Newspaper of The New York Herald, January 19, 1846, Page 1

Newspaper of The New York Herald dated January 19, 1846 Page 1
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THE NEW Vol. XII.f no. 18?Whok no. M31. NEW YORK, MONDAY MORNING, JANUARY 19, 1846. BT EXCLUSIVE OVERLAND EXPRESS FOR THE NEW YORK HERALD. ARRIVAL OF THE SHIP LIBERTY, FROM LIVERPOOL. FOUR DAYS LATER. HIGHLY IMPORTANT FROM EUROPE. RESIGNATION OF THE MINISTRY. Organization of a New Cabinet with Lord John Russell at its head. VIRTUAL REPEAL OF THE CORN LAWS. Tremendous Excitement in England. farther Prorogation of Parliament. GREAT POLITICAL REVOLUTION IN GREAT BRITAIN. Ministerial Crisis. ADVANCE in AMERICAN COTTON. STATE OF THE CORN MARKET. Ace. Ace. Ace. Another of our magnificent fleet of newa clippers, the Skimmer of the Seas, boarded the splendid ship Liberty, Captain Norton, nearly one hundred miles at sea late on Saturday afternoon, obtained very late and highly important intelligence from her, and sent it by an extraordinary express to the office of the New York Herald. It reached us early yester day afternoon. The Liberty sailed from Liverpool on the 13th ult. and brings papers to that date. The news which we have thus received, is of the highest importance?of more consequence than any we have received in the last ten years. It i* no more nor lett than the resignation of Sir Ro bert Peel?the organization of a new Cabinet by \ord John Russell, and the probable repeal of the corn law. The announcement of this important fact?im portant to the United States, in a commercial point of view, as well, perchance, as in a political aspect threw the whole English public into a state of the greatest excitement. Its effect was tremendous. In addition to this, and as a necessary conse quence, Parliament had been further prorogued, as the following exhibits:? " At the Court at Osborne House, Isle of Wight, the 10th d*y of December, 1844, present the Queen's Moat - ~ bU.?It Excellent Majesty iu Council,?It Is this day ord.red by Her Majesty in Council, that the Parliament, which stands p.-orogned to Tuesday, the 14th day of Deeeaber inat. bo further pro segued to Tuesday, the S01U day of * ir tost." December I The Cora-Law question has been the cause of all this. The effect that this news will have upon the rela tions between England and America cannot but bo of the utmost consequence. It may tittle the Oregon question on the basis of a commercial treaty with EngUmd. American cotton had improved. The following statement is made in the Liverpaal Mercury of the 12th.:? The Mtwtsi or Peace to Ameeisa.?An inquiry has been earnestly addressed to as from London, as to whe ther the news touching the expected opening of the ports really left England by the Acadia, from oar river, at noon -on the 4th instant Our reply is, and we can answer for the fhct - it did so. We have entitled it a message of peace, because no one can doubt the effect of the announcement, especially if followed by realiza tion, not only upon the Oregon question, bat all other matters of discussion between the two nations. This we know is a mistake. The announcement of the London Timet did not come in the Acadia, although it was evidently intended for that steamer. The Frankfort Journal states that the differences between Russia and Rome have been settled. Rus sia will not seek to coerce Cathclics to conform to the Greek Church, while Rome engages to watch that Catholics shall not take part in political move ments against the state. This settlement is attribut ed to the conciliatory interference of Austria. The treaty of commerce and navigation between the United States and Belgium contains nineteen articles. The Austrian papers slate that the winter had al ready set in at Gratz with great severity, and that ' considerable distress existed in Hungary. Ronge has been forbidden to preach in public da ring his residence in Dresden, except on Sundays and holydays. It is rumored at Naples that the marriage of the Queen of Spain with the Coant de Trapani is set tled, and that the vistt of the Due de Moutebello to Palermo is in reference to this question. Resignation off the Ministry. [From the London Herald, Dec 11 ] Sir Robert Peel's Government is at an end. AH the members of the Cabinet yesterday tendered their resignation, which her Majesty was pleased to accept. It will be easily believed that we regret this de termination of her Majesty's advisers; but we should much more regret their unanimous determi nation to sacrifice the industry of the country by stripping it of all protection. The important tact now announced proves how completely wrong the Timet was when it stated that the Government had decided upon proposing to Parliament, as a Cabinet measure, the repeal of the corn laws. [From the London Chrenicls, Die. 10 ] An official announcement, id another part of our paner, confirms one part of the statement which we made yeaterday?namely, that Parliament, instead of being summoned tor the dispatch of business, would t>e again prorogued. The other and more important pan of our announcement is, we believe, equally correct. The Cabinet, we are assured, re signed yesterday, it is confidently said, that so far from the Cabinet having at any time come to a de cision to recommend the repeal of the corn law, a large majority ot his colleagues have throughout been opposed to Sir Robert Peel's recommendation. [From ths London Times, Dec. II.] Yesterday, Parliament waa farther prorogued to the 30th instant. The naming of so early a day would ot itself imply that the Cabinet is not now in a state to meet Parliament. The rumors, however, which have been confidently circulated in the beat informed quarterssince Monday, and circumstances which have come to our knowledge since the return ol the Ministers last night from Osborne House, leave scarcely any reasonable doubt that the re viving repugnance of the Duke to the decision of his colleagues has rendered it necessary for them ts tender their resignation to her Majesty. An un foreseen difficulty of course there must nave been somewhere. Alter so long and close a succession ot councils, that difficulty could only arise from a struggle between the declared intentions of the chief and the prejudice or pride of some of his col leagues. Were the Ministry certain of meeting Par liament as the servants of the Crown, it would have fixed the day, and our prediction would have been to the letter fulfilled. That is no longer possible. Some minor changes, as we intimated at the first, there would undoubtedly have been, but it is to the gTaver difficulty that this new and unforeseen delay lt? n-t pscribed. It is said fobsve been only by the moat unqualified expressions of opinion that the leaders of the cabinet gained the unwilling com pliance of the enly considerable dissentient. There can be no doubt that?what was all along to be ap prehended?the representative-general ot the Lords nas since felt with returning anxiety the weight of the numerous