact that during a riod of no less than five years succeeding the crisis of 1847, the bank rate of discount did not exceed 3 per cent, During nearly one half of that peried of five years it was at or below 234 per cent. In feo 06 the Shares’ eet. tied character of the market it may be mentioned that during thirteen months—viz.. from November, 1849, to December, 1850—the bank =e remained sta- rao whough encircled by the halo of antiquity and of “divine right,” as well as by a bristling hedge of bayo- pots—wers Caosked’ down like minepiss. The wave of revolution surged almest from one end of to the other. Yet the more alarming political turmoll abroad, the calmer was money market. During the of Eogland ratged only from 3 per cont, at the highest, to 23¢, at tac lowest. It was not until the new Imperial régime had blished in France that trade began to revive g = frags to defend ourselves against a hostile combination WO . Assuming bay y alarm prov t from a very brief period of neediess disturbance, produced by @ cause which no one could possibly have foreseen. ‘Se much in justification of the view which we ventured to take at a time when opinion in most circles inclined the other way. It has been proved once more tn 1859, as in 1848 and 1849, that war or other political disturbance on the Continent, no matter how grave, tends rather to cheapen than to raise the value of money here. For thie phenomenon there are three cipal causes. Firstiy, events of the referred to check trade every- where; secondly, they cause English capital employed on the Continent to be called home; and thirdly, the: digcourage that embarkation in foreign loans, rail- ways and other enterprises, which at all other periods is going on upon a large scale. Eogland is pre- eminently the banker of the world, and the returns due to her annually from every civilized State form so large aa aggregate that if she hold her hand and refuse to reinvest the usual proportion im fresh enterprises of a similar class, the accumulation of her capital becomes enormous, combined with the immense profits realized upon home transactions. The advent of removes the bar to foreign enter- The En, public have been rendered unusually pre by late dog be there is Td =. to unre that their appetite for foreign securit permanent departed. The ordinary flow of capital abroad will pro- bably be resumed. That there will bo no lack of borrow: ere 18 certain. Trade, too, checked by the war, as the last statistical tables show, will revive. We shall be in better spirits to offer to the foreigner a tee price for many of the raw materials of industry, and the more we import the of course must be our pay- ments. It will not have been overiooked thet since the conclusion of peace between France and Austria the con- tinerital exchanges have shown rather an adverse tenden The late war tended to @ parity of reasoni Tong J Bye for money. ‘disposed to attach little importance to a reduction of 3¢ per cent in the Bank of England rate—a step which wi! EBSS, be adopted this day, for the best bills are now discounted in the open market at 23¢ per cent, being % below the bank minimum, The market will probably retain a settled ap- violent changes being at all probable; but, as in the arteries of trade have felt the effect ot the pacific stimulus now given, money may com- mand a higher value, (Fromthe London Times (City Article) July 15.) -The Bank of England to day have reduced their rate of discount from 3 per cent., at which it was fixed on the loth alt,, to23¢ percent. The step was fully anticipated, and it conseqaently exercised no influence on the stock market. As the demand fer capital for the various under- takings beld in seme during. the war will now be heavy, aud i is certain that the great Continental Powers wil endeavor to take prompt adva of the peace to recrutt by ans their exhausted treasuries, {8 reason to suppose feat the present abundance will not be main- {From the London News (Oity Article), July 16. The directors of the Bank of England thi uced, their minimum rate of discount oar ra ome Ele - the 9th ult—to 23. en anticipated, an: consequeatiy produced On some former ocoasions the Bank’ had stand aloof, but latterly they bave evinced Position to adapt their terms vo those current in the gene- ral market. ¢ bullion movement has, however, be- come less favorable corneas last week or two, the de- mand for silver for the East baving revived, and the ‘whole of the large amounts of gold imported ee pede Of harveet wages must alto volvo tomporarly sousiaes arvest Wages mu! volve porar: 7 able withdrawals of coin. Under these circumstances there is no great disposition to count upon the perma- lly low rate of money, iy nence of the present extraordinari! the more ag the termination of the war is already giving a stimulus to some branches of business. ithe late rapa rae 12 the funds has been followed by sales and a reaction. Consols opened this morning at @ to & statement be yr interest vas eves ‘that and of Evgland rate of discount. om = on een of the ie ae heavi- wie pre enpectall the afternoon. French, Lombardo Venetian, and British railway’ stock9 were were to be we offered, Some realizations for a8 a matter of course after the late rapid rise. the London Chron! Article) en “alrechors have meds 9 reaction Ia their rte Per cent; their minimum rate now stands at 2: ld cenk “The edect of this alioration on the funde wan t> eens wee about i raat Re 8 eres but | these changes, onco regarded as so important are now acomuhied of ie vuln, ‘and aro nt | exer: aby very important or ver: action either on calculations or on prices, The arkets with leas buoyancy than they did the previous day. Tae Prospects of peace, though really uot the less brihot, Sppear to be somewhat clouded by reflections naturally called up on a careful contemplation of the terms—as far 4s they are known—of peace, and the possible contingen: | cies that mey hereafter arise. The markets were also af- Sected by rumors that the French, as @ nation, are not per- fouly satisfied with ihe sudden peace, but more partioularly cercumlance of French prices becoming wort ough there was Lo positive reaction, amount of reac\ion visible, which might be placed to the account of the natural result of the bound upwards which 80 auddenly took place. {From the London Post (City Article), July 16.