The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-08-07
Pence in Europe.

From the World.
At last the Atlantic cable brings us something
like a rational explanation aud confirmation
OF its hasty utterance in the subject Of peace in
Europe.
Under the date Of London, August 4, we are
now informed that negotiations for peace
between Austria, Prussia, and Italy are going
on at Prague upon basis i'll no substantial
respect differing hom the. propositions put
forward some time since under The auspices of
the Emperor Napoleon. Austria, we are Lod
is expected to surrender Venetia to ltalg, and
Schleswig Holsten to Prussia; to retire herself
from fhe GermanlC Confederation; and to consent
10 the formation OttWO new COnlederaClPS Ia Ger
many, the one OF North Germany, under the
leadership and cOntIOI Cf Prussia, the other
OF South Germany, unders the pr,maCy, as Is
probable, though upon this point the tele.
graph is silent, Of the Kingdom of
Bavaria. The Importance of the changes
to be effected by such peace as this in the
pOit tcal organization OF y rope can hardly be
over-estmated; nor can they be more than
glanced at in any review OF the position predI-
Gated upon the meagrC sketch which alone we
now possess OF their scope and their probability.
Retiring finally from her pfepondeTanCe Jth IN
Italy and in GermSnv, Austria, OF course,
admits the thoroughness OF her defeat by the
PrussoI tahan alliance; bat 1t may well be ques-
toned whether her prospects tor the future are
not really frightened IA her tnan clOdded by
lation OF some so millions and a half Of souls,
but she gains in return a freedom OF aCion
which she has never possessed since she accepted
the fatal git OF the first Napoleon, seventy years
ago.
Her future no turns from the West to the
Easr. Mistress OF the lower Danube, with
powerful Germany and a poweru ul Italy uOOn
her western and sou uJhern tIontleTs, she at once
becomes form dable rival OF Russia f)r the
con ro OF the Black Sea, and Tor that eventual
prize OF COnstantrnople upon which the Cars
have so long SET their hearts, but which will be
iurther from their grasp upon the OayiwhiCh
witnesses the signature OF such treaty of
peace as is ioreshado ed in the briet telegrams
when we yesterday published, than it has ever
before been.
Prussia, by the consolidation of North Ger
many under her sway, will ta4e her place at
once in the Europe9n hierarchy as a power Of
the very first rank, while the organization of a
South German Collaboration will prevent, or at
least retard, her acquisition OF such an over
Whelming moral aud military pTedOminanCe in
the affairs OF Central Europe as would make her
ACKNOWLEDGEMENT direct and serious menace to
France. Italy, united from the Alps to the
AdIiaic, will acquire the right and tue power
to exercise SPECIFY and decisive influence In the
final settlement OF the Papal question; and this
the more certainly that the latest accounts we
Lave OF the military situation Immediately before
the acceptance OF the propositions which have
resulted in these conferences at Prague, prove
the Italian armies to have played positive,
brilliant, and most important part IN bringing
Austria o terms. While the Prussians we're push
| ing on between the Kaiser at Vienna and his last
| reuqe at Pesth, ara we're in the act of winning
| at PlesbuIg victory which was interrupted
| only by the news OF the acquesctnce of Austria
| in the allied demands, the Italians are re ported
| TO have defeated the imperial forces at BJrgo 0i
| Valsul ana ana Levico, al d thereby to have
! placed themselves between the QGadrilateral to
the south and the Tyrol 10 the no,th, so as tullY
to Justify the assertion of the London Times that
a single days further DELAY might have lad the
Austrian empire absolutely at the mercy of its
| invaders. Infinite supplementary diplomatic
| transactions must, oil course, be looked for
before the vast and sweeping results here sug
gested can be fully worked out; but the CON
pleteness Of the PrUsslan end Italian triumph l;
no LONGER matter OF question, ana oar late
news is extremely satisfactory, because it seems
to indicate tAat the vlctOrs are likely to show
themselves as sagacious and moderate IN council
as they have been swift and strong in the field.