, 1859-07-01
ARRIVAL OF THE PANAMA.
H.wG from Europe and the Atlantic States.

The P. NJ. S. Cos steamship PaRamt
arrived at Browns wharf, Olympia, OIL
Friday evening, with the mails, freight anC
q few passengers. She brings no late
news than that received overland last weel
from the Columbia river, and published
10 our last issue. The dates from New
York are up to the goth of May, and from
San Francisco to the l7th uIt. Through
their agents here, Messrs. T. NJ REED ant
J.E. WHIrwoRrH, we are indebted to thu
expresses Of Wells, Fargo & Co., anC
Freeman l. Co., for files Of late papers from
the Atlantic States and California Fol
like favors, we are indebted to j. W. Sui
LIvAN, Of San Francisco. In addition tC
the news given last week, we give the fol
lowing condensed summary
Concerning European affairs, the Wash
ington correspondent Of the Sau Francisco
Herald in a letter to that paper, dated
May 10, discourses as follows
The war in Europe now engrosses the
attention Of politicians and 6nanciers and
merchants, to the exclusion for the moment
Of other matters nearer home. How far
the war is to extend, and when and where
it will end, and whether it will eventually
involve this country, are questions of pub.
lie concern. The first battle in Sardinia
was expected to occur on the 10th inst
The report that Russia had made q secret
treaty Of alliance, defensive and offensive,
with France, produced much sensation, as
1t foreboded ultimate war between these
powers and England. But it now appears
that both these governments have, in reply
to inquiries from Lord Malmsbury, contra
dicted the rumor, and given assurance to
England that no treaty exists which can
have any unfriendly bearing upon her.
But Russia has 10000 troops on the bor-
ders Of Germany, and owes grudge against
Austria. Count Sartiges has explained
the position of Russia to be that Of conser-
vatOr Of peace in Germany, Russia says
to the German States, We will not inter
fere in this war unless you do But now,
how can Germany avoid interference il
Austria shodid be worsted the German
States ore interested on the side of Aus
tria, and the Austrian army embraces many
Germans. If Austria should be driven out
Of Italy, it would not be surprising ifI Ger
many should interfere. But Count de
Morny has said that the war would be con-
fined to Italy. Perhaps it may be so; but
certainly all the forces Of one belligerent or
the other must be first annihilated.
The address Of Louis Napoleon, in which
he declares that bis intention is to restore
Italy to herself, and not to impose upon
her change of masters, will inspire Italy
and all who sympathze with her with en-
thusasm, but it must be considered that
Napoleon, when in possession Of Italy, may
md it convenient to retain it, upon the
plea that if be withdraws the Austrians
will return"
REVIVAL OF BUSINESS. - The Rail
roads have suffered much from the business
depression Of the last year, and are begin.
ming to recover their business. The i'm
port into New York Of foreign merchandise
Tor the first week in May, exceed six mill.
lons, being the largest amount ever landed
IN single week. The total imports Of
tos fiscal year will nearly equal those Of
IS56-7-S, and be double those of 1878
The specie is going out rapidly. The
amount exported during the present fiscal
year is eighteen millions. For the past
Two or three weeks it has gone out iu
MMTge amounts, to pay for imports
"nether the present rate Of importation
can be sustained, will depend upon the
crops Of the coming season.
q The prospects Of the national demo
crauc party in relation to the Presidential
contest Of 1860, are bright and impro, ing
every day. Three months ago, the opposi
''On had some show, but that is no Longer
~ The impression now is, that the
Semocratic national convention, which will
Ss S assembled at Charleston, about the Isl
nay 1lt., will unite either upon Vice Presi
usnt Breckenridge, or Gen. Joseph Lane
~ The Postmaster General has dis
routes.
~ The following military stations are