The War Cloud in Europe.—The sensitive financial barometer of Europe indicates an outbreak of war. The cable dispatches inform us of a wide-spread distrust among business men of the intentions of the French Emperor, and a decline in securities of all kinds. This uneasiness is not without foundation. The French Emperor has been terribly humiliated by the great Prussian Prime Minister. He has been checkmated at all points. Louis Napoleon has prided himself upon nothing more than his foreign policy. He was regarded as the arbiter of Europe, and as holding the fate of nations in his hands. Frenchmen were taught that the foreign influence and greatness of their country under the auspices of the Emperor more than atoned for the loss of their personal freedom. But this remarkable prestige and reputation of the French Emperor has been suddenly withered by the genius of Bismarck. The latter gains all that the former loses. Every detail is mortifying to French pride. The recent debates in the French Corps Legislatif threw a flood of light upon last year's eventful history. The French Emperor believed that Prussia would be defeated in the recent war with Austria. Perhaps this “wish was father to the thought.” At any rate, Austria was left without an ally, and in a week was at the mercy of Prussia. It seemed as though Prussia was going to ruin the Empire of Austria hopelessly, and absorb the whole of Germany. But here Louis Napoleon interposed. He warned Bismarck that if he pursued his conquests, France would enter the field in defence of Austria. Still more, he whispered that inasmuch as Prussia had already gained an enormous accession of territory, it was only fair that it should divide the spoils, and yield that “little rectification of frontier” to the Rhine. It is just here that Bismarck displays the ascendancy of his genius. He made peace with Austria on such conditions as we know of, and then turned the French Emperor's greed of territory to account. It so happened that parts of this territory coveted by France belonged to Baden and to Bavaria, which had espoused the Austrian side of the quarrel in the Germanic Confederation. But Bismarck converted these hostile States into friends by revealing to their rulers that the French Emperor wanted to despoil them. The King of Bavaria and the Grand Duke of Baden were naturally indignant, and readily fell in with Bismarck's plan of an alliance with Prussia, which would guarantee them their independence upon condition of placing their country and military forces at the disposal of Prussia in case of war. The treaties between Prussia and Bavaria and Baden were kept profoundly secret, until they were contemptuously revealed by Bismarck in the North German Parliament, in response to certain indiscreet boastings of M. Rouher, the French Prime Minister, in the Corps Legislatif. The effect was prodigious. It was seen at a glance that Bismarck had completely outwitted Louis Napoleon, and had virtually effected the unity of Germany. By his skill in war and peace, he was in a position to confront Europe with forty millions of united Germans, drilled in the most effective manner in the world, and armed with the terrible “needle guns.” United Germany had always been regarded as a match for both Russia and France, and it is obvious that the latter can effect very little single-handed against any policy Bismarck may choose to adopt. Louis Napoleon may precipitate a war in order to cover up the mortification to which he has been exposed abroad, and to avoid still greater danger from the growing discontent of Frenchmen. A few days will determine whether he will resort to this desperate alternative. But it now looks as if his proper course would be to attend to his great Exhibition, and content himself with amusing Europe while Bismarck governs it.—N. Y. Commercial Advertiser.