} A reaction has taken place in the market for the public | funds to-day (14tb), and prices this evening were from 6 \o Js per cent lower than at the close of business yea- lerday. This reduction has occurred notwithstanding the lowering of the minimam rate of discount at the Eank of | England from 8 to 23g per cent per annum, and has been E f Occasioned in a great mesaure by reports relative to the | alleged discontent of the King of Sardinia with | the resulta of the campaign, now con: | cluded. Jt is ville that some polit ‘compli | cations may result from the ca out of the views assigned by report to the 3 but for all that peace bas been re establ! , and under | ‘apy circumstances is likely to endure for some years, at Jeast so far as the Itshan question is concerned. ‘the | effect of the rumors current hag, however, been to induce, tales of stock to a contideradle extent by taose 8; i} who have made ® profit on their operations, and also by those who consider that, under present circumstances, tha price of Coneols is fully as high as it ought to be, and that there exists a better chance of a decline than of a rise in the value of the funds during the carrent account. The advices from Pars apnounce & similar reaction on the | Paris Bourse, and the market there has become dull for all deacriptions of French securities. At the weekly court of the directors of the Bank of England held to-day, the minimum rate of interest and discount was reduced from 3 per ceut to 234 per cent per | annum. The alteration bas not produced much change as f opheca eneral condition of the money market, but is Baye been more easily negotiable at 33; and 23 per | cent in Lombard etrect than they were yesterday, The applications at the Bank of England for discount accom- modation have not increased to any perceptibie ex tent Cie since the reduction was msie, but the ee ility ig that an improvement in thie | bri of the bank’s business will take Place, as the rate is now #0 low at as to render it a matter of less im Worth an additional 4 or %4 per cent. Thus many houses of standing and respectability will take their paper to the bank for discount, and prefer, and find advantage in 20 doing, to pay 23g per cent discount instead of 2% per cent, hich ‘would probably be able to do elsewhere. ),, be considered judicious, ee eateceenige ayeee en existing o! ‘et and its pro! course for some weeks to come are taken into account. Tuo usual reductions haye been made in the rates of interest allowed on deposits by most of the metropolitan banks, The London and W r Bank, however, makes a distinction on the rate of interest allowed on sums of £500 and upwards and those of lesser amount, allowing in the one cage 134 per cent per annpm, and in the other 1 per cent per annum interest. | Messrs. Overend & Gurney aliow 13 per cent per an- num on money atcall, anfl 1%{ per cent per annum on | sums placed with them at seven days’ notice. [From the London Herald (City Article) July 15.) The Bank Court assembled to day (14th) at the usual bour,and after ashort deliberation the directors sepa- | rated, when it was officially intimated that the minimum | rate of discount will, for the present, be 23 instead of 3 | percent. This pecan has bree eee ‘about 4 the | increased al money an prospect of afavor- | able barvest, The cessation of hustilities in Italy, and the | arrangements for concluding terms between the French duce the at gpameenitie ip Ayer te dieen at ranquillily’ will | be reslored—a circumstance also viewed with “Yavor, | open to the directors, if they Position in the discount market, was to make the reduction; for although they not eecure a larga increage of business the quotation will be near enough to that of the Lombard street and other establishments to —_ regular customers seeking other chanaela. A dif. rence of a quarter to three-cighths per cent will not Prove so attractive as one of three quartere per cent, Tae reaignation of Count cavorr, and the endeavors anc + is rumored attomy w incite an a a amuoeg the national partyin Lombardy, eoriouly afectod ve | the funds, creating a steady decline, adverse sales buageerly F chacnson ‘The di for money at the Bank to-day did not in the least improve after the announcement of the change was made. Indeed, the modification in the terms was 80 generally antici ‘that the question scarcely deserved to be ventilated, it having been fully agreed yeaterday | that the reduction should take place. For the moment | the rate is so much lower in the open market that, with | exoeptional applications from regular customers, it is not } su) that the business will increase, particularly as 24 and 2% were the more current quotations this 4 noon for the best dated paper, although 234 is yet considered the average. An impreasion appears to pre- vail that although the abundance of money may continue for some short 5 the harvest the state of trade will improve; and if any revival in our mercantite rela- tions with the Oontinent shall take place the iafluence will be apparent. The curtailment of business through the Jate hostilities, and the indecision exhibited from the display of caution necessary to protect the com- mer sial community from hazard, has tended to encourago reater accumulation of capital, which hereafter may find more ready employment. THE PARIS BOURSE EFFECTED BY CAVOUR’S RESIGNA- TION, (From Galignani’s Measenger, July 15.) ‘The market has been again heavy, 14th, 2P. M.,and prices continue declining, owing to the realisation of fits and to a report of Count de Cavour having resigned. | recs, after having done at 68/. 