If there was any honour in the transaction, we have forfeited all claim to it by this avowal. If, on the contrary, there was any wrong done, we excuse it only by the undignified plea, that we were following the example of France. This is a new position for Britain to assume--not, in our eyes, one which is likely to raise us in Continental estimation, or to support the prestige of our maritime supremacy. To quarrel with our allies is at all times folly; to vindicate interference on the ground of maintaining a good understanding with another power, is scarce consonant with principle, and betrays a conscious weakness on the part of those who have no better argument to advance. See, then, how we are situated with the foreign powers. Spain is alienated from us--Austria not fervid in her love, for there too, it would seem, we have most unnecessarily interfered. We are detested in Naples and Sicily, unpopular elsewhere in Italy, mixed up with the Schleswig dispute, and on no diplomatic terms with Central Germany. Our understanding with France has fortunately remained amicable, but we neither know the policy of France, nor can we foresee under what circumstances she may be placed in a month from the present time. Is this a peaceful prospect? Let us hear Lord John Russell, whose interest it is to make things appear in as favourable a light as possible:--"I do not contend that there is not cause for anxiety in the present state of Europe. I am far from thinking that the revolutions which took place last year have run their course, and that every nation in which they occurred can now be said to be in a state of solid security. I rejoice as much as any man that the ancient empire of Austria, our old ally, is recovering her splendour, and is showing her strength in such a conspicuous manner. Still I cannot forget that there are many questions not yet settled with regard to the internal institutions of Austria--that the question of the formation of what the honourable gentleman (Mr D'Israeli) has called an empire without an emperor, is still in debate, and that we cannot be sure what the ultimate result of these events may be. It is also true that there may have been, during last year, an excess of apprehension, caused by the great events that were taking place, and by the rising up of some wild theories, pretending to found the happiness of the state and of mankind on visionary and unsound speculations, on which the happiness of no people or country can ever be founded. We have seen these opinions prevail in many countries to a considerable extent; and no one can say that events may not, at some unforeseen moment, take an unfortunate turn for the peace and tranquillity of Europe." These are sensible views, moderately but fairly stated; and we ask nothing more than that his lordship's measures should be framed in accordance with a belief which is not only his, but is entertained by every man of ordinary capacity throughout the country.