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THE WAR AND PROSPECTS OF PEACE. (From the Times.) If the rumours of peace fall everywaerc on unheeding oars it cannot be denied that the CHills which hare pro- duced them have much significance. It may, indeed, be a sign of credulity to expect that a few weeks will close the great conquest which forty years have prepared, and that the armies of the West will before spring is advanced take their final leave of the old battle-fields, which are now historic names. The natural conviction of every one is, that such a cause, such exertions and sacrifices cannot be defrauded of their legitimate results. It seems clear that, unless Russia consent to the full demand of France and England, the war must go oil and that she will consent. no one ventures to anticipate. The great preparations for the next campaign will not then prove useless the batter- ics and mortar-boats will not lie cumbersome hulks in our naval ports, the stores of arms will not be piled up in re.1- diness merely for another war. But yet the events which are now passing will have their consequences. It is pro- bable that the mediators of to-day will in a few months quit their middle position. Although the Western Powers may not openly be assisted by the arms of Austria and Prussia there is every reason to believe that these empires will find it necessary to declare fully their accordance with the views of the allies and the censure of the course which the Czar has adopted, Fo one can have watched the mili- tary and diplomatic events of the present year without see- Ing that their tendency has been to make neutrality impos- sible. Twelve months since the armies of France and thigland were in a situation which might be called perilous. They had, indeed, won victories, and were in no danger of being driven into the sea, but in the eyes of Europe, as well as in the. opinion of some of then-own lendet s, they were likely to fail in the great object for which thc-y en- camped on Russian glound. The death of Nicholas and the succession of a younger and a less arrogant monaich odid much to weaken the determination of the Austrian Emperor, while financial difficulties almost bound the Cabinet of Vienna to persist in peace. This was the mo- ment when the policy of neutrality was most loudly advo- cated and seemed almost justified by events. But since then eveiy day has made such an rqui'.ibriuin less stable. The fall of Sebastopol has delivered 200,000 of the allies from a difficult and dreary task to which their honour bound them. It has endangered the whole Russian coast, and made the conquest of entire provinces a work to be looked for at once. Stiil more has the cause of the Western Powers gained from the manifestation of unflinching obs>ti- nacy of purpose by the British people. The popular feeling of this country is the vital force of the whole war, the spring which keeps in movement all the machinery of cabinets and armies. Since it is clear that this country will make no hollow peace, and that, whatever may have gone before England is now about to put forth a strength worthy of her name, the German Powers have felt that the war is about to assume a terrible earnestness, which will make indifference impossible and affected moderation a folly. But the power of the allies is less alarming to neutrality than the weakness of Russia. Allowing for the exaggerations of sanguine or ignorant writers, there is sufficient testimony that the difficulties of the enemy are great and rapidly increasing. Discontent prevails among powerful classes, for the trader is cut off from the great mart of the world, and the wealthy deterred from inter- course with the chief seat of civilisation. The losses in men are ill repaired by a conscription of youths, while money fails by the destruction of the country's nascent commerce. The German Powers seem fully aware that the continuance of the war must lead to the supremacy of France and England both in the north and east of Europe therefore, even although we may look on them as preserv- ing their former feelings towards us, yet we may look for their earnest interposition to bring the war to an end, and expect that they will deeply resent the obstinacy of the Czar, should he expose himself and them to evils not in- evitable. That these are not merely s- That these are not merely speculations is proved from our foreign correspondence. We learn that Austria has com- municated to Prussia the preliminaries agrecd upon by the Western Powers, and called upon her to urge their accept- ance at St. Petersburg. It is with the two great German Powers that we have chiefly to do. It is plain that the recent compact with Sweden has startled the two monarchs. A defensive alliance, even though conditional, is a bold step for a State so small and so ili-situated as Sweden, and the conclusion of it has roused Austria especially to the consciousness that Russia's political greatness has for a time departed. Francis Joseph is therefore more and more anxious to play some decided part, and not only to gain in- fluence in Europe, but to extend his power over those minor German States which vacillate between him and his Prussian rival. It. has been seen for many weeks that the tendency of these States has been to separation from Rus- sian interests. Austria therefore has a chance of once more becoming the leader of the Confederation. On the other hand, the King of Prussia sees with apprehension the waning of his recent influence. He has had against him France, England, Austria, and the opinion of the World. lIe was supported by Russia and the minor States which ere ruled by Sovereigns akin to the Russian dynasty. Now that the great northern empire is weakened, distrarted, and beaten, the German Kings and Grand Dukes are falling away from his side. He will soon have no friend but the C7;ar, himself needing help and consolation in adversity. We