The New York Herald Newspaper, January 19, 1846, Page 2

| ~ made yesterday—namely, that Parliamen Vol. XII., No. 18—Whole No, 4231. NEW YORK, MONDAY MORNING, JANUARY 19, 1846. ' BXCLUSIVE OVERLAND EXPRESS FOR THE NBW YORK HBRALD. ARRIVAL OF THE SHIP LIBERTY, FROM LIVERPOOL, FOUR DAYS LATER. HIGHLY IMPORTANT FROM EUROPE. RESIGNATION OF THE MINISTRY. BY 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 POLITICAR REVOLUTION IN GREAT BRITAIN. Ministerial Crisis. ADVANCE in AMBRICAN COTTON. STATE OF THE CORN MARKET. de. Se. dee Another of our magnificent fleet of news clippers, the Skimmer of the Seas, boarded the splendid ship :ptain Norton, nearly one hundred miles n Saturday afternoon, obtained very late highly important intelligence from her, and 8 by an extraordinary express to the office of the ew York Herald. It reached us early yester- day afternoon. The Liberty sailed from Liverpool on the 18th 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 is no more nor less than the resignation of Sir Ro- bert Peel—the organization of a new Cabinet by Lord John Russell, and the probable repeat of the corn law. i The announcement of this important fact—im- portant to the United States, in a commercial point of view, as well, perchance, asin 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 day of December, 1845, present the Queen’s Most Excellent Majesty iu Council,—It is this day ordered by Her Majesty in Council, that th Libert e Parliament, which stands prorogued to Tuesday, the 16th day of December inst. be faite to Tuesday, the 30th day of December inst.’ The Corn-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 be of the utmost consequence. Jt may settle the Oregon question on the basis of a commercial treaty with England. American cotton had improved. The following statement is made in the Liverpest Mercury of the 12th. :— . Tne Mrssaoe or Peace To Ameniea.—An inquiry has been earnestly addressed to us from London, as to whe- ther the news touching the expected ing of th the ‘Acadia, from car river, ports really left ce by son the 4th instant. Our reply is, and we can x for the fact—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, but all other matters of discussion between the two nations. This we know is amistake. The announcement of the London Times did not come in the Acadia, although it was evidently intended for that steamer. The Frankfort Journal states that the diflerences 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 state 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 du- ring his residence in Dresden, except on Sundays and holydays, It is rumored at Naples that the marriage of the Queen of Spair. with the Count de Trapani is set- tled, and that the vistt of the Duede Moutebello to Palermo is 1n reference to this question. Resignation of the Ministry. (From the London Herald, Dec. 11} Sir Robert Peel’s Government is at an end. All the members of the Cabinet rday 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. ‘he important fact now announced proves how completely wrong the 7¥mes 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 Chronicle, Dec. 10 ] An official announcement, in another part of our paper, confirms one part of the statement which we instead of — for the dispatch of business, would be again prorogued. The other and more important part 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 of his colleagues have throughout been opposed to Sir Robert Peel’s recommendation. [From the London Times, Dec. 11.] Yesterday, Parliament was further prorogued to the 30th instant. The naming of so early a day would of itself umply that the inet 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 know since the return of 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 te tender their resignation to her Majesty. An un- foreseen difficulty of course there must have been somewhere. After so long and close a succession | of councils, that diffieully could only arise from a struggle between the declared intentions of the chiet and_the prejudice or pride of some of his col- Jeagnes. Were the Mini certain of meeting Par- Jiament as the servants of the Crown, it would have fixed the day, and om prediction would have been to the letter fulfilled. t is no possible. Some minor changes, ns we inti at the first, there would und lly have been, but it is to the graver difficulty that this new and unforeseen delay IM ict ageribed. It is said fohave been only by Price Two Cents. opinion that ‘the | unwilling com- | the most unqualified expressions of leaders = fer oienes wexined the o only considerable dissentient. There caffe no doubt that—what was all along to be a ended—the representative-general of the Lords ‘as 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 i ined, a little more time to act, it not to resolve, ft is not, however, always possible to adjust the interests of a Cobinet, much less those of a nation, to the conve- mence, the dignity, or the humor of an individual. nr obeinaey which aS award with a sore seein ton, may be maintained a day.too long, to the ruin both of colleagues and cau: ‘f Meantime, bof sb ged happen, egg be in next very few hours can pass without proving to the nation the substantial truth of our first momen- edb ctnet senda a that the acta of Cea inet were resolved upon proposing a total repeal of the corn laws. They were Tesolved to the utmost of their power. They were resolved to do this, or no- thing—to repeal the corn-laws or be no ministers.