proxies not less rashly undertaken than rashly confided to his care. The head ot an aris tocracy demands, it may easily be imagined, a little more time to act, it not to resolve. It is not, however, always possible to adjust the interests ol a Cobinet, much less those of a nation, to the conve nience, the dignity, or the humor of an individual. An obstinacy which is assumed with a less serious intention, may be maintained a day .too long, to I the ruin both of colleagues and cause. Meantime, whatever may happen, whoever may be in next month, very few hours can pass without proving to I the nation the substantial truth of our first momen tous announcement?viz., that the leaders of theca binet were resolved upon proposing a total repeal ol the corn laws. They were resolved to the utmost ol their power. They were resolved to do tins, or no thing?to repeal the corn-laws or be no ministers.? If the duke sees peril in that measure, or fesls re luctance to undertake it, he will have to realise the dangers and disagreeables on the other side of the scale?the dissolution of the conservative ministry, and the interposition of a rival, nnd in some re spects a more suitable agency. He will be assured that his own punctilios, so far from impeding the measure, may perhaps only render it the first of a series still less to his taste and convenience. What ever amount of distrust he may feel in hia present (if not by this time his late) colleagues, he will b i only too sure of the statesmen and the policy he will help to inaugurate in their stead. If he has not the heart to solicit the lords in behalf of friends, he will, nevertheless, not escape the still more ardu ous task of conducting his little arurtocratical troop against the close and serried phalanx of an unani mous people, headed by inveterate foes. [From ths London Sun, Dec. 11.) The Peel Cabinet, then, has come to its end. It has evidently died hard. It was imagined last week that the disease, which has proved fatal, had yielded to skilful treatment, and that the patient would make a new start with greater vigor than ever. Hut the disease is said to have returned with increased strength, and we have now to record the decease ot the old lady, of whom, wishing, at so melancholy a moment, to say all the good that can be said of her, we are free to confess, that if her course has been tricky and tortuous, her tricks have been tricks to the few and benefits to the many, and that in her la9t moments, her better feelings ars supposed to have been strenuously directed to a trick greater than any of her tricks, which would more than ever have ex asperated her immediate friends, but for which all honest men would have blessed her. .... Some Bay that the Duke of Wellington had yielded to Sir Robert Peel's desire to settle the corn law auestion, and has since revoked his consent; others iat he had never yielded. Be this as it may, it is | understood that the Duke of Wellington's opposition has caused the resignation of Sir R. Peel and the break-up of the Cabinet. ? We like to take a favorable view of men s conduct, and would fain hope that the Duke ot Welhngton has been resisting, not the repeal of the com laws, but the repeal of the com laws by the Cabinet which set itself up to stand by them. Well authenticated rumor haB ascribed to the Duke the expression ot opinions which would show him to be quite aware that ths corn laws cannot longer stand ; but his high honor may shrink from being himself the man to do the deed. He may feel that the great influence which he wields in the House of Lords may be even more powerfully used, in support of others proposing the measure, than if it could be said that he has apostatized and abused the trust re poped in him to preserve political power. A change , within so short a period as four years, from the high protection doc trines, which gained the implicit confidence of farmers' friends in l&fl, to the measures of the anti corn-law league is a change, the sincerity of which cannot be warranted by less than the sacrifice ot Downing street. , , , . As to the steps which may be taken by her Majes ty, in consequence of Sir Robert Peel's resignation, a short time will disclose them, and in the mean while we might safely leave it to our readers to con jecture Sir Robert's successor. The nation, ot course, looks to the statesman who has lately come forth with a boldness suited to the crisis, renouncing all personal, party, and class considerations, and manfully avowing past errors?who, if he had been the man to come forward at this or any other time to suit a purpose of his own, would not have so long held ontagainat the dissatisfaction?against even risk of estrangement of his party, and whom opponents | and friends alike concurdfcn pronouncing worthy ot the name of Russell. [From the London Sun, Doc. 11.) The Ministry of Sir Robert Peel has resigned. The country at large may be startled by a circum stance so unexpected, but such ia the fact. 1 ester day morning the majority of the cabinet, compris ing the Duke of Wellington, the Duke of Buc cleuch. Sir Robert Peel, Sir James Graham, the Karl of Aberdeen, Lord Stanley, Mr. Gouiburn, the Earl of Lincoln, and Mr. Sidney Herbert?in ail, ! nine out of twelve or thirteen composing the entire ! cabinet, proceeded by special train to Southampton, and were conveyed by the royal steamer Fairy to the Isle of Wight. At a court held at Osborne House they tendered their resignation to her Ma jesty, which was graciously accepted ? Here is a sudden and abrupt termination of the Conservative cabinet, and that, too, at the veip moment thinr were supposed, and even demi-oflicially aiuiounced, to have become the converted organs ot free-trade policy in all its ramified bearings. It were idle to speculate on tne cause of this un tooked for disruption of a cabinet whose whole ca reer has been that of fighting under false or as sumed colors. But one circumstance is rather sig nificant. It might have been observed that the Duke of Wellington did not attend the Cabinet Council held on Monday, after the return of Sir Ro bert Peel from Osborne House on that day. The duke had made up his mind for better for worse. and left the cabinet to take its course. It sat onlv an hour, and during that eventful hour had decided on resigning the government. That decision was, ot course, conveyed to the Duke of Wellington, who, prompt to his duty, accompanied the doleful tram to Osborne House to resign, what he had often assert ed he did not possess, his ministerial office. The duke held no direct ministerial office, bat shared responsibility with his colleagues. At Commander in Chief, the Field Marshal is no Minister, but only commands the army, responsible to the Crown and the Parliament. But, in his ministerial capacity as a Cabinet Minister, he wielded more negative pow er, perhaps, than Sir R. Peel himself, from the fact that he held the majority of the House ot Lords in his pocket! This circumstance alone was quite enough, without