The Circular of Prince Gortschakoff has been received in this
country with an indignation which seems unanimous, all classes and nearly all journals demanding an answer which, unless Russia receded, would be a declaration of war. The effect on 'Change has been nearly as great as that of the Due de Gramont's declara- tion, all securities having receded 2 per cent., and the weaker Continental stocks from 2 to 5, while Turkish securities dropped 9 per cent. in two days. The panic in Frankfort was even greater, the Viennese press being most warlike, while that of Berlin affected to make light of the whole subject. In Turkey the Government is arming, and it is stated that active co-operation has been pro- mised by Italy. As yet the general European opinion appears to be that if England resists,—as she will,—Austria, Italy, Turkey, and Britain will declare war on Russia, and proceed to immediate operations. Doubts, however, are entertained, as usual, about the manliness of Great Britain.