— If the duke sees peril in that measure, or feels re- luctance to undertake it, he will have to realise the dangers and di scale—the dissolution of the conservative ministry, les_on the other side of the | bei and the interposition of arival, and in some re- cts @ 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- everamount of distrust he may feel in his present | | (if not by this time his late) colleagues, he will b> 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 aristocratical trooj against the close and serried phalanx of an unani- mous people, headed by inveterate foes. (cen tee London Sun, Dec. 11.) The Peel Cabinet, then, has come to itsend. It has evidently died hard. Ttwas 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. But the disease is said to have returned with increased sree, and we have now to record the decease of the old lady, of whom, wishing, at so melancholy a moment, to say all the good that can be said ot her, we are free to confess, that it her course has been tricky and tortuous, her tricks have been tricks to the few and benefits to the many, and that in her last moments, her better feelings are 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 say that the Duke of Wellington had yielded to Sir Robert Peel’s desire to settle the corn law juestion, and has since revoked his consent ; others at he had never yielded. Be this as it may, it is understood that the Duke of Wellington’s oppesition 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 of Wellington has been resisting, not the repeal of the corn laws, but the repeal of the corn laws by the Cabinet which set itself up tostand bythem. Well authenticated rumor has ascribed to the Duke the expression of opinions which would show him to be quite aware that the 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 vee heed of fet rt may be even more powe! |, in support of others sin} the measure, en if it could be said that be has apostatized and abused the trust repoged 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 1841, to the measures of the anti- corn-law league is a change, the sincerity of which cannot be warranted by less than the sacrifice of 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 rt’s successor. The nation, of course, looks to the statesman who has lately come forth with a boldnesssuited to the crisis, renounci all personal, party, and class considerations, ani mantully avowing errore—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 lon held outagainst the dissat Meg eenpe wing even ris! of rangement of his y, and whom opponents and friends alike conew pronouncing worthy of the name of Russell. . [From the London Sun, Dec. 11.) “ The Ministry of Sir Robert Peel has resigned. The country at large may be startled by a. circum- stance so unexpected, but such is the fact. Yester- day peeisie ba majority of the cabinet, compris- ing the Duke of ‘Welli on, the Duke of Buc- cleuch, Sir Robert Peel, Sir James Graham, the Earl of Aberdeen, Lord Stanley, Mr. Gouiburn, the Earl of Lincoln, and Mr. Sidney Herbert—in all, nine out of twelve or thirteen composing the entire cabinet, proceeded by special train to Southam , and were conveyed the royal steamer Fairy to the Isle of Wight. At a court held at Osborne House they tendered their resignation to her Ma- eae, whe was graciously acce ! Here is a sudden and abrupt termination of the Conservative cabinet, and that, too, at the very moment the: were scppeeed, and even demi-officially announced, to have become the converted organs of free-trade policy in all its ramified bearings. It were idle to | the le te on the cause of this un- looked for disruption of a cabinet whose whole ca- reer has been thet of fighting under false or as- sumed colors. But one circumstance is rather sig- nificant. It might have been observed that the Duke of Well m did notattend the Cabinet Council held on Monday, after the return of Sir Ko- 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 only an hour, and during that eventful hour had decided on Teeigning the government. decision was, o| course, conveyed to the Duke of Welli n, who, prompt to his duty, accompanied the doleful train to Osborne House to resign, what he had often assert- ed he did not his ministerial office. The duke — a Sot Been Ere ae Tesponsibility with his col ._ As Commander in Cniet, 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 of Lords in his pocket! This circumstance alone was quite enough, without the doubtful aid of hesitating {riends, to have decided Sir R. Peel on resi; an office which had become as thankless as it was irksome. But he has ed in a good and right- eous cause, and his reward will be in accordance with his merits. ‘ * * * * Should a war take place with America, neither Aberdeen nor Haddi could have carried it on with the spirit and skill suited to such a serious contest. The d6wafall of this hete- Togeneous Cabinet will be the worst news for Polk he has received since his instalmentinto