The Sun.
London, England, 1864-01-07 00:00:00

to them by England as eagerly as dogs. No
sooner has England proposed conferences than the
idea is instantly caught up by these papers and
defended. England is the only power which has to
fear the union of the Duchies with Germany, be-
cause such an union offers the possibility of Ger-
many rising to a naval Power dangerous to English
supremacy. England, therefore, acts entirely in
her own interest, when she advocates the union of
the Duchies with Denmark. The English plan is,
nevertheless, defended as energetically by our feudal
organs as by the English press. They know right
well that they only serve English interests, but
they know also that an advance of Prussia and
Austria in the national German sense must destroy
the reaction. Its preservation is dearer in their
eyes than the preservation of the Duchies.

" For this reason the scheme of the London Con-
ferences is adopted with eagerness, for it is known
that their proceedings would be nothing else than a
renewed edition of the London Treaty, and would
seal anew the union of the Decides with Denmark.
All will be won if the whole dispute can be.peace-
fully set aside, for the internal policy of the Go-
vernment will suffer no interruption.
"For this reason the Duke of Schleswig-Holstein
is bespattered with contumely by the feudal organs ;
for this reason the central German States are mocked
with the question whether they, single-handed,
will make war upon all Europe ; for this
reason the full weakness and impotence of
the Germanic Diet is laid bare. But—we
ask again—of what ,avail are large armies if the
threats of the foreigners are not repelled with
determination, if diplomaby takes every opportunity
of sounding the retreat ? Can there be a higher
and more splendid reward than the preservation of
Sch:eswig Holstein to Germany ? The history of

he last decennium should at least have taught us

that London Congresses can afford us no speeiea ol
guarantee against Denmark ; the complete union o:

.he Duchies with Germany affords the only safe

guard.

"Neither England nor France will hinder this
union, whenever Germany—that is, the Great
German Powers—earnestly will it. The danger
does not lie in the English threats, but depends
upon whether this earnest will in reality exists."

THE CALCUTTA, CHINA, BOMBAY, AND
MAURITIUS MAILS.
The following telegram has been received at Mr.
Renter's office from the Peninsular and Oriental
Steam N ►vigation Company, Jan. 7 :
The Valetta, with the above mails, arrived at
Carseilles at 7 a.m. this day. The mails were to
leave at 11.30 a.m.

MARSEILLES, JAN. 7.

The Messageriesi Imperiales mail steamer Moaris
arrived here at 4 a.m. to day with the India and
China mails, and the English mail, ex the Candia,

FRANCE.
The following is the full text of the article in the
Conseitutionnel, of which a telegraphic summary

has already appeared :

" For some days the proposition made by England
for a restricted Conterence exclusively concerning
the Danish question has been under consideration.
" England, who has nut believed in the efficacy
of a European Congress to settle pending questions,

does not entertain the same incredulity as regards
a Conference of which she takes the initiative, and
which would be called upon to examine a single
question. In our opinion, however, instead of being
less, the difficulties are greater in a programme
restricted to one affair, as the means of conciliation
are less numerous and the patch for mutual conces-
sions narrower.

" France has given too many guarantees of her
pacific intentions, and of her ardent desire to see
resolved, by the sole force of right and justice, the
questions which agitate Europe for her goodwill to
be challenged of contributing to the success of com-
binations tending to the same end, no matter
whence they emanate. It is not, therefore, France
that will throw obstacles in the way of a restricted
Conference. But these benevolent views must not
blind us and conceal the real state of things from us.
"If the Conference which is now proposed
should consist only of the Plenipotentiaries of those
Powers that signed the protocol of London of 1852,
where are the grounds for hoping it will be more
successful in 1864, and that its decisions will have
more weight and authority ?
" It is true, it is said, that a representative of the
German Confederation may be admitted to take
part in the Conference. But what would be the
position of this new plenipotentiary ? Austria and
Prussia persisting in adhering to the conditions of
the protocol of 1852, what could the representative
of the Diet do, backed 'only by the secondary States,
scarcely one-third of Germany opposed to the two
great Powers which constitute the two other thirds ?
" Would Austria and Prussia be-in a better posi-

don, more conformable to the intentions which
they manifest ? In case the execution of the resolu-
tion passed should be resolved upon, how would
those two Powers act against the rest of the Con-
federation ? It would be civil war in Germany.
" How, moreover, could the statu quo be mains
tained during the Conference? Would coercive
measures be adopted to stop the march of events ?
It is to be feared that it is too late. What part
would the Conference then play deliberating in
measure as events hurry on or are modified ?

" On the other hand would it not be strange to
see the Conference occupied with a question which
is actually before the Diet ? Can the same cause
be tried at the same time before two tribunals ?
Supposing the decisions are contradictory, which
is the Supreme Court that would have to give its
fiat ? The European Congress as proposed by the
Emperor would alone, evidently, possess such an
authority, and we cannot help observing with what
rapidity events are showing how much useful and
practical was embodied in that great idea.
" All these difficulties are serious. We do not
wish to diminish them nor magnify them ; but we
must not disown them, while we wish all success
to the English proposition. It is not, we repeat it,
from us that obstacles will be raised, and we con-

...........
tinue to place our confidence in the wisdom of the
Governments and in that spirit of conciliation which
animates the Sovereigns."

BOURSE, 7aa. 6.—The market remains in the
same inanimate state, and without variation in price.
Threes, for the Account, are unvaried at 66fr. 65c.
Mobilier is slightly lower, being now at 1,035 fr.
Railway Market quiet, with little change in quota-
tions. The market closed as follows :-
41 per. Cents. 94 60 Italian Loan 7l 25
Do. end month.... Do. end month 7l 65
3 per Cents
Do. end month.... 66 75 Do. end month —
Credit Russian
Do, end m0nth....1046 25 Austrian
Bank Shares 3300 ipanish Threes....
onei er 17-1 ome Debt
Roman