The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-06-13
The News from Europe-Thc War and Its
Various Phases.


We published in yesterdays HERALD the news
from Europe brought by the steamship North
Briton and telegraphed from Quebec. This news
was up to the 1st of June The intelligence
may be summed up in the following points,
First-Public confidence had been 80 far re-
stored that The price of English consols had gone
up to he point at which they stood before the
war papic A similar degree Of buoyan pre-
vailed on the Paris Bourse.
Secood- 1t WAS reported that 40 soon as Milan
would fall into the hands of the French, strenuous
efforts for peace would be made by England and
Prussia.
Thud--Tbe Military Committee of the German
Diet at Frankfort was reported to have agreed
on recommending to the Diet the placing of a
federal army Of observation ON the Rhine
Fourth-There was report that Garibaldi,
after entering Como on the 9th of May, had been
defeated by superior force on the 29th, and had
Withdrawn into the canton of Tessin. Turin
dispatches, however, represented him as making
further progress.
Fifth-Tbe Emperor of Austria had arrived at
Verona on the 3lst of May, accompanied by his
brother, the Archduke Charles, and Baron Hess,
the great strategist On the other haod the
Emperor of the French was about to move his
headquarters from Alessandria to Casale, and it
was expected that he would be back In Paris in
August.
Sixth-That the Austrians are reported to
have made forward movement in considerable
force t. Bobbio.
These, We believe, embrace all the features of
the news by the North Briton.
The reaction in the funds is an evidence of the
belief Of the public in England and France that
the present war will not be Of long duration,
When the news of the famous ultimatum of tue
Austrians to the Sandman government reached
London, the panic created by the intelligence
was so great that in one day consols fell 81 per
cent. Thu total depression reached was five per
representing o loss of 100000, 900
| in British fundg alone. The funds have
now gone up to the same point at which they
stood before the panic so that the fluctuations in
English consols in the course of one short month
were to the enormous extent of four hundred
millions of dollars Il would probably be low
estimate if, for the whole of Europe, we should
cay that a thousand millions of dollars represent
the effect Of that single movement across the
Ticino.
The paragraph stating that the report In Paris
was, that "as soon as the French enter Milan
England and Prussia will make most strenuous
efforts to end the war;" is of the utmost signi-
fcance. Ifit mean anything at all, it means that
the belief is that Austria will not be able to
maintain her position against the French and
Italians, that Milan will be wrested from her;
that the Austrian hold On Lombardy will be
broken, and that until such result be accom-
plished England and Prussia will look on pas
sively, and not interpose between the comba-
tants. But then, when that point of the war
arrives-wbich seems to be regarded as a fore
gone conclusion-these Powers will step in aud
cry "Peace" Then they will mediate. With
what object? Evidently not to undo the work
| achieved by the united armies of France and
Italy, and to reinstate Francis Joseph in the
possession Of his Lombardo- Venetian kingdom
but TO prevent the allies carrying the war into
Africa and too largely curtailing the dimen
sions Of the Austrian empire. 1t may be that
a hope is entertained that a compromise might
be effected by which, while the independence
of Lombardy should be recognized, the Aus
trian dominion might still be exercised over
Venetia to the Mincio. It is believed
that whenever Louis Napoleon shall have
achieved victory that will cover the French
arms with glory-such as the storning of the
Malakoff has been, and as the taking of Milan
| may be-he will be ready and willing to make a
peace, and might agree to such terms as these.
Still, it is not easy to see how anything short of
the independence of the whole Italian peninsula
| can be accepted by the allies. The war was I'M
dertaken with that one object in view The
| question was simply and comprehensively stated
by Louis Napoleon in his war message, when
be said that austria must either rule up to the
Alps, or Italy must be free to the shores of the
Adriatic." 1t would seem plain, therefore, that
the other Powers of Europe have made up their
minds to the latter alternative, and will only in.
terfere when it comes to pass
II the recommendation OF the Military Commit
tee of the German Diet be approved by the Diet,
and federal army of observation be placed on
the Rhine, it might lead to complications which
would involve all Europe in the flames of war
Strangely enough, the German element has been
thoroughly aroused on the subject Of this war,
and the feeling throughout the entire federation
is represented as being bitterly hostile to Louis
Napoleon letter from our Munich correspon-
dent, which we publish to-day, gives clear view
Of the public feeling in that part of Germany. The
passage of Austrian troops from Bohemia through
The kingdom of Bavaria will have the effect-and
probably has been 80 designed-of redoubling
the enthusiasm there; and it is easy to perceive
how, with such excitement prevailing in the Ger.
man breast, the presence of a federal army along
the Rhine might light spark which would set
all Europe in blaze. Austria has the predomi-
nant influence in the Frankfort Diet Her pleni-
potentiary holds the presidency of that body; and