office. The Syrian affair made an impression in America,which established the character of Palmerston for decision and national 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 foreign relations. The character of 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 ridiculesot the Sovereign that called him to office, he has been utterly use- Goulburn 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 speak 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 “ Ministry.” Its demise will give ad- ditional impulse to the principles of free trade and salutary retorm, and rouse a spirit of resistance to Tory principles, which bide 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. John Rus- sell was at once sent for; but, asthe noble Lord is at present in Edinburgh, some days must elapse be- tore he can obey the summons. liament cannot now meet so early as was expeeted; and upon the course taken by Sir Robert Peel, will depend the ospect of a dissolution. It is believed that Sir Ro- rt will support Lord John Russell in his policy. The Premier was almost alone in his views [From the London Standard, Dec. 11, P.M.) .As may be naturally supposed, the offi- | cial announcement of the resignation of the | whole of the members of the cabinet, in the Morning » »duced a great sensation in the city, and has exclusively e1 d attention. All sorts of fi are hazarded respecting the fesult, but, as they are necessarily mere conjectures, it can serve no purpose to repeat them. A re- rt has, am: others, been circulated within the fast hour, that her Majesty has sent for Lord John Russell, but we have not been able to trace the Tumor to any authentic source. . {From the London Herald, Dec. 12.) The time for ascertaining the true causes of the late ministerial movement, has not yetarrived ; but some reasons for the late change, 8o plausible, are in the mouths of 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 rers for whom the emulation of their barbarous and fran- tic cupidity, during the last year or two, has really lettno work. The mull owners of the League are ings capable of anything ; and even without that necessity, which they have created by toiling men during excessive hours of labor, and draining the yery life-blood of women and children, they would, if they could, without great loss, sto) their worksin order to carry a political object. They boast that they will do it in order to con Tepeal of the corn laws; and the boast, as we have before demon- straied 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 P | their monstrous crimes, they would charge the dis- tress that awaits the Boar of the manufacturing dis- tricts upon, Magna Charta or the Bill of rather than own the truth and their own guilt. The corn laws, however, present a more obvious mark, as laws thet interfere with their immediate gamblin, profits. They flatter themselves that they cou! empty their bursting warehouses in seaange fora large importation of foreign grain,and therefore itis that they have welcomed famine with a disgusti indeceacy of exultation, when they falsely hope: that a season of famine had arrived, Thanks to the Giver ofall 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- edto the corn law by its true authors ;, and if the corn laws be maintained—as in justice and sound policy they must—every artifice will be resorted to to direct rage of half a mullion 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, scareely 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 if the trial 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 those who are to become her new advisers, 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. [From the London Times, Dec. 12). * * * * * Sir Robert Peel has resigned, and Lord John Russell has been invited to forma new administration. Such 1s 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 ourreaders. At that time another conclu sion of the controversies which had evidently long harrassed the cabinet, was cenfidently an july expected. Sir Robert Peel had then gained over to a total repeal of the corn laws all his colleagues except three or four, with whose co-operation, if re- rt epeaks true, he might very well have dispensed. oy hea just port ies reluctant assent of the Bake of ‘ellington, aun ‘is 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 ‘ased an exact and literal transcript of the ministerial state and intention: e.had not even omitted to notice the ¢ “insignificant and doubtful” exceptions to the unanimity. Unless it had been Pages le 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 himselt, and tendered his resignation. Her Majesty was pores ih ae Bat saue to retain _ btn vices, it it coul i so arranged. Sir Robert Peel could aan “li alternative, and the Queen summoned Lord John Russell to her coun- ceils. On are the whole ministry rsiened, and is now only holding office till Lord John Rus- cell has sele a Government to supply its place. _ From the Live: | Mail, Dec. 18. That Sir Robert Peel has dedetermined at all hazards of honor and fame, violated pledges, and public and private engagements to those numerous aupporters, who had raised him to the most ele- vated position in the country,we do not for an instant doubt. The right