The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1861-03-01

The capitulation Of Gaeta and the departure
into exile of FRANCIS II virtually closes, for the
time being the war in Italy. With the exception
of few predatory bands, which are still carrying
on a petty guerilla war in the mountains of the
of the Abruzz, the Reactionists have either been
over-awed or crushed out in all the Neapolitan
Provinces. But, although this result leaves the
Piedmontese forces free to undertake other opera
tons, it is doubtful whether the which it was
confidently predicted would be undertaken in the
spring for the liberation of Austrian-Venetia will
notnow be postponed for more convenient season.
The recent elections in Italy have been very favor
able to the more prudent and cautious policy of
Count CAvoUR. He desires to harmonize
and consolidate the various elements of
the new Kingdom of VICTOR EMMANUEL, before
attempting the forcible solution of the Roman and
Venetian questions, and it is believed that his
views will be cordially sustained by large ma
jority Of the members of the new Sandman Par
Lament. 1t is possible, however, that the in
creasng dsaffection in Hungary may precpitate
collision with Austria at an early day; and if
such should prove to be the case it is almost GER
tain that GARIBALDIw summon his old followers
to arms, for the purpose of making common cause
against the common enemy, with the countrymen
OF KossUTH and TURR. That Austria anticipates
such an outbreak is evident from the gigantic
efforts she is making to meet it, and the stringent
measures of repression which she has already
adopted. The call for new loan has been re-
sponded to by subscriptions to the amount of thirty
millions of forms, which has not only afforded
temporary relief to the Austrian Exchequer, bu
has, from present appearances, strengthened Tho
determination of the KAISER to keep Venetia a
all hazards, and to deny to the Hungarians those
rights which they insist shall be conceded as thu
price of their future allegiance. 1t was but re
Gently the Comitat of Honth demanded the restor
alton of the Hungarian Constitution of 1913, anj
now we learn that the City of Pesh has formally
declared to the EMPEROR that peace and harmony
can only be maintained in the Sclavonic Provin
ces by the adoption of a Constitutional policy
The answer to this bold address may be best I'M
derstood by the fact that the Hungarian Lit
torale, which touches upon the Adriatc, and EN-
braces the City of Fiume and the surrounding
district. has been placed under martial law. Thu
chief hope for peace rests upon the necessity O
cumstances impose upon all the Great Powers
Russia is seriously agitated throughout all til,
old Muscovite portion Of that vast Empire by thu
obstacles which the Boyards, and large landed
proprieors generally, sullenly offer to the liberia
ton of the serfs. Prussia and Denmark are al
ready at issue on the Schleswig- Hostein question
Austria has been told that any advance from We
META into Lombardy will not be tolerated by
France; whilst England is in fear lest dmin.
ished Cotton supply from our Southern States
should be productive Of serious disaster to the
four millions of population who are dependent
upon this staple either directly or indirectly, for
their daily bread. Count CAvoUR will not throw
down the gage of battle unless he is forced to d.
so by movements in Hungary and by tn
complications to which they may give rise il
Italy itself. With the jurisdiction of V1cTo
EMMANUEL firmly established in the Tw,
Scilies, and in the Austro-Italian Duchies he cal
well afford to wait the of events, preparing
in the meantime to take advantage of the oppor
tunity which must sooner or later, occur, to ex
tend the sovereignty of Sardinia over the Who'll
of the Papal States, and 10 release Venetia fror
the thrall of the Austrian. But if Hunpar,
breaks out into general instruction, and GARl
BALDI rallies once more his devoted adherent
around him, all the efforts of diplomacy vii
scarcely avail to prevent the Italian peninsul
again becoming the battle-ground of contendn
armies.