The Sun.
London, England, 1864-07-05 00:00:00

FRANCE.

PARIS, July sth.
The Conseitutionnet of to-day, in an article
signed by M. Paulin I"mayrao says:—

"ladependent of the publications in the Morning
Pose, and the denials which they have received,
there exists a condition of things which occupies
the pubic mind and which it is useful to discrw
frankly. The tendencies to oppose a reactionary
policy to modern ideas are under any circumstances
likely to exist."
The Constitutionnel then proceeds to show that
a coalition is impossible, and says

"In France the spirit of conquest predominates
no mare than the revolutionary spirit, but it is not
the same in other countries, O. it be said that
ambition is quite foreign to the war which has re-
commenced ? If a Holy Alliance were really
formed, and it would not be an essy task, such a
coalition of the past against the present, and of
Governments against peoples, Would only be dan-
gerous to itself,"

BOURSE, July 4.—The market
has been without
animation, but prices well maintained. Threes,
last quoted at 6Gt. 15c. Mobiiier have improved to
1,0771, 50e. Railway market rm. The market
closed as follows

41 per Cents .. 93 90
Uo. end month....
3 per Cents
Do. end month 66 15
Credit Mobilier 1072 50
no. end month lO7l 25
Bank Shares 3310
Credit .-.lneier 1250
Roman

Italian Loan 7O 60
Do. end month 7° 90
Ditto Threes
Nev AleZican
ussiau
Austrian
Spanieh Threes —
Home Debt
Deferrod
PATO.
Cash. Acconnt.
875 877 °°
392 60 992 5°
887 50 -: 891 25

Orlean •
Northern ....
Lyons and Mediterranean
New ditto
Southern
Western
Efllidera • • •
Sardinian
Austrian
Lorrbard
North of Spain
Saragossa
Ditto to 13Arcsiona

645 652 50
SUO
467 50 " 470
366 25 366 25
403 75 407 50
427
06 750 5 430 37 50
6, -
652 60 .„ 555 --
250 ,

ITALY'.
A Turin letter of the Ist inst, in the .Debats
says :—" The bill relative to the sale
of the State
railways has been presented, as you are probably
aware. The amount to be paid is 200 millions, It
would be very desirable that this bill and the one
relative to the amalgamation of the Raman and
Tuscan railways should be voted this session, The
public service would gain by
visional state of things obstacle to any
is an present pro-
serious improvement. another
There
which there would be great advantage in having
voted this year, although it is one of a lees im
builders for the formation at Genoa
it,
asitshealso
portent kind—that which would ratify a contract
entered into with several Italian bankers and
of large shipbuilding yards. The French Mes•
eiv
sageries.lmperiales and at Spezzia
'-• ea to that undertaking the
co-operation of its capital and of its experience;
nevertheless the company is essentially Italian.
If Italy is to become
a great Power it must evi-
dently be by her navy, and for that reason the
establishment of a large building yard was oce
of the ideas of Count Cavour. General Cugia
of carrying
will have the honour it into effect. I
some time since mentioned to
you the action
which the Prince Crouy-Civanal brought against the
Bake of Modena. The latter refused to admit the
competency of the Italian tribunals and he has suc-
ceeded in getting his objection allowed, The motive
invoked by the tribunal of Modena is really curious;
it pretends that a Sovereign Prince, being out of the
pale of the law, has no fixed residence, and that
if he is a foreigner by birth, he remains civilly a
foreigner, even bad he reigned for years. The
Prince do Crony, You are aware) has r-ppealed."