honorable baronet fell on his knees at the sound ot Lord John Ruseell’s puny trumpet, holding by the skirtsof Lord Morpeth, and imploring the mercy of Cobden, four cotton spin- ners, six cotion weave three bleachers, and a brace of Quakers, manufacturers of small wares. Tae Cabinet had not agreed to a repeal of the corn laws; hence the intended meeting of parliament, im the first week in January, was ever resolved upon ; hence the intumation of the repeal could not be arranged to appear in the Queen’s h from. the throne; and hence the whole of the boasted priority ot intelligence, which the Times laid claim sees on lent snpoeninel' ed fora jobbing and dishonorable purpose, by some interest- ed person whom the 7¥mes must know, and who, if it everexpects to redeem its lost character, must name and expose. To speculate upon the conse- quences of this unexpected resignation, in the ab- sence of 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, 01 igning | paralysing the industry of the country, deteriorating the value of corn lands, and raining nine-tenths of. all the farmers 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 moment*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 dependence 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 prefits, are to be constantly open to them ; and we then ask, what is the avowed object of a free trade in foreign corn? To reduce the price of corn in land. ff this re- duction be not effected, the repeal would be a mere dejusion and a fraud. Corn must fall in price, oth- erwise the echeme is abortive, and its authors fools or madmen. But admitting that the soils of Eu- rope and America were cultivated for the purpose of supplying the English markets with corn, and the price of wheat, instead of being 57s per quarter, as itis at present, should fall to 353. as is the Manches- ter calculation, how could a British farmer efford to giow wie not only at his present rent-charge, his taxes, and the rate of wages, but even if his rent were reduced forty or fifty per cent. 1 ‘ 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 ot British manufactures. would seven millions of artisans say to this repeal and reform? To dig they Set not be ashamed, but who would employ them? To beg would be vain. ‘The eap 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; they would become evolutionists ; the inary tragedy Pitonned in France in 1798 would be re-enacted in . {From the Liverpool Mail, Dec. hig? The nation, by the penecee of ministers, is in amuch more serious dilemma than many persons seem to think. Sir Robert Peel, it is rumored, dif- fers trom the majority of his col son amea- sure that touches the vitality of the country; finding himeelf so situated, he throws up the of goverment ana retires. Tne landed interest, as it is called, would have almost insurmountable dif- ficulties in forming an administration to out their views, The conservative party is divided; What | f | suspicion and distrust have long been in the camp; | some murmur, some storm, many are sick, and not | a few disgusted. * lg how . to be Laser q ein old whig may, yi as Mr. Cayley has will not support Lord | John Russell. He as done much mischief in his day, but he never committed so much upon himeelf, | as he did by his recent declaration against all pro- | tective duties upon corn. Lord Morpeth has sold | himéelf by means of a £5 note. The split, there- | fore, in the whig ranks, between those who have land, and those who : i well-fed and the hungry whig, is immense, and irre- parable. a Our opinion is, judging by the obscure light in | which the defection is yet placed, that a dissolution | of Parliament must be the result, followed immedi- | ately by a general election. is case the nation | at will be called upon to decide the great | question at issue. Much inconvenience to many parties must ensue, periecierly to those connected with railway bills; but we are far from believing that the inconvenience of delay for six or eight ag may not be salutary to the country gene- y. ‘From the Court Journal.) cS The Goon eld a court and wy 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-Chiet ; Sir Robert Peel, First Lord of the Treasury; Sir James Gra- ham, Secretary of State for the Home Department ; the | of Aberdeen, Secretary of State tor Forage Affairs; Lord Stanley, Secretary of State for the Colonies; the Right Hon. H. Goulburn, Chancellor of the Exchequer; the Earl of Lincoln, Chief Com- missioner of the Woods and Forests ; and the Right Hon. Sidney Herbert, Secretary 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 Oxford, had an andience of her Majesty, and did homage upon hi: intment to that see. Sir James G her Mejesty’s principal Secretary of State tor the Home ent, and the Bishop ot Norwich, Clerk of the Closet, assist- ed at the ceremony. The Earl of Warwick was the Lord in Waiting. Sir Robert Peel, the Duke of Buccleuch, Lords Aberdeen, Stanley and Lincoln, Sir James Graham, the Chancellor of the Exche- quer, and Mr. seateeht Herbert,{travelled from town to attend the council by a special train on the South- western allay At Basingstoke the Duke of Wel- lington joined colleagues. trom Southampton the party was conveyed in the Fairy sream yacht to Cowes, arriving