The Express.
London, England, 1866-09-05 00:00:00

FORRION AFFAIRS.

If any of the present friends and servants of
the Emperor Napoleon, observes the Daily News, deserves
the privilege of transgressing the limits assigned by
authority to public speakers and writers it should be the
Duo de Pcrsigny, who was the devoted servant of misfor-
tune before he was the partner of power. Perhaps
indeed he may be considered even more imperialist than
the Emperor, because he represents the first empire—the
empire, that is, of the dreams and aspirations of St.
Helena, in which he sees the consummation of all
French history and of the destinies of mankind.
The flaw in his theory is that the government
he defends must depend for its existence and continuance
upon the probability of securing a very remarkable suc-
cession of sovereigns in the same family, and upon an
equally remarkable docility and contentment on the part
of the nation.

Taking nothing in the world to be so conclusive as
figures, the Times comments upon the statistics of the
late war, which show in brief that while the general
Austrian loss is 90,000, and that of the Prussians 21,959--
that is 4 5-6 to 1, the ratio of the prisoners is 83 to 1.
The reason why so much unquestionable courage should
be so generally unsuccessful must be sought less in the
organisation of the Austrian army than in the constitution
of the state in which it is recruited. Out of the German
circles Austria had a score of moss, amongst whom
the only bond was that of subjection, and who in
the battle-field brought a new honour and a different
loyalty. The hearts of the men were not with their leaders ;
the cause of the empire was not their cause. The moral
of this is that the very existence of Austria depends on
its pacific attitude towards its neighbours, and if plane are
really entertained for enlarging the army and vastly in.
creasing the naval forces, the Times can only look upon
such conduct as a symptom of that insanity with which
the gods are said to strike those whom they single out for
destruction.

The Herald is now willing to accept Prussia instead of
Austria as a counterpoise to the power of France. Had
Austria triumphed, and gathered the states of Germany
together as her own, the result to England would be the
same. We are only going back to the old theory of the
balance of power. Only by good fortune, instead of having
ourselves to fight for that object so essential to the peace
and confidence of Europe, it has been obtained for us by
the energy of the man whose will has destroyed the rem-
nants of old feudal Germany, and whose determination
will collect the scattered atoms of weak governments Into
one great and powerful nationality.
The Telegraph sees that the removal of public securities
from Hanover may lead to litigation of no ordinary diffi-
culty. Tho Prussian Commissioner notifies the numbers
and particulars of some of the abstracted documents, but
is the advertisement an effective notice to all the world?
Is every future purchaser of Rhenish annuities, Swedish
debentures, or instruments at all resembling those which
are advertised, bound to examine these portentous lists to
see whether they include the securities offered to him'
And how is that obligation of search to continue' If the
property really belongs to the country of Hanover, the
dethroned King could not claim the treasure as part of his
private possessions; nor could he acquire a title byre.
moving them to England. If the conqueror is obliged to
undertake the liabilities of the ceded territory, it is
obviously equitable that he should succeed also to the
realised capital which constitutes a principal means of
discharging those liabilities.