The Sun.
London, England, 1859-09-28 00:00:00

ItAILWAYS.

Cash. Account.
Orleans
Northern
New ditto. B2O ..
Lyons and Mediterranean 905 .. 905
Geneva — .. 537 50
Southern
Western 590 .. 592 50
Eastern
Sardinian 420 .. 420
Austrian
Lombard ....

Exchange on London, at sight, paper, 25f. re. ; money,
25f 11c. ; three months, paper, 24f. 91e.; money, 21f. 931 e.

THE ITALIAN QUESTION.

A Paris letter in the Semaphore of Marseilles
mentions a new solution of the Italian difficulty:—
"It is proposed to divide the territory of the
Lachies into three parts; one of them, Tuscany,
in order to please Austria, will retain its old Go-
vernment and Grand Duke ; the second, Parma,
out of deference to the wishes expressed by the
popular assemblies, will be annexed to the king-
dom of Victor Emmanuel ; and the third, Modena,
will remain independent ; but the Duke of Modena,
for reasons easy to understand, will retire and
cede his rights to the Duehess of Parma. The dis-
possessed Duke of Modena will retain his title and
rank of sovereign prince, and will also receive a
considerable pecuniary indemnity. In diplomatic
phrase, he will be mediatised. It is manifest that
this division of the territories gives Piedmont
a perfectly natural and regular frontier line
to the south, w.Nle its neighbour, on that side,
is a small state plawd under the authority of a
princess whose liberal ideas will not form a too
striking contrast with Sardinian institutions. The
Duchess will form, between the constitutional
King of Piedmont and the sovereign of Tuscany, a
well-devised and easy transition. On one side,
she will touch upon her old States, where she
leaves many friends, and on the other, upon
the States of a prince of the House of Lor-
raine, with whom common interests always
kept her on good terms. On his part, Ferdi-
nand IV., taught by experience, will restore the
Tuscan censtitution and govern in conformity with
the spirit of the age. Bologna and Romagna will
remain under the authority of the Pope ; as the
promise made by the Emperor to the Holy See, that
no encroachment should be made on its temporal
power, cannot be disregarded. The Pope will
give r4atisfaction to the desires of his subjects there
by establishing at Bologna a consulta, whose .de-
liberations will suggest reforms which the Pope is
to carry out as .far as advisable. Lastly, there re-
:Dains Venetia. If we may believe a very prevalent
report, it was partly with a view to deciding the
form of government to be adopted in this portion of
Northern Italy, that the King of the Belgians
lately intenrened. He proposed, in the name of
Austria, the establishment of a vice-royalty
to be given to his' son-in•law, the Archduke Maxi-
milian. This Prince, whom the treaty of Villafranca
would place in a positicn,.altogether independent of
the Austrian empire, would endow Venice with
liberal institutions. Venetia would also have a
native army in accordance with the stipulations of
Vil lafra.nca."

A letter from Turin, in the Union, says
War in the spring is here considered certain,
and I may add throughout the whole of
Italy, as the inevitable result of present indici-
sions and agitations; every one, now begins to
think that not only the Conference of Zurich, but.
the Congress itself, should it assemble, would be
powerless to prevent that eventuality. The ar-
ticle of the French official journal, that of the
Constitutionnel, the French despatches which have
for some time past rapidly succeeded each other,
and, more particularly, the confidence of the King
in the future and in France—all is explained in a
warlike sense, having the complete independence
of Italy for basis and for object."
The following is a text of the despatch, dated
the 4th, addressed by the Austrian Minister of
Foreign Affairs to Count Traun, Austrian Minister
at Dresden and Coburg, with reference to the atti-
tude assumed by the Duke of Saxe Coburg on the
German reform question :
" Among the different:party programmes which
have latterly treated of the transformation of the
Germanic Confederation into a Parliamentary Fe-
deral State placed under the direction of Prussia,
there is one which has particularly struck us, be-
cause it expresses with special earnestness a demand
fur the exclusion of Austria from reconstituted
Germany. In this declaration, published at Gotha,
the idea of a well-known party, which represents
itself to be the National party, is set forth with
unaccustomed frankness, and, in a manner which
shows that it is desired to place the Imperial Ger-
man State, in its future relations with Germany,
on exactly the same line as Denmark and the
Netherlands. And subsequently we saw not with-
out strong regret that H.H. the Duke of Saxe
Coburg Gotha had not only received a deputation
which presented him with this programme and
with an address, but that he made use of language
of assent and of absolute encouragement without