in effect constitute but one nation. It is this consideration which, underlying the whole current of European politics, renders the present juncture of affairs so critical. The great question of the supremacy of race--the question whether the Teutonic or the Slavic race shall predominate, and direct in the affairs of Europe--rests apparently upon the events which are about to transpire. The remaining nations of Europe are too feeble in numbers, or too enervated in character, to exercise any great influence upon the current of events. The hope once entertained, that a union of the ITALIAN race was to take place has been frustrated, and the Peninsula, containing a population of nearly 25,000,000 inhabitants is broken up into petty governments each more despicable than the other. TURKEY in Europe has about 15,500,000 inhabitants, but the Ottoman race, is hardly more than a military colony, and numbers but little above a million; while the Mohammedan religion has less than four millions of adherents; the Greek church alone numbering eleven and a half millions. Three-fourths of the population, therefore, both in race and faith have less affinity for Turkey than Russia, into whose hands they are ready to fall. SPAIN, to check whose power was the great object of all Europe two centuries and a half since, is now utterly bankrupt in character and means. Every year shows a large deficit in her revenues, although she pays the interest upon but a fraction of her public debt, which amounts to fifteen thousand five hundred millions of reals, the interest of which, at six per cent. would, if paid, absorb the whole of the revenue. The navy, which as late as 1802 numbered 68 ships of the line and 40 frigates had sunk in 1849 to 2 ships of the line, 5 frigates, 14 brigs and corvettes, and 15 small steamers of from 40 to 350 horse-power, and of these hardly any, it is said, were fit for service. PORTUGAL has experienced a like decline, every year showing a deficit; the interest of her debt of about $90,000,000, absorbing fully one-third of her revenues. GREECE is hardly worthy of the name of a kingdom. In a word, incurable decay seems to have fallen upon all the nations of Southern Europe. The political condition of HOLLAND, BELGIUM, SWITZERLAND, DENMARK, and SWEDEN may be called prosperous, but they have little weight in the affairs of Europe. Last and least of all, the little Republic of SAN MARINO, in reality the oldest of all the existing governments of Europe, with a population of but 8000, sits upon her rock, where for fourteen centuries she has watched the rise and fall of the mighty states around her. In all except her venerable antiquity she seems a caricature upon larger nations, with her army of 27 men, her three estates, nobles, burghers, and peasants, her two "capitani regenti," elected for six months, and her secretaries for foreign and domestic affairs. But weak as she seems, she was a state