The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1859-07-30

aslue, ana sllenced by the French Emperor He,
calms nave been overridden, her ambition has beer
thwarted. No doubt she requires large accessio,
OF territory, including the richest of the Italia,
provinces; but it is as boon from France not as
conquest from Austria. Victor Emanuel doe
not, or will not, view it in this light
contemporary refers to the prospect of 8
change IN the Austrian Cabinet, as sustaining tbt
motives OF Count Cavours precipitate retreat fror
power Certainly treaty patched up within ar
% nour, ana signed by the two Emperors, was neces
sary an insult to all those statesmen who had beer
accustomed to advise them. "France of course
1t IS urged, "snce she lost her liberty, her dignity
ana her moral rank among nations has been rep
resented by no minister sufficiently independent tC
oppose ms opinions to the caprice of the reignina
power; but the State circles of Vienna, not vet de
graded to the level of Paris have been discipIined
IN Tar different school. Like Count Cavour thf
hereditary chiefs and champions of the Hapsburo
arlstocfacy have regarded themselves as friends OF
the throne, partakers in its responsibilities mart
ners in its glory; and to be left out of sicbt and
nearing, while their Emperor was privately discus
sing an act OF European and historical Importance
may not have been consistent, in their ewes. with
tne character OF an ancient nobility or the grand
eur of leading State"
The Times says that Count Cavour's RESIGNATION
determines the nature of the peace-that he be-
leved in Constitutional Italian UNITY, and unror
tunately believed that Louis Napoleon entertained
lhe same views as himself; and our contemporary
precedes these remarks by q general summary
Inc treasure is spent and the blood is she'd the
war is ended and the peace is made; but no one So
far as we can see is the better for the fight" The
Aorn,ng Post thinks that Count Cavour has made
mistake IN resigning, and that he vet NAV regret
1t as being too hasty. Our contemporary by this
time will have seen, however, that he is fortified in
his course by the following of his confreres TAf
Dd'y NeICs says there could be no doubt as to tho
course which that high-minded minister woulC
take; that the war of the Italian independence il
terminated for the present, without securing tb,
objects for which it was undertaken; that III,
allied armies are marching homeward, leaving tho
noble work at most only half done and that italy
Is not free from the Alps to the Adriatc
But we are reminded that the slight put upon the
French, Piedmontese, and Austrian ministers wa,
little or nothing compared to the absolute insult of
fered to Victor Emanuel, an independent monarch
oelllgerent, coadjutor in the war, who was moi
even invited to acquiesce after the event in the
terms OF peace. A contemporary processes to ex.
plain the exclusion &c That which Austria could
concede with good grace to France she would un.
dnubtedly have refused to Sardinia; it would have
Deen too much to expect that the naughty Hapsburg
neck would bend to the descendants of Hubert the
White-handed who sprang from a bandit race
among the pinnacleS of Savoy. Therefore in
warning Victor Emanuel off the ground. while he
settled the basis OF treaty with Kaiser, Louis Ma
poleon rendered service to the peace of Europe
whatever sacrifice he may have forced upon Italv,
Nor was the Piedmontese King the only sovereign
thus cayalierly treated. The Pope himself with
out as much as formal congo d'elire finds himself
burdened with responsibilities which he NAV not
ardently desire to undertake, since they NAV NOT
impossibly foreshadow proposal of modification in
his internal administration
The tone ofthe Continental press, as we have said
the Paris journals alone excepted-is one of pro-
test against the ''military philanthropy exhibited
by France. beginning with Montebelio, and culmi.
mating at Villafranca."
LONDON, July l5.-The more the terms of peace
are discussed, the less satisfactory are they consd
cred and the tone of public securities consequently
has been feeble. with a tnndancu +o
sales to realize profits preponderated. Owing to
these causes the reduction in the Bank minimum
produced no effect in improving quotations and the
markets generally left off at the lowest prices of the
day.-Stdr.
Paris letter gives the following explanation :
THE OFFICIAL WARNING.
The grounds for the present warning were very
SIMPLE The OntcerS, for the purpose of white-wash
ing the mercenaries who lately did the Pope's bid
ding at Perugia, and with the intention of discred-
tlng beforehand the results of an inquiry upon the
subject ordered by the Tuscan Government pub-
llshed some extracts from an account printed in
Belgium IN 1852 of the deings of the French troops
IN Paris IN December, 1851. The object of the Uni-
rers was to show that, inasmuch as all the state
ments OF refugees concerning the coup d etat must
necessarily and officially be deemed and taken to be
untrue, so the French Government ought not to be-
lleve any report unsanctioned by Cardinal Anto-
nelh OF what was done by the Swiss Guard at Peru
gla. 1t was held, however, in ministerial council
that the subject Of the comp detat was one which
did not admit of joking, and that the accompani-
ment OF lronical censure no excuse for reprodu-
eng In France, pamphlets printed abroad which
have been always sedulously excluded from this
country.
