The voice of Europe appears in the main to be
for pease; our leading journal announces, as if on authority, that the Emperor Of the French has modified his plans for Italy to the extent of limiting his operations to the Roman provinces ; and the state- ments in Parliament confirm that assertion. According to this report, whereas the Emperor Napoleon originally intended to back the King of Piedmont in a general demonstration against Austria, he now intends simply to insist upon certain improve- ments in the Roman administration under pain of withdrawing his troops, at the same time insisting that Austria shall with- draw hers from the Legations. With all deference' for our eeh- temporary, whose information is always the best that the Press can command, we cannot help doubting whether we have here the whole story. It is, we say it on the authority of reports from Italy>: itself, simply the fact that a large portion of the Peninsula is with difficulty kept down—kept from rising either against Austria or those Princes whom Austria supports. It is not fair to represent the Piedmontese Government as assuming an aggressive position ; on the contrary it is Austria which has for the last year, indeed for years, persevered in increasing her military forces on the frontiers of Piedmont ; and while repres- sion continues to exasperate the Italian people, it is more than probable that the first overt act will come either from Italian insurgents or from Austrian soldiery over whom King Victor Emmanuel and his Ministers have no control whatever. This we take to be the actual position in Italy.
Meanwhile Austria is appearing as a borrower in the London market, or rather is asking the London market for 6,000,0001. sterling, on terms speciously advantageous, but practically most hazardous for the lender.
