The Sun. — London, England, 1860-03-02 00:00:00

OYAL VOLUNTEER BALL.—In consequence of the very numerous Applications from the country, the time for Exchanging Vouchers for Tickets will be ex tended until DI ouday evening, the sth inst. The number of tickets is of necessity limited, but preference will be given to those who first present their vouchers for exchange. BENSON'S WATCHES. " Perfection of mechanism."--Morniug Post. Gold Watches 4 to 100 guineas. Silver Watches 33 and 34, Ludgate-hill, London, }I.C. Send 2 stamps for Benson's Illustrated Pamphlet on Watches ---------.. ROYAL ENGLISH OPERA. COVEN T-G A RDEN. rider the management of Miss L. Fyne and Mr.W. Harrison. THIS EVENING (FRIDAY), will be produced the gran s. d Opera, eutitled LU RLINE, by W. Vincent Wallace. 1%. Harrison, Santley, C Corr, and G. Honey ; Misses Louisa Pyne, Pilling, and F. ruise, Conductor, Alfred Mellon. To conclude with the new grand pantomime, called PUSS IN BOOTS ; or, Harlequin and the Fairy of the Golden Palms. Messrs. W. H. Payne, H. Payne, F. Payne, Barnes, Tauten, lothnts Lauri, and Miss Clara Morgan. Doors open at half-past 6—Commence at 7. THEATRE -ROYAL, HAYMARKET. Lessee, Mr. J. B. Buckstone. THIS EVENING, will be performed the new and original Comedy, in three acts, entitled THE OVERLAND pR enOUTE. Messrs. C. Mathews, Buckstone, Compton Chip pdale, Mrs. C. Mathews, Miss Weekes, and Mrs. Wilkins. Follcwed by the new Haymarket Comic Christmas Panto mime, VALENTINE'S DAY; or, Harlequin and the Fairy or the True Lovers' Knot. The pantomlmists the unrivalled Leclercqs. THEATRE -ROYAL LYCEUM.- Sole Lessee and Directress, Madame Celeste. Brilliant and Increased Success of the new Drama—Colette Dubois and Therese Defarge, by Madame Celeste. THIS EVENING, the new Drama of A TALE OF TWO CITIES, by Tom Taylor, Esq., from the story of that name by Charles Dickens, Esq. Principal characters by Mr. James Vinintr, Walter Lacy, Villiers, Rouse, Forrester, J. Johnstone, T. Lyon, Morton, Palmer, White, H. Butler, Clifford, and Fredericks ; Misses Kate Saville, Stuart, Turner, Mrs. Campbell, and Madame Celeste. After which, will be produced the Grand Christmas Ex trava,ranza and Pantomime, KING TIT RCS ÜBE A.R D, the LITTLE PET and the GREAT PASSION, in which is pre sented one of the most novel, costly, and brilliant effects ever witnessed -designed and painted by Mr. William Callcott.— 'King Thrushbeard, Miss Julia St. George. CM:l=mm at 7. ROYAL PRINCESS'S THEATRE.— Lessee, Mr. A. Harris. THIS EVENING, the Comedy of MONEY. Messrs. Geo. Melville, Ryder, Frank Mathews, Widdicomb, H. Bland, H. Baker, Garden, Graham ; Misses Carlotta Leclercq, Clifford, and Mrs Charles Young After which, a new Christmas burlesque pantomime, by H. J. Byron, called JACK THE GIANT KILLER; or, Harle quin King Arthur and the Knights of the Round Table. Jack, Miss Louise Keeley—Harlequin. Mr. Cormack - Panta loon, Hr. Paulo—Columbine, Miss Caroline Adams—Clown, if..r. A. F. Forrest. W THEATRE - ROYAL, ADELPHL Sole Proprietor and Manager, Mr. Benj. Webster. .Fifth Night of a New and Original Comedy, by Watts Phillips, entitled PAPER WINGS. THIS EVENING, ICI ON PARLE FRANCAIS, Mr. J. L: Toole, Chas. Selby, Billington, Mrs. Chatterley, Mrs. Bil lington, Miss Kate Kelly, and Laidlaw. After which, PAPER WINGS, Mr Alfred Wigan, J. L. Toole, D. Fisher, Billington, P. Bedford, Stuart, C. Selby, Eburne, C. J. Smith, Powell, Romer, Mrs Alfred Wigan, Miss IL Simms, Miss Kate Kelly, and Mrs Chatterley. Followed by DINORATI UNDER DIFFICULTIES. Messrs. J. L. Toole, P. Bedford, Eburne, C. J. Smith, Miss K. Kely. Doors open at half-past six—Commence at seven. Box °lke open from 10 to 5. No charge for securing seats, nlr for bills of performance. All fees to servants of this establishment are strictly prohibited. Acting Manager—Mr. Wm. Smith. ROYAL ST. JAMES'S THEATRE, King-street, St. James's. Lessee, Mr. T. B. Chatter ton. Directress, Miss Wyndham. The nearest Theatre to Chelsea, Pimlico, and Westminster, the Park being open to carriages and foot passengers all hours of the night. THIS EVENING the performances will oommenee with I WILL, IF YOU WILL. After which, FIRST AFF ECTIONS. Messrs. H. T. Craven, G. Spencer, and Miss Wyndham. Followed by a new burlesque called DIDO. Mr. Charles Young, Mesdames Wyndham, Clara St. Cease, Murray, Eliza Arden, C. Ranoe, A. Evans, and Corps de Ballet. To conclude with MAGIC TOYS. Miss Lydia Thompson. Reduced Prices—Gallery, 6d ; Pit, ls. The Box-ofEce open from 11 to 5 daily. Doors open at half-past six ; perform ance commences at 7. CANTERBURY HALL EVENING, CONCERTS.- THIS LITCREZIA BORGIA, (Donizetti). Donna Lucretia - Miss Russell. Mafflo Orsini Mrs. Anderson. G enn aro Mr. Henry Herbert. Don Altonzo Signor Tivoli. Conductor—Mr. Jonghro ans. Comic Vocalists—Messrs. George Hodson (the Irish Come dian and Mimic), W. T. Critchfleld, and E. W. Mackney. Several interesting Pictures are added to the Fine Arts Gallery. The suite of Halls have been re-decorated and beautified. and constitute one of the most unique and brilliant sights of the metropolis. The gallery is open from 5 till 11 on Sunday Evening. THE WEATHER.—SUN OFFICE, MARCH 2, 1860. THERMOMETER, IN THE SHIM 51—highest since noon yesterday. 42—lowest this morning and during the night. 46—this day at noon. BAROMETER-29.98 ; falling. WIND, South-Westerly; light, with rain all the morn. i ng. HIGH WATER AT LONDON BRIDGE. THIS DAY.—Morning, 7h. 46m.—Afternoon, Bb. 27m To-MORROW.-Morning, 9h. 16m.—Afternoon, 10h. 7m The Emperor of the FRENCH has spoken out at last. The mists of mystery are now dispelled, and the world is enlightened—not by what it has learned, but by what it may expect to learn in due time. Public opinion has been kept in a quagmire of uncertainty for the last few months as to what might come to pass in regard to the EMPEROR'S intentions. His policy no one doubted; but in what shape it might be defined was the universal inquiry. The Oracle has at length spoken, but in such dubious terms that in some points the presumed expla nation requires to be explained. On other p - oints the EMPEROR has clearly told his mind. He wants something, and he will have it—if he can. He went to war for "an idea "—a shadowy one in the abstract, but a very substan tial one in the reality. Like other romantic people, he was too wise to work for nothing; and so his idea had some definite object in view which was rendered so obscure to common vision that the world was beguiled into a most desirable ad miration of his imperial generosity. He had ap parently achieved wonders, and left the lookers-on to gaze in doubtful perplexity —while he abruptly turned round and appeared to exclaim—" I thank you for nothing ! " And so it has verily turned out. His plans seemed to be beyond his own comprehension, so vague were their limits. But still there was method in his madness. For any mistake of his own was amply compensated by the grosser blunders of his antagonist on the held of battle. He went to war for a purpose—he made peace in a fit of folly. He endeavoured to justify his own misconduct by the apprehension of shadows which might assume more substantial form if he persevered, and so he hud dled up his measures in a tumult of uncertainty as to the workings of the present, and a doubtful apprehension of the