26 JANUARY 1861, Page 1

The Government of Prussia evidently expects that the efforts of

the peacemakers throughout Europe will be in vain. The King has announced to the Army his anticipation of a wa in which Prussia must conquer or be " annihilated ; " and thrOugh- out Germany military preparations are reported as incessant. At the same time, the dispute between Denmark and the Diet, so long impending, appears to have reached a crisis. The King of Denmark, while removing some grievances. about the language used in the schools, has refused to make further concessions to the. Diet, and apparently rejected the proposals made by England with a view to peace. As Denmark is allied to France, and Northern Germany inaccessible to reason on the claims of the Holsteiners, the slightest collision may produce an European war.