80c., declined to 68f, 1bc., but are now at 68f. 35. Mobilier varied from 800 to 815f. Austrian 550 to 5f0f. THE MILITARY ENVOYS PROPOSING THE | “ARMISTICE. reer (July 8) correspondence of Paris Patrie.) verything has changed here, and in place of war men now look out for peace. The following is what took place the day before yesterday. General Fleury and his aide-de-camp, Captain De Verdiere, left headquarters and proceeded to Verona. At sight of the flag of trace which we carried the gates of that fortress were opened, and the General and his aide-de-camp entered without their eyes being bandaged; all that was required was that the blinds of their carriage should be pulled down. The French had observed a similar courtesy towards the son of General Urban. General Fleury was im- mediately introduced into the presence the Empe- ror of Austria, who received him with great cour- tery, and invited him and his aide-de-camp to his table. Yesterday morning, between ten and eleven o’clock, General Fleury returned to the French headquarters, and atabout two o’clock an Austrian flag of truce presented himself at the gates of Va- leggio. He was a captain, and aide-de-camp to General Zobel. When he had delivered the mes- sage which he had brought for the Emperor, he ‘was invited to the table of the Major General. About eight in the evening I saw him leave on his return to Villafranca. He wasa young man of very elegant appearance, and he rode with perfect grace a fine thorough bred horse. His hat was sur- mounted by a large pee of green feathers, and he wore a broad yellow ribbon of some Austrian order. He was preceded by two French hnssars, and behind him were a third hussar and two Aus- trian soldiers of a cavalry regiment; two or three other French hussars completed the escort. He passed through the crowd in silence, returning the salutes of the French officers and soldiers. During this time, a council of war had assembled at the Casa Maffei, where the Emperor had convoked the King of Sardinia, Prince Napoleon and the marshals. At five o’clock this morning Marshal Vaillant, Major General of the army, and Colonel de Martimprey, his aide-de-camp, both in full uniform, with all their insignia and decorations, proceeded to Villafranca in one of the Emperor's carriages, followed by a squadron of chasseurs of the Guard. They returned soon after twelve o'clock, and had an interview with his Majesty, but we know nothing exactly of the result of their mission, but no doubt is enter- tained that the rumors of an armistice are perfectly well founded, NEWS OF THE ARMISTICE AT THE SAR- DINIAN HEADQUARTERS—THE SPECULA- [eoeoeke este espondence of London Ni } jonzambano (July 8) corré ence jon News. As you may Nahe imagine, the news of what people here call the preli ies of peace has en received with great astonishment, both by the Piedmontese army and by the people of eee Nobody would have thought that Napoleon could give uy eh idea of pactoaehiy: humiliating a Power which edhe: shown the test contempt for his parvenu origin and for Ais’ dynasty. Besides this, the Italians, who are such adepts in the art of self-torturing, are already busily engaged in fore- telling all sorts of ills; and their restless imagina- tions tell that both the interests of their chosen King and of Italy will be sacrificed by the Euro- pean courts in a Congress. If we are to believe our coffee house politicians, the Venetian provinces will be handed over to an Austrian archduke, who will shortly prove to be nothing better than a second edition of Leopold of bo a Others say the priesthood will govern, as it did before, the Romagna; others, that Flo- rence and Modena will be compelled to take back their unworthy princes, with the shameful train of mignons and spies. I do not know how far these rumors may be relied upon; but what is certain is, that a bert ter ape of such @ nature would not an- swer the object of the war that Piedmont and France haye so pony and so triumphantly ini- tiated. Fores diplomatists may think what they like, but in my ing it is impoa- sible to set Italy at rest if the Venetians are not called to partake of the liberties which have been already granted to their brethren of Lombardy. To have an Austrian prince in Venice, although | the result of the pendin, | nova and those avriving from Suia cannot surrounded by @ national army and advised by a nations! government, would be the same as haying NEW YORK HERALD, FRIDAY, JULY 29, 1869—TRIPLE SHEET. ‘Viennese influence in full work; it would be the renewal of the present contest before two or three yeare can elapse. With the bad example that, since 1815, Austria has given in Tuscany, 5 Modena and Rome, it would be madness to have faith in her. She must yield once for ever and sub- mit to her fate for the sake of Euro; Ace. Let, therefore, the liberal party in En; oh fet the Emperor of the French understand this great ne- | cessity, if they wish to prevent for the future