The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1859-07-26

Tor the monthly, OHARLES u. ShAfI " w.
A.---@2--
The news that a treaty of peace had been con-
cluded at Villa Franco between the Emperors of
France and Austria took every one by sur
prise From the kilograms published yesterday
and this morning, our readers aware that by the
terms of the Convention to which we have alluded,
an Italian Conederacy is to be organized of which
the Pope is to be made honorary President. Lom-
hardy is to be annexed to Piedmont and Austria
is to retain Venice; but whether Tuscany, Parma
Modena and the other Italian States are
TO be restored to their former rulers, will
not be certainly known until the text of the new
treaty is made public. How far the objects of the
war have been secured by the treaty must remain,
therefore, in doubt, until we are better in
formed as to the circumstances which led to the
pacifcaton and the stipnlations that have been en-
tered into between the contracting Powers. How
ever much it is to be regretted that Austria is still
to hold Venice there may have been many of
which we are at present ignorant, that may have
induced the Allies to make this concession. and it
would therefore, be scarcely proper at this time to
call in question the motives by which they were |
actuated The erection of all the States of Italy
into a common confederacy, may, and doubtless |
will, under certain conditions do much towards |
promoting Italian independence. The battles that |
have been already fought, have broken the power,
and destroyed the influence of Austria in the Ital
ian peninsula; whilst, by the annexation of Lom-
hardy to Piedmont, not only is the latter kingdom
placed in a better condition to resist aggression
from whatever quarter it may come, but its exam
pie as a constitutional monarchy, can scarcely |
fail to produce salutary effect upon the adoin-
ing States, TO which, as now constituted, it is so
much superior in power. So much, then, at least,
has been gained for the cause of liberty in Italy;
and whether the Dukes of the smaller Italian |
princpalities recalled, or not, it can scarcely
be doubted that the people of those States will be
secured, by treaty stipulatons, in the exercise of
such rights as will protect them from the
effects of any future mal-administraton
on the part of their respective governments.
That those who looked forward to the entire ex-
pulsion of the Austrians from the Italian peninsula,
will experience sense of disappointment finding
that the Allies have stopped short in their career
of conquest, may be very readily conceived That
the followers of MAZzINI will sneer at the conclu
sions which have been reached, we have no doubt
whatever. But still place confidence in the
sagacity of NAPOLEON III, and prefer to believe
that he has consented to modify his original pro-
gramme for reasons which will yet be made appa-
rent, and which WILL in all probability, prove
satisfactory toall who not bent upon regarding
him as actUated solely by selfish considerations. -
Any one who has watched the progress of the war,
must be aware that it had reached that stage at
which single act of rashness or msmanagement,
on the part of the Allies, would have brought on
a general European conflict. The proximity of
portion of the Sandman force, and of GARIBALDIs
caccidtori, to the German frontier, might
have caused, at any moment in the srdor OF
pursuit an encroachment upon the territory
which is under the protection of the Ger
manic Confederation, and thus have afford
ed the Diet the only pretext that was
wanting to justify that appeal to arms which
Southern Germany, in its unrefecting hatred Of
the French, so ardently desired; whilst blockade
of the Adriatic ports the operations consequent
upon the seige of Venice, might have brought the
Allies into collision with the Neutral Powers
These considerations can scarcely have failed to
have had due weight with the Emperor of the
French, in view of his avowed determination to
localize the war, and it yet remains to be seen
whether he has not gained by negotiation all the
substantial advantages which he could only other
wise have won by pushing the Austrians to ex-
tremity, and by running the hazard of encounter
ing new foes at each additional step of his vicio-
rious career. Had he resolved to prosecute the
war aPomrancs, men might have applauded his
spirit, but they would certainly have questioned
his prudence. There are those already who are
disposed to condemn his determination to pause in
in his career of conquest who, at the outset We
hemently denounced him as being actuated solely by
ambitious motives. They affected to sneer at his
declaration of sympathy for the oppressed Italians
and only saw, or seemed to see in his war
like preparations design for parcelling out
the peninsula of Italy, among his relatives and de-
pendents, after the old Napoleonic fashion,
These men who were intent upon proving to the
world that the passion for military glory would
carry the Emperor of the French too far, now
stand ready to accuse him of not having gone far
enough. Yet there is nothing absolutely known
of the terms he has exacted or of the exigencies
which induced him to proffer conditions of peace
whilst the Mncian hills still echoed the
shouts of his victorious soldiers, and their discom-
fitted foemen were falling back upon their last
stronghold. 1t cannot, with truth, be said that
Austria was incapable of protracting the war, for
her powers of endurance are acknowledged to be
very great and the disasters that have befaen her
in Italy, were more owing to the incompetency of
her Generals, than to any want of courage on the
part of her troops According to the London
Times a succession of victories had already cost
The Allies loss of fifty thousand men, and an ex-
penditure of two hundred and fifty millions of dol
ars. How much more blood would have had to
be shed in the reduction of the fortresses
the famous quadrilatere, and how many
more pitched battles might have been required to
be won before the Austrans were driven across the
herman frontier questions which it is not now
worth while to discuss. An United KINGDOM of
l'aiy is dream which those enthusiasts who advo-
cate IL are not likely to see realized ren,,b,;.,
ltaiy Is inpossioie from the copflictno not,ro sc
the elements OF which it would be conno.oa. -.
confederated Italy under iudicio,o -, -
ton may be made the means of gradna,,,, q
rating the condition of the Italian peonls 80
preparing them for that career of political "a, VI
pendence to which they have so long aspirea NO,
are not, therefore, prepared to censure NApo,,ro,
III for failing to accomplish, per salta, all that
was expected of him, nor we disposed to assert
that the policy he has adopted is really the best
that could have been devised by him, until
we fairly understand what that policy Is
While, therefore, and for the reasons we
have already given, we refrain from pre-
judging act, the scope of which must neces-
sarily at present be but imperfectly understood:
we, at the same time are equally ayerse from de.
tending 1T, The merits or dement's of a treaty
can never be fairly judged by a knowledge Of a