Alexandria Gazette & Daily Advertiser

New York, June 12.
Late from Europe.

Per the Packet ship Albion, from Liverpool.

The Traveller of April 28, says, the recent intelligence from the Continent has given rise to speculations whether the Holy Alliance will make any attempt upon the liberties of Spain. The circumstances which have induced some persons to incline to the affirmative may be briefly enumerated.—The landwehr, or militia, is to be called out in Austria, and the whole army is put on a war footing; which it is not easy to account for, considering the past, present, and everlasting financial embarrassment, of that mismanaged Monarchy, except on the supposition that some serious enterprise has been resolved upon.

The events in Turkey will the less account for this proceeding, because it is now generally understood that 'the two Emperors,' whom our Treasury Prints begin to consider as the proper judges in the last resort of all European affairs, have determined to maintain neutrality towards the Greeks and Turks. Besides, the Austrian paper is much depreciated. In a letter from Frankfort, in the Allgemeine Zeitung, it is said, that 'there is yet no confidence in Austrian paper either in Frankfort or in Holland, and the lots of the second Lottery of Rothschild were on one of the last redemption-days, offered even under the negotiation price, and the house of Rothschild was compelled to take back by no means a small number of them to prevent a further depreciation.' This circumstance however may be regarded as merely a consequence of the first mentioned one. If the Austrians, from whatever cause, keep up a large establishment, their credit must continue low. The manner in which despotic governments deal with their creditors is pretty nearly the same as that in which they deal with their subjects or their neighbours. No considerations of good faith or public interest stands in the way of their present wants or ambitious projects. The dealers in public securities proceed upon this conviction, and attach about the same degree of value to them as is ordinarily given to the bonds of privileged persons of extravagant habits and lax morality.

On the other hand, the march of the Russian army towards the South is said to be stopped. It seems also difficult to conceive that 'the two Emperors' could obtain a passage from their troops through France. The granting of such a passage would amount to a declaration of war on the part of France against Spain, and would implicate Louis XVIII. in the hazardous policy of the Holy Alliance. M. de Cazes, one of the least violent of the French Ministers, has been again received at Court with marked favor.

The Cortes of Spain are taking strong measures to repress a banditti and insurgents. Conspirators, and those who are taken in arms, are to be tried by military Commissions. The wretched state of Spanish procedure in criminal trials, which are carried on in secret, and admit (witness the protracted investigation of the Cadiz massacre) of indefinite delay, requires some amendment. But it appears to us that it would have been much wiser to have improved the general system than to have established odious exceptions. In no case should any delay, which is not absolutely necessary for the purposes of justice, intervene between the apprehension of a criminal and his trial, or between the passing and executing the sentence. But, to secure despatch, it is not necessary to have Military Commissions; it is only necessary to have clear laws, and simple and rational modes of trial.