The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1860-03-06


The telegram from India and China to-day re-
| ports movement in the rates of exchange. The
| prices of government securities at Calcutta were
| also without variation.
The failure of Smith, Searle & Co., commission
merchants in the East India trade, was announced
yesterday. The liabilities are estimated at between
! ego, 900 and 100000. .-.-.
The increase in the export of 1859 over the pre-
vous year is II per cent, and is ~ per cent.
| than in 1857, the most active year ever known.
| The prospectus had been issued for the Union
| Discount Company, with capital of f250, 0O0.-
The object is to furnish facilities to traders of the
| middle class
| The Produce markets during the week have
| been generally inactive, the proposed abolition
at present exercised but slight influence on
prices.
The bank accounts published indicates that the
late financial pressure has entirely ceased;
THE BUDGET AND THE CABINET
A leader in the Herald indicates the line of
| argument that will probably be taken by the
sentative party in support OF Mr. Ducane's amend
ment.
The Herald complains that we are going out of
our way to increase a very formidable deficit. by
throwing away millions of revenue upon expert
ment, while it is certain we are merely tidlng over
the years difficulties to encounter still larger diff
culties, and it defies Mr.. Gladstone to meet even
the ordinary expenditure next year without shil-
ling income, as we must look forward to heavier
| expenditure next year, rather than reduction
The most prudent of our legislators must rely tar
| more confidently on the naval and military esti-
mates than the commercial treaty for defence.
| We must pay for the adoption of the system,
or possibly for the construction of iron-pated
| steam navy. He would be bold man, who, with
| such minister as Lord Palmerston in power,
would venture to declare against the possibility of
thin the next six months. As to the CONNER
cial treaty, there is humiliating sense of
having out of the late negotiations with con-
| siderably the worst of the bargain.
The Times says one expected the commercial
treaty and its concomitant measures to pass with
| out revisa but the weapon has yet to be forged
that shall DESTROY it, 1t is not met by the couple
of negatives of which Mr.. Ducane's amendment on
sists, which, in this instance happen to make up
| affirmative by contradicting another. Mr..
| Gladstone in his letter to Mr.. Glyn. admits his
| proposals to be not met in their firm shape This
is still more the case with the commercial treaty.
Mr. Ducanes resolution, could suppose it success
| ful, would prevent the full consideration desire
to see given to the many subjects comprised in the
| budget, and would, besides, plunge US into long
financial struggle at home, besides adding to our
| difficulties abroad.
The Morning Star, referring TO Mr. Ducane's
amendment on the Budget, saws decision adverse
to the government would be followed of necessity
| by dissolution of Parliament. The division will
| probably not be taken before Friday next. There
is time, therefore, for the country to speak out
In this amendment is involved the fate of the treaty
with France, and the question of the opening up
British industry of an entirely new market of not
less than thrty-sx millions of customers, the tax
gatherer of some four hundred articles of commerce
imported from abroad, and OF the hitherto crippled
THE CHINESE DIFFICULTY.
The Star says it has reason to believe that the
government are in possession of recent intelligence
from Pekin, by way of St Petersburg, to the eff
feet that the Emperor Of China is disposed to make
every reasonable concession for the purpose of
averting further hostties-and that if these paci-
tic dispositions are met in an honorable spirit by
England, all further contest may be avoided.
FRANCE.
| NJ ThOuyenes circular to the French dinIoma tic
agents, in response to the late Encyclica letter of
the Pope, as published, has attracted attention. 1t
| apparently convcts the Pope of improperly using
his spiritual office for political purposes des-
| patch from Mr.. Thouvenel to the French Ambassa-
dor at Rome is also published, explaining the pre-
sent state of affairs in the Legations, and the causes
| of the
We read in a letter frcm Paris. '"The Emperor
| has proposed very considerable naval disarma-
| ment in France and England. He engages to dis
arm, provided England will do so. The suggestion
will be submitted to Parliament
| The Journal de Rouen has been informed that the
! French government has entered into relations with
| Prussia, as member OF the AollVeren, with view
| to negotiating commercial treaty, on bases SINH
| lar to those Of the Franco English one. Prussia
| it is sad made the first advances.
