The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1859-04-02

Three Ocean Steamers, bearing the mails from
Europe have reached our shores within a few
hours of each other. The news by these arrivals is
as various and conflicting as ever. From Eng
land and from all parts Of the Continent cross
currents of opinion continue to prevail. On one
day we learn that public securities have advanced
in market value on the next that they have re-
ceded; and thus they continue to rise and fall
with the fluctuations of the popular mind. That
this condition of international disquietude cannot
last much longer, is every where apparent. Trade
langushes; speculative enterprise meets with no
encouragement the rates of commercial exchange
are continually varying, and men begin to feel
that war itself would be preferable to these per-
petual perturbations And war is certainly mmi-
nent With mas erly tact LOUIS NAPOLEON has
been gradually preparing the nation he governs to
acquiesce in its necessity. Peacefully or by force of
arms, Austrian domination in Italy must, it is
claimed be restricted to the Lombardo- Venetian pro-
vinces. Her troops must be Withdrawn from the
Papal legations, and her treaties with the
Italian DucheS must be either materially
modified or wholly annulled. Henceforth it is
demanded that Austrian influence in Italy shall
be no longer paramount, and that the people of
Italy shall be left free to work ont their own re-
generation. VIII Austria consent to be thus
shorn of her strength? Will she be willing to
surrender, at the joint instance of France and
Sardinia, those prerogatives which, for nearly
half century, she has exercised over the minor
States of Italy, by virtue of secret treaties and
under vague claims to the succession? Upon her
answer to these questions depends the issue Of
peace or war. If Austria yields to the pressure now
exerted against her, Prussia will become the re-
cognised head of the Germanc States IT, on the
contrary, Austria determines to appeal in defence
of her assumed rights TO the ultima ratio req,tln
where can she look for assistance in the tremen-
dous struggle that will ensue? Russia, though
professedy neutral on the Italian question, has
virtually espoused the cause of France and
Sardinia. England, while disposed to respect
the claims OF Austria, so far Lombardy and
Venice are concerned will neither sanction her
occupation of the Papal States nor Justify her in
reference with the internal administration of the
Duchies. The formal declaration of Prussia rem
ders it certain that the latter Power will only
lnterpose in the quarrel when the interests of Ger
many are attacked. The smaller States compos-
ing the Germanic Confederation, though sustain
ing Austria at the present time through hatred 10
France, will scarcely take up arms in her behalf.
unul Prussia raises the war cry. Left thus to
fight the battle alone, or only with the aid of
feeble and inconspicuous allies-the situation of
Austria is desperate one, notwithstanding the
immense army she can bring into the field. Yet,
in such q war; and fighting for such stake, her
power is not one to be despised. She has, more
over, one great quality, which, when prominently
displayed, approximates to the heroic Some
would call it rmness, others obstinacy, and Others
again would distinguish it as tenacty of purpose
1t matters not, however, which term may be re-
garded as most appropriate. Whether it be lau-
ded as a virtue or denounced as a vice, it is q
quality pre-eminently hers. 1t is this very-obsti
macy, shall we call t?-that has impelled her to re-
ect all overtures looking to the amelioration of thu
condition of Italy; that has induced her to cling tc
old formulas, and to exercise despotic authority
in an age of progressive development, both menta
and material and in the midst of the new idea:
which have been born of successive revolutions
If she still persists in her stubbornness she
will, in all probability, be drawn into {
war, which may possibly result in her expulsion
from Italy, butwhich under no circumstances can b.
otherwise than beneficial to the people over whom
she has so long tyrannzed. The sympathies of al
liberal minded men are with France aud Sardini,
in the struggle now impending and although wa
is at all times to be deprecated yet there are con
dtions of peace which are more harrassing thai
actual hostieS, and such is the state of affairs il
Continental Europe at this juncture