The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1859-06-16
here is one feature especially noticeable in the

last news from Europe, and that ls-the feeling of
confidence that has sprung up in financial circles.
Not in England only, but on the Continent also,
the rise in the market value of public securities at
the commencement of what many have supposed
would be long and bloody war, is a circumstance
ouite as remarkable as their sudden declension
few weeks earlier when it was first stated publicly
that secret understanding existed between France
and Russia. So far as England is concerned, this
reactonary movement may be attributed to several
causes In the first place. the very general express
sion of popular feeling, as elected by the recent
elections. and as exhibited in the almost entire
unanimity of the public press, shows that the
country has no disposition to be drawn into
war in support of Austrian domination in Italy,
and that the scarcely concealed pro-Austran
sympathes of the DERBY Cabinet are destined at an
early day TO lead to change of Ministry Events
have also taken such turn in Germany as TO
sensby increase the hope that the neutrality of the
Germanic Confederation will be maintained. The
session of the Federal Diet, at Frankfort, which
was to determine whether in the existing state
of affairs, Austrian Prussian influence should
prevail, has resulted in con6ding to Prussia full
authority to take the initiative in such measures as
she may deem proper to be adopted for the COM
mon defence of the confederated States So I'M
looked for a termination to what promised to be
stormy session, while it has taken many politicians
by surprise and while it amounts to virtual
abandonment of the Austrian cause in Italy on the
part of some of the minor States of Germany,
which have ralIi ed to the support of Prussia in an
emergency of no ordinary character, indicates Il
growing conviction that the peace of the Father
land is best 10 be secured by suffering Austria 10
contend single handed for the preservation of her
extra Federal possessions. That the ''expectant
latitude" assumed by Russia, has done much
towards promoting this change in German senti.
ment, cannot we think, be doubted. The deter
mination, recently expressed by the Car, to main
tain the position which he has assumed towards
the beigerents; the brief interview ac-
corded by him to the Austrian Plenipo-
Tertiary, and the quiet intimation to Prus-
STA that it would be better not to send
an Envoy to st. Petersburg as the
policy adopted by the Russian Government
was fixed and Interchangeable could scarcely have
been without effect upon the vote which was cast
IN the Diet at Frankfort. In the meantime we find
that the operations of the Austrians in Piedmont
by stripping the most fertile districts of that coun-
try of its grain and provisions, have retarded the
movements Of the allies. The French Commissariat
has to draw its supplies either from across the
Alps, or by way of Genoa and thence by rail to
the points at which they may be required Until
those supplies reach the army and the siege train
which was about to be sent from Toulon, has arri-
Of -
Die to undertake offensive operations upon grand
scale with any prospect of success. This then.
accounts for the partial inaction of the allies and
Justies the belief that they will scarcely attempt
to force the passage of the Ticino before their
Commissarat is replenished and the heavy batter
ing guns are received. The kilograms relating to
GARIBALDI, are altogether contradictory. One from
Berne ria France under date of MAY both de-
scr6es him as having driven the Austrians from
Como, and as holding Cantu with his advanced
guard. Another telegram, also from Berne, and of
the same date but ria Germany announces that
he has been So utterly defeated as to be compelled
TO retreat across the Swiss frontier into the Cam
ton TesSin, where of course-if this statement be
true-the partisan leader and his companions in
misfortune have been disarmed We do not pre-
tend to reconcile these conflicting statements, and
can only refer to our last advices from Europe to
point out which Is true and which is false
For the rest, we have nothing special to note,
beyond the crossing of the Sesa by a Franco
Sandman division, commanded bv King VIC
TOR EMMANUEL in person, and the CAPTURE of
Palestro after a sharp skirmish The Austrians
are evidently falling back upon the line of the tt
emo, and we judge from the statements which
have been made by correspondents from Vienna,
mat the whole of the invading force is about to re-
cross the river into Lombardy, 1t appears more
over, TO be the general impression in England that
when the allied armies succeed in entering Milan
a combined effort will be made on the part of the
Neutral Powers to bring about, by mediation, the
termination of the war. Whether they will sue
coed or not is another matter. We think not.
The three days later news brought by the
steamer Europe which reached Halifax on Tuesday
last confirms the intelligence of the capture of
Palestro by the Sardinians, and the rout of the
Austrans with the loss of a thousand prisoners
and eight guns. The number of killed and
wounded is not mentioned but il must have been
immense The loss on the side of the French and
Sardnans was also very great The Austrans
were IN full retreat across the Ticino. GARIBALp1
had been compelled to retire before superior force
OF Austrian troops, under General URBAN, but
subsequently returned, and falling suddenly upon
the enemy defeated him, and re-entered Como in
triumph. Volunteers were focking to his standard
from all parts of Northern Lombardy, and General
MEL, with strong body of French troops was
rapidly advancing to his support