future. Still he was strong, and relied on the prestige of his army while he re posed on the splendour of Ms victories. He pro fe SI ed much—accomplished much—but left much more undone. The Imperial Speech of yesterday informs the world that the a EMPEROR is "no fool on march," th oug h he may be rather long about it. For some t i me past we have been told in rumours, or semi-official whispers, that the labourer was worthy of his hire, or, in other words, that France bad done so much for Italian independence that she ought to be paid for her benevolence. She had fought for an idea, hypt it was one in prospective—and rumour pointed to A Savoy as the price of her generosity ! s ag 03 , was Accordingly the rumour of the day of late in most of the French journals, but the rumour was apparemtly discountenanced, but not officially ; still it assumed more positive dimensions as time crept on, so much so, indeed, that it was discussed in our own. Parliament, and ques tioned by indepen tient members as to its reality. Even Lord JOHN RUSSELL, as Minister for Foreign Afi "airs, was pointedly asked as to its bearing. No q_ j " 8 ~..li . 5e , r t . 1.,. 6 ~.L O .- -----' , . ) , 1 ?, ., : „ ...„, ...L •0 , ::.-, -._?: 4-:•',- ? ,) , A , \ , 1 , r ; o ' 4 ' .4. . 4 ' ;:' 4- ' 2 5 ' 4 ' 1, , , bfiZrr ''" THE SUN. LONDON, FRIDAY, MARCH 2, 1860. denial would be taken, and at last—just the other I evening, Lord JOHN disavowed any knowledge of the annexation of Savoy to France. He went further : he disbelieved that so great a man as the Emperor NAPOLEON could not have contemplated such:a junction, for that he was too wise and chival rous a Monarch ever to cherish such an idea. Well, ' now, but forty-eight hours after such a declaration on the part of our reform ing Minister—NAPOLEON, in vulgar phrase, " lets the cat out of the bag," and openly proclaims his purpose ! So that what was so often "Denounced as fable, yet believed as truth," has actually been ratified by the " greatest " and wisest of men ! After this, what will people think of the wise ones of the Earth ? How can they reconcile pro fession with practice ? Monarchs are but men, and seldom to be believed even when they speak the truth. The EMPEROR'S Speech, instead of tending to Peace, will generate, if not confirm, well-founded alarm for the future peace of Europe. He seems indeed to prove that he is the man of destiny, and wall go on heedless of his fate. He has not increased his navy without a purpose, and he may yet learn to regret its fate. At length our great Reformer has brought forth his—Bill. Disappointed we are not. We ex pected too little for that. Let us see what we have. Half a million or so from the five or six millions of the unenfranchised are added to the million of the enfranchised. Twenty-five boroughs, which have no claim to a separate representation, having, nevertheless, two members each, are to lose one. The counties are to have fifteen of twenty-five new seats—the boroughs, old and new, ten. The borough franchise is to be £6 rental—the county franchise £lO rental. These are the main points of the third ' Bill of Lord JOHN RUSSELL. We have sketched below the principal points of his two former Bills ; also of Mr. BRIGHT'S and Mr. DISRAELI'S ; and our readers can compare them all at their leisure. The general character of the bill is, that it is made to get through. Whigs and Tories are to take it with thanks that it can do them no harm. Radicals are not to grumble, because it may, here and there, do them a little good, although the least possible; moreover, Mr. VILLIERS, and one of the firm of GIBSON, COBDEN and BRIGHT, is in the Cabinet, and the firm has secured a French treaty and the repeal of the paper duty; Manchester Radi calism is bound over, therefore, in heavy securities, to keep the peace. What might be the issue of a Cabinet disruption now no tongue in Manchester could tell. A homoeopathic Reform Bill must Therefore be swallowed. It can do no harm ; real Reform can be talked about another year when the tariff and the treaty are safe, if, indeed, Manchester and Birmingham be not then getting too much by the Treaty to care a straw about politics. The Bill will, indeed, if it become an act, hardly affect, we believe, half-a-dozen votes. It may be termed a Bill for keeping Toryism, Whiggism, and Radicalism where they are. The minimum of change in respect to redistribution of seats and franchise, is so ordered that constituencies already large and liberal enough will be made yet larger; while constituencies too small, and consequently the subjects of patronage or of purchase, will be nearly as small as ever. Why should the present House of Commons, why should the Opposition quarrel with this ? It is mild, even compared with the Bill of 1854. That had a considerable number of disfranchisements, although it gave so many additional members to the counties ; and it abolished the rate-paying nuisance. The present bill, perhaps of necessity, has no dis franchisements, though what title the inhabitants of Thetford, Arundel, &c., have to be more than county voters, it is impossible to see. The Bill wants two things, which alone can entitle any bill to be termed a Reform Bill—it does not attempt a distribution of seats in any reasonable proportion to population, and it does not emancipate the counties and purify the boroughs by the ballot: In both these respects it stands about on a level with Mr. DISRAELI'S Bill. It does not indeed create the rock-a-head on which his measure was wrecked —it does not rouse up the wrath of the borough forty shilling freeholders by proposing to deprive them of their second vote in the counties, and it proposes to take securities against the creation of fictitious £lO voters in the counties. These points and the reduction of the Borough Franchise we acknow ledge to be good as far as they go. They increase the constituency, and do not subtract from the counties the liberal influences of the large boroughs. But what can be the advantage to popular power of all the additions to the constituencies, unless they be rendered independent additions P We are not more convinced than we have ever been, that the £lO householders in the counties, with open voting, will be more independent than the present electors. They will to a large extent consist of those little cliques, the par son, squire, churchwarden, and a village tradesman or two, who are actually now sending up their petitions in thousands, signed by four or ten per sons, in behalf of Church-rates ! Any village will furnish a little batch of voters of this kind, all of them completely at the mercy of the rural authorities. On the other hand, in the towns, the power of the m lionairee and roasters will be augmented ; greater numbers of their workmen will obtain votes, which must be —votes for their masters. The bill has one grand merit. On that ground it cannot be too highly commended. It leaves plenty of work for Reformers. The real reform of the Ballot is all to come ; and come it will, much as Lord JOHN " hates it." It is no finality bill. It will not " settle Parliamentary Reform for five and twenty years." It w ill do as Lord JOHN'S last ; but we must som have a better man's first. Th e Noble Lord has served his own and that of the aris tocracy ; the people must now have some