the doubtful aid of hesitating friends, to have decided Sir R. Peel on resigning an office which had become as thankless as it.was irksome. But he has resigned in a good and right eous cause, and his reward will be in accordance with his menu. ,, , . . ? * * ? ShrmM ? war t*lr* with America, neither Aberdeen nor Haddington could have carried it on with the apirit and ski 11 suited to ?uch a serious contest. The downfall of this hete rogeneous Cabinet will be the worst news tor Polk he has received since his instalment into otTice. The Syrian affair made an impression in America,which established the character of Palmerston tor decision and naiional spirit, and Polk would rather see any man in the Foreign office than a nobleman, who, since the days of Canning, is the only minister that has asserted the honor of the country in all her ioreign relations. The character oi the re mainder may be summed up in a few words. Since the Earl of Ripon was prime minister, and by his pusillanimity excited the ridicules! the Sovereign that called him to office, he has been utterly use less. Qoulburn was only the shadow of a Chancel lor of the Exchequer, and but for the timely aid and tutoring of his principal, would have involved the finances of the country in inextricable confusion. He never could either apeak or act, and may be said to have ended his political life in a more honorable way than he or any human being ever could have anticipated, In short, with the exception of Sir R. Peel and Sir J. Graham, the country is well rid of the " strong Ministry." Its demise will give ad ditional impulse to the principles of free trade and salutary reform, and rouse a spirit of resistance to Tory principles, which bida fair to establish a new era in the government of this vast empire. . ? ?????? Report says that Sir Robert Peel's resignation was received by her Majesty without hesitation, although Sir Robert Peel's line of intended policy would have had her Majesty's warm support. Lord John Rus sell was at once sent for; but, as the noble Lord 1 a at present in Edinburgh, some days must elapse be fore he can obey the summons. Parliament cannot now meet so early as was expected; and upon the course taken by Sir Robert Peel, will depend the prospect of a dissolution. It is believed that Sir Ro bert will support Lord John Russell in his general policy. The Premier was almost alone in his views in his own Cabinet. We understand that, in consequence of the resig nation of Ministers, her Majesty will leave Osborne House on Satarday next, in order to be in nearer communication with thoee who are to become her new advisers. [From the London Standard, Dec. 11, P.M.] As may b? naturally aup;>oBcd, the offi cial announcement of the resignation of the whole ot the members of the cabinet, in the Morning Herald, has produced a great sensation in the city, and has exclusively engrossed attention. All sorts ot conjectures are hazaraed respecting the result, but, as tney are necessarily mere conjectures, it can serve no good purjtose to repeat them. A re Krt has, amongst others, been circulated within the it hour, that her Majesty has sent for Lord John Kustell, but we have not been able to trace the rumor to any authentic source. [From ths London Herald, Doc. 13 ] The time lor ascertaining the true causes of the late ministerial movement, has not yetarrived ; but some reasons for the late change, so plausible, are in the mouths ot most men, that we will venture upon stating one which, in our judgment, has the great est appearance of probability. The mill owners of the Anti-Corn Law League have, it is said, resolved to make the corn laws the pretext for throwing out of employment some hundred thousand laborers for whom the emulation of their barbarous and Iran tic cupidity, dunug the last year or two, has really leltnowork. The mill owners of the League are beings capable of anything ; and even without that necessity, which they have created by toiling men during excessive hours ot labor, and draining the very hie-blood ot women and children, they would, if they could, without great loss, slop their works in order to carry a |>olitical object. They boast that they will do it in order to carry a repeal of the corn laws; und the boast, as we have before demon strated more than once, may be credited, because they must do it. Their insatiable rapacity has an ticipated the produce of two or three years manu factures by killing their fellow creatures with intol erable labor, and if only to get rid of the odium of their monstrous crimes, they would charge the dis tress that awaits the poor ot the manufacturing dis tricts upon Magna Charts or the Bill of Kights rather than own the truth and their own guilt. The corn laws, however, present a more obvious] mark, as lawsthbt interfere with their immediate gambling profits. They flatter themselves that they could empty their bursting warehouses in exchange for a large importation of foreign gram,and therefore it is that they have welcomed famine with a disgusting indecency of exultation, when they falsely hoped that a season of famine had arrived. Thanks to the (liver of all good, of a scarcity of bread there is not the slightest danger; but we greatly fear that a spontaneous or a factitious distress, too certainly lowers over the manufacturing districts. It cannot, we repeat it, be other wise, after the overworking and overgaining of a year in which the capitals of mill owners have been doubled. This distress will be industriously ascrib ed to the corn law by its true authors; and it the corn laws be maintained?as in justice and sound policy they must?every artifice will be resorted to to direct the rsge of half a million of starving and desperate men against the legislature that maintains them. A terrible conflict, and one the responsibility of which the bravest man personally could wish to shun, might follow the success of the leaguers' prac tices in this respect. We can, therefore, Bcareely blame the statesmen who have left it to those who helped to raise the storm to bear the consequences of their own factious dishonesty; and ii the trial were confined to the internal government of Great Britain, we should say, give the Whigs and Leaguers another trial, and welcome. But we can not forget Ireland and the colonies; nor can we overlook the foreign relations of the country; and sweeping the whole of our remote horizon, we can, we own, see nothing to relieve the gloom created at home by the return of the Whigs to office. riTesim thn f.nndnn Tunas Tine M 1 ? ? ? ? ? sir Robert Peel has resigned, and Lord John Russell has been invited to form a new administration. Such is the sudden and strange event which has taken by surprise the whole politi cal world; and such the verification, if not the fulfil ment. of the intelligence which yesterday week as tonished our readers. At that time another conclu sion of the controversies which had evidently long harrassed the cabinet, was confidently and iustly td