These considerations are not only directed towards the course of our foreign policy; they are of vast moment in judging of the expediency of reducing our forces at this particular time. Last year, with NO revolutions abroad, the Whigs not only refused to lessen the amount of our standing army, but increased it. This year, when the Continent is still in a state of insurrection, and when war is pending in different parts of Europe--when, moreover, an Indian contest, more serious in its aspect than any other which we have recently seen, has commenced--they propose to begin the work of reduction. Her Majesty is made to say,--"The present aspect of affairs has enabled me to make large reductions on the estimates of last year!" We never have suspected Lord John Russell of possessing much accomplishment in the art of logic; but, really, in the present instance, he has the merit of inventing a new system. According to his own showing, according to his recorded admissions, his doctrine is this: In time of peace, when there is no occasion for armaments, increase them; in time of threatened war and actual disturbance, when there may be every occasion for them, let them be reduced. Yet perhaps we are wrong: Sir Robert Peel may possibly be admitted as the author of this vast discovery--in which case, Lord John can merely rank as a distinguished pupil. The astute baronet, in his zeal for commercial convulsions, has taught us to expand our currency when there is no money-famine, and to contract it in the case of exigency. Whether Californian facts may not hereafter get the better of Tamworth theories, we shall not at the present moment stop to inquire. In the mean time let us confine our attention to the proposed reductions.