one to serve theirs. It was asked whether we were to if the bill passed. Why should have a dissolution , we ? A different Ministry being in office might make a little difference to a new Parliament ;tut, as for the bill itself, it will leave the House about what it now is. It may be interesting, just now, to recal distinctly the principal features of each of the Reform schemes which have been presented fully and fairly to the country. They pass, indeed, so rapidly from memory that it is not easy, without resorting to the well-known cemeteries, to obtain clear information of the days of their birth and death, the more so, since the " fates only showed them to the world, nor suffered them longer to exist." Long had Lord 3oIIJI RUSSELL opposed every improvement, however obviously required, in his first Reform Bill. Finality was his real eoc trine, though popular ridicule compelled him, so far as words went, to recant it. Still more was aristocracy the love of his inmost heart, and though he had been contemptuously kicked about himself by the Tory landlords in the counties, and had to get a friend to resign, to secure him aParlic mentary voice through a thoroughly liberal borough, he yet sternly resisted the Ballot, and THE7'SITN, LONDON, PRIDAY EVENING, MARCH 2, 11?.60.7, the abolition of the remaining and the now nomi- nation boroughs. The year 1852 found him, however, in need of a little pop ular favour. His star had paled before a greater Reformer than himself. PEEL, and Fiscal, Financial, and Commercial Reform, and his own scandalous behaviour towards Hungary, with other delinquencies, had altogether made the Re former of 1831 a less man at the head of a Cabinet than he had. been before when a minister only . . So his lordship bids a second time for popularity through the deoice which had given him so much at first. And these were the chief biddings offered by him on the 9th of February, 1852 : In boroughs a £5 rating franchise, instead of the present £lO franchise. In counties a £2O franchise instead of the £5O one. For copyholds and long leases a £5 instead of a £lO one. Besides £2 of direct taxation. Small boroughs were not to be abolished, but augmented by additions from the surrounding coun ties—all to be made, in fact, what many of them, like Woodstock, and Midhuret, and Shoreham were already, very little . counties. In Ireland the county franchise remained unal tered; that of the boroughs was to be reduced from /.18 to £5. In ten days more, however, Lord JOHN left office owing to the hostile vote on the Militia Bill, and left also his bill to its fate. The short-lived DERBY Ministry followed; and no more was heard of Reform till 1854, when- Lord JOHN, serving under Lord ABERDEEN, and anxious to seem first, while nominally second, brought forward his third bill on the 13th of February of that year. Of this Bill the principal points were : A schedule A, of nineteen boroughs, with fewer than 300 electors and 5,000 inhabitants, to be wholly disfranchised, losing 29 members. A schedule B, of thirty-three boroughs, contain ing less than 500 electors, or 10,000 inhabitants, losing 33 members. The 62 seats thus gained were distributed thus — The West Riding of York and South Lancashire were, by subdivision, to gain 8 new members. All counties and towns having more than 100,000 inhabitants were to return 3 instead of 2 members. This would take 47 members, the counties, of course, having the larger share (38) of these spoils of the boroughs. Birkenhead, Burnley, and Staleybridge were each to have one member. Kensington and Chelsea were to return 2. Southwark 1 more. The Inns of Court 2. The London and Scottish Universities 1 each. By the absurd minority clause, where a constitu ency returned 3 members, no elector could vote for more than 2. On the other hand, the Bill abolished the trouble some and useless ratepaying clauses. The county qualification was reduced to £lO. The general borough franchise was raised from that of the Bill of 1852 to £6 rating. Several fancy clauses gave votes both in counties and boroughs, though most voting under them would have had votes otherwise. Theywere, firstly a salary of £lOO a-year paid quarterly; secondly £lO a-year on dividends ; thirdly, £2 to the income or assessed taxes; fourthly, graduates of a univer sities; fifthly, persons who had £5O a-year in a savings' bank three years continuously. Freemen were to cease voting as such after exist ing rights were satisfied. Seats were not to be vacated by accepting office under Government. These were the two Whig Bills of the Whig Lord who has now favoured us with his third, with which, as he has no doubt carefully compared it, so it may please some of our readers to compare it also. We shall now give the sketch of a Radical and a Tory Bill. It is but fair that we should compare with what Whigs have previously offered, what a man of the people and a loader of the House of Commons' Conservatives have offered also. The two latter are, however, pretty fresh in most minds. The Tories having acceded to office in 1858, by the aid, in great part, of Mr. BRIGHT and the independent members, on Mr. MILNER GIBSON'S motion, and. having promised a Reform Bill in the following " `bring, Mr. BRIGHT com menced in the autum n a course of systematic in struction for his promising pupils, hoping, we sup pose, that political gratitude and political acuteness would induce them to adopt enough of his proposals to keep out his Whig persecutors for many a year. Mr. BRIGHT, while he laid just stress on the BALLOT, and a lowered franchise, insisted most of all on a fair redistribution of seats, -without which he justly held'that it was of little use to lower the franchise. His schedule A accordingly disfranchised 56 English boroughs returning 87 members, and nine Irish boroughs returning nine members, not one of which has certainly the shadow of a claim to sepa rate representation, either on the score of electors, direct taxes, or .population—Mr. BRIGHT'S three tests. Schedule B would deprive thirty-four boroughs which return two membors each of one member. He thus had 130 members to dispose of. He gave 16 of these to as many boroughs which now return but one member each. Besides three more to Scotch boroughs. To 23 boroughs of a population between 54,000 and 127,000 he gave 27 additional members. To 12 boroughs with a population between 127,000 and 270,000 he gave 24 additional members. To five boroughs, whose population exceeds 316,000, he gave six members each, or 30 addi tional. To seven new boroughs he gave nine members. To counties, and divisions of counties, 18 new members. To seven Irish counties eight additional members: With a few additions to Scotland he completed his re-arrangements, which, after all, allotted 26 of the members taken from boroughs, to counties. His franchise was as low as it could well be placed in the boroughs short of universal suffrage; in the counties he accepted the £lO qualification. On hvealyt3 t i li n, e last day of F e bruary, 1859, we had the novelty of served a er T v o e i l _ t ll he ef p o u rm rp ß os i e Bill. of l a t , s fa lo ct a i d o i n n g fig fe h a t t , ur a e r s e , it o probably The pretty county franchise a Nel n V el i lis r e elrib w e a m s er reduced ed. to £lO, as in Lord et ix J let o t t ii : lo N' sla the borough ocirao st B boundaries egsh i o ll. f franchise borou boroughs h l s . em w a e i r n e ed to u b n e altered, but resur veyed and extended ; and all voters residing in boroughs were to have their option of voting for the borough or for the county, but not to Vote for both. Probably no clause was so fatal to p : s il l :1 F : as this. Members could not afford to irritate the counties, while Mr. ing these votes. As in Lord Nvas b orou gh en t N o T n te e rs xc f l o u l d ' JOHN . S Bill, there were several " fancy franchises." Disfranchisement was tenderly handled. Fifteen boroughs only, having two members each, lost one of them. In regard to enfranchisement by a further division of Yorkshire and Lancashire, and dividing Middle sex, eight members were to be added to the coun ties, and seven to certain new boroughs. WESTMINSTER BRIDGE.