over expected. Sir Robert Peel had then gained to a total repeal of the corn laws ail his colleagues except three or four, with whose co-operation, 1? re port speaks true, he might very well have dispensed, fie had just won the reluctant assent of the Duke of Wellington, and his promise to propose the mea sure in the lords. It had also been settled to sum mon Parliament early in January for this pur pose. Our readers then possessed an exact and literal transcript of the ministerial , state and intentions. we.had not even omitted to notice the "insignificant and doubtful" exceptions to the unanimity. Unless it had been possible to tell, not only what was in men's minds, but also what might possibly enter into them, we are con vinced that not even the cabinet itself could have given a truer account of the state of affairs. Sub sequently, however, to the date of our announce ment the duke withdrew his assent, and joined the minority. The premier then felt that it was not his place, or perhaps in his power, to carry the measure. On Saturday, accordingly, Sir R. Peel informed the Queen of the difficulties in which he found himself, and tendered his resignation. Her Majesty was pleased to express a great desire to retain his ser vices! it it could possibly be so arranged. Sir Robert Peel could suggest no alternative, and the Queen summoned Lord John Russell to her coun cils. On Wednesday the whole ministry resigned, and is now only holding office till Lord JohnRus cell has selected a Government to supply Its place. From the Liverpool Mail, Dec. IS. That Sir Robert Peel has dedetermined at all hazards of honor and fame, violated pledges, and public and private engagements to those numerous supporters, who had raised him to the most ele vated position in the country,we do not lor an instant doubt. The light honorable baronet fell on his knees at the sound of Lord John Russell's puny trumpet, holding by the skirtsof Lord Morpeth, and imploring the mercy of Cobden, four cotton spin ners, six cot on weavers, three bleachers, and a brace of Quakers, manufacturers of small wares. The Cabinet had not agreed to a repeal of the com laws; hence the intended meeting of parliament, in the first week in January, was never resolved upon ; hence the intimation ol the repeal could not be arranged to appear in the Queen's speech from the throne; ana hence the whole of tne boasted priority of intelligence, which the Timet laid claim to, was an impudent fabrication, concocted for a jobbing and dishonorable purpose, by some interest ed person whom the Timet must know, and who, if it ever expects to redeem its lost character, must name ana expose. To speculate upon the conse quences of this unexpected resignation, in the ab sence cf details, would be presumptuous. All we shall say is that, if Sir Robert Peel, has committed himself to this wild design of breaking up the settled orders of society, convulsing national credit, paralysing the industry of the country, deteriorating the value of corn lands, and ruining nine-tenths of all the fanners in the United Kingdom, he will, and ought to, perish in name and reputation for ever, in the wreck of his own insensate innovations. Let us consider for a iroment'who are the classes whom a repeal of the corn laws would exclusively benefit. Those rich manufacturers alone who do, or imagine they do, chiefly depend upon foreign mar kets. We deny that any sate decadence can be placed on foreign markets, subject to the will, the interest, the caprice, or the hostile position of for eign princes, or unstable democracies. But we as sume, only for the sake of argument, that these markets, in which they realise profits, are to be constantly open to them; and we then ask, what is the avowed object of a free trade in foreign corn 1 _ . . , irr To reduce the price of corn in England. If this re duction be not effected, the repeal would be a mere delusion and a fraud. Corn must tall in price, oth- 1 erwise the scheme is abortive, and its authors tools or madmen. But admitting that the soils of Eu- ! rope and America were cultivated for the purpose of j supplying the English markets with corn, and the price of wheat, instead oi being 57* per quarter, as it is at present, should tall to 35s. as is the Manches ter calculation, how could a British farmer afford to giow wheat, not only at his present rent-charge, his taxes, and tne rate of wages, but even if his rent were reduced forty er fifty per cent. 7 The next advance would then necessarily be the repeal of the malt tax, the hop tax, the foreign wine and spirit tax, the tobacco tax, and all the protective duties in favour of British manufactures. What would seven millioos of artisans say to this repeal and reform 1 To dig they might not be ashamed, iploy them T To beg would be but who would emt , vain. The up of the country would be gone, and the sources of charity would be dried up. This useful and unhappy class of men would be driven to desperation; tney would become revolutionists: the sanguinary tragedy performed in France in 1793 would be re-enacted in England. [From th? Liverpool Mail, Doc. It ] The nation, by the resignation of ministers, is in a much more serious dilemma than many persons seem to think. Sir Robert Peel, it is rumored, dif fers from the majority of his colleagues on a mea sure that touches the vitality of the country; and finding himself so situated, he throws up the reins of government ana retires. Tne landed interest, as it is called, would have almost insurmountable dif Acuities in forming tn administration to carry out their views. The conservative ptrtjr is divided; suspicion and distrust have long been in the camp; some murmur, some storm, many are sick, and not a few disgusted. What, then, is to be done 1 The old whig party, as Mr. Cayley has proved, will not support Lord John Russell. He has done much mischief in his day, but he never committed so much upon himself, as he did by his recent declaration against all pro tective duties upon corn. Lord Morpeth has sold himself by means of a ?5 note. The split, there fore, in the whig ranks, between those who have land, and those who are landless?between the well-fed and the hungry whig, ia immense, and irre parable. Our opinion is, judging by the obscure light in which the defection is yet placed, that a dissolution oi Parliament must be the result, followed immedi ately by a general election. In this case the nation at large will be called upon to decide the great question at issue. Much inconvenience to many parties must ensue, particularly to those connected with railway bills; out we are far irom believing that the inconvenience of delay lor six or eight weeka, may not be salutary to the country gene rally. (From the Court Journal.] leld a court and nriviy council yester day at Osborne House, isle of Wight. The council was attended by his Royal Highness Prince Albert; the Duke of Buccleuch, Lord Privy Seal; the Duke

