5 JANUARY 1867, Page 8

The Italian Government has published much of the diplomatic correspondence

with Prussia which preceded the late war. It appears that the design of an offensive alliance was officially sub- mitted to Prussia as early as 9th March, the bases being that Italy would support Prussia in Germany, and Prussia should obtain the cession to Italy of all the Italian dominion of Austria. At the same time, the French Cabinet was officially assured that Italy did not intend to take the initiative of war against Austria— rather an anworthy quibble, while she was urging Prussia to take it. The marked fact of the correspondence, however, is the sincerity of the alliance upon every point but one, the Italians re- fusing positively to be bribed to desert Prussia, and Prussia in- serting in the treaties the precise words suggested by Italy. It is clear, however, that the Italians originally expected the Trentino, and we suspect that the " mad " statement of the Italian news- papers about the total destruction of the Hapsburgs was not so mad as it looked. If it be really true that among M. Thouvenel's papers is a statement that the King of Prussia wanted to make the cession of Bohemia and Moravia the first condition of peace, and only accepted Hanover as a pis alter, that des-truction was very near at hand. One more battle might have ended the dynasty, —would have done, had not France intervened.