—The first half of this new bridge was opened for traffic this morning. LATEST NEWS. The following telegrams have been received at Mr. Reuter's office ST. PETERSBURG, MARCH 1. The Journal de St. Petersbourg gives an official denial to the statement relative to an alliance be ween Russia and Austria. MUNICH, MARCH 1. The semi official /t/unehener Zeituny says learn from reliable quarters that the Emperor Napoleon does not consent to the annexation of the Romagna to Piedmont, and that he is about to re cognize the integrity of the States of the Church, and to modify essentially the policy which he has hitherto followed. "We VIENNA, MARCH 2. The debtor and creditor account of the National Bank, for February, contains the following items : Cash Notes Foreign bills Bills discounted, not Yet due Advances 52,667,000 „ TILE CORK ELECTION. DUBLIN, THURSDAY. The following is the result of this day's election at six out of ten polling places : Deasy Campden BRAZILIAN MAILS. The following telegram has been received at Mr. Reuter's office : LISBON, MARCH 1. The Royal Mail Steam-packet Companys ship Oneida, Captain Leeds has arrived from the Brazils, and will leave this evening for Southamp ton, with 93 passengers, and £28,500 in specie. NICE AND SAVOY. (From the Times.) The most important part, however, of this import ant speech is the declaration of the Emperor of the French that he intends to annex to France a portion of the dominions of a neighbouring and friendly Power. It is no longer a rumour. It is now an avowed fact that Napoleon 111. in tends to take to himself all that portion of the Savoy Alps which slope from the watershed line towards the French frontier. He declares it to be his duty, for the sake of the safety of his frontiers, to proceed to this slight aggrandizement. The words " reclamer " and " rovendi quer," by which he designates this operation of the Im perial will, are distantly suggestive of a previous title, and would rather present the idea that he considers himself to be reassuming what was once his own that he is seizing upon the ancient patrimony of his close ally. No doubt there is a semblance of French title to these moun tains, but it is a title depending only upon the wars of the French Republic. There is also, as the Emperor urges, a certain natural convenience in the boundary thus obtained, but similar natural conveniences abound upon other of the frontier lines of France. The same title and the same plea of natural convenience will carry the French frontiers to very alarming outposts, and may even convince the most indulgent and unsuspecting of the Emperor's neighbours that peace has perils to other countries besides France. It would be a curious and an easy task to calcu late how many words in this paragraph of the speech would require alteration in order to mae the declaration as to Savoy apply to one of the banks of the Rhine. It is well that the Emperor is careful to tell us that France menaces no one. We sincerely congratulate him upon his resolu tion to allow his progress in an enlightened commercial policy to be arrested neither by the clamours of parties nor by the threats of selfishness ; and we hail with real satis faction his emphatic acknowledgment of the great truth, that " The greater the riches and prosperity of a State the more she contributes to the riches and prosperity of all other States." We will venture, however, to hope that in future speeches these and similar excellent sentimets will not be exposed to damage by contact with so very question able an act as that of the annexation of Savoy. (From the Paris Correspondent of the Times.) The Emperor was interrupted two or three times by ap plause, and some isolated cries of " Bravo I" and the clos ing sentence was warmly received. The applause was marked when allusion was made to the demand for the French sides of the Alps—any increase of territory, how ever small, flattering the national amour propre. The para graphs relating to the commercial reforms were listened to with attention, but I must also say, in silence ; and it is inferred that the Italian question is not so definitively settled as people expected, for the allusion to Pied mont did not seem to produce any warm feeling. Out of doors the opinion I hays heard expressed is, that the speech, though pacific in tone, is too sparing of infor mation on Italian affairs, and, with one exoeption or two, vague and slightly embarrassed, and, as a whole, by no means equal to previous speeches. It was naturally thought that something precise and definite would be an nounced on the points which have so long kept in suspense the mind of the public. Many think the speech is not precise or definite, and frankly express their disappoint ment. (From the _Daily Hews) • To make peace lasting, great military empires must pur sue a policy which calumny itself cannot call tortuous, fickle, restless, or domineering. It is not given to any mortal power to be at one and the same time self-denying and rapacious, grasping and chivalrous, revolutionary and dynastic ; and any attempt to flatter and betray friends and enemies indiscriminately can only result in the establishment of a self-defensive league against the com mon disturber. It is the misfortune of the annual speech of the Emperor of the French to his Legislative Corps that it reads too much like one of those articles in the .11oniteur, which declare war in one sentence and proclaim eternal peace in another. If the speech were addressed exclusively to that resigned and well-regulated audience for which it is constitutionally composed, it would be hardly amenable to foreign criticism. But it is in point of fact addressed to Europe, and we are justified in protesting on the part of England against any presumptive interfe rence with the free will of the Italian nation on the plea of services rendered—disinterested services, for which for sooth nothing more than a province is demanded in return. Neither the British Government nor the British people will countenance such counsels or tolerate such claims. (From the Morning Herald.) Every possible reason urges him to stand well with the greai powers. It is not to hi s i n t eres t, one wou ld i mag i ne , to drive the continental states into a league against him, by treading in the footsteps of his uncle. It was but the other day that all Germany bristled with arms against him. Russia, if she has not signed a treaty with Austria, never will and