at Osborne house at five minutes of the whole of the arrangements of the last session | of Parliament, respecting the railway bills left pend- | ing being upset by a dissolution, lost gratifying is the assurance which we are | able to offer to our friends, that notwithstanding those differences which rendered a dissolution of the cabinet unavoidable, there is not the slightest dan- ger of any echism in the great conservative party, or of any desertion trom it. The whole ot the cabinet retires without a shade of personal hostility among its members, or any difference of sentiment upen | are landless—between the | the proper policy, except upon the one question of « | Baron Trent, Viscount Drayton, and repeal, or rather modification, of the corn laws. | Upon this question, too, the difference is much less | been su; It is, we believe, true that | Sir Robert Peel haseven insisted upon a considera- | ble relaxation of the laws in question, to be accom- | panied, however, bya compensation to the agric' tural interest—landowners,’ farmers, and farm borers—not only adequate, but ample. What this compensation is,we are notable to guess; the events, however, have proved that it was not considere sufficient by the whole cabinet; and we must at present agree with the dissentients. Neverthelese, it is certain that Sir Robert Peel will support no measure of repeal upon any other terms than those of what he considers an a ees compensation to the agriculturalist ; sothat unless the new ministers proposed such an adequate compensation, they will find themselves opposed by the conservative majo- rity of more one hundred, undiminished by a single unit, and remforced, no doubt, by many honest whigs like Mr. Cayley. Even if they have recouree 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 one 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 Post, Dec. 12.] 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. ‘he 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 Perrine 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 of Wight. Such are the details—so far as we can collect them—of the statement. we made in a considerable 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 Teadiness on the Southwestern railway. The party roceeded to Bashingstoke, where the Duke of Wel- lington alighted from the train ; the other noblemen and gentlemen went to town, accomplishing the distance in one hour and fifty-taree minutes.” The New Ministry. _ [From the London Sun, Dec. 11.} Immediately upon the refusal of the Duke of | Wellington, on Friday last, to carry out what he had agreed to do—namely, to peaooe a repeal of the corn-laws in the House of Lords—it became apparent that resignation of office by Sir 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 interview of an hour’s duration, after which Lord John Ruseell left town for Cowes. He had an audience of her Majesty, and has returned to town this evening, having had {ull powers given him te forma Government. He has sent for Lord Palmerston, and 1s taking, it is believed, all the ne- cessary steps to form an Admunistration. {From the London Globe, Dec. 11.] ats Of the precise result of Lord John Russell's visit to Osborne House, little or nothing has yet trans- red. Various rumors are of course afloat; but nowing that upon be goo lite which our read- ers are most irous being informed, nothing can at present be known, we refrain from giving them currency. Upon one point, we can, however, ak with confidence. 'e have reason to believe thet, notwithstanding the manifest difficulties which a single him must inevitably beset his path, John Russell obeyed the summons of her Majesty with a determination to allow no con- siderations of a merely party nature to interfere with Se ont the tender ia his services to a ‘wd jest country at the present juncture. What- ove 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 5 at the instigation of any portion of the late cabinet, place itselt in oppesition 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 ina 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 ir considera- tion of; the personal tranquillity of the Sovere: coaciae to urge the necessity of a speed: from the state of uncertainty in which the istry has leftpublic affairs. Itisevident that all announcements of new ar- Tangements must, at present, be altogether prema- ture. There has not been a moment’s time to com- municate with the former or pi le parties to such arrangements. The crisis at which Lord John Russell is called upon to act is of no ordinary nature ; and it is enly as he can fairly hope to carry the it question, which ltis predecessor fairly hands over to him to carey that he can wisely de- termine to act at all. industry and commerce have not overpowered the mere watchwords of sham rvatism in the breasts of all interested in indnyy and commerce, as they have in the breast of the late Premier himselt—we had better tun the gauntlet through the line of Dukes, and make up our minds to a stimulating course of curry- powder. That is our alternative toa Corn-law re- pealing government. Is it one that commends itself to Conservative interests amongst the cultivating or commercial middle classes ? It.deserves the attention of