THE FRENCH GOVERNMENT AND THE POPE
In circular to French diplomatic representa-
tyes abroad M. Thouvenel adyerts to the encycIi-
cal letter of the Pope He says: ~ will not for the
present stop to inquire whether there is any foun-
dation for the reproaches, either stated or implied
which made by the encyclical against the line
of policy pursued by the Emperor with regard to
the Holy See, under the difficult circumstances
which have lately arisen. History in its impair
| TALLY will record one day with whom must rest
the responsibility of events-wth the sovereign
whose efforts have constantly aimed at preventing
them, those who, refusing every concession and
the slightest reform, and shutting themselves up in
state of unaccountable inactivity, have allowed
things to grow from bad to worse, until they
reached that point where the. evil often becomes
incurable What has, above all, created painful
impression upon the government of his Majesty, is
the fact that on so important an occasion the Court
of Rome should have forgotten all diplomatic
usages, transferring upon religious grounds cues
| ton of so essentially temporal character. We
see with feeling of regret as deep is genuine,
| the Holy Father appealing to the conscences of
the clergy, and exciting the ardor of the faithful
| on subject, the discussion of which only be
| proftably conducted between governments There
is, in point of fact, not the slightest intention of
encroacbing in the slightest degree upon the Spir-
itual power of the Supreme Pontiff nor upon the
independence he requires for the free use of that
power within the limits of its rights. / have no
hesitation in stating Monsieur, that the Court of
Rome has not been happily inspired In endeavoring
to establish is done by the encyclical, kind of
| indissouble connection between two different kinds
of interests, which cannot be COMPOUNDED or mixed
up together, without danger"
NJ Thouvenel then proceeds to show, by a re-
cital of historical facts, that the question of the
Romagna is purely temporal-that the Pope ceded
it to France by the treaty of Tolentino, and that
Austria and other Catholics had frequently applied
the principle that portions OF the territories of the
| Papal See might be ceded and transferred. At the
Congress of Jenna, in 1915, "it was not without
difficulty that the pc succeeded in retaining them
and in making the right he invoked prevail over
the opinion, so worthy of remark adopted bv the
| plepipotentiaries that the Legations were at the
disposal of the allies by the right of conquest In
any case, the discussion to the Roman States
was constantly maintained even by the Catholic
Powers, in an order of considerations exclusively
temporal.
In conclusion 1t is stated these precedents are
quoted not as arguments against the acknowledged
rights of the Holy See. But have felt bound to
furnish you with the means of rectfying around
to represent an opinion emitted on temporal ques-
ton attack on the imprescriptible and sacred
prerogatives of the Catholic Church.
| ITALY.
The agitation against annexation to France is in
| creas' pg in Savoy. An energetic address, signed
by 400 persons in Albertville, has been presented
to the King of Sardinia
The agitation in the northern provinces is equal
| ly great, and petitions being signed PRAYING
for annexation to Switzerland in the event of its be-
coming absolutely necessary that Savoy should be
| detached rom Italy.
The Turin correspondent of the Independence
Beige says that Sardinia, while absolutely refusing
any direct cesslon of Savoy and declining to as
simulate the situations of that country and of the
county of Nice, which it considers entirely Italian
| is nevertheless disposed to consult SAVOY, and to
ask her to express her wishes on the question of
| whether she will remain Piedmontese or become
French, in case, be it understood, that certain
events occur on the Italian side of Piedmont. In
structions to this effect have the same writer says
been sent to Chambery and Nice, and will be
set forth in circular to be sent shortly to all the
accredited agents of Piedmont at foreign courts.
| Letters from Rome state that the Pope has the
bull of accommodation and interdct ready for
the King of Sardinia and his partisans to be hur-
ed at their heads the moment the annexation of the
Legations northern Italy is carried into effect
| The personal safety of His Holiness the Pope at
the Vatican is henceorward to be more effectualIy
provided for by guard of twenty four men from
the newly enrolled civic force denominated Guardia
| Palatna.
| SARDINIA
| Turin letter states that the draft of King Vic
tor EmmanuePs proposed manifesto to the popula-
tions of Central Italy was forwarded to Paris on
the 10th instant. We learn by the same mail that
Piedmont desires to purchase from abroad 5000
horses and 900 mules, that her artillery will be
augmented to 40 batteries and that she is expecting
500 guns from Sweden.
SPAIN AND MOROCCO.
| MADRID, Feb. 1l.-Marshal O'Donnell announces
in an order of the day. that he will continue often
sive operations until the enemy shall ask mercy of
Spain, and until reprisals shall have been taken
for the insults of the enemy and an indemnity OBJ
| tanned for the sacrifices of Spain. The trophies
from Tetuan have arrived here, and have been re-
| ceved with enthusiasm. The Spanish government
is about to issue notes to the amount of 900
reals payment to be insured by the sale of national
property. The Spanish cabinet will listen to no
proposals OF peace from Morocco until Tanpiers had
been TAKEN against which place military operations