never can be a reliable ally to France, England looks with greater suspicion than ever on the recent deve lopment of his Italian policy. In France he is gradually alienating the sympathies of the enlightened classes ; and he has pushed away one of his strongest supports, the clergy. What, then, are we to think, when, under such circumstances, he deliberately announces his intention to protect his frontier from the incursions of Piedmont by the annexation of Savoy, except that he, too, yields to the intoxicating delight of military triumph, and is ready on a very slight pretext to give his 700,000 soldiers a new cause and a fresh battle-field. The annexation of Savoy, now openly proposed, is a deliberate gage of defiance to Europe. It is the proclamation of the Majesty of force and of the Emperor's triumph over the treaty of 1815—a proclamation rendered all the more significant by the assur ance that if Europe will leave France to do as she likes in Savoy, France will not interfere with the projects of her powerful neighbours upon weaker States. Europe, the Emperor may rely upon it, will form its judgment of the Italian policy of the French Court quite apart from his protestation of disinterestedness. The notion of Piedmont being a dangerous rival to France, or in fact being any thing but a third-rate power, whilst the line of the Mincio forms the Austrian frontier, is too preposterous to be dis cussed. All the arguments and assertions in the world will not convince the world either that the aggrandisement of Fiance is not one of the " ideas" which dignify the call ing of the " Soldat de Dieu," or that Napoleon himself is a maligned and calumniated, but well meaning and amiable ruler, whose chief desire is to devolope the resources of his country and live in amity with his neighbours. ROYAL COLOSSELM.—This highly popular insti tution has, it affords us much pleasure to hear, been mere numerously attended during the recent Christmas holidays than on any former occasion ; and this success is likely to continue, now that the very able and talented lessee has resumed his popular lectures on science. Those of our readers who may remember Dr. Bachhoffner's pleasant and agreeable style of imparting informa tion when, for so many years, he lectured at the Polytechnic Institution, will doubtless be glad to know that, on the Thursday evenings during the Lent sea son, they may hear him on the favourite topic of Astro nomy. The present subject embraces a most interesting and graphic description of our satellite the Moon, illus • trated by a magnificent orrery, and several wonderful pho tographs of the Moon's disc, kindly supplied, we are informed, by Mr. Warren De la Rue, F. R. S., and Messrs. Smith and Beck. These marvellous fac similes of the Moon's surface must be seen to be appre ciated. We must not forget to mention a most ad mirably executed series of coloured photographic views of the Holy Land, supplied by Messrs. Negretti and Zambra, and magnified by the oxy-hydrogen microscope. Many may remember the beautiful views of the same subject, from the pencil of David Roberts, R.A. ; but beautiful as they were as artistic sketches, still they lacked the fidAty to nature so peculiar to the photographic :.rt. To those who have not visited the Holy City, the present slries of views (twenty-two in number) will form an excellent substitute, and from the truthfulnex ; with which they are produced, and the interest attached to this now desolate land, we anticipate for the present vie vs a large share of public favour. A very concise but interesting description accompanies each view, delivered by Mr. Jones Howson, which, together with the other exhibitions of this noble institution, form one of the most rational and agreeable modes of spending a few hours, at the small cost of one shilling, that can b e found anywhere, in or out of the metropolis. _ . - OXFORD DRAMATIC CLUB BALL.—The annual ball of this amateur dramatic society was held at Willis's Rooms on Wednesday evening. The entire suite of rooms have been re-decorated, and looked very handsome. Up wards of 400 ladies and gentlemen responded to the stewards invitations, and kept up the "spirit of the bill," to the ex cellent music of Mr. Jones's band, until five o'clock the following morning. OPENING OF THE FRENCH CHAMBERS. The Legislative Session was opened this day at one o'clock by the Emperor Napoleon 111. in per son, the ceremony taking place in the noble hall in the New Louvre, the Salles des Etats. Nothing could be more complete than the arrange ments which had been made for the arrival of the different persons to be present. The weather being beautifully fine and bright, a crowd began to collect as early as eleven, to watch the arrival of the handsome equipages which con veyed the persons entitled to attend. The carriages soon after began to arrive, and continued uninter ruptedly until noon, after which no admission could be abtained. By far the greatest number of persons arrived by the Pavillon Denon, the entrance to which was adorned with shrubs and flowers. The vestibule inside was tastefully ornamented with tricoloured flags, trophies of arms, and evergreens, as was the wide staircase conducting to the large square waiting-room, which leads into the Salle des Etats. The vast hall in which the Emperor was to meet the Chambers presented a more finished appearance than on the last occasion, several of the ornaments, which were then only tem porary, having been beautifully executed ac cording to the original design. The whole was fitted up with draperies of crimson velvet trimmed with gold, the principal seats being covered with the same rich material. At the further end was placed on a raised estrade a throne for the Emperor, as well as a chair of State, on each side, for Prince Jerome and Prince Napoleon. Behind were arranged seats for the other Princes of the Imperial family, as well as for several of the great officers of State. The galleries which run along the sides above were filled with elegantly dressed ladies. Before twelve every place was occupied, with the exception of those reserved for the high personages composing the Imperial cor tege ; and at a little before one the private conversations ceased, as their Majesties were then known to be approaching from the private apart ments of the Palace by the long Picture Gallery. An officer of the ceremonies having announced, " The Empress !" the whole assembly rose, and her Majesty entered amidst loud cries of" Vive l'lmpe ratrice !" " Vive le Prince Imperial !" Her Ma jesty proceeded to the right of the platform, pre ceded by some of the officers of the household and accompanied by the Princess Clotilda, the Princess Mathilde, and the Princesses Lucien and Joachim Murat. The great officers of the Empress's household, the Grand Mistress, the ladies of honour, and the ladies of the Palace followed. The whole party were dressed in morning attire, and in half-mourning. The Em- press and the other ladies proceeded to a tribune on the right, on a level with the platform, the cor responding one on the opposite side being occupied by the members of the diplomatic corps and the ladies of their families. Her Majesty had just taken her seat when the thunder of the cannon at the Invalides announced the approach of the Emperor, and