of Wellington, Commander-in-Chief; Sir Robert Peel, First Lord of the Treasury ; Sir James Gra ham, Secretary of State for the Home Department; the Earl of Aberdeen, Secretary of State tor Foreign Aflairs; Lord Stanley, Secretary of State for the Colonies; the Right Hon. 11. Goulburn, Chancellor of the Exchequer: the Earl of Lincoln, Chiel Com missioner of the Woods and Forests; and the Right Hon. Sidney Herbert, Secretaiy at War. At the council, Parliament was ordered to be further pro rogued from Tuesday, the 16th of December, unto Tuesday, the 30th of December. Mr. C. Greville was the Clerk of the Council in waiting. At the Court the Right Rev. Dr. Wilberforce, Bishop of Oxfotd, had an andience of her Majesty, ana did homage upon his appointment to that see. Sir James Graham, her Majesty's principal Secretary of State lor the Home Department, and the Bishop ot Norwich, Clerk of the Closet, assibt ed at the ceremony. The Earl of Warwick was the Lord in Waiting. Sir Robert Peel, the Duke ot Buccleuch, Lords Aberdeen, Stanley and Lincoln, Sit James Graham, the Chancellor ot the Exche quer, and Mr. Sidney Herbert,|travelled from town to attend the council by a special train on the South western railway. At Basingstoke the Duke of Wel lington joined his colleagues. From Southampton the party was conveyed in the Fairy Bream yacht to Cowes, arriving at Osborne house at five minutes past twelve o'clock. After the council the cabinet ministers left Osborne house together, with the Bishop of Norwich, the Bishop of Oxford, and Mr. C. Greville, and were conveyed in the Fairy steam yacht to Southampton, where a special train was in readiness on the Southwestern railway. The part^ proceeded to Bashingstoke, where the Dukeof we lington alighted from the train ; the other noblemen and gentlemen went to town, accomplishing the distance in one hour and fifty-t aree minutes." The New Ministry. [From the London Sun, Dec. 11 ] Immediately upon the refusal of Vhe Duke of Wellington, on Friday last, to carry out what he had agreed to do?namely, to propose a repeal of the corn-laws in the House of Lords?it became apparent that resignation of office by Si r Robert Peel must follow. Lord John Rus sell was recommended to be sent for, and a mes senger was dispatched on Saturday last to com mand his attendance at Osborne House. His arrival there was expected yesterday, and Sir Robert Peel expected to have met him. Sir Robert, however, returned last night without having seen Lord John. This morning Lord John Russell and Sir Robert Peel had an intervi ew of an hour's duration, after which Lord John Russell left town for Cowes. He had an audience ot her Majesty, and has returned to town this evening, having had tall powers given him to form a Government. He has sent for Lord Palmerston, and is taking, it is believed, all the ne cessary steps to form an Administration. [From the London Olobe, Doc. 11] Ot the precise result of Lord John Russell's visit to Osborne House, little or nothing has yet trans pired. Various rumors are of course afloat; but Knowing that upon those noints.on which our read ers are most desirous of being informed, nothing can at pfesent be known, we refrain from giviug them currency. Upon one point, we can, however, speak with confidence. We have reason to believe that, notwithstanding the manifest difficulties which a single glance assured him must inevitably beaet his path. Lord John Russell obeyed the summons of her Majesty with a determination to allow no con siderations of a merely party nature to inteifere with or limit the tender of hia services to her Ma jesty and the country at the preaent juncture. What ever obstacles are now interposed in the way of a fi nal settlement of the corn law question must come from his opponents. If the House of Lords should, at the instigation ot any portion of the late cabinet, place itself in opposition to the course deemed ad visable by Lord John and those who may be pre pared to act with him, the responsibility will be cast without reserve upon the right shoulders.? This will of course result in a direct appeal to the sense of the country; of the result of which, we can, in the present state of affairs, have no doubt.? The circumstances under which the Peel Cabinet has been broken up?the state, present and prospec tive, of the country?and also a proper considera tion ot the personal tranquillity of the Sovereign? conduce to urge the necessity of a speedy release from the state of uncertainty in which the late min istry has lettVpublic affairs. It is evident that all announcements of new ar rangements must, at present, be altogether prema ture. There has not been a moment's time to com municate with the former or probable parties to such arrangements. The crisi s at which Lord John Russell is called upon to act is of no ordinary nature; and it is anly as he can fai rly hope to carry the great question, which His predecessor fairly hands over to him to carry?that he can wisely de termine to act at all. IF industry and commerce have not overpowered the mere watchwords of sham Conservatism in the breasts of all interested in industry tod commerce, as they have in the breast of the late Premier himself?we had better run the gauntlet through the line of Dukes, and make up our mnda to a stimulating course of curry powder. That is our alternative to a Corn-law re pealing government. Is it one that commends itself to Conservative interests amongst the cultivating or commercial middle classes 1 It deserves the attention of those middle classes that one grand govern menial experiment has been tried, ana has proved a failure. Sir Robert Peel I has tried the experiment of making his old party 1 strike into new ways. Beyond a limited point, they 1 refuse to do so; and they turn round on him with t some show of right, and much resentment of for feited implied pledges. They thought they hired him to keep things in ?tatu quo. He thonght he led them to smooth necessary transitions. His sense of the necessity of those transitions has been shown by his measures, and is sealed by his retirement; and by hia last act of duty to his Sovereign in advising her choice of a successor. [From the London Standard, Doe. U.J We have nothing to communicate respecting the formation of the new Ministry. All we know is ihat Lord John Russell arrived at Southampton this morning at half past 10 o'clock, in the Fairy yacht, from Cowes, and departed for town by the eleven o'clock train. Her Maiesty leaves Gosport by the quarter past ten o'clock train to-morrow, for r arn- | borough station, on her return to London. The ministerial crisis continues to occupy the ex clusive attention of all persons in the city, and all sorts of conjectures are haaarded respecting the re sult, according to the bias of the parties. Indepen dently of the deep importance of the main queation presumed to be at issue, there are several auxiliary subjects pressing on attention which renders any hi atus in the executive government a', the moment much to be regretted. Foremost in this category