SPAN.
M. Pacheco, Spanish Mi iister of Foreign Affairs,
has just addressed a circular to the diplomatic agents
of Spain, explaining
the sentiments of the Cabinet
of Madrid respecling the conflict with Peru ;
"The Spanish Government formally recognises the
Republic of Peru es % free, independent, and sove
reign nation ; it claims no right of property in the
Chincha Wands or any other American territory,

nor has it hesitated a moment to disavow M. Ms zir-
redo and Admiral Piezon in se far as they acted
from an error of judgment, and contrary to the in-
tentions of the Span,sh Government. But Spain
will not give up the Chincha Islands to the
Commissioner appointed by the Peruvian Go-
vernment to receive them until she shall
have obtained the satisfaction to which she
is entitled. The reparation demanded from Peru
is that the Peruvian Government shall declare itself
altogether unconnected with the attacks directed
against the person of M. Ahzerredo, and ready to
punish the parties concerned in them, also that it
shall consent to receive a commissioner charged to
negotiate for justice in the matter of the murdets at
Talambo. To this circumstance is added an abstract
of a report addressed by M. M;zirredo to the Minis-
ter of Foreign Affeirs, dated 21st June, which gives
an account of the dangers to which he was expoecel
by the hostile manifestations o° a certain number
of negroes at Panama. The authorities of the
isthmus remeined passive during the tumult, the
bead of the police of Panama having declared
that if he interfered all the negro population would
rise to support the assailants, and that the riot
would then assume formidable proportions. It
may be that the Peruvian Government has already
declared itself a total stranger to these facts, which
moreover did not take place within its territory.
"The Peruvian Ministry," says the _Epoca of
Madrid, "has just been replaced by a Uebinet
favourable to a good understanding with the mother
country. The first act of the new Ministers will
be to send to Spain an ambassador invested with
full powers,"

AUSTRIA.
A letter from Vienna, of July 2, says :—ln
cirtres it is still much the question of tte recen!
doings in Kiesingen and Cerlebad. At Ktesingep
the two Emperors were much together, and it was
often the question between them of the state of
ttings in Poland. The Emperor Alexaneer said
that no Power except Russia, Austria, and Prussia
had a right to meddle with Polish matters; and there
is reason to believe that the Emperor Fraucie
Joseph spoke in the same sense. The Czar advieeo
his fellow-sovereign not to press King Christian of
Denmark too hardly, and nt the same time sought
to obtain from him a promise that he in the
German Diet would support the claims of the Bake
of Oldenburg to the Duchies. The Ruseien states-
men and nobles were more reserved than their So-
vereign, and it soon became evident to the Aus
,rians that Prince Geriechak(,ff's feelings towards
them had undergone no change. The result of the
meeting of the two Emperors was satisfactory,
inasmuch as it served to improve their personal
relations; but there is no reason to believe that
the entente between their Governments is more cor-
dial now than it was a month or six weeks ago
Count Rechberg went to Carlsbad with the julep
tion of doing all in his power to induce M. von
Bismark to come to terms with Denmark; but,
being weak of purpose, ha allowed himself to be
persuaded to continue the war. it is not likely that
the Prussian Minister obtained from his Austrian
colleague a promise to support the claims of the
Duke of adeaburg, but certain it is that the Aus-
trian Government has ceased to urge the German
Diet to pronounce in favour of his rival, the Duke of
Augustenbarg. It is now proposed to refer the mat-
ter to an "Austregel Court" or to a Federal Court
of Arbitration, which means that M. von Bismark
wishes the question relative to the right of succ, esiol,
to be kept in abeyance for a time. When the Em-

peror Francis Joseph went from this city to Kissin-
gen he was rery desirous to put an end to the war
with Denmark, but on his arrival in Carlsbad the
King of Prussia managed to persuade him that his
military honour was at stake, and that it was his
duty as a German Sovereign to inflict further
punishment on the renitent Danes. At Carls-
bad, as at Kissingen, it was the question of Poland,
and it has been agreed between the parties to the
partition of that country that no foreign State
shall be allowed to interfere in behalf of the
Poles. No new conventi.in has been entered into

between the three Powers, " because the treaty

concluded at Muuchengratz in 1832 is still valid.'
Ttie treaty in question bas never been published
but it is known to me that by it the Northern
Powers are bound to assist each other in maintain-
ing their political position and influence both at
home and abroad. Wiiie the Emperor and Count