immediately after his Majesty's cortege entered in the fol lowing order :—A Master of the Ceremonies, the Equerry on duty, the Prefect of the Palace, the Chamberlain on duty, the Adjutant-General of the Palace, the Grand Master of the Ceremonies, the Grand Chamberlain, and the Grand Mar shal of the Palace. Then came the Emperor, dressed in a general's uniform, followed by Prince Jerome, Prince Napoleon, the Princes of the Imperial family having rank at Court, the Grand Almoner, the Aide-de-Camp on duty, the Commander of the Cent-Gardes, and the Officers of the Households of the Imperial Princes. His Majesty was greeted with repeated cries of " Vive l'Empereur !" " Vive l'lmperatrice !" " Vive le Prince Imperial!" His Majesty took his seat on the throne, the Princes of the Imperial family near him, and behind the persons forming their Majes ties' cortege. The Grand Master of the Ceremonies then in a loud voice requested all to be seated, and the moment after all had resumed their places amidst the most profound silence. The Emperor then rose, and in an exceedingly distinct voice, delivered the following speech : [TRANSLATION.] " Messieurs les Senateurs, " Messieurs les Deputes, "' On the opening of last session, relying upon the patriotism of France, I endeavoured to fortify your minds in advance against the exaggerated apprehensions of a probable war. To-day I have at heart to reassure you against the anxiety caused by peace itself. That peace I desire sincerely, and shall neglect nothing to maintain it. "' I have only to congratulate myself on my friendly relations with all the Powers of Europe. The only points of the globe where our arms are still engaged are in the extreme East ; but the courage of our sailors and of our soldiers, aided by the hearty assistance of Spain, will doubtless soon lead to a treaty of peace with Cochin-China. As regards China, a serious expedition, combined with the forces of Great Britain, will inflict on her the chastisement of her perfidy. "In Europe difficulties approach, as I trust, their termination, and Italy is on the eve of con stituting herself free. Without referring to the long regotiations which have been dragging along for so many months,l shall confine myself to a few principal points. The dominant idea of the Treaty of Villa franca was to obtain the almost complete indepen dence of Venetia at the price of the restoration of the Archdukes. That transaction having failed, despite my most earnest endeavours, I have ex pressed my regret thereat at Vienna as well as at Turin, for the situation by being prolonged threa tened to lead to no issue. While it was the object of frank explanations between my Government and that of Austria, it suggested to England, to Prussia, to Russia, measures the whole of which clearly prove on the part of the Great Powers their desire to obtain a reconciliation of all the interests. " To second these dispositions it was necessary for France to present that combination the adoption of which would have the greatest chance of being accepted by Europe. Guaranteeing Italy by my army against foreign intervention, I had the right to assign thz, limits of that guarantee. Therefore I did not hesitate to declare to the King of Sardinia that, while leaving him full liberty of action, I could not follow him in a policy which had the fault of appearing in the eyes of Europe a desire to absorb all the States of Italy, and which threat ened new conflagrations. I counselled him to reply favourably to the wishes of the provinces which should offer themselves to him, but to maintain the independence of Tuscany, and to respect in princi ple the rights of the Holy See. If this arrange ment does not satisfy everybody, it has the advan tage of reserving principles, of calming apprehen sions, and makes Piedmont a kingdom of more than 9,000,000 souls. " Looking to this transformation of Northern Italy, which gives to a powerful State all the passes of the Alps, it was my duty, for the security of our frontiers, to claim the French slopes of the moun tains. This reassertion of a claim to a territory of small extent has nothing in it of a nature to alarm Europe and give a denial to the policy of disinte restedness which I have procla med more than once, for France does not wish to proceed to this aggran disement, however small it may be, either by niili• tary occupation or by provoked insurrection, or by underhand manceuvres, but by frankly explaining the question to the Great Powers. They will doubt less understand in their equity, as France would certainly understand it for each of them under similar circumstances, that the important territo rial rearrangement which is about to take place gives us a right to a guarantee indicated by nature herself. I cannot pass over in silence the emotion of a portion of the Catholic world; it has given way suddenly to such inconsiderate impressions, it has given itself up to such passionate alarms. The past, which ought to be a guarantee f or th e f u t ure, h as been so much overlooked, the seryi,.es rendered so much forgotten, that deeded a very deep cowrie- tion and confidence—an absolute confidence in pub lic common sense, to establish in the midst of the agitations endeavoured to be excited that calm which alone maintains us in a proper path. " Facts, however, speak loudly for themselves. For the last 11 years I have sustained alone at Rome the power of the Holy Father, without having ceased a single day to revere in him the sacred character of the chief of our religion. On another side the population of the Romagna, aban doned all at once to themselves, have experienced a natural excitement, and sought during the war to make common cause with us. Ought Ito forget them in making peace, and to hand them over anew for an indefinite time to the chances of a foreign occupation ? My first efforts have been to reconcile them to their sovereign, and, not having succeeded, I have tried, at least, to uphold in the revolted pro vinces the principle of the temporal power of the Pope. " After what has been already said, you see, if all is not yet over, how it is still permitted to hope for a speedy solution. The moment seems, then, to have arrived to put an end to these anxieties, which have lasted too long, and to seek for the means of inaugurating with boldness a new era of peace in France. Already has the army been reduced by 150,000 men; and this reduction would have been more considerable but for the Chinese war and the occupation of Rome and of Lombardy. My Government will immediately present to you a series of measures, the object of which is to facilitate production, to increase, by affording the means of living cheaply, the prosperity of those who labour, and to multiply our com mercial relations. The first step to be taken in this path was to fix the period for the suppres sion of those impassable barriers which, under the name of prohibitions, have shut out from our mar kets many productions of foreign industry, and constrained other nations to adopt an annoying reciprocity with regard to us. " But something still more difficult still impeded us. It was the little inclination for a commercial treaty with England. I have therefore taken re solutely upon myself the responsibility of this great measure. A very simple reflection proves