23 JANUARY 1864, Page 1

This change of object in the struggle is regarded in

many quarters, and particularly by Her Majesty's Government, as pacific in tendency. It has undoubtedly removed the danger, at one time very imminent, that England might be compelled to strike in ; but we cannot perceive that the danger of the original war is removed. The Danes show no sign of yielding whatever, and will bayonet Austrians quite as heartily as Saxons ; the Swedes are urging their King to afford them help, and King Christian, even if willing to arrange a " transaction," . may not have the power. Prussia and Austria are urging forward armies of some 25,000 men each, and if the Danes resist there is no predicting to what height German wrath may not blaze. It was stated on Thursday that the Danes would withdraw the constitution, but all they seem to have promised is to leave the matter to Parliament. On the whole, we take it, the chance of a European war has been much diminished, but that of a local war remains.