stands the railway business, and more especially that portion of it which involves the deposits lodged in the hands of the bankers. Had the government gone on in the usual routine, there was no serious obsta cle anticipated to such an arrangement being made for paying over these deposits to the Accountant general, as would have produced but little inconve nience in the money market. It is now, however, generally taken for granted, that the resignation of ministers will render a dissolution of Parliament essentially necessary, which will very much com plicate the railway question by the delay. Msst of ? * ' s that held " the bankers ihat held the deposits have been hold ing large surpluses of money unemployed, under the impression that Parliament would meet at an earlier period than usual, in order to facilitate the railway business; but the uncertainty which now prevails on the subject respecting the time they will be required, leaven them altogether at sea as to fu ture calculation. This state of uncertainty is the more embarrassing as it occurs at a season of the year when accounts are generally balanced by the mercantile interest, when the precise accommoda tion they may require should be calculated upon without the risk of after derangethent. Thatbranch of the question is irrespective of the consideration of '^e whole of the arrangements of the last session I of Parliament, respecting the railway bills left pend- | ing being upset by a dissolution. Most gratifying is the assurance which we are able to offer to our friends, that notwithstanding those differences which rendered a dissolution o! the j cabinet unavoidable, there is not the slightest dan gerof any schism in the great conservative party, or of any desertion trom it. The whole ot the cabinet I retires without a shade of personal hostility among i its members, or any difference of sentiment upwn ' the proper policy, except upon the one question of a repeal, or rather modification, of the corn laws Upon this question, too, the difference is much less than has been supposed. It is, we believe, true that Sir Robert Peel has even insisted upon a considers- , ble relaxation of the laws in question, to be accom panied, however, by a compensation to the agricul tural interest?landowners, farmers, and farm la VUIU1 1UIV.1LOV ItUIUUTTHCID) III ISSV 1 O, UWU am* III ?<* borers?not only adequate, but ample. What this compensation is,we are notable to guess;the events. ved that it was not considered however, have proved sufficient by the whole cabinet; and we must at present agree with the dissentients. Nevertheless, it is certain that Sir Robert Peel will support no measure of repeal upon any other terms than those of what he considers an adequate compensation to the agriculturalist; so that unless the new ministers proposed such an adequate compensation, they will find themselves opposed by the conservative majo rity of more than one hundred, undiminished by a single unit, and reinforced, no doubt, by many honest whigs like Mr. Gayley. Even if thry have recourse to a dissolution, they are more likely to loose than to gain, but they must gain more than fifty seats to replace themselves in their glorious majority of one, and it is perfectly impossible that they can gain the half of fifty. A gain of nne hun dred votes will be necessary to raise them to the position from which Sir Robert Peel's government retires. So much tor conservative prospects. [From the London Pott, Dec. 13.] On Wednesday last, at the council that assembled at Osborne House, Sir Robert Peel and every mem ber of his cabinet tendered the resignation of their respective offices, and these resignations her Ma jesty was graciously pleased to accept. The Queen has since entrusted to Lord John Rus sell the duty of forming a new cabinet. His Lord ship appears to have received the very earliest inti mation that his services were likely to be required, since we find that, on Tuesday morning, immedi ately after the arrival of a messenger from London, the noble Lord quitted the neighborhood of Edin burgh on his way south. Yesterday Lord John Russell was honored with an audience by the Queen, at her Majesty's residence in the Isle ot Wight. Such are tne details?so far as we can collect them?of the statement we made in a considerable portion of our impression of yesterday. Tha following is the most correct list of the new Cab inet First Lord of the Treasury.. .Lord J. Russell. Lord Chancellor Lord Cottenham. Secretary of Foreign Affairs. .Earl of Clarendon. Secretary for the Colonies. . . VicouiA Palmerston. Secretary far the home Depart ment Marquis of Normanby. Chancellor of the Exchequer..Mr. Baring. President of the Council Marquis of Lansdowne. President of the Board of Trade. .Mr. Labouchere. Vice President Mr. Sheil. First Lord of the Admiralty.. .Earl of Minto. Lord-Lieutenant of Ireland. ...Earl Fortescue. First Commissioner of Woods and Forests Earl of Bessborough. Ambassador to Paris, Lord Beauvale. Ambassador to St. Petersburgh, Marquis of Clinri carde. The great objection to the correctness of this list is that one does not find in it the name either of Sir Robert Peel or of Mr. Cobden. [From the Liverpool Mercury, Deo. 13.] In the present state of things, it would of course be premature to announce any arrangement as to the persona and places in the new Government.? The f following listlwas, however, pretty generally credited last night in political circles. First Lord of the Treasury?Lord John RuaselL Lord Chancellor?Lord Cottenham. Secretary of State for Foreign Affairs?Lord Palmers ton. Secretary of State for the Home Deportment?Lord Morpeth. Secretary of State for the Colonies?Lord Orey. Coder Secretary for thelColonies?Mr Charles Buller. Chancellor oi the Exchequer- Mr. Baring. Attorney Oeneral?Sir T. Wilde. Solicitor General?Mr. Dundaa. Lord Lieutenant of Ireland?The Marquis cf Nor manby. President it of the Council?The Marquis of Lendsdewae. Ambassador at Paris?Lord Clarendon. [From the London Sun, Doc. 11.] Lord John Russell having undertaken the task of forming a new administration, is proceeding with all despatch in making his arrangements. Lord Palmerston ? ias been sent for, and will quickly arrive in London. To him the Foreign office will be confided. Lord Normanby, in all probability, takes the Home office. Lord Grey the Colonial office. Mr. Baring resumes the Chancellorship of the Ex chequer. Lord Morpeth may possibly go to Ireland (where hia popularity would render him aa admirable Lord Lieutenant.) Lord Cottenham resumes the Chancellorship of England. Lord Campbell the Chancellor of Ireland. Sir Thomas Wilde and Mr. Jervis will be Attor ney and Solicitor Generals. Lord Minto takes the Admiralty. Sir John Hobhouse, Mr. Charles Buller, Mr. Hawes, Sir George Grey, and Mr. Tufnell, will form parts ot the government. Sir C. Napier and Admiral Dundas are to join the Admiralty Board. Such are the on dila of the day. It is understood that before Lord John Russell's departure