its advantages for both countries. Neither the one nor the other assuredly would have failed within a few years to take, each in its own interest, the initiative of the measures proposed; but then the lowering of tariffs not being simultaneous, they would have taken place on one side and on the other without immediate compensation. The treaty has done nothing more, then, than to anticipate the period of salutary modifications, and to give to indispensable reforms the character of reciprocal concessions, destined to strengthen the alliance of two great peoples. In order that this treaty may produce its best effect I invoke your most energetic co-operation for the adoption of the laws which will facilitate its practical adoption. " I call your attention, before, all things, to the means of internal communication, which by their development can alone permit us to compete with foreign industry ; but, as periods of transition are always those of suffering, and as it is our duty to put a stop to a state of uncertainty so hurtful to our interests. I appeal to your patriot ism for the prompt examination of the laws which will be submitted to you. By liberating raw ma terials from all duties and reducing those which weigh on articles of common consumption the re• sources of the Treasury will find themselves severally diminished; nevertheless, the receipts and disburse ments of the year 1861 will be balanced without any need of an appeal to credits or a recourse to new taxes. In sketching to you a faithful picture of our political and commercial position, I have wished to inspire you with full confidence in our future prosperity, and to associate you in the ac complishment of a work fruitful in great results. " The protection of Providence, so manifestly on our side during the war, will not fail to a peace , ful enterprise whose object is the improvement of the lot of the greatest number. Let us continue, then, firmly our path to progress, without allowing ourselves to be arrested either by the menaces of selfishness, or by the clamours of parties, or by un just suspicions. France menaces no one; she desires to develope in peace, in the plenitude of her independence those boundless resources which Heaven has given her, and she will not awaken gloomy susceptibilities, since out of the state of civilisation in which we are that truth springs day by day with greater force which consoles and reassures humanity—that the more a State is rich and prosperous the more she contributes to the riches and prosperity of others.' " The following is the original text of the Speech : MESSIEURS LES SENATEUR3, MESSIEURS LES DEPUTES, A l'ouverture de la dernier session, eonfiant dans le patriotisme de la France, je tenais a preveanir vos esprits contre les apprehensions exagerees d'une guerre probable, aujourd'hui j'ai a coeur de vous rassurer contre les inquietudes suseitees par la paix-meme. Cette paix je la veux sincerement et ne negligerai rien pour la maintenir. Je n'ai qu'a me feliciter de mes relations amicales avec toutes les puissances de l'Europe ; les souls points du globe ou nos armes soient encore engagees sent dans l'extreme Orient. Mais le courage de nos marins et de nos soldats, aide du loyal contours de i'Espagne amenera bientot sans doute un traite de paix avec le Conehin Chine. Quant a la Chine une expedition serieuse combinees avec les forces de la Grande Bretagne lui infligera le chatiment dQ sa perfidie. En Europe des difficultes touchent je l'espere a leur terme et l'ltalie est a la veille de ce constituer librement. Sans revenir sur les longues negotiations qui se trainent depuis tant de mois je me bornerai a quelques points principaux. La pens& dominante du traite de Villafranca etait d'obtenir Pindependance presque complete de la Venetic au prix de la restauration des archidue3. Cette transaction, ayant echoue, malgre mes plus vives instances j'en ai exprime mes re g r ets a Vienne comme a Turin. Car la situat i o n, en se prolon g e a nt men ciaeua,ieutdee etaitd e ]'objet j r e sans d an , e s x issue.pica loyales tions Pendant entre mon gouvernement et celui do l'Austriche, elle inspirait a l'Angleterre, a la Prusse et ft la Russie, des demarches dont Pensemble atteste clairement de la part des grand es pu i ssances le desir d'arriver a la conciliation de tons les interets. Pour seconder ces dispositions it itnportait a la France, de presenter la combinaison dont l'adop fion avait le plus de chance d'etre, acceptee par l'Europe ; garantissant par mon armee l'ltalie contre Pintervention vais le droit de marquer l es limitese de tie. Aussi n'ai-je pas hesite a decl t a r r a e lic r ge a te u tree ß 4 a o jr i ana d i e -- Sardaigne que tout en lui laissant l'entire liberte de ses actes je ne pourrais pas le suivre dans une politique qui avait le tort de paraitre aux yeux de l'Europe vouloir absorber tousles Etats de l'ltalie, et qui nienacait de nouvelles conflagrations. Je lui ai conseille de rependre favorablement aux voeux des provinces qui s'offraient a lui mais de mainteuir Pausonomie de la Toscane et de respecter en principo les dtoits du Saint-Siege. Si cot arrangement ne satisfait pas toute le monde it a l'avantage de reserver les principe de calm er d es apprehensions et it fait ou Piemont en roy a ume d e plus de neuf cl'ames. En presence de cette transformation de l'ltalie du Nord qui donne a un etat puissant tons les passages des Alpes it etait demon devoir, pour la surete de nos frontiers de reclamer les versants Francais des montagnes. Cette revendication d'u&i territnire de peu etendre n'a Hen qui doive alarmer l'Europe et donner un dementi a la poli tiquo de desenteressement que j'ai proelame plus d'une fois, car la France ne veut proceder a cet agrandisscruent quelque faible qu'il soit ni pas une occupation militaire, ni pas une insurrection pro voquee, ni pas des sourdes manoeuvres, mais en exposant franchement la question aux grandes puissances. Elles comprendrant sans dente dans leur equito comme la. France le comprendrait certainement pour chacune d'elles en pareille circonstance, que l'important renaaineraeut territorial qui va avoir lieu nous donne droit a une garan tie indiquee par la natur e ellememe. Je ne puis passer sans silence l'emotion d'une partie du monde Catholique cede snbitement a des impressions si irreflichees elle s'est telee dans des alarmes si passionees. Le passe quidevait etre une garmatie de I'avenir a ete tellement oublie qu'il m'a fallu une convic tion bien profonde une confiance bien absolue dans la raison publique pour conserver au milieu des agitations qu' on cherchait a exciter le ealnae qui seul nous maintient dans le vrai. Les faits cependant parlaient hautement d'eux meme depuis onze ans je soutiers seul a Rome le pouvoir du St. Pierre sans avoir un seul jour cesse de revercr en lien le caractere nacre du chef de notre religion. D'un autre cote, les populations de la Romagne, abandonnes tout a coup elles memes, ont subi un entrainement natural, et cherche a faire dans la guerre cause commun avec nous d'evais je lee oublier. A la paix et les liver de nouveau pour un temps illimite aux chances de l'occupation etrangere, mes efforts ont ete do reconcilier avec leur souverain et n'ayant pas reussi j'ai tacte du moins sans regarder dans les provinces soulevees le principe