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

FRANCE.

The following is the full text of the article in the
Constitutionnel, 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 grater 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 good will 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. Bat 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-

ion, more conformable to the intentions which
:hey manifest ? In case the execution of the resolu-
tion passed should be resolved upon, how woula
hose 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 7 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
anim'stes the Sovereigns."

BOURSE, Jaa. 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 CO Italian Loan .71 25
Do. ead month.... Do. end month.... 71 65
3 per Cents
Do. end month.... 66 75 Do. end month - --
Credit Mobilier....lo4o Russian -
Do. end m0nth....1046 25 Austrian
Bank Shares 3300 Spanish Threes.... --
CreditiP °lacier -- h-lome Debt -
Roman