he addressed communications to several of his late colleagues, only one of whom, we believe, Mr. Baring, happened to be in London. "? * that r " ' - ? ? We believe that Sir Robert Peel feels delighted at his freedom from the trammels of office, and from the disagreeables of the last twelve months. All the officials are busy packing up the papers, and leaving a clear board for the new administration. As parts?and important parts, too?of the admin istration, public opinion points strongly to Mr. Cob den and Mr. Villiers. No administration will be deemed complete in which the men of the people are not included. The Peel government, ever since its advent in ltMl. has been compelled to court pop ular opinion: ana to the necessity which Sir R. Peel felt of doing so still more, is the overthrow of the conservative party owing. Lord John Russell cannot forget what he owes to the free trade party, nor to whom he owes his return to power. (From the London Post. Dec. 13 ] What may be the tactics of the new Ministry seems a matter of considerable dubitation with the political public. A dissolution of Parliament was the first tning lb ting that suggested itself to people's minds, as the present House of Commons coald hardly be expected to furnish, the Whigs with a working ma jority ; but against this measure it is urged that the most serious inconveniences to the public interest muit necessarily follow on a dissolution. The lock ing-up, for so many weeks, ol the capital deposited by projected railway companies, is mentioned as one point deserving of careful consideration; and ano ther is, that many railway bills, that were not finish ed last session, must be brought forward dt novo in the new parliament, instead of being taken up at the stage in which they were left at the period of proro gation in August. This, it is argued, would not only be a cruel infliction of expense on the compa nies so situated, but a positive breach of faith with them on the part of the Government and the House of Commons. Then there is the state of our rela tions with America. Imagine Parliament dissolv ed when a hostile message from " His Excellency" Mr. Polk should arrive. Whence are to come the sinews of war 1 In short, there is embarrassment on all hands. Let the new minister continue the | present parliament, and in all human probability he j finds himself in a minority ; let him dissolve it, and ' there is an equal probability that he will be unable to , carry on the "Queen's Government." But, as his . friend Sidney Smith said, " Lord John Russell will ; undertake any thing?the command of the channel fleet, the building of St. Paul's, or the operation for the stone." It is not to be wondered,at therefore,that he feels no hesitation in facing the perils of his pre sent position, ft is so much the way of the world to forget old friends, especially when they chance to have no good things to give awar, that people talk very littla about the members of the late Cabinet. This may perhaps be owing, in some son. to the habit of Sir Robert Peel, who spoke often of himself and seldom of his colleagues: but still he had colleagues, and men ot "note ana mark," in many instances. Of these, we believe, we may safely say the Duke of Wellington strenuously ana successfully opposed, to the last, the repeal of the corn laws. Of the Duke of Buccleuch we are assured the same may be pre dieted. Lord Stanley, we have reason to think, was firm in favor of protection to British industry ; in fact, we might go on to enumerate the majority of the cabinet, lor it was to a majority that Sir Ro bert Peel succombed in his vain attempt to establish free trade in corn. No endeavor is made to account for this extraordinary proposal on his part, though it is rumored that he was seixed with panic at the run made upon the stock of bonded con for the purpose Dt exportation. Whether the cause or the effect more prove the practical weakness of the minister, we leave others to judge. " We tell the tale as 'twas told to us." Some friends of the late Cabinet are still sanguine sf its speedy restoration to office?of course without Sir Kobert Peel at its head. What is to become of aim does not clearly appear. A correapodenL in deed, last night informed us that "Sir Robert Peel will be immediately created a Peer by the titles of Baron Trent, Viscount Drayton, and Earl ot Tam worth, and that in the House of Lords he will give his independent support to that measure, of the poli cy of which he has tailed to convince his colleagues." And here, for this occasion, closes our Budget of Ministers present, and to come. Mr. Labouchere has promptly followed the exam ples of Lords John Russell and Morpeth, as appears by lhe following address, which he has caused to be circulated in the form of a handbill To thi Bailikm or thk Bokouoh or Tivktok :? Cams Hotii:, Doc. ft, 1644. (iootlemen?I understand that it ia intended to invito yen to oall a public martin* ot the inhabitants of Taun ton, to consider the subject of the corn lew, rH as I an afraid that it will not be in my power to attend it, I ad draes you for the purpose of conveying my opinions to my constituents. For meny yeare, both in office and as an independent member of parliament, I hare opposed the laws which hare regulated the admission of foreign corn into tbia country. It appeared to mo that the principle of the ?tiding scale on which they were founded. wet fraught with delusion to the landed interest which it professed to favor, while from its anti-commercial character it wee most injurious to the community at large. If a trade which ie indispensable to the subsistence of the people is ren dered by legislation expensive, hazardous, and uncer tain, it ie clear that all this additional peril and vexation most on the long ran, bo paid for by tho peoplo themselves. But ws were assured that the scale bad at last been so skilfully constructed, that it could never exolude tbe adequate supply ef foreign corn when it was really wanted. The circumstances of the present season furnish an additional proof of the fntility and mischief of all those contrivances to supersede tho ?toady and aquabla provision for our wants which com merce, when left to her own free action, can alone suita bly afford to us. Wheat of a good quality is mIUm in Mark Lane at abova seventy shillings a quartsr. Scar city is apprehended. Foreign nations are drawing thoir supplies from our warehouses. But tha operation of tbe averages has bsen such that bonded grain ia excluded from our markets by a prohibitory duty. In desiring the repoal.oi the existing law, I wished that a moderate fixed duty should be substituted fer it, as the system upon wbicn, under all the circumstances, 1 thought it expedient that the corn trade should for some time be conducted. I will not trouble you with all the arguments which induced me to preter this course. It seemed to me to be most in accordance with that prudence and circumspection which becomo statesmen and parliaments when