the | dread! consequences of a second and more ra- vaging war. ‘is morning, as T was going to visit some Pied- montese officers at Salionze, I met General Rocca, the chief of the Sardinian staff, who was on hia way to Valeggio. On my reaching Salionze, I heard that his Excellency had been sent to the French headquarters, with the object of definitiye- Ipsatiling. the conditions of the armistice. Victor Emanuel, I have been told, has no anxiety about negotiations, and he was heard to say that in spite of the armistice the Italians will not be losers in the game. The general impression has been one’ of painful surprise, and they draw from the event a melancholy presage. No one expected it, not even Count : Cavour, who soar out immediately for the headquarters of the King, where he still is. It is generally believed that the interview between the two Emperors would not have been fixed if some kind of agree- ment about the principal conditions of a future peace had not been previously made. Some, indeed, Hire p know that Napoleon himself only a vei few days ago entertained no idea of atruce or paci- fic negotiations. What [ am able to state posilwvel: to you is, that ne had sarued most stringent. ariders. for the detpatch of large remforcements to Italy, and in fact between the battle of Solferino and this day, the landed at Pe- less than Gwusand stromy, not speak of the mat-riel, enormous wy tures of which arrive almost Wanly. ‘A person who has some dealings at the French Embassy here heard it stated that when Napoleon saw the immi- nence of a combined mediation on the part of Russia, Prussia and England, hethought it better to forestall it, | and come himself to a direct understanding with the Em- peror of Austria, It has even been affirmed, by men of high station, that Count Cavour is much de- cried now at the French headquarters, where his poliey is censured as savoring too much of ambi- tious projects. ee add that events in the Romag- na have sorely displeased the Emperor, in conse- quence of the false position these put him in towards the French clerical party, which is maneu- vring and intriguing to good effect about the Em- press Eugenie, whose religious zeal borders rather closely on Spanish fanaticism. WHAT GARIBALDI WAS DOING WHEN BROUGHT UP BY THE ARMISTICE, {from tame letter in London News.} Having nothing to report about our army,I think it will net be without interest for your readers to know something about General Garibaldi’s last movements. I therefore eonclude this letter by sending you a correct statement of what has hap- pened in the Valtelina during the last fortnight, so that you may be able to judge of the enthusiasm those populations feel for the triumph of the na- tional cause and for Victor Emanuel. Valtelina is now free, and the enemy driven among the snow of the Stelvio. Garibaldi collected all his troops at Lecco after his return from Salo’,and on the 26th June, at night, the first steamer, with the rations and a company of carabineers, went to Colico. The whole of the division passed on the following day, and on the 28th, in the evening, ar- rived at Sondrio. The reception of the General and his troops here was most enthusiastic; not only was the town here beautifully illuminated, but the mountains were covered with large bontires. Halted the 29th, and on the 30th marched to Tirano. The people had erected triumphal arches on the road, on which were the portraits of Victor Emanuel, Napoleon and Garibaldi. On the 2d July the Second regiment with the carabinieri under the command of Colonel Medici, halted about 7 A. M. at the edge of the plain in which stands Bormi®& The enemy occupied the position at Bagni Vecchia and Nuovi, about two miles from the town at the first bridge and tunnel on the Stelvio road. A deputation arrived whilst the troops were halted, praying help, as the Aus- trians were daily plundering the place and neigh- boring hamlets. e night before they had sent a requisition for a large sum of money, if I recol lect right 40,000 lire, and a daily supply of twenty- four bullocks, besides they had been carrying off all the sheep of cot 8 in the neighborhood that they could get hold of. The regiment advanced ia two columns en the town, one by the high road, the other through the meadows on the opposite side of the river, with a company extended on the hills on each flank. A party of about thirty Austrians we had seen from our advanced post enter the town to plunder, whilst we were halted, but they retired on our approach. All tho heights were immediately occupied, and the rest of the day spent in examin- ing the enemy’s position. ‘ At daylight on the 3d the colonel, with some of his officers, advanced to reconnoitre close to Bagni Nuovi. The enemy had withdrawn their whole force (computed at between 500 and 600) across the ravine to Bagni Vechii. Here is the first bridge and tunnel on the Stelvio road. They had barri- caded the tunnel and mined the bridge, covering it also with fascines, pitch, kc. At six o'clock pre- cisely the head of the column of our troops, which had been in the rear, was seen advancing into the sunshine on the plain from the shadow of the mountains, and was seen by the enemy. ‘They fired the bridge. In a few minutes the | mine exploded. It was a beautiful sight, the col- umns of black smoke or fire flying up from the dark ravine. The bridge, which was of wood, burnt furiously for some hours, when it fell with a thundering crash. Early in the afternoon a_com- any was sent to occupy the houses at Bagni Nuovi. An officer and sergeant had been there all the morning, to observe the enemy’s movements. Just before