du pouvoir temporel du Pape. D'apres ce qui precede vous voyez que si tout n'est pas encore termine comment it est permis du moin d'esperer maintenant une solution prochaine. Le moment semble done Term de mettre un terme a de trop tongues preoccupations et de rechercher les moyens d'inaugurer hardiment en France uno nouvelle ere de paix. Deja l'armee ete reduit de 150,000 hommes et cette reduction eut ete plus considerable sans la guerre de Chine, l'occupation de Rome et de la Lombardie. Mon Gouvernement v a immediate ment vous soumettre en semble des mesures qui out pour but de faciliter la production d'accroitre parla vie a bon marche, le bien etre de ceux qui travaillent et de multiplier nos rapports coramer clans. Le premier pas a faire dans cette voie etait de fixer l'epoque de la suppression de ces barrieres. Infranchissables qui sous le nom de prohibitions en excluant de nos marches beaucoup de produits strangers contrainant les autres nations a une reciprocite facheuse pour nous, mais quelque chose de plus difficile nous arretait encore c'etait le peu de penchent pour un traits de com merce avec l'An gleterre. Aussi ai-je pris resolument sur moi la responsabilite de cette grande mesure,une reflection bien simple en demon tre avantage pour les deux pays. L'un et l'autrs n'auraint pas manque certainement au bout d* quelque annees de prendre chacun dans son propre interet 1' initiative des mesures proposees. Mais alors abaissement des tarifs n'etant pas simultane it aurait du bien de part et d'autre sans compensation immediate. Le traite n'a done fait qu'avancer l'epoque de modifica tions salutaire et donner a des reformer indispensable* le earactere de concessions reciproques, destinees fortifier alliance de deux grandes peuples. A fin qui ce traite puisse produire ses meilleurs effets je reclame votre contours le plus energique pour l'adoption des lois qui doivent en facilitEre la mise en pratique, jappelle surtout votre attention our lea voies de communication qui seuls par leur devel loppement pouvent nous permettre de lutter avec industrie etrangere, mail comme les moments de transition sont toujours penibles et quo notre devoir est de faire cesser I'incertitude si nuisible aux interets, je reclame de votre patriotisme le prompt examine des lois qui vousseront soumisses.En enfranchissantles matieres premieres de tons droits e t en reduissant ceux quo pesent sur les desirees de grande consommation les resources des tresor se trouveront sensible ment dimineies neanmoins les recettes et les depenses de l'annee 1861 seront en equilibre sans qu' it sait besoin de faire appel an credit ou d'avoir recours ide noveaux impots. En vous tracant un fidele tableaux de notre situation politique et commerciale j'ai voulu vous inspirer pleine confiance dans l'avenir et vous associer it 1' accomplissement d'une ceuvre feconde en gran& resultats. La protection de la Providence si visible pour nous pendant la guerre, ne manquera pas a une enterprise patifique qui a pour but l'amelioration du sort du plus grand nombre continuons done fermement notre marche dans le pro gres sans nous laisser arreter ni par les mur mures de I'egoisme ni par clameurs des partis ni par d'injustes defiances. La France ne menace, personne elle desire developper en paid dans la plenitude de son independance les resources immem es que le ciel lui a donnee et elle ne saurait evreiller d'ombrageuses susceptibilites. Prisque de l'etat de civilisationa ou nous commess ressort de jour en jour plus eclatant cette verite qui console et rassure l'humanite c'est que plus ma pays est riche et prospere plus it contribue a la richesse et a la prosperite des outres. The address was several times greeted by bursts of applause, and at the termination loud cries of " Vive l'Empereur !" " Vive l'lmperatrice !" " Vivo le Prince Imperial !" The Grand Master of the Ceremonies having taken the orders of his Ma jesty, informed the Minister of State that he was then to receive the oaths of such Senators and members of the Legislative Body as had lately entered those bodies. The Hon. Mini ster then read aloud the formula, " I swear obedience to the Constitution and fidelity to the Emperor," and as the names of the new members were called over each advanced and took the oath. The Minister of State next declared that the ses sion of 1860 was open, and requested the members of the Senate and Legislative Body to assemble in. their respective places of meeting for the despatch of business. Their Majesties then withdrew in the sstaze order as had marked their arrival, and amidst renewed acclamations, whilst a second salute of artillery intimated that the ceremony had ter minated. THE BOURSE, March l.—Prices were maintained and were even in advance at the opening, but have receded on the reading of the Imperial Speech just posted up, when it was known that it spoke of the necessity of extending the frontiers of France to the Alps. Threes, which were done at 68f 30c, declined to 68f sc. Mobilier varied from 750 f to 745 f ; Orleans, 1,380 f to 1,375 f ; Lyons, 892 f 50c to 890 f; Austrian, 505 f to 502 f 50c. The following are the last quotations : - - 1/ per Cents. 97 50 Do. end month 3 per Cents 6B 35 Do. end month 6B 10 Bank Shares 2BlO Credit Mobilier Do, Account 748 75 Credit Belgian 4} . — Piedmontese (5) BO Roman — Austrian Spanish Threes Home Debt 43 25 RAILWAYS. Cash. Account. Orleans Northern ... 9lB 75 .. 917 50 New ditto 832 50 .. 832 50 Lyons and Mediterranean BBB 75 .. 888 75 Geneva 5OO .. Southern Western 585 .. 585 Eastern Sardinian 395 .. 395 Austrian Lombard .. .. Exchange on London, at sight, paper, 25f. 71c. ; money, 25f. 5c.; three months, paper, 24f. 871 c. ; money, 24f. 85c. ITALY. A Paris letter, in the Nord, contains some infor motion relative to the settlement of the Jtalian question : " As the negotiations relative to Italy have en tered into a critical phase, it is important to state facts clearly and to avoid exag,geration - s. A journal of Brussels describes as an ultimatum the despatch sent on the 25th ult. to Milan, and in which the French Government sets forth the arrangements which it considers as the most practicable in Italy. The despatch takes care to declare that the Em peror of the French does not intend to exercise any pressure on the determinations of the Cabinet of Turin. It is, therefore, merely a programme which has been sent to Piedmont. In this docu ment, M. Thouvenel considers the annexation of Tuscany as becoming more and more diffieult, and he insists anew on that old duchy being constituted into a separate State, under the authority of a prince chosen by the population. The Emperor excludes the candidateship of Prince Napoleon, in order to' remain faithful to the policy of disinte restedness proclaimed at the beginning of the war in Italy. Romagna cannot either, it is said, be annexed to Piedmont, but is to be administered under the vicariate of the King of Sardinia, if that solution be accepted by the Pope. Piedmont, there fore, will only be aggrandised by the Duchies of Parma and Modena. Nevertheless the cession of Savoy and of the county of Nice is represented to be, indispensable. The despatch is most friendly in tone, and is in conformity with the good relations which have not ceased to _exist between the two Cabinets." 1 , - 1