Windsor Castle, 14th October 1847.
The Queen has received Lord John Russell's letter, bringing several very important subjects before her. She regrets that the state of the Money Market should still be so uncomfortable, but is sure that the Government cannot by any interference do much to mend matters, though it might easily render them still more complicated, and make itself responsible for a crisis, which it has in no way either brought on or been able to avert.16
As to Mr Cobden's appointment to the Poor Law Board, the Queen thinks that he will be well qualified for the place in many respects, and that it will be advantageous to the Government and the Country that his talents should be secured to the service of the State, but the elevation to the Cabinet directly from Covent Garden17 strikes her as a very sudden step, calculated to cause much dissatisfaction in many quarters, and setting a dangerous example to agitators in general (for his main reputation Mr Cobden gained as a successful agitator). The Queen therefore thinks it best that Mr Cobden should first enter the service of the Crown, serve as a public functionary in Parliament, and be promoted subsequently to the Cabinet, which step will then become a very natural one.
The Duke of Bedford's entrance into the Cabinet the Queen would see with great pleasure.
The Queen returns the Prince's Memorandum to Lord John, whilst she has retained Lord Clarendon's letter upon it, which the Prince is anxious to keep if Lord John will allow him. The Queen must agree with Lord John and Lord Clarendon that the present moment is not a favourable one for the experiment of abolishing the Lord-Lieutenancy.
Mr Stephen's elevation to the Privy Council will be a very proper reward for his long and faithful services. Would he not be a proper person for one of the new Civil degrees of the Bath?18
Footnote 16: Matters, however, became worse, and Lord John Russell and Sir Charles Wood wrote recommending that the Bank should enlarge their discounts and advances, for which they would propose a bill of indemnity. By degrees the panic subsided.
Footnote 17: Free Trade meetings had taken place in Covent Garden Theatre.
Footnote 18: He was made a K.C.B.