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Storm gathering over sea.

--The European news by the Fulton (says the New York Express) scarcely attracted attention on Monday,--the merchants, as well as the general public being too much absorbed in the progress of painful events nearer home. It is interesting to note, however, that the signs multiply, that Southern Europe, the coming summer, as well as our own country, bids fair to be the scene of mighty (military) events.--France and Austria appear to be rapidly drifting towards another war, upon the many still unsettled points of the Italian question, and it is not marvelous, therefore, that the correspondents write, that in most of the great commercial and financial circles on the continent a vague and wide-spread uneasiness exists. A significant symptom of the inclination of Austria, is, the rejection of the Hungarian ‘"programme, "’ looking to the separation of the administration of Hungary from that of Austria. There is the strongest sort of sympathy between Hungary and Venetia, and Rome — and it needs but some Garibaldi or Victor Emanuel, to re-touch the electric spark which drove the Bourbons out of Southern Italy last summer — to drive the Hapsburgs there, after them.

But this is not all. A war of the most formidable dimensions is looming up in Northern as well as Southern Europe. A correspondent of the London Times, under date of Copenhagen, March 28, writes:

‘ "We are rapidly drifting into hostilities with Germany. The last attempt of the Danish Government to come to an amicable understanding with the Estates of Holstein has signally failed. The committee to whom the Government proposals were referred, reported on the 16th unanimously in favor of their rejection. The Assembly itself will, it is known, act with like unanimity in adopting the recommendation of its committee, and has already done so in regard to the first part of the proposals concerning the re-organization of the Common Parliament or Rigsraad. All the speeches made in the Assembly breathe the most bitter hostility to Denmark, and all agree in demanding the establishment of a political union between the Duchies of Holstein and Schleswig as the conditio sine qua non of any arrangement with Denmark. The report of the committee expressly says that as long as that demand is not complied with no lasting peace is possible. Now, this is the very point which Denmark cannot concede, which she successfully resisted in the last war of nearly three years duration, and which Prussia and Austria, in the negotiations of 1851, admitted that Holstein could not claim as a right.

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