the company arrived the enemy sent some of their riflemen to try and approach our engineers who were at work, but on being dis- covered they were withdrawn without firing a shot. As soon as the soldiers showed on the road within range, the enemy began to pep- per us with balls, so the men were led under some banks out of fire, to the baths. The Austrian position was from the road above Bagni Vechii alongs precipitous ravine up the side of the mountain, about 300 feet above, and from 800 to 1,000 yards distant from our position. A hot fire of rifles was kept up through the afternoon, from which they suffered much, though I cannot state the amount, as they carried off all their dead and wounded. Three were shot dead at 1,000 yards from the window at which Iwas posted, and a horse and a mule which were drawing carts we sup- posed to contain wounded men were also knocked over. Atlengthsome of our carabinieri went up a goat path on the mountain west of the river, an gota flank fire on the enemy; this silenced them entirely. Barly in the night they fired a few shot, evidently to get us to show where we were, but no notice was taken of it, In the morning all were gone up the road to Stelvio. Our men were advanced un- der the command of Major Bixio, but saw nothin; ofthem. Several peasants who had been carrie: off by them to work on their defences up the pass escaped in the night and came in in the morning. The enemy have blown up two more bridges near the first cantiniera, so our work here is done. We cannot follow them over the confines of the Tyrol, though they can come ee that country with troops, &c., on us; for, by an odd sort of logic, the Tyrol, forming part of the Confederation, is neutral ground, but being under the protectorate of Austria, she can pass through it without violating the neutrality, though we cannot follow our beaten enemies into that country. It is surprising, the terror the name of the General occasions the enemy. read an absurd story in one of the Swiss papers: that the Austrian soldiers believed it was enough for Garibaldi to touch or look ata man, and say “follow me,” and that he immediately, whether he would or no, became a perfect soldier, But true it is, they have a most decided fear of him and his soldiers. A communication from Bormio (Valteline) of the 8th of July says :— Bormio isthe headquarters of Garibaldi. i write this from the Golden Lion, and in a room next to that occupied General. His sorps is now composed of 13,000 General Ulloa organized and sent to join the Chas- seurs of the apes Th must be considered an excellent comps de avmée if it be borne in mind what a reaolate set of young men it is composed of. The depot ts at Cor bepcerg beer and the go beyond the Iimits of the Valtellne, tween that country and the Tyrol high mountains, on that ridge, FO eagey 2 Oslo Medici, who commands the Second corps of Garibaldi. patti PROTEST OF THE DUCHESS OF PARMA. The Vienna Gazette publishes the following pro- test of the Duchess Ls has of Parma, dated from Gee ed Switzerland:— fe, Louis Maria of Bourbon, Regent of the States of Parma for Duke Robert 1. Being removed from the country which we governed with real love in the name of our orphan son, we have doen patafully atecied by Bearing, of Use. serious politionl changes which have taken place, contrary to the direo- tions left by us on our departure, and to the rights and interests of the Duke of Parma, Tn consequence, we aro compelled, in spite of ourselves, to raise complains against s part ‘of our subjects end against a neighboring government, which intends to es. tabligh iteelf in our place, and mate motive, would we never could have ex) and replaced under our author! that fact a sign of the good feelin; us; as to abroad, we constan all the Powers, including the belli t cordial understanding, which ly policy which we had constantly followed. Nevertheless, the events which baye taken place in the & We, moreover, protest et the toll and ancrwarda ae oun ani in osber parts of the What tbat government bas,on the one hand pestle 80] 'd the revolution, abd on the other has, contrary toall right, and to the stipulations of European treaties in ern. ‘end of special treaties witb Piedmont in particu- ij tbe delivery made w it of the duchy of Parma, and that without avy provocation or legitimate Sante of ipa a At the same rej any iment which be ipyakied as w motive or pretext de Vege ot We facts to ret der us jointly responsible with Austria for tho acts of thar Power towards Piedmont when the former started Tram the fortress ot Piacenaa, We aleo proteet aguinst ail theee who, in the course of Folitical vicissitudes, have mace or way make any attack whatever against the rights of our son—rights which we declare by the present document to maintain intact and in all their integrity We further protest and declare that we consider ae nul! and volo ali the acts which bave already been done, or whicb may be dove in the States of Parma, against the Mighte of our well beloved son. We protest likewise sgaivat the consequences of these acta, reserving to our telves at avy time whaiever, and by all iegal moans, to re-establish the before mea! rights We moke this aolemn protest in the presence of God and wan; we protest not only in the interest of our son, Dat iso in that of hig subjects, and we desire that our may be made known to the Powers op whom the publis Jaw of Europe reporer. We sppeal to those Powers with the fullest copficence that their enlightened justice, ia the ipterest Of the inviolebiity of the riguts of sovereigae and cf States, and im their maguapimity, they will take to beart apd