dealing with questions which affect the gravest interests and excita tha strong est passions of multitudes. It was certainly recommend ed by the writers whose names carry with them tha greatest weight of authority. J believe that it was adopted by most mercantile man. as distinguished from manufac turers, who for tho most part desired that all duty should at onae cease; and also by a very respectable minority among those connected with the landed interest itself. I thought I saw in all this the materials for a fair and ?table compromise. But tha progress of events has rapidly diminished, and at last extinguished, all chance of any such arrange ment. it was strenuously opposed by the great body of by the ministers c tha agriculturists and by the ministers of tha Crown, whom they had placed in office. Indeed tho latter used every means in their power to diaoredit it, and ts pre vent any choice being offered to tho country, except be tween a law like the present one and total repeal, and tbeir efforts have been attended with success. Now, gentlemen, as I believe this to bo tho actual con dition 01this question, my choice cannot bo doubtfuL I see no reason to regret tbe course which I have pursu ed, nor have I sltarad any opinion which I have hitherto entertained ; but I am sure that it is now my duty to vote for tha absolute repeal of tha corn law. 1 will add that the circumstances of the season are vary favorable to each a change, which would confer great and speedy benefit upon the country generally, while it could hard ly excite the fear of present mischief among tho agri culturists. Gentleman, I beg that you and all my constituents will have the goodness to excuse this long letter. It will probably|savo you from tho obligation of hearing a longer speech, {which, howe/er, would, I know, have been received by you with your accustomed indulgence. 1 am, gentlemen, your very faithful sorvaat, u. labouchere. Tha Hallway Bubble. [From the London Bun, Doc. 11J The announcement of the Speaker's intention to authorise payment oi railway deposits to the Aa count-General by instalments, has considerably al layed, m might have been expected, the anxiety about the transfer of the whole large sum whicn wall have to be deposited by tbe applicants for bills in the next session. We take lor granted that the bank director*, and leading banket* oft railway companies, who by concert may do much, will do their utraoat to carry out beneficially this mode of payment by instalments. One instalment paid into the bank will be available to assist the bankers for payment of another instalment; or the investment in government securities of sums already paid to the the Accountant-General, will tend to credit of .__ _ prevent depreciation oi these securities, out of which companies may have to sell, for the transfer of a further sum. While there is no doubt that the transfer* by in stalments will be a very great relief, it is still ranch to be regretted that the interviews between the bankers and the Chancellor of the Exchequer have not yet resulted in sn undertaking by the govern ment to introduce, immediately on the meeting of Parliament, and carry,without delay, through all its stages, a short bill to allow the Aecountant-General to receive government securities, as well as money, in |>ayment of the deposits. This would set the public mind entirely at rest on this important ques tion. There is, at least, a fortnight after the meet ing of Parliament, in which to pass such a bill. Fourteen days from the first Friday after Parliament meets are allowed for presenting private petitions, and the required sum must be deposited before the petition is presented. Such a bill, introduced by the government, could meet with no opposition. Whatever opinion individuals may entertain of the character of the railway movement, every one must wish to diminish, if possible, its evil consequences; no one can wish to punish speculators, whether dis honest or honest, but foolish, by producing a convul sion of the money market. We hope that, it the government do not quickly promise to do what in mem lies, the directors ana | bankers of leading railway companies will combine to press them to it. In a matter of this kind any ad ditional day's suspense is a serious evil. Let the government make up its mind at once, and, without delay, declare it. In the mean time, we end as we began, by saying that the Speaker's authority lor payment by instal ments, will do much good, and has already bees felt beneficially. And we have a very strong belief that amalgamations and other causes will considerably reduce the sum to be deposited, and that the current calculation of thirty millions is to a great extent imaginary. A short time will show. The Baxk of Enolajo).?The movement of the Bank of England for the week ending on the 29th ultimo, gives the following changes, compared with the week ending on the 22d ultimoIn the department of issue the notes had decreased ?902, 740, which had been effected by the abstraction of ?281,960 of gold coin or gold bullion, and ?20,790 of Bilver bullion. On the debit side of the banking department the the rest had decreased ?6,788; the public deposits had increased ?307,418: the private or other deposits had decreased ?31,604; and the seven day and other bills had decreased ?18, 015, making the total of the liabilities ?35, 608,300 On the credit side the geverament securities remained unaltered; the other ee curities had increased ?418,884; the notes had decreased ?144,010; and the gold and silver coin had decreased ?19,913, which squared the ac count. The bullion in both departments of the bank had decreased from ?13,669,501 to ?13,288,848, be ing a difference ol ?322,853. The paper in actual circulation, including the seven-day and other bills, was ?21,847,009, against ?22,023,154, being a de cease of?176,115. There were rather more bills on Tuesday after noon on some of the continental towns, but there are only some very light shades of difference in the rates of exchange. Amsterdam, three months, 12 8| 9; Austrian, 28 21 6; Hamburg, 1312J 13f ; Pa ns, 25 87* 92k; Vienna, 106 7; Trieste, JO 7 7 Leghorn. 30 65 70; Madrid, 38 86|; Cadix, 35J; Lisbon, 52|f ; Oporto, 52*1 Foreign ThsstrteaO: Miss CtTSHMA* ASD SHSRinAs KsO^.ES?ThlS accomplished actress, after ?'J1? audiences for the last form ight with En^imnM0 and varied performances, took her1* on Saturday e*"11"*,, TPl tf wif?^Jn7th? fird to see sn overflowing house. We understand that she has proceeded to Newcastle upon^Tyne, to fulfil a short engagement in that town, priort* ap pearing in Ix?ndon on the 29th instant. On this oc casion she will perform the part of Romeo, and her sister, a lady who is no stranger to the American stage, but who is new to this country, will make her appearance as Juliet. We should not omit to mention a little incident which curtain rose on Saturday. Mr. ' whose great admiration for Mitt Cuthman s acting

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