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The year 1857 began its course under circumstances favourable to the domestic peace and prosperity of the country. The mind of the public was directed towards the remission of taxes, and legal and social reform. The London clubs were more than usually active with political and party gossip at the opening of the year. Mr. Gladstone, and the Peel party of which he was the leader, kept the quidnuncs constantly busy as to probable parliamentary coalitions and party movements. The versatile gentleman, whom the Peelites delighted to honour, and who was also much in favour with the Manchester party, was supposed to be favourable to a coalition between his followers and the Tories. An arrangement between Lord Derby and the Peelite financier was much talked of, and scandalized the country. Most persons in political circles outside the houses of parliament believed that such a combination would be too unpopular for either the Conservatives or the Gladstone section to accept. In and out of parliament it was asserted that should such an alliance be formed it would break up any conservative ministry, and throw Lord Derby out of power before he could consolidate, even if he should be able pro tempore to obtain, a parliamentary majority. Such was the condition of feeling in England when the session of 1857 began. The close of the year was marked by commercial and monetary panic, widespread, and entailing disastrous results.