effectually support the cause of the young or- phap sovereign of Parma. OUISA. Sarr Gals, Switzerland, June 20, 1859, LOUIS NAPOLEON’S IDEA ABOUT THE POPE. ‘The following is from a letter in the Manchester Guardian:— Amid al! this universal occupation with the same sabject, it is strange that I find nobody, apparently, bearing in mind that if we had ventured to trust Louis Napoleon’s own programme, put out before the war, we might have prophesied the dénouement which now takes all by surprise. In the pamphlet of “Napoleon III. et I'Italie,” which, though edited by M. Laguerroniere, was well known (on its appearance) to be the work of the Emperor, I find every particular of the Villafranca pact either shodowed out or atte proclaimed as a condition of the solution of the Italian difficulty. At page 11 the writer reminds us of the fact that in May, 1848, Austria was disposed to treat on the basis ofa surrender of Lombardy ,and an acceptance of the line of the Micino as her Italian frontier; that this proposition was not_considered satisfac- tory at that time by England; but that when in July, Piedmont professed herself anxious to re-open negotiations, and the same basis was sub- mitted on her part by France and England (acting as mediators between her and her enemy), Aus- tria, which had by that time retrieved her position, refused to entertain the terms she would have grasped at two months before. Again (page 18), the pamphleteer reminds us that Prussia made a similar proposition to the Diet at Fransfort,through. General Radovitz, but that it was rejected by the influence of Austria. So that Louis Napoleon ae now say, “What the French republic, the Briti: Cabinet, and the Prussian government all together failed to effect, I, singly, have accomplished. Aus- tria has been forced to accept from me the frontier line of the Mincio.” Again, the pamphlet (page 45) distinctly re- jects the idea of Italian unity as a dream of re- volutionary Utopianism, and sets up against it the scheme of a federation, under the Presidency of the Pope. This was the project so entha- siastically mass by _Gioberti, bo, and their followers, in 1846 and 1847. ft isstriking that the pamphleteer (quoting page 51, the authority of Lord ‘onsonby, our Ambassador at Vienna in +1848) de- clares this to be the sole practicable mode of re- constituting Italy, though the scheme has no longer any adherents in Italy itself, having long since been consigned there to the limbo of generous illusions, Finding, however, thus much of what is now ac- complished tact, foreshadowed in this pamphlet, it is worth while to look what light it throws on the character of that “honorary presidency” of the Pope, the import of which so perplexed many. The difficulties and necessities of the Italian settle- ment, as regards Rome, are thus declared (page 29):— i To reconcile the system of government of the Church with a legal and regular political system of government in the Roman States, 2. To render the Pope independent of questions of nationality, war armaments, ternal defence. 3. To establish a native army, and substitute for French occupation the protection of an effective and real (s¢ricus¢) Italian force. = The means for securing these objects (according ‘o the Napoleonic idea) are to be found in the pro- paans submitted by France to Austria in June, 857. These are:— 1. Secularisation of the administrative power in he Papal States, by the formation ot a lay Council toa with the duty of examining and discussing ihe laws, 2. Representation of all the interests of the coun- try in a consulla (elected directly by the provincial councils, or, at least, chosen by the Pope out of ists of candidates submitted by these councils) summoned to deliberate on all the Jaws and to yote the budget. 3. Effective control of local expenditure by pro- vincial councils, receiving their authority by dele- gation from elective municipal councils. 4. Justiciary reform, by the promulgation of a code of civil Jaws on the model of the Code Napo- Jeon, or the Lombordo-Venetian, or Neapolitan code. 5. A regular plan for the collection of the public revenue, on the model of that of France. 6. Amnesty. Elsewhere (page 58) the pamphileteer thus de- scribes the effect of the “‘lonorary presidency” he would assign to the Pope:— It will increase the prestige and moral power of the Papacy; it will slacken the too tight bond which now couples the Prince to the Pontiff, and which cramps all the activity of a people in the in- flexible circle of ecclesiastical power, at the risk of an explosion. Renee, the writer continues, this increase of moral influence, finding himself in- vested with this sort of protectorate over all Italy, awarded him by the respect of all its peoples, the Pope may diminish his temporal power, and lighten the burden of his political responsibility, without self-humiliation. ‘ithout exposing himself, he may organize under himself, serious control, secu- lar administration, civil Leet and a regularly constitated and independent magistracy. All he loses in privilege he will gain in importance. In- stead of goyerning a stagnant and inert people, he will extend his hand over the whole of Italy to bless and guide it; he willbe the irresponsible and ve- nerated chief of a Confederation of twenty-six mil- lions of Christians, who, classed in different States, gather all to that centre, in which the activity and grandeur of ad will come to a focus, In other words, Louis Napoleon contemplates making of the Pope asortof Dalai Lama of the West—a well paid, well fed, well lodged, well-clad old man, with nothing to do but figure in gorgeous vestments