The Express.
London, England, 1866-07-06 00:00:00

2HE AUSTRIAN CESSION OP VENETIA.

No such disaster, says the Times, as the battle
of Kiiniggraits has befallen • European power since
Waterloo. The Austrian Emperor had staked upon it
the leadership of Germany, and the result has been utter
ruin. The unbounded confidence with which he began the
campaign was followed by anxiety and then by consternation,
for the defeats sustained show that the enemy has an in-
trinsic superiority which cannot be resisted. But for both
Italy and Germany the decay of Austrian influence will be
an advantage, and the abandonment of pretensions which
have been a cause of weakness to the House of Hapsburg
for 50 years may give the dynasty • better chance of con-
ciliating the races which still acknowledge its sway. The
true history of the campaign has yet to be learned, but
certainly Austria and Esrope in general expected a bolder
system of war:are from the Austrian commander. As to
mediation, the Times cannot but think that if the Austrian
Emperor had addressed himself directly to his adversary,
as German to German, it would have been more dignifi d
and more consistent with the national interests. It is at
least an additional humiliation to Austria that she should
be saved by the intervention of a foreign potentate.
In the meantime, no Italian need feel his happiness at the
liberation of Venice alloyed by any morbid feeling of dis-
appointment at the abrupt conclusion of the struggle, or
by any heartburning at the thought that, after all, it
was Prussia rather than Italy that wrested from Austria
the last patch of Italian territory. There is enough in the
tribute of praise awarded to Italian valour by Austria
herself to meet the exigencies of the most punctilious pride
on that score.

It is an ungracious task, observes the Delhi New', to
return upon the first glad impressions excited by the note in
yesterday's Aloniftur, and to submit them to the test of
colder calculations. But it is a duty to do so. The
manner of performing this tardy act of grace is not
such as to make amends for lost opportunities. Venetia
is not ceded to Italy by the Emperor Francis .Joseph,
though the honour of his arm, is satisfied, but to France.
Imperial and military pridefould not have consented to
make a friend for ever of an enemy ; so with Pa titian
generosity it hands over Italy to the good offices of a power
whose good offices are apt to take the shape of usurious
bargains. For some time past, as our readers
are aware, personal negotiations between the Emperor
Napoleon and the Emperor Francis Joseph respecting
Venetia have been rumoured. It now appears that the
Austrian Emperor was only waiting to accept his imperial
brother's advice until he could do so with the least pos-
sible credit to his generosity or his wisdom. We trust that
the bitter devices with which this cession is made will be
disappointed, but this must depend in a large measure on
the good faith of the Emperor of the French, who may
seasonably be reminded that the price of the liberation of
Italy, from the Alps to the Adriatic, was handsomely paid
before the work was done.

If it should be that Prussia is meditating the annihila-
tion of the Austrian monarchy, then the time has come,
thinks the Post, when in the interests of France Napoleon
would be compelled to form an alliance with Austria, to
prevent the possible creation of a power whose boundaries
on the north and south would be marked respectively by
the Baltic and the Adriatic. Assuming that a congress
will shortly assemble at Paris, the Post trusts that this
country will be represented by the Earl of Clarendon.

The Herald appears to find satisfaction in the thought
that Italy has not completed her frontier herself, but that
it has been done for her after her army and volunteers had
been discouraged by a repulse. Europe will care little to
inquire whether Victor Emmanuel will have to give an
equivalent for what is coming to him. The Herald cannot
but believe that the perils of a mighty revolutionary
explosion will deter the King of Prussia from
seeking further to weaken Austria. Should it be
otherwise, it is certain that there are powers in
Europe which would resist any attempt at a fresh inva-
sion. The Herald takes it for granted that in the general
rectification of frontiers now to be proposed some advan-
tages of a tangible kind will accrue to France, and if at
the expense of Prussia will regret it the less.
Though it would he premature to speculate on the
probable terms either of peace or of that general European
readjustment which must inevitably follow, the Telegraph
believes it is not overstating the case when it says that
issues are involved far more vast and comprehensive than
any which have tried the mettle of European statesman-
ship since the treaties of 1815.