The Sun.
London, England, 1861-02-19 00:00:00

It would be a charnel-house in which four times '
more men would be successively swallowed up than
would IT employed for a bold and offensive expedi-
tion. Experience has already unfortunately proved
the fatal influence of those deleterious climates on
the health of European troops, for, while the re-
stricted and purely defensive occupation of Turon
and Segon only cost about 100 men killed by the
enemy, whole battalions have been swept off by
dysentery and fever. There is, therefore, no suc-
cess possible, except in a bold march on the capital.
The Emperor of Annam, whom his courtiers have
persuaded that the capture of Pekin is a fable in•
vented by the foreign barbarians, will not be con-
vinced except by the actual presence of danger,
and the taking of his Palace and of his treasures
will have much more influence on his decisions
than the occupation of three-fourths of his
Empire."
BOURSE, Feb. 18.—The market has been very
dull as far as regards the amount of business, and
prices have slightly declined. Threes, which
opened at 68f sc, receded to 67f 90c, and are now
at 68f 15c. The following were the last quota-
, tions

-- -
41 per per Cents ... 97 95 Credit Fonder —
Do end month.... 97 90' Belgian 4f 99 25
3 per Cents
Do. end month 6B 15 Roman
Bank Shares 2890 ! Austrian
Credit Mobilier.... 681 25 ! Spanish Threes 471
Do. Account 6Bl 25 , Home Debt

RAILWAYS.
Cash. Account.
Orleans l4lO .. 1412 50
Northern
New ditto
Lyons and Mediterranean 935 .. 933 75
Geneva 375 -- ..
372 50
Southern 530 .. 532 50
Western
Eastern
Sardinian
Austrian 487 50 .. 490
Lorrbard

ITALY.
A letter from Turin of the 15th, in the Debats

says :—" All eyes are now turned towards Rome,

not those only of political men, but the mass o

he public. There are many politicians here.who

would sincerely wish that the Pope should remain
at Rome, and that the capital of the kingdom of
Italy should be maintained at Turin ; but there is
a public bias which appears to be stronger than all.
Every one here is convinced that the capital is
about to be transferred, that no one will conclude
long leases, and certain branches of business are in
vconsequence completely at a stand. Naples is now
scarcely spoken of here. M. Liborio Romano reigns
paramount there, and M. Nigra is completely in
the background. Report even says that he will be
soon recalled ; and, in fact, no one can understand
why he should continue to cover with his respon-
sibility the man who really governs. The Opin-
lone explains in clear terms the idea which decided
the Ministry to choose M. Ratazzi for its candidate
for the Presidentship of the Chamber. It is one of
conciliation which in no way pledges the Govern-
ment on questions which may be submitted to
Parliament." _ _

Another letter from Turin, in the &Fleck, says:
" General Klapka is still here, and, notwith
standing the prudent silence he maintains, even
with his friends, it is known that, though serious
difficulties exist, he has a firm hope in his cause;
and I hear that what at present occasions most
anxiety to the Hungarian leaders is to find the
means of delaying for the proper time the out-
break of the revolution which has been so long
menacing. As to Garibaldi, he will intervene
when the opportune moment shall have arrived.
Is Poland also about to make a movement for
obtaining emancipation and unity ? On that ques-
tion the following letter, written by Garibaldi, and
which has been communicated to me, may throw
some light :—‘ Caprera, 30th Dec.—My retirement
to this place is not an abandonment of the cause of
the populations to which I have devoted all my life.
Having the fullest confidence in Gen. Mierolawski,
I will come to an understanding with him as regards
all that concerns our brave Poles.—G. GARIBALDI.'
Hungary and Poland are now placed in exceptional
conditions ; perhaps never before had they so favour-
able an opportunity for achieving independence.
Will they know how to take advantage of the situa-
tion ? As regards Russia, one thing must be par-
ticularly remarked that since 1856 she has
not recruited a single man for the army.
In Russia, at present, a levy for the army
is considered impossible, as it would be likely to
cause a general insurrection of the peasants. The
three Russian corps d'armee, which, as usual in cri-
tical times, now occupy Poland, form scarcely an
effective of 65,000 men, though in former days they
exceeded 200,000. Hungary, therefore, can be
almost certain that Russian could not intervene in
any revolution she might make."
The ost .Deutsche Post of Vienna, of the 15th,
says :—" According to the short analysis which the
telegraph gives us of the new French pamphlet,
that work does not come to any positive conclusion,
or draw up any determinate proposition. It only
results from it that a- strong difference exists
between the Tuileries and the Vatican, and that
attempts are made to intimidate the latter ; for it
appears to us very improbable, notwithstanding
all that is said by M. de Gueronniere, that the
Emperor can seriously think of giving Rome as
the capital of Italy to Victor Emmanuel. French
policy holds too strongly to the occupation of a
strong strategical position in the heart of Italy,
under pretence of protecting the Pope, for the
French Government to quit Rome of its own ac-
cord. And in addition to the importance of that
military position with a view to eventualities of
various kinds, does it not secure to France great
influence in certain possible events ? The Pope is
old and feeble. Surpose that the chair of St. Peter
should become vacant, what a change would there
not be as regards influence if the conclave proceeds
to an election in Rome, independent under the pro-
tection of French bayonets, or in Rome the resi-
dence of the Piedmontese after the departure of
the French ? We consider the new pamphlet as a
mancuuvre, intended on the one hand to serve as a
theme for discussion in England, and, on the other,
to make Pius IX. understand the danger which
threatens him, and to determine him to withdraw
himself from Legitimist influences, and throw him-
self into the arms of Napoleon III."