Correspondence Of the Liverpool Post
THE NEWS OF PEACE IN PIED MONT.
PIEDMoNTESE Headquarters, MENzAMBAYo, July
8.-As you may easily imagine, the news of what
people here call the premnaries of peace, has been
received with great astOnshment. both bv the Pied
montese army and by the people of Lombardv-
Nobody would have thought that Napoleon could
give up the idea of thoroughly humiating power
which has always shown the greatest contempt for
his parvenue origin and for his dynasty. Besides
this, the Italians, who such adopts in the art of
are already busily engaged in fore
telling all sorts OF ills; and their restles imagina-
t0ns tell that both the interests of their chosen
King and of Italy will be sacrificed by the European
courts in Congress. II we are to believe our
cottee-house politicians the Venetian provinces will
be handed over to an Austrian archduke, who will
shortly prove to be nothing bstter than a second
edition of Leopold of Tuscany. Others say the
priesthood will govern, it did before, the RO-
magma; others, that Florence, and Modena will be
to take back their unworthy princes
with the shameful train of mgnons and spies. | do
not Know how far these rumors may be relied upon
but what is certain is, that compromise of such
nature would not answer the object of the war that
Piedmont and France have so nobly and so trum-
phantly initiated.
L1uIOPCdL pIOHldllsJS may Inlnk WnaJ tneV ike,
but in my opinion it is impossible to set italy at
rest II the Venetans not called to partake of
the liberties which have been already granted to
their brethren of Lombardy. To have an Austrian
prince In Venice, although surrounded by nation
al army and advised by a national government
would be the same as having Viennese influence in
full work; it would be the renewal of the present
contest before two or three years can elapse With
the bad example that since 1915, Austria has given
IN Tuscany, Parma, Modena, and Rome it would
be madness tO have faith in har Shn alJ
once for ever and submit to her fate for the sake
OF European peace. Let therefore, the Liberal par
ty in England, let the Emperor of the French un-
derstand this great necessity, if thev wish to pre-
vent for the future the dreadful consequences of
second and more ravaging war. This morning as
l was going to visit some Piedmontese officers at
SaliOnze, | met General Rocca, the chief of the
Sandman staff, who was on his way to ValeggiO.-
On my reaching Solionze, | heard that his excel
lency had been sent to the French headquarters,
with the object of defntivey settling the cundi-
ti0ns of the armistice. Victor Emanuel, | have
been told, has no anxiety about the result of the
pending negotiations and he was heard to say that
in spite of the armistice the Italians will not be
losers in the game.
The general impression has been one of painful
surprise, and they draw from the event melan-
choy presage No one expected it, not even Count
Cayour, who set out Immediately for the head
quarters OF the King, where he still is. 1t is gen
orally believed that the interview between the two
Emperors would not have been fixed if some kind
OF agreement about the principal conditions of
future peace had not been previously made
Some, indeed, profess to know that Napoleon him
self, only very few days ago, entertained no idea
of a truce pacific negotiations. What am able
to state positively to you is, that he had issued
most stringent orders for the despatch of large re-
Inducements to Italy, and in fact between the bat
tie of Solferno and this day, the troops landed at
Penova and those arriving from Susa cannot be less
than sixty thousand strong, not to speak of the
teria, enormous quantities of which arrive almost
hourly A person who has some dealings at the
French Embassy here heard it stated that when
Napoleon saw the immnence of a combined media
ton on the part of Russia, Prussia and England, he
thought it better to forestal it, and come himself
to a direct understanding with the Emperor of
Austria. 1t has even been affirmed, by men of
high station, that Count Cavour is much decried
now at the French headquarters, where his policy
is censured as savoring too much of ambitious pro
Jects. They add that events in the Romagna have
sorely displeased the Emperor, in consequence of
the fafse position these put him in towards the
French clerical party which is maneuvring and in
triguing to good effect about the Empress Eugene,
whose religious zeal borders rather closely on
Spanish fanaticism
REUTERS TELEGRAM.1
TURIN, Friday, July l5.-The King and Emperor
arrived at $50 p M, amid the acelamations of the
populace. Prince Carignan and Count Cavour
went to meet them. Count Cavour was much
cheered by the people The Piedmontese troops
and considerable numbers of the National Guard
We're drawn up In line on both sides of the road.
The Emperor alighted at the Royal Palace, and to-
DAY great banquet will be given at court to
eighty persons. The grand dignitaries and func-
tlonaries of State are invited. The 10th regiment