at saints day festivals and church fanc- tions, under the shadow of peacock plumes and ostrich feather fans, while the whole work of secu- Jar government is carried on by laymen, to whom he is to delegate his authority as a Prince, But who is to accomplish this division of duties? and if Pope Pio Nono agrees to be reduced toa puppet, who is to pall his strings ? That is the ques- tion about which the pamphlet ia silent. No doubt Louis Napoleon and Francis Joseph understand each other on this slightly important point. HOPES OF THE ORLEANS FAMILY INJURED BY THE PEACE. ue (July 13) Correspondence ot the London Star.) very echo of the cannon which announced the signing, not of a truce but peace itself, carried a deadly blow to the hopes of the Orleanasts, assem- bied in large numbers in Paris, preparing their discourses and resolutions for the twenty-fourth of next month, when it has been determined that the Count de Paris shall take his station as chef de parti, and renew the manifesto his friends issued forth in his name last year. It isto be hoped, for the sake of the party, that the second manifesto will not meet with the fate of the first, which was confined to seven handbills, posted on the columns of the Place de I’'Hotel de Ville and which were taken down by those who posted them up, assoon as they had done their ney of a ay word pledged by those who had promised that the day should etetoce by with- out this testimony to the existence and pretensions of the cause. “Better to die sword in hand on French soil, than to rot in a foreign land,” said the young Count at the ag Claremont last year, and the feeling of which these words are the ex- ression toas to have been most vigorously me ein is year in Paris. Had the war continued, this would have been most easy; but the peace just concluded quenches all Ponisi of all pretend- ersfor the moment, and if succeeded by the alli- ance which is anticipated, it is felt that those pre- tensions are not only queuched at the present mo- ment but forever, > ON THE ILLINOIS CENTRAL Rea tae RAILWAY. The numerous holders of securities of the Tl- linois Central Railway Company will read with interest the following letter from Mr. Cobden:— Lonpon, July 5, 1 Messrs. Roper? Benson & Co., Gresham House:— Deak Suis—On the occasion of the visit which I internal and ex- | 5 lately paid on my own account to the United States, many of the shareholders of the Diinois Central ‘oad Company forwarded me their Pap through your house; I think it only an act tesy to send & few remarks upon what fell under my SRG, earing you best pe with this letter roper. ee —_ pe not go inte &c., of the concern, w! in the las é mile of the line by dayligh , and made several ex- cursions into the interior among the farmers. The railway appeared to me to be under the manage- ment of competent and trustworthy persons; but I have had no practical experience in rail- road matters, and therefore wy could add little weight to wha said by others. I waa told there is ing stock ready for double the present traffic, and Captain McClellan, the Vice nt, was looking forward to the result of the present har- vest, and to the opening of the through line ofrail- road to New Orleans, for a large increase in the earnings during the ensaing autumn. I have no doubt that in a few months his expectations will be realized, but in the meantime it would be uselessto speculate on the matter. My attention was direct- ed bepeipally to the land Grecman which con- stitutes the Racaliae feature aud the chief value of the undertaking. The company had a grant of about 2,600,000 acres of land, bordering on the railroad, of which nearly one-half has been sold on credit to immigrants, and the most important ques- tion for the shareholders is “Will this land be for?” On inquiry, 1 found that the settlers amount- ed in number to 10,000, and that their average pur- chases were about 120 acreseach. Being the first comers, their farms were of course near to the rail- road and the stations. This circumstance, together with the improvements which had taken place— such as the breaking up and ee | the Jand, and the erection of houses or other buil had cer- tainly added 50 per cent to their value. There seem- ed, therefore, to be no reasonable motive for quitting the Jand. On looking over the correspondence in the Land Office during the past year—which has been a period of great suffering in Ilinois, and the whole northwest of the United States and Canada, owing to a calamitous failure in the crops in 1858—~ I found that the settlers, almost to a man, exprers- ed anxiety to remain on their land; and whilst asking, as they did in the great majority of cases, for an extension of credit, they promised to fulfil their engagements after they “had gathered in the ensuing harvest. On inquiring from those who had the greatest experience in selling land in Iiii- nois, I found them unanimously of opinion that the company’s land would be paid for. Not so much importance seemed to be attached to the paras a egie of promissory notes given for land as tothe regular discharge of the interest; whilst the most easential condition of all was, that the ese should be occupying and improvin; the land, which, under such circumstances, was este mated to double im value in five years. I may add, that it is the deliberate opinion of the f Spopaegy ier the head of the Land Department in Chicago that not three per cent of the company’s settlers would throw up and abandon their purchases. The only question then remaining was, whether these farmers, who were generally men of small capital, would have it in their power to pay for