The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1860-11-16

Of all that magnificent Southern Italiap king
dom which, less than two years ago, acknow-
lodged FRANCIS H., Of Naples, as its sovereign
ruler, only small corner, bounded on the one side
by the Pontine Marshes, and on the other by the
Mediterranean, now remains to him, Abandon
ing, upon the advance of the Sardinians under
CIALDINI, the line Of the Volturno he has concen-
tratsd such troops az still remain loyal to his
cause behind the Garigiano, and between that
river and the extreme southern boundary of the
Papal States. The whole of the territory now
occupied by him does not exceed twenty miles
square. As defensive position it is nevertheless,
an excellent one; for, independently of the noun
famous character of the district, it embraces
within its limits the citadel of Gaeta-one of the
strongest fortresses in Italy. The work of be-
leaguering this last sronghold-tte key, as it has
been termed, to the Kingdom of Naples-has al
ready commenced. Capua is now in possession of
the Garibaldiaus, with whom the Sardinians,
flushed with their recent victory at Isernia were
fastening to form a junction. VIcToR EMMANUEL
was, at the last advices at Sessa. small town on
the main road from Capua to Gaeta, and
distant from the latter port about twenty
miles. From this outpost he can watch the
line of the Gargano, and hold easy COM
munlcati0n with his naval squadron in the
Gulf which had been ordered to cooperate
with land forces in the reduction of the Citadel of
Gaeta. In accordance with what we presume to
have been the projected plan of operations, Ad,
mral PERsASo was to have blockaded Gaeta by
sea; but this idea was finally abandoned, in defer
ence TO the wishes OF the French Government as
expressed through the Admiral upon that station.
Whatever reasons may have impelled NAPOLEON
Ill to intervene in the matter, the capture of
Gaeta, even if the operations be restricted to the
land, cannot be long delayed. The Royalist
forces are well known to be short of supplies and
to have become demoralized by the successive de-
feats which they have suffered FRANCES III can
entertain no hopes of reactonary movements in
Tue interior, Tor from one end of the kingdom to
tne other, the popular vote, which has recently
been cast, is overwhelmingly in favor of annexa-
ton, and VIcToR EMMANUEL only delays his tri-
umphal entry into Naples, until such time as the
King who has been so emphatically repudiated
shall depart into exile. The fair level of Ma
pies, being thus virtually added to those
that already adorn the new crown of consolidated
Italy, only Venetia and the Patrimony of st. Peter
await the progress of future events to determine
their destiny. The Conference at Warsaw. il was
feared, would tend to retard for the former, that
day of liberation which Count CAvoUR has conf
IDENTIFY asserted cannot be far distant. But the
Gar, and the Kaiser, and the Regent, have met
and have parted. Whatever expectations Austria
may have entertained of strengthening her present
precarous position, by a closer alliance with Rus
sa, she has been doomed to disappointment The
Eastern policy of Russia, which demands modi-
hcahon of the treaty Of Paris, was too great an
obstacle in the way of harmonious cooperation,
and so Austria is left to fight her battles alone.
She has realized the fact that her ancient allies
will let events in Italy take their course, so long
as the struggle is restricted to that Peninsula and
does not compromise the peace of other States.
Under these circumstances, she has given re-
newed assurances to the Continental Pow
ers. that all the vast military preparations
which she has made, and is still making.
have no other object than that of self
defence. She will retaliate upon Sardinia.
II attacked by the latter in Venetia but not other
WISE She sees no advantage to be derived from
the assembling of an European Congress and there
'ore discountenances it. Subjected to so many
reouifs' and hopeless of obtaining either sympathy
or support from any quarter, she is now endeavor-
ing 10 quiet disaffeetion in Hungary by restoring
10 that hingdoma portion Of those rights OF which
it had been deprived, and by soothing the other
provinces of the Empire with the promise of reforms
that may never be realized. In his manifesto adj
dressed "to my peoples" FRANCIS JOSEPH apollo
gses for the atrocities committed with his sanction
and in his name, subsequent to the revolution of
lS49, on the plea of being constrained so to act
by "a painful necessity" Such an excuse is tan
tamount to a self accusation, and will scarcely suf
flee tosecure the confidence of those who have been
the victims of the ''painful necessity" which be
processes to deplore. 1t is, nevertheless, evident
'nat he has learned something from his late rev.
eiseS ana thatheis beginning TO place lighter esti-
maze upon the old theory OF absolute power to
which ne mas c ung q ohStipotoI,- op1 20 L..