those middle classes that re read governmental experiment has been tried, and has proved a failure. Sir Robert Peel has tried the experiment of making his old party strike into new ways. Beyond a limited point, the’ refuse to do so; and they turn round on him wil some show of right, and much resentment of for- feited implied pledges. They thought they hired him to keep things in statu quo. He thought 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 his last act of duty to his Sovereign in advising her choice of a successor. (From the Londun Standard, Dec. 11.) _ ‘We have nothing to communicate respecting the formation of the new Ministry. All we know is that Lord John Russell arrived at Southampton this Yate mine t 10 o'clock, in the Fairy yacht, froma ‘Cowes, and departed for town by the aeven o’clock train. Her Majesty leaves Gosport by the quarter past ten o’clock train to-morrow, for Farn- 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 hazarded oa shia | the re- sult, according to the bias of the parties. Indepen- dently of the deep importance of the main question presumed to be at issue, there are several auxiliary subjects pressing on attention which renders any hi- atus in the executive government a! themomentmuch tobe ted. 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- pom iz bag Lg ing pon il It is now, however, generally taken for at the resignation miniaters will reed « dissolution ot Parliament essentially necessary, which will very much com- plicate the railway question by the delay. Mest ot the bankers that held the deposits have been hold- ing large si 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 revails on the eubject respecting the time they will Be requires altogether at sea as to fu- tate 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 tay accommoda- tion they ma ire should be calculated upon | w. after derangerhent. Thatbranch | ly, requi ithout the risk of of the question is irrespective of the consideration portion of our impression of yesterday. ‘The 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. . . Vicount Palmerston. Secretary forthe home Depuart- ment... Marquis of Normanby. Chancellor of r. Baring. President of the Council. larquis of Lansdowne. President of the Board of Trad ir. Labouchere. Vice President. ........- ir. Sheil. Earl Fortescue. arl of Bessborough. Ambassador to Paris, Lord Beauvale. Ambassador to St. Petersburgh, Marquis of Clanri- arde, The great ohjection 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. 12.) In the present state of things, it would of course be premature to announce any arrangement as to the persons aud places in the new Government.— The [following listtwas, however, pretty generally credited last night in political circles. First Lord of the Treasury—Lord John Russell. Lord Chancellor—Lord Cottenham. Secretary of State for Foreign Affairs—Lord Palmers- n, peat of State for the Home Department—Loni Morpeth. Secretary of State for the Colonies—Lord Grey. Under Secret for thefColonies—Mr Charles Buller. Chancellor of the Exchequer— Mr. Baring. Attorney General—Sir T. Wilde. Solicitor General—Mr. Dund: Lord Lieutenant of Ireland—The Marquis ef Nor: anby. President of the Couucil—The Marquis of Landsdowne. Ambaseodor at Paris—Lord Clarendon. Lord. Lieutenant of Irela First Commissioner of Wi and Forests. . ct [From the London Sun, Dec. 11.) Lord John Russell having undertaken the task of forming a new administration, is proceeding with all despatch in making his arrangements. Lord Palmerston quickly arnve in London. office will be confided. rs Lord Normanby, in all probability, takes the Home ffice. S Lord Grey the Colonial office. a Mr. Baring resumes the Chancellorship of the Ex- as been sent for, and will To him the Foreign chequer. Lord Morpeth may possib! to Ireland (where his populanty ‘would rewder eas 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. a“ Sir C. Napier and Admiral Dundas are to join the Admiralty Board. Such are the on dits of the day. It is understood that before Lord John Ruseell’s dey he addressed commuuications to several of his late colleagues, omy ome of whom, we believe, Mr. Baring, happened to bein London. _ We believe that Sir Robert Peel feels delighted at his freedom from the trammels of office, and trom the disagreeables of the last twelve months. All the officials are packing up the papers, and leaving a clear board for the new administration. As d important parts, the admin- istration, public epinion points strongly to Mr. Cob- dea 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 1841, has been compelled to court po) ular opinion ; and to the necessity which Sir 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. 12.) 