The French Circular issued on Monday explaining the Emperor's view
of the new prospects of Europe is a very able document, and no doubt t reassuring' so far as this, that it prepares France for acquiescence, at least at present, in the changed order of things, and gives admirably dignified reasons for that acquiescence. We have discussed it elsewhere. Here we will merely say that the Emperor in counting confidently upon the Italian alliance for the future in general European questions, seems to us even more sanguine, than his opponents, like M. Thiers, who count upon Italy as a wantonly strengthened foe, are despondent. It is well for France and for all Europe that so many excuses for revolution have disappeared both South and North. But in future Italy is certainly more likely to dread the preponderant power of France than France to dread the preponderant power of Germany.