Rfebberg were at Cdrisbad, arraneuitnts were

made for the continuance of the war, but I
greatly doubt the correctness of the current report
relative to the approaching ocaupaiion of the island
of Funea by the Austrians. It is true that the two
large steamers which the Allies have hired ot a Ham-
burg Company are now lying► in the Koldinb- Fiord,
but a well-informed military friend has given n;e to
understand that for the moment there is no ques-
tion of an ettsck being made on any of the Danish
islands. At Carlsbad M. von Biarosrk proposed
tiiat the German Confederation should be invited to

take part in the war against the uotamo❑ enemy ;
but Cuunt Rechberg ret►lied that the Danish clues-

don could become even more dangerous than it is
now if the who,e of Germany should take the field

,spinst Dennatak.
I( involved in the war;the Germans would be
difficult to manage, and it is not beyond the hounds
that some of them would turn their arms against
their unrighteous rulers. The great German Powers
being resolved that the Dines shall pay dearly for

their stubbornness, are about to levy contributions
in Jutland. Prince Hobenlohe•lngelfingen is to act
as Prussian commissary in that province, and he 11-8
been instructed to get as much as he can out of its
unfortunate inhabitents. When first Russia ceded
hor claims on the Duchies to O.denburg, the Kieg
of Prussia loudly spoke in favour of the Duke of
Aup,ustenburg, "but he was soon brought to reason
by M, von Bismark, who now completely rules his
Royal Master." Tee person to whom I am in-
debted for the information contained in the last
sentence of the foregoing paragraph is one of
the leaders of the reactionary party in Austria,
and be very candidly told me that he and all
the men of his opinions greatly admired M.
von Bismark, " whose energy and statesmanshik)
are on a par." The gentleman in question said
that Count Recbbeck bad just the same political
inetiricts as M. von Bismark, but that be had not
the moral courage openly to display them. "We
live in the hope," said.my very candid interlocutor,
" that M. von Bismark will soon put an end to the
constitutional regime in Prussia, and that the other
German Ministers will imitate his example." Such
a reactionary wind is blowing here just nhw, that
M. von Schmerlieg is denounced as a "Progres-
sist,' but be hardly has more claim to that title
than had his predecessors, COO Goluchowski
and Baron Bach. The Constitution a bis framing
is still extant; but hither it has led :0 no good,
as the lieges have the disadvantages of a con..llln"

tional form of Government without its advantages.
'The new State machinery is very complicated and
enormously expensive, but I am unable to perceive
that it works better than that which has been eet
aside. When first the Reichsrath met it was hoped
and believed that it would steadfastly upbold tL e
rights of the people; but during the last sersion it
became evident to all that the elect of the German
part of the Austrian nation were content to follow
the lead given by the Minister of State. In former

times it was no easy matter to got an Austrian
order, but during the last few years they have
been plentiful as blackberries. There are now
in the Reiehstath many supporters of the Go-
vernment who obtained the bit of riband which
they wear in the buttonhole of their coat by sacri-
ficing the political opinions which they originally

entertained, or rather professed to entertain. The
order usually given to such worthies is that of the
Iron Crowe, SiDC3 it has become known to tht
public that the paltry sum of 1,500,000 florins is to
be raised by means of lottery tickets at 10 fbtine
great depression has he= felt, as there is a presen-
timent that the finances of the empire are going to
the bad. M. von Pieper was opposed to the mea-

sure, but be was overruled by his colleagues, as they
wished to make themselves agreeable to the Em
peror, who is desirous that the hospital named after
the Crown Prince, his son, shall be speedily finished.
'foe statesman who broupht flrw;lrd nrd carried
measure which has done incalcuable injury to tht,
credit of Austria is M. you Liner, the...Mil:l4ler of
Adminietratipp or of the Interior.