cannot doubt that the Prussian King sees those dangers clearly, and, if he wishes worthily to obey the commands of his late kinsman, and really to befriend that kinsman's heir, he will do his best to enforce assent to the demands of ths Western Cabinets. We have always felt that the continuance of the war must end in at least a moral league against the common enemy. The burdens of a state of hostilities must bcfoie long be felt even by neutrals, and then the blame must fall on the nation which, without hope of success, prolongs the contest mciely in a spirit of senseless pride. Some months, since, when Austria shrank from executing the treaty which she had concluded, the apprehensions of many added bitterness to their reproaches. It was regarded as an almost desperate enterprise to attack the hugest and most compact of adversaries merely by expeditions carried on "llh difficulty by sea at a distance of 3,000 miles from home. But it was by a wise impulse that the two Govern- ments resolved to persevere, and to leave time to bring into action the alliance which existed in principle. That time seems now not far distant. It will, however, best be- come our dignity, and conduce to our interest, to make no supplications for foreign aid. That aid will come most readily when we have shown that we least need it. Such is the action of human nature instates as "ell as individuals. The part of the allies is to prepare for the contest with re- newed vigour on the largest scale. For the present arms must decide the question it has emerged from the domain of diplomacy, and not yet returned to it. When successful war has given us the mastery, we may then expect that both foes and neutrals will acknowledge the justice of our claims and the force of our reasoning. (From the Press.) The negotiation in progress has advanced one considera- ble stage. Prince Esterhny has left Vienna for St. Peters- hur, bearing the conditions which France and Eunland have agreed to accept as the basis of a treaty of Peace, and which Austria has engaged that she will urge Russia to sccept by every means in her power short of actual hos- tilities. We suppose therefore that wc shall hear no more denials of the fact that negotiations have been opened, and no more of the canards of the Press," in communicating to the public a knowledge of the fact. A week or ten days must elapse before an answer can be received from St. Petersburg, and that answer may not be decisive. In the meantime, the great alternative of Peace or War continues to tremble in the balance. There are persons who think it wise and patriotic in this interval of suspense.to declare their hope and belief that the negotiation will come to nothing, and that the terms are so framed as to exclude any rational expectation that Russia will accept them. There are other persons who deem it their duty at this particular time to express their predilection in favour of a war policy to declare that hos- tilities have not gone far enough and to assert that no peace can be what they deem just and honourable" which is not founded on a total prostration of Russian power, and the acceptance by her—as matter of compulsion—of what- ever terms the Allies may choose to dictate. With neither of these parties can we profess any kind of sympathy, We think that the moment of negotiation is not the moment for the expression of mistrust, of bluster, or of defiance. When we make war, let us war with all our he ait and ellergy- when we negotiate, let us negotiate with perfect good faith. Let our action be sincere in both cases. It would be nothing less than hypocriiy of the grossest kind to offer terms to an enemy which we were perfectly sure beforehand that enemy would not or could not accept and it would be a flagrant breach of the courtcsy which should regulate the intercourse of nations, to offer conditions of Peace to our foe, through our Government, while we seize every possible opportunity of declaring that nothing short of his total prostration will satisfy us. On the conditions that have been offered we must of necessity remain silent until we know what they arc. But we have no hesitation in reiterating our opinion that a Peace which shall secure the direct tangible objects of the War ought to be acceptable to all parties and classes in this country, and would be of an essentially Conservative character. It cannot be our policy to hazard even one more campaign for the attain- ment of objects which are now within our grasp nor to prolong hostilities for an indefinite purpose. But if Peace be not concluded now, from any radical opposition between the views of the Allies and of Russia, it is not one more campaign which will decide the contest. The blindest prejudice, or grossest folly, can alone conceive that our enemy is to be crushed in Asia Minor, in the Baltic, and in Southern Russia, in one campaign more. We have suffered enough from underrating the resources of Russia. Through that error Kars has been sacrificed. We do not doubt the ability of the Allies to exhaust Russia should they set themselves to the work. But Ict us not close our ejes to the cost of such an achievement, to the waste of blood it must entail, to the wxjeful destruction it must occasion. And if there be not Peace now, or rather if it be impossible now to conclude Peace on satisfactory conditions, nothing short of the exhaustion of Russia will enable us to extort them. The difference between the policy which the Press has advocated, and that proclaimed by some speakers and Writers pro fessing to represent Conservati ve sentiments amounts to tliis-tliat we believe a solid and satisfactory Peace may now be effected by treaty with Russia, while they believe it can only be effected by the annihilation of her power. Reason as we may, the difference returns to this. They have no faith in those principles of policy and those mutual guarantees and engagements upon which the division