The Express.
London, England, 1855-09-20 00:00:00

blood is—the removal of Austria's objections to some

subdivisions of the third point! Although this ore-
respoadenoe is believed to be of more than ordinary
authority, I am disposed to think that the import-
ance attached to it arises from the fact that it is in-
spired by the Vienna Chancery, and not that it is
apposed of by the French government. The Ow
diloginwl, and all the other journals reputed as
sessi.ellelel, have been so often repudiated of late,
• no ens is entitled to hold the French
government committed to anything they may
say. At the same time, it cannot be de-
nied that they are sometimes used as instruments
to propagate experimental opinions, and one therefore
cannot see without anxiety the leading semi-official
print lending its columns to artfully concAted argu-
ments, tending to nothing less than to set up perfi-
dious Austria as an arbitrator between defeated
Russia and victorious France and England. The
capital point of the letter, says the Constitutionnel,
is that the taking of Sebastopol and the destruction
of the Russian fiset have dispelled the causes which
had occasioned a difference between Austria and the
Western Powers, not as to the substance, but as to
the form of the third guarantee proposed by the
Vienna conferences. Now, as our Vienna correspond-
ent well explain., the difficulty of application having
been removed, a complete accord will be established
between all the parties to the treaty of Dec. 2, as to
the third point as easily as an agreement was oome
to with regard to the three others.
The letter itself, which is dated Vienna, Sept. 14,
begins by attributing to the heat of debate a decla-
ration of Lord Clarendon's which the people of Eng-
land had fondly hoped was the result of deliberate
sonasele--namely, that the Western Powers ow-
slimed themselves released from the obligations of
the treaty of Dec. 2, and proceeds as follows:
When, during the Conferences, of Vienna, Moos Dort-
chakoff inceseantly remarked that it was impossible for
the Cur to compromise the dignity of his mown, M.
Drouyn de Lhuys declaimed one day quite indignantly :
" Do you think that the Empercr Napoleon 111. can tam
promise the military honour of his nation? It is you who
have provoked us, and you must submit to the conse-
quences." The interpretation of the third gua-
rantee laid down by the Western Powers re-
posed entirely on the sense of that reply. It
is that which explains wl..y Austria, who had so
many times declared that she thought herself interested in
the solution of the third guarantee, quite as much es the
other powers, could not decide on accepting the formula
presented by France and England, who, in addition to the
general interests of Europe, had to protect the particular
honour of their arms. In other words, Austria, as much sv
the Western Powers admitted the urgency, for the general
interest of Metope, of putting an end to Russian preponder-
ance In the Black Sea by means of the reduction of the
Muscovite naval forces; only as to the amount of that
solostion there existed "ten the arrangement pro-
plea by the Cabinet of Vienna and that demanded
by the Courts of the Tuileries and St. James's a difference
of about Ida vessels of war. The fall of Sebastopol giving
ample and vest satisfaction to the military honour of the
Western Powers, the question of the third guarantee re-
turns Into the domain of the general Interests of Europe, on
the ground of which it is almost impossible for France end
England not to obtain, not only the moral assistance, bat
_ _ _

she active co-operation of Austria. The immediate on
%venal of the takiog of Sebastopol and of the destruction of
she Russian vessels of war sheltered in its port, is to have
eenspletely removed the divergence which existed between
what are called the Austrian propositions and the exigencies
el the Western Powers. The propositions of Austria being
no longer of any practical application, there is no need to
add that the Court of Vienna will probably be the first to
abandon them, in order, in concert with France and England,
to seek for • new combination for the solution of the third
guarantee. Such is the great practical utility of the main-
tenance of the alliance of the 2nd of December. The
attitude that Germany may now take must weigh
greatly in the councils 6f Russia. But in order
to influence the Germanic Confederation, it was essential
for the Western Powers to remain agreed with Austria as to
the maintenance of the alliance of Dec. 2, since it is the
adhesion of the Diet of Frankfort to the Four Points by the
veto of Dec. 9, 1854, which serves as the lever of the efforts
of Austria to unite in a single phalanx all the forces
at the command of Germany, and thus to force
Russia to propose at last acceptable conditions of
peace. I think that it is sufficiently proved that
the third pinnate* has now returned into the
sphere of • question of European order, as it equally
interests all the great Powers. It may be added, without
exaggeration, that it interests Germany even more than
France and England, since the Danube, the vital artery of
the commerce of Germany, falls into the Eusine. It mush
lcss becomes the Western Powers to offer peace than it
belongs to Europe to exact it from Russia. The moat
narrow party-spirit alone can still maintain that the third
gcarentse only looks to the satisfaction of the amourprop►e
of Panes and England, since to reduce the Muscovite
power to just limits is at ones to guarantee the independence
end the integrity of Turkey, and to consolidate the political
equilibrium of Ramps.
Since writing the above, I learn that M. Prokesch
Osten has arrived in Paris to-day, on a mission to
submit to the French government an ultimatum, to
be proposed to Russia, and to promise that, in cue
the Cur shall refuse to comply with the terms pro-
posed, Austria will at once eater into a military con-
vention with the Western Powers. Thus. it is con-
firmed that Austria has lost no time in interfering to
prevent the Allies from following up their victoty.
It results from the letter in the Conaliledimeel, that
the new Austrian ultimatum can be nothing but the
Four Points. I utterly disbelieve that Austria will
make a masts belli of the refusal of Russia to pay the
expenses of the war, which the Gazette des Poste.
supposes to be one of the new conditions likely to be
insisted upon.
I am informed that the cash in the Bank of Francis
hu diminished 40 millions since the publication of the
returns of last Friday. The management had ae-1
tinily passed a resolution to raise their discount front
four to five per out. Bat M. Magna. the Finance
Minister, on hearing of this, came to Paris from the
country yesterday to see M. D'Argont, the Governor.
and told biro that Government would not permit the
interest of money to be raised at the present mo-
ment. There was no disputing such an intimation.
The resolution his consequently been rescinded, and
the bank, as a matter of prudence, has resolved to
protect itself by diminishing the proportion of its
advances upon all kinds of securities.
M. Isaac Pereire is expected in Paris on his return
from Vienna, by the end of this week. It is said
that he gas obtained the concession of the railway
from Trieste to Venice. It is also reported that he
has overcome the objections that were raised in a
high quarter to the establishment of a breach oL the
Credit Mobilise Bank at Vienna.
At the Bourse the panic which has prevailed for
the last two or theca days seemed to be arrested. The
Rents at first fell 20e., bat recovered kr the thee to
yesterday's last price, 66fr. boo. Credit Mobilise