The Sun.
London, England, 1864-03-16 00:00:00

The Proposed Conference.

The folPowing circular note has been addressed
by M. Drouyn de L'Jlays, the French Minister of
Foreign Affairs, to the French diplomatic agents
abroad :

"Sir,—You will doubtless have learnt that the English
Government has made at Vienna and at Berlin the proposal
of a Conference, to be held immediately, to take into consi-
deration measures of a nature to re-establish peace between
the two great Garman Powers and Denmark. Similar
overtures have been made at Copenhagen.
"The British Cabinet is of the opinion that the Conference
might be held without an armistice. Should the Govern-
ments adhere to this proposal the Government of her
Majesty would invite France, Russia, and Sweden, as also
the Germanic Confederation, to appoint plenipotentiaries
at once.

" We have reason to believe that the Cabinets of Vienna
and of Berlin are inclined to give their consent to the idea
of such a Conference. We moreover believe that the Court
of Austria continues to consider the Treaty of 1852 as the
proper basis for deliberations.

" The principle of the integrity of the Danish monarchy
has been admitted in the identical transactions of the two
German Courts, under data of the 31st January, and, ac-
cording to formal assurances made by the Austrian Cabinet,
that principle remains under the safe keeping of Europe.
The hostilities have not invalidated the stipulations which
bind Austria and Prussia not only towards Denmark but
towards other Powers.

" Austria only claims her liberty of action in so much as
concerns the transaction which took place in 1851.1852
between Geimany and Denmark relative to the position of
the Duchies in the monarchy, and to the relations which
previously existed between Holstein and Schleswig. 'We
have no reason to suppose that the views of the Prussian
Cabinet are different. but we have still to see how the pro-
posal of England will toe received by the Danish Govern-
ment and by the German Confederation. As far as we can
judge, Denmark seems inclined to insist upon an armistice
before agreeing to any negotiation, and it is to be feared
that, in that country, the refusal to grant an armistice will
be regarded as an intention on the part of the German
Powers to achieve the destruction of the Danish army, to
render the conditions of peace more severe.
"On the other hand, the German Confederation has
taken up a view which differs essentially from that of
Austria and Prussia. The Diet was not a party to the
Treaty of London, and denies its validity. It is at the pre-
sent
moment actually considering a report from its com•
mittees, which contains conclusions contrary to the in-
tegrity of the Danish monarchy. It is therefore difficult
to foresee whether the proposal of England will be favour-
ably received at Copenhagen and at Frankfort.
" As far as we ourselves, sir, are concerned, we have not
yet been offered an opportunity of expressing our views.
The English Cabinet will not address itself to the neutral
Powers until it has obtained the consent of the belligerents.
The report that we have taken part in these steps is conse-
quently false, but it is with regret that we have seen this
war break out, and, faithful to the principles which actuate
us, we shall be happy to second any efforts that may be
made to put an end to it.

"Should the Government of her Britannic Majesty re-
ceive the desired adhesions, and bring the proposal in ques-
tion under our notice, we will be found ready to participate
in any serious attempt at pacification.
" I am, &c.,
DROUYN DE IllitrYS.

(Signed)
Paris, Feb. 27, 1861."

The quotations for the best mercantile bills cone
tinue to range from 51 to 6 per cent., although
the inquiries this morning in the general money
market are more numerous owing to the settlement
now in progress at the Stock Exchange, and the
revenue payments which are is course of collection.
The fact is the recent large arrivals of specie, and
the very limited demand on export account, has
strengthened the belief that before long a sub•
stantial concession will ha made in the rates of
discount. The commercial classes are therefore
only just supplying themselves with the accom-
modation necessary for immediate purposes.
About £20,000 in gold was taken into ,the Bank
yesterday.

In the foreign exchanges yesterday afternoon
there was no material alteration, although a slight
downward tendency was apparent.