From first to last, therefore, we condemn the course which has been pursued by the British foreign minister with reference to the affairs of Italy, as undignified, unconstitutional, and mischievous. It has naturally lowered the estimate of our character in the eyes of the Italian people, whose own fondness for intrigue does not prevent them from despising that system, when pursued on the part of a strong and powerful nation. Minto jobbing has proved an utter failure. It may not indeed have been unproductive in results, for it has materially stimulated sedition, but certainly it has not tended to the preservation of peace, or the consolidation of government in Italy. Lord Palmerston has not been happy for the present year in his foreign relations. Some gratuitous advice to Spain, which he no doubt tendered with the best possible intentions, was ignominiously returned upon his hand; and this affront was followed up by another still more serious, for our ambassador at Madrid was dismissed. Such are the results of constant meddling with the institutions of foreign states, or prying into their domestic arrangements, and of everlastingly tendering unsolicited and unpalatable advice. We do Lord Palmerston the justice to believe, that he is the last man in the world who would brook such conduct at the hands of others. Why then will he persist in acting the part of Mentor to all the states of Europe, at the risk of attracting insult to himself, and of materially endangering the character and position of his country? Whether we regard the conduct of the present ministry at home or abroad, in domestic or in foreign relations, we find little to praise, and much which we must conscientiously condemn. Late events do not seem to have conveyed to them any important lesson. Diminished exports, want of reciprocity, and the disorganisation of affairs on the Continent, have effected as yet no change in their commercial policy. They are still determined to persevere in the course which they have unfortunately adopted, and to neglect the home and colonial markets for the desperate chance of pushing exportation further. By delaying to make any provision for the relaxation of the odious Bank Restriction Acts—by placing upon the committee of the House of Commons men whose financial reputation depended upon the maintenance of these measures—they have again exposed the country to a recurrence of that crisis which, in November last, was so near a fatal termination. Who shall answer for it that a fresh drain of bullion will not take place this autumn? If the harvest shall prove deficient, such undoubtedly may be the case, and the mercantile world will be left without the means of accommodation at the moment of its utmost need.