16 JULY 1859, Page 10

We learn that King Victor Emmanuel was consulted by the

Emperor Napoleon before the offer of the armistice. This simple fact throws considerable light upon the context of the Peace, and disposes of the assumption that the Emperor acted independently of Italy.

A telegram from Milan, July 14, informs us that "the Emperor has entered the town amid the acclamations of the populace. The King of Sardinia will accompany the Emperor as far as Susa. The Emperor Napoleon is returning to France." A telegram from Vienna, dated Thursday, says—" The Emperor left Verona for Vienna at three this morning. Count Rechberg arrived here at eleven a.m. Peace must be considered concluded, as neither ammu- nition nor reinforcements are now sent to Italy." Paris, Thursday. I write you a short letter to tell you what is said here today ; every- one asks who will be satisfied with the peace ? It is plain that Sardinia is not, for M. Cavour has resigned ; that Lombardy is not, for there is great agitation at Milan ; that Venetia is not, for troubles have broken out there ; that Tuscany is not, for Florence is disturbed. Is, then, France satisfied ? It is asked on all sides, what have we got to show for the 30,000 men and 500 millions of francs ? A little additional glory, of which we had enough, and voila tout ; for the next, we have made one ingrate, and a thousand enemies. The Parisian populace, such as the Faubourg St. Antoine, are indignant that the programme is not fulfilled to the letter. The middle classes, who cared little for the grand words, Italian independence, and the cause of civilization, and much more for their vulgar interests, hail the peace with joy, and so they would any peace. But long-headed men see the beginning of innumerable troubles and complications, and consider the situation worse than when France was in hot fight with Austria. Now that Ca- your is gone, they say, who will keep down the revolutionary party ? What Italians want the Pope at their head ? Will the Milanese nobles consent to pay their court at Turin ? How will Kossuth be appeased ? Will Garibaldi quietly disband his volunteers ? These and many other disquieting questions, which seek in vain for answer, sent the Funds down a franc ; and it is thought that the fall will not stop there.