The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-05-16
EurOpe-A New and More Warlil1e Phase
OF the German QuestiOn-A Financial


Panic. ....
From the Herald.
The European continental news by the steam
ship city of Parts wears a warlike complexion.
There are no appearances of definite under
standing between Prussia and Austria, but the
active and menacing preparations for war
between Austria and Italy will justify the infer.
ences that Napoleon in his dexterous game with
Bismark to detach Prussia from the common
cause OF all the German States has failed; that
instead of war between Prussia and Austria
the latter power if necessary, will be backed by
the who.e German Confederacy in the main
tenanCe OF her ioothold in Venetia aud that the
imbroglio concerning the Danish duchies will be
quietly adjusted.
War between Austria and Italy appeared to be
regarded in Paris and in London as inevitable
and imminent. The panic which prevailed in
those great financial and political centres arose
from this apprehension. On the Paris Bourse
on the 3Oth April lentes closed at 65'l5, fall
OF one and quarter per cent, and Italian and
Austrian bonds were greatly depressed. Two
days before 1.-THE Bourse was IN q perfectly
awful state. Not even in the worst days Of the
Crimea was there so bad feeing.n On the lst
OF May the contagion had extended to London
for there, on that day, "a state OF panic greater
than any experienced at any time during the
past nine years prevailed in all the markets."
The Paris correspondent of the London Tee
graph, April 10, says'-"Perhaps [ may console
sOLne VI your IedueIs III tell them that the
greatest person in this realm (Louis Napoleon)
has said, We'll, If there ia war it will only be
a very brief one, and viii not interfere with our
Exhibition ' Qs67). How is the war to be short
one? By the neutrality of France; for, accord
ing to the Paris Constitutional, France will be
in no way responsible for it. She has remained
neutral, and will reserve to herself complete
liberty OF action" This signifies that when
Austria and Italy come into collision France has
only to interpose in order to secure speedy
peace. But Louis Napoleon may be mistaken in
this estimate of the case ....
Meantime Italy is arming and preparing for
Venetia by land and sea, and Austria, anticipat-
Ing deadly struggle, would, it was reported
havein Venetia one hundred and sixty thousand
effective troops by the first of May. The short
war predicted by Napoleon may embrace some
such settlement as this:-The surrender OF We
netla TO Italy, the left bank OF the Rhine to
france, tne Danish Duches to Prussia, money
compensation TO Austria, and the island of Sar-
DINA 10 france as an equivalent for Venetia.
This would be nice arrangement. especially
for France; but as 1t is possible that Prussia
| by some other bargain, may secure these duchies
| without sacrificing the left bank of the Rhine
| Napoleon in the sequel may discover that he
has been overreached by Bismark. Moreover
| though the France of to-day is an empire as the
| France of tomorrow may be a republic, NaDo-
leon is compelled to the policy of short wars in
| order to avoid the internal dangers of long ones.
| Hence his peace at Villafranca, when the last
| war with Austria began to assume the threaten
ing aspect Of an embodiment OF all the German
States.
AS the European situation Is now presented,
italy, relying upon the reserved forces of France
| resolved upon war with Austria for Vene-