"The official article on the Italian question is a little
out of date, but it may be as well to record the impression made by it on the Parisian public. The effect was bewildering and stunning, so much so that most of the great
journals took two or three days to rub their eyes before they ventured to es- press on opinion. This opinion, when expressed, was as unfavourable as that of the English newspapers, thought not so violently enunciated : it was at first thought that Austrian influence was uppermost, and that France was going to commit the hicherie of deserting a cause for which so much blood and treasure had been spilt. The uneasy feeling was not removed, when it was found that the article pleased so much at Vienna ; but now the Italian version or rendering of the enigmaticalproduction is accepted, that " the ac- complishment of the task" means not that France will cease to protect Italy from Austrian aggression, but that the Emperor has done his utmost to carry out that clause in the preliminaries of Villafranca which provide for the re- storation of the Grand Dukes, and 'that now he leaves Italy to choose for herself the rulers that best snit her. - It is certain that the article was written by the Emperor himself and came direct from St. Sauveur; the phrase "France is the only country that tights for an idea" has been much laughed at, and that relating to the Italian leaders who aim merely at "par- tial successes," is considered unjust and ungenerous. At the Bourse a panic was the consequence of the article; the Renton at ono time of the day fall- ing as much as 1 per cent, so that the commercial mind was much affected by the gloom thrown over the future of Italy. It was very much feared that England would not view the question in the same light as the writer in the Moniteur, and that the breach would be widened, particularly as so many unprovoked compliments were lavished on Austria. However, the Chinese disaster has dispelled these fears. The Moniteur announces that the two countries are to wreak a common vengeance; and it is hoped that this companionship in arms will draw tighter the bonds of friendship in Europe. Whatever may happen, it is not likely that there will be any im- provement here in public securities for the present, notwithstanding the abundance of money ; in the first place, the moneyed world, instead of buying and selling, is shooting partridges or at Baden ; then, since the abolition of the coulisse, or unlicensed broker, the market has become so small, that a trivial sale or purchase produces a fall or rise; consequently there is a question of giving a spur to business by allowing each broker to have two assessors, and by reducing the brokerage by one-half. 'I he ancient coulisse only charged half-brokerage, and sold ' options' not only to the end of the month but for the next day, of 10 centimes, instead of 10 sous or a franc ; its emis- saries scoured the very garrets of Paris to find clients ready to risk 100 or '200 francs ; and this noble occupation is now proposed to be fulfilled by the assessors. Legitimate business did not suffer by the abolition of the coulisse ; petty speculation, spread over a vast surface, died a violent death. The large speculators have need of the petty speculation to hide their own operations ; and this is why the brokers clamour for assessors. " The enormous amount of money disposable is swallowed up by the Obli- gations, of which the Bank sells a great quantity every week : otherwise, securities of all kinds are flat. The Russian Loan will, it is expected, improve, as the Rothschilda' have undertaken to sell for the Russian Government the amount, six millions sterling, not taken by subscription. It is today that King Leopold has his first interview with the Emperor ; it is said that he has in his pocket a project for settling the Italian difficulties. Prince Na- poleon, after making a short tour in the Auvergne, has gone on to Switzer- hind; the Princess Clotilde left yesterday to join him there. An impression gains ground that the Press is to be allowed in future a much greater lati- tude in discussing political matters. I recommend to your perusal a re- markable article on the subject in the De,bate of Wednesday. The vintage commences in the Bourdeaux country about the 18th of this month ; the yield will hardly be more than one-half that of last year ; it is thought the -quality of the wine will be good; a rise in the price is expected. The harvest, as you know, has been but moderate ; the fruits were damaged by the spring-frosts, and vegetables by the long drought of the summer. It is to be regretted that one or two of the Paris journals have had the pettiness of mind to chuckle over the accident of the Great Eastern, as verifying their Cassandra-like predictions. Admiral Paris has been sent by the French Government to report on the experiment, and one of the papers sneeringly remarks that he will be able to certify that the vessel took forty- eight hours to go from Greenwich to the Nore. It seems that the opposition Gf-Iuglnnd to the Suez Canal scheme still rankles in the hearts of the French.
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