of European poner and the integrity of the boun- dry lines of States depend. A tieaty is with them but a bit of paper, a seal but a morsel of wax. We believe, on the contrary, that it is those principles and guarantees which preserve the peace of the world that without them there would be perpetual war that the progress of civili- sation is towards a more solemn iecognition and sacred maintenance of treaties; and that as they extend wider and take in outlying ntions (as unhappily Turkey has been untll this day), and as they -tie joined in by a greater Iumber of States, there is less probability that they will bioi mvaded, and stronger assurance that the State which aUempts to violate them will be promptly restrained in its aggreSsIve course. The parties who are forward in reproaching the Press for a autocacy of a pacific policy would do well to recollect that the Eastern Question never can be settled by arms alone. When arms have done all they can, we shall have to revert to pacific arrangement still. It is not as if the War concerned only a particular patch of territory. Arms might then solve the dispute, by the stronger party seizing, retaining, and fortifying it. But the present W ar concerns the navigation of a sea of most peculiar configuration, of which the gates are in the possession of Turkey, and of which the shores are nearly divided between her and her opponent. It concerns the freedom of a river, of which Austria holds the upper part, and of which one bank at its mcuth is the territory of Turkey and the other of Russia. It concerns the internal regulations of the Ottoman empire itself, and the amount of protection and privilege which shall be accorded to the Christian populations dt ellin., within its borders, far exceeding in number the dominant Ottoman class. It concert's tllc settlement of that wide and ill-defined frontier in Asia Minor where the empires of Turkey and Russia are brought face to face, and where the Turkish power is naturally so weak that no security exists against a hostile irruption, which might carry the foe within sIght of Constantinople. The inherent difficulties attending the solution of these several point arc so great that arms alone can never settle them. They must be arranged with strict regard to the policy most equitable to the contending Powers, and most likely to preserve the peace of Europe. We think the time for such settle- ment has come, if it is ever to take place, without resort to a war of extermination. In favour of such a war it may be said, that it will bring our enemy to our feet, that it I make him sue for peace, that it will enable us to dictate our own terms. Let us grant all those hopeful anticipations-let us suppose them realised; and wc are still prepared to contend that a Peace is much more likely to be durable which is effected by Powers meeting on terms of equality, than a Peace which is dictated" by one party, and accepted only through dire necessity by another. The railers at the Press do not seem to understand the ridiculous position in which they place themselves by accusing it of being actuated only by hostility to the Go- vernment. Why, so far as principles and policy are con- cerned at this time, the Press gives powerful support to the Government. With the Cabinet individually it has nothing to do; but it is extremely doubtful whether the Government would ever have assumed the attitude it has done had not the Press previously declared the terms of "Peace might now be considered with clue regard to the honour and interests of the country, and that the opportunity appeared favorable for attaining the objects of the War without further prolongation of it. The Press is to he decried, and the Government is to be supported Do the people who exclaim thus, understand what is passing before their eyes ? Do they know that the Government in opening pacific negotiation have acted as if they obeyed the promptings of the Press ? But there is the hope that the Government may be ili.iiiceic They must have the benefit of the doubt while it lasts, it will be time to turn against them when they are convicted of insincerity! Their failure would be held as evidence of their capacity. If it can be shown that they conducted the negotiation without a thought or wish f)r its success, they will f-arn the cordial support of the parties who now draw a distinction between the honest advocacy of peace by the Pi-css, and what in their cunning they take to be the dishonest action of the Government to disconcert it. The recommendation of a pacific policy would no doubt be not only unwise, but culpable, if it intended to impede preparation for war. or in any way to impair or mar its efficient prosecution. Some minds may be incapable of understanding a policy which would always keep peace in view as the end of war, but which would at the same time collect all the means by which peace is to be attained. But that is the policy, we venture to say, which is best for the interests, :i,,i d z "o" C vertui,c to sai" ivliich is best for the interests, and most conductive to the honour, of this country. It is the policy which we shall never cease to advocate. And whatever may be our state of preparation, or whatever advantages certain persons among us IlWY expect from a continuance of war—or whatever lures of i glory and success, or of passion and ambition, may be thrown out to tempt us onward — we shall stilisay, that war cannot cease too soon when its objects may be ob,aiiietl, and that it is impossible for Peace to be otherwise than' lion ourable-ii,, matter what the attitude of the belligerents may be—when the side which has taken up arms for right and sound policy concludes the contest without advantage to itself, content with the attainment of its original objects, and desiring no other glory or triumph than its necessary participations in the triumph of justice.

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