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 thing that suggested itself to people’s minds, as the present House of Commons could 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 must necessarily follow on a dissolution. The lock- ing-up, for so many weeks, of the capital deposited by projected railway companies, is mentioned asone point deserving of careful consideration; ano- ther 18, that many railway bills, that were not finish- ed last session, must be brought forward de sovo in the new parliament, instead of being taken up atthe stage in which they were left at the period of proro- gation in Ai +, 8, it is argued, would not only be a cruel infli 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 einews of war? In short, there is embarrassment onall hands. Let the new minister continue the esent parliament, and in all human probability he inds himself in a minority ; let him dissolve it, and there tian ea probabil that he fi pa y-y carry on “Queen’s Government. ul fread Sidney Smith said, “ Lord John Russell will undertake any thing—the command of the channel fleet, the building or St. Paul's, or the operation for the stone.” It is not tobe wondered,at therefore,that he feels no hesitation in facing the perils of his pre- writ ty bo much fe way of Pe wore 3 fora old iende, cially when they chance to have no Seeker to fe away, they: people talk very little bout the members of the late Cabinet. This may thaps be owing, in some sort, to the habit of Sir bert Peel, who spoke often of himself and seldom of his colleagues ; but still he had colleagues, and men of “note and mark,” in many instances. Of these, we believe, we may safely say the Duke of Wellington strenuously ani successfully opposed, to the the zepeal of the corn laws. ie Duke ot Buccleuch we are assured the same may be pre- dicted. Lord Stanley, we have reason to think, ‘was firm in favor of protection to British industry ; * fat might go on to enumerate F| majorry of tl inet, for it was to a majority by bei Peel uecombed in his vain attempt to establish 32 | sister, a lady who is no stranger to the made upon the stock of bonded corn for the purpose of exportation. Whether the cause or the effect more prove the practical weakness of the minister, we leave others to judge. “ Wetell the tale as "twas told to us.” 4 r A Some friends of the late Cabinet are still sanguine of its speedy restoration to ot f course without Sir Robert Peel at its head. What is to become of him does not clearly appear. A correspodent, in- deed, last night informed us that “Sir Robert 1 will be immediately created a Peer b; ie ae of ‘am- worth, and that in the House of Lords he will give his independent muppet to that measure, of the poli- ey of which he has to convince his coll . And here, for this occasion, closes our Bi t of Ministers present, and to come. Mr. Labouchere has promptly followed the exam- ples of Lords John Russell and Morpeth, as appears by ihe following address, which he has caused to be circulated in the form of a handbill :— To tHe Banirrs ov tue Bornovon oF Taunton :— Came Hoven, Dec. 5, 1845. —I understand that it is intended to invite ou to call a public meeting of the inhabitants of Taun- in, to consider the subject of the corn law, and as] am afraid that it will not be in my power to attend it, I ad- dress you for the purpose of conveying my opinions to ~~ constituents. for many y oth in office and as an independent member of parliament, 1 have oj poted the laws which have regulated the admission 4 foreign corn into this country. It appeared to me that the principle of the fed scale on which they were founded, was oor with delusion to the landed interest which it professed to favor, while from its anti-commercial character it was most injurious to the community at eae. ‘a trade which is indispensable to the subsistence of People is ren- dered by legis jon expensive, hazardous, and uncer- tain, it is clear that all this additional peril and vexation must on the long run, be paid for by the people themselves. But we were assured that the scale at last been so skilfully constructed, that it could never exclude the adequate supply of foreign corn when it was really wanted. The circumstances of the present season furnish an additional proof of the futility and mischief of all these contrivances to supersede the steady and equable provision for eur wants which com- merce, when left to her own free action, can alone suita- bly afford tous. Wheat of a good quality is sel in Mark Lane at above seventy shillings a querter. a city is apprehended. Foreign nations are drawing their supplies from our warehouses. But the operation of the averages has been such that bonded grain is excluded from our markets by a pephibltery, uty. In desiring the repeal.of the ting law, I wished that a moderate fixed duty should be substituted for it, ‘stem upon which, under all the circumstances, 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 prefer ‘this course. It seemed to me to be most in accordance with that prudence and circumspection which peneee statesmen and jaments when dealing with quest: which affect thi vest interests and excite the strong- est passions ot tudes. It was certainly recommy ed by the writers whose names carry with them the gyal weight of authority. | believe that it was adopted y most mercantile men, as dist ished from manufac- turers, who for the most part desired that all duty should at ones cease; and also by a very respectable minority among those connected with the lan interest itself. I thought I saw inallthis the materials for a fair and stable compromise. But the progress of events has rapidly diminished, and at last ext }, all c: of any such srrange- ment. It was Lage mg op by the erent body of the agricult jy the