their farms? The terms on which they were purchased allowed five years for pay- ment, in instalments of twenty per cent. I was told that upon soil so rich as to require no manure for many years, and where no outlay of capital or labor was necessary for clearing the forest, or re- moving any other obstruction from the surface, it was easy, with ordinary seasons, for the farmer to raise enough produce to pay for his farm in five ears. The greater part of the Western lands had, found, been purchased out of the proceeds of the labor of the immigrants, who had generally started with very little capital. The result of my quiries was, that I came away satisfied, both with the wil- lingness and ability of the company’s settlers to pay, for their land. It is not easy for an Eng- ‘ishman to realise, excepting from the evidence of his senses, the nature and extent of the prairie soil of Illinois. For hundreds of miles you pass over & slightly undulating surface without seeing a hill, or rock, or ravine, or an acre of barren or broken ground to obstruct the progress of the plough. After examining the landed property of the com- pany I came to the conclusion that, although the cost of the railway will, including loss of interest, exceed the first estimate by fifty per cent, the land will surpass the value originally put upon it toa still greater extent, and will, if judiciously managed, ultimately defray the whole expense of the rail- way. I remain, dear sirs, yours faithfully, BR. Cospew. Spirit of the Liverpool Ctreulars. Meears. James Hewitt & Co., in their circular of the ith of July, remark as follows, regardiog the cotton market: Tho armistice noticed in our last circular was quickly fol- lowed by a treaty of peace between France and Austris, ‘Thege events imparted unusual activity to the market, and = bave advanced 3d. to 3,4., upon our last quote- ions, but at the close lust evening there was evidently leas disposition to pay the extreme advance: at the same time holders continued to ofier freely, somewhat by the unsatisfactory terms of the peace, as wellas by Ao favorable advices relative to the ing crop in the United States. fhe imports of all kinds this week have been 49,000 bles, and the sales 107,000, including that sent from quey direct to spinners. There were 12,00 bales taken for export, and 19,000 speculation. To-éay the sales amounted to 10,000 the market closing steady. They give the stock of A1 rican cotton in Liverpool at 609,000 bales againat 575,000 in 1858, 453,000 m 1857, and 633,000 in 1856. The stock of all kinds amoants to 689,000, agaiast 641,000 in 1858, 555,000 ia 1857, and 776,000 in 1%56. The market has very lively under the influence of the restoration of peace, coming simultaneously with advices of continued activity and advancing prices for manutac- tured goods in the East India and China markets, with a considerable augmentation in the business for Germany. Prices under these favorable features have largely advanced, yarns being 44. to a., and clothe 3d. dearer than on this day week. ‘Regarding breadstu(fs and provisions these gencral remarks do not vary materially from the purport of the newspaper accounts alroady pub- James McHenry & Go., under the same date, remark, respecting provisions, that the few sales made during the week have been at irregular and declining prices fer all articles. Regarding breadetaffs they say, the quotations for wheat and flour are quite nominal; importations from the Continent continue on a great scale. tudian corn is saleable at full rates, owing to unsatisfactory reports of the state of the oats and a Co. cotton, on the ‘rope. Messrs. George Holt 7 Fogarding 16th instant, remark as follows:—Wo have passed a week of much etir and activity in the cotton conse. quent upon the important political events which have oc- curred in such rapid succession. The excitement has not been confined to this market; in Manchester also bi bas been on a very large Boal 01 has been general tatablished, both for "goods and arma.” For Amory eatablished, can descriptions of the “mi A 4. per po middling Ores core Mobile, 734d. ,and Orleans, ‘The Committee rokers piace fair Die; 154. and Orleane, $3¢@. ‘They the ore the tradeYor the week bales. They note the sales of the extent of 106,780 bales, and the average taken fro 1868 s B g 3 i i Ei H ; % B i Ey dBon. Saunders, A all bear testimon; breadstulfs and prov by summed up in the following remarks of Messrs. Fe u as | —_ & Co., intheir circular of the 16th inst. stuffs they eay:—The westher continues hot and which is bringing forward the wheat rapidiy; but for spring corn and root cline on wheat beet eee * 55 market on Tuesday, in 1 decline. Holders, however, way farther, and a fair business advance of 1d. to 2d. per cental al last. Flour was difficult to sell dn corn was held, but ‘The announcement that a treaty of igned has produced i Et HE iGHh i i a] , trace to be very Jangvid, and in the ‘Dusmness, pine’ Bom flour may be quoted nominally as om Tuesday, The dry weather causes holders of Indian corn to demand « small sdvance, os ever, is nob willingly paid. remark as ; Solow Foe ce greatly acded to the Grarket for beef and pork, dealers entirely refrain from. Sacha Scie "h Sahwanty esses ay tr i Sarr decine Moet be, eubwaited. to,” Iittle more inquiry, and w Ddoxes advertised for Tuceday next will test the market, ergare most to sell. articles, they comment F zit ig i i 2 [ HI bas os at 30s, eval Rove —the tals business bas resulted at Ba. 104, down, quantity ex ship. Tar pg a some arrivals , Ww ers at 68. 6d. to és. 9d. per cwt Philadelphia sells mall quaniition ab 98. to 98, 6d,