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
languishes; 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 immi-
nent. With mas erly tact LOUIS NAPOLEON has
been gradually preparing the nation he governs to
acquesce in its necessity. Peacefully or by force of
arms, Austrian domination in Italy must, it is
claimed be restricted to the Lombardo- Venetian pro-
vnces. Her troops must be Withdrawn from the
Papal legations, and her treaties with the
Italian Duchies 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 out their own re-
generation. Will 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 Germanic States IT, on the
contrary, Austria determines to appeal in defence
of her assumed rights to the ultima ratio reqaon,
where can she look for assistance in the tremen-
dous struggle that will ensue? Russia, though
professedly 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 as Lombardy and
Venice are concerned, will neither sanction her
occupation Of the Papa 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
nterpose 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 TO
France, will scarcely take up arms in her behalf.
until Prussia raises the war cry Left thus to
fight the battle alone, or only with the aid of
feeble and inconspicuous alies-the situation of
Austria is desperate one, Notwithstanding the
immense army she can bring into the field. Yet,
in such 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 approximate to the heroic. Some
would call it firmness Others obstnacy and others
again would distinguish it as tenacity 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 a
quality pre-emnently hers. 1t is this very-obsti-
Macy shall we call it?-that has mpeled her to re-
ject all overtures looking to the ameoraton of the
condition Of Italy; that has induced her to cling to
old formulas, and TO exercise despotic authority
in an age of progressive development both mental
and material, and in the midst of the new ideas
which have been born of successive revolutions
If she still persists in her stubbornness she
WILL in all probability, be drawn into a
war; which may possibly result in her expulsion
from Italy, bntwhich under no circumstances can be
otherwise than beneficial to the people over whom
she has so long tyrannized. The sympathies of all
liberal minded men with France and Sardinia
in the struggle now impending, and although wal
is at all times to be deprecated yet there are con-
ditlons of peace which are more harrassing than
actual hoslities, and such is the state of affairs in
Continental Europe at this juucture