ministers of the Crown, whom they had placed in office. Indeed the latter used every means in their power to discredit it, and te pre- vent any choice being offered to the country, @: be- tween a law like the present one and total repeal, and their efferts have been attended with success. Now, gentlemen, as | believe this to be the actual con- dition of this question, my choice cannot bedoubtful. I see no reason to regret the course which I haegie ware ed, nor have I altered any opinion which | have erto entertained ; but I am sure that it is now my duty to vote for the absolute repeal of the corn law. 1 will add that the circumstances of the season are very favorable to such a change, which would confer great and ryers d benefit upon the country generally, while it could bard- ly excite the fear of present { among the agri- culturists. beg that you and all my constituents ill probabl; anf = ihe obligation Soceee wi ve you from the o! a longer mone onion however, would,! know, have been received by you with your acc faithful se! lam, gentlemen, your — OM UCHERE. The Railway Bubbie. {From the London Sun, Dec. 11. The announcement of the Speaker’s intention io authorise payment of railway deposits to the Ae- come oeeea by | alge has Cg og al- ed, as might have been expected, hole nety, whigk about the transfer of the w! will have to be deposited by the aj for bills in the next session. We take for ted that the bank directors, and leading ers of, railway companier, who by concert may do much, will do their utmost to carry out benefici this mode of peyment by instalments. One in: ent paid into the bank will be available to aewist the bankers for payment of another instalment ; or the invesument in government securities of sums already to credit of the Accountant-General, will tend prevent depreciation of these securities, out which companies may have to sell, for the of a further sum. While there is no doubt that the transfers by stalments will be a very great relief, it is still much to be regretted that the interviews between the bankers and the Chanceller of the Exchequer have not yet resulted in an undertaking by the govern- ment to introduce, immediately on the bo ie 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 payment of the deposits. This would set 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 pase 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 0; jon. Whatever opinion individuals may entertain of the bert palheke “hed fa ie it, every —— wish to diminish, if possible, its evil consequences ; no one can wish to punish tors, whether dis- honest or honest, but by producing a convul- sion of the money. market. \ ‘We hope that, it the government do not quick! mise to do what in them lies, the directors an Pankers of leading railway companies will combine to press them toit. Ina matter of thie kind any ad- ditional day’s suspense is a serious evil. the Shee re make up its mind at once, lelay, declare it. “ In the mean time, we end as we began, by saying that the Speekery authority for payment by instal- ments, will do much good, and has ahead § een 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. Tue Banx or Encuanp.—The movement of the Bank of England for the week ending on ultimo, gives the following changes, com with the week ending on the 22d ultimo :—In the de nt of issue the notes had decreased £302,- 740, which had been effected by the abstraction of £231,960 of gold coin or gold bullion, and £20,790 of silver bulfton. On the debit side of the banking department the the rest had decreased £5,788; the public deposits had in £307,418 ; the private or other deposits had decre 3 and the seven day and other bills had decreased £) 015, making the total o| liabilities 508,300. it the to of in- On the credit side the government securities remaii red; the other se- caritie had increased £416,064 ; the notes had decreased £144,040; 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 £13,559,503 to £13,236,848, be- ing a diflerence of £322,653. The paper in actual circulation, including the ee other bills, was 089, against £22,023, being a de- crease of £176,115. J There were rather more bills on Tuesday after- moon on woe of Fgh shades of diference the are some very light shades of di rates poe ot hade ‘Arnaterdam, three months, 18 te beth O04 2k Gs Hears trieste, 10.7 Ths ; Vienna, ; y Teehorn, 190 85 70; Madrid, 98 8543 Cadiz, horn, Fisbon, 82hf Oporto, Af ‘SUMAN Suerman Knowies—This wonielanes poeeid after delighting the Giuagow audiences for the last fortnight with her ca ie and varied performances, took her farewell bene! on Saturday evening. The pemange were Sheridan Knowles’s “hay of “ he A oll me the er: arwing —s We understand fied to see an ove! that she has proceeded to mat tony et a oc- rt ment in that town, ection! i. Lopdon ‘on the 29th instant. fi casion she will perform the part of othe Am eae stage, but who isnew to this country, will m Juliet. We should not omit to rer atten a lite ineident which occurred before the 3 5 ‘No endeavor is made to account his part, though it ized with panic at the run rt free trade in corn. for this extraordinary is rumored that he was sei curtain rove on Saturday. Mr. Sheridan gh ml whose great admiration for Miss