The sentiment of England is if possible still stronger in the same sense in Germany, and it is universal in France, where it is only prevented from manifesting itself with as much force and vivacity as in Germany and here by the fettered and subservient condition of the Press. In addition to this I am informed that the project of war is not popular with the army itself; and as it is not morally certain that by plunging into war the Emperor will be secure from the danger of assassination, and there is at least as good a chance of war bringing with it perils of another sort quite as formidable, so his very selfishness makes him doubt and waver, and inclines him to listen to the remonstrances which are addressed to him. Upon this uncertain and varying state of mind Cowley has been endeavouring to work, and he has so far succeeded as to have been entrusted by the Emperor with a commission to go to Vienna and negotiate with the Austrian Government a settlement of their differences, or rather, as there are in fact no differences to settle, to obtain from the Austrian Government some concessions by virtue of which he may be enabled to withdraw from his present false position without discredit, by which means he may give satisfaction to France and Europe, though at the risk of disappointing Sardinia and exasperating the Italian Carbonari.

When Palmerston's discussion came on upon Friday last, it was already known (through the 'Times') that Cowley was going to Vienna, though he himself had told nobody of this expedition (except Clarendon), and he evidently did not mean it should have been proclaimed. On Friday, Disraeli and Malmesbury said nothing of Cowley's mission, but they both announced that the Papal territories would be evacuated by the French and Austrian troops, and the public inferred that this evacuation was going to take place by a mutual agreement, and everybody asked, 'Why then is Cowley going to Vienna?' but the truth was that the Pope had requested the two Governments to withdraw their troops, and one of Cowley's objects is to procure the assent of Austria to that withdrawal, France having no doubt agreed to it on certain conditions, of which I do not know the details, but which are committed to the management of Cowley. Clarendon seemed to think that there was no more danger now of the pacific purpose of Cowley being obstructed at Vienna than at Paris, for he said that the Austrians are so proud, and moreover so greatly incensed at the conduct of France, that it is very doubtful whether they will be induced to make any concessions at all, and whether the Emperor of Austria will not prefer to encounter all the danger of war, prepared as he is, than consent to anything which should have the appearance of humbling himself before the outrageous pretences and intolerable insolence of the Emperor of the French.

MR. WALPOLE AND MR. HENLEY RESIGN.

In the midst of the absorbing interest of this great question, the Government Reform Bill is coming on. They appear to have thought it adviseable to bespeak the good word of the 'Times,' and accordingly they sent Delane a copy of their Bill. This morning the heads of it appear in the 'Times' with an approving article. Mild as it appears to be, it is too strong for Walpole and Henley, who have resigned, but why they did not resign before it is difficult to understand. At Kent House yesterday afternoon there was a little gathering of Clarendon, Charles Wood, and George Lewis, when they all agreed that if the Government measure was such a one as they could possibly support, their proper policy would be to assist the Government in carrying it.

To English statesmen of all parties (with one or two exceptions) it was apparent that the declaration of war by France on Austria was the destruction of the great compact of 1815, which (whatever may have been its defects) had given forty-four years of peace to the Continent of Europe, and which had survived the Revolution of 1848 and the Crimean contest of 1854. It was the first outbreak of the military power of the French Empire and it was likely to lead to future wars, as the result has proved. The defeat of Austria and the dissolution of the Germanic Confederation in 1866 was the result of the combined action of Prussia and Italy, north and south of the Alps; and the Franco-German War of 1870 was the result of the military ascendency Prussia had thus acquired in Europe. The policy of England was simply based on the principle that the duration of peace depended on the maintenance of the existing territorial arrangements of Europe.]

March 1st.—According to all political calculations Cowley's mission ought to succeed, but I feel no confidence in his success, and rather believe that the Emperor Napoleon is acting with his usual duplicity and treachery, and duping Cowley to gain time, which is necessary to his plans.[1] It is revolting to see that the peace of the world and so much of the happiness or misery of mankind depend upon the caprice and will and the selfish objects and motives of a worthless upstart and adventurer, who is destitute of every principle of honour, good faith, or humanity, but who is unfortunately invested with an enormous power for good or evil. And this is the end of fifty years of incessant movement, of the progress of society, of the activity and development of the human intellect in the country which is eternally mouthing about its superior civilisation and its mission to extend the benefits of that civilisation over the whole world.

[1] [This was the fact. It was not known until long afterwards that positive engagements had been entered into at Plombi�res between the Emperor and M. de Cavour in the preceding autumn, including the marriage of Prince Napoleon to the daughter of the King of Sardinia, and the cession of Savoy and Nice as a compensation for the conquest of Northern Italy. Cavour had the Emperor in his power, and threatened, if he drew back, to publish the correspondence.]

Disraeli brought forward his Reform Bill last night in a well-set speech, only too elaborate. It was coolly received, except by its most angry opponents, who lost no time in denouncing it.

THE GOVERNMENT REFORM BILL.