Lord Derby's speech was characterised throughout by consummate discretion, and displayed a profound appreciation of the sense and spirit of the country. That great country has received him cordially, and in the spirit in which he had advanced to it. His most sanguine opponents must acknowledge that matters have not hitherto gone as could have been desired, and seems certainly to have been expected, by themselves. The Funds _will_ not go down! and yet Lord Derby has stood on the heights, with flag unfurled, ever since the 27th February 1852--nay, ever since the 28th February 1851! He is pledged to nothing but Principles, and has wisely abstained from gratifying his factious enemies, by precipitately pledging himself to specific measures. But such he will in due time bring forward; and that they will be in strict accordance with his principles, the whole country is sure of, for it knows the firmness, honour, and consistency of his character and conduct. It also knows, and his enemies also well know, that they have to deal, in him, with a man not easily to be daunted, by even the loudest squeaks of the penny trumpets of the Manchester Anti-Corn-Law League gentry. They may rely upon it that they cannot terrify the Earl of Derby, however otherwise it may have been with one of his predecessors. They may depend upon it that he has had ample time and opportunity during the last year to ascertain the true sources of his strength and of his weakness; to mature a policy, based on settled principles; and select able men to carry it out. He has looked his dangers steadily in the face; and without affecting to underrate them, has declared his determination to encounter them with patient resolution. Our own belief is, that he possesses more extensive resources than his adversaries are at present aware of, and will use them prudently. One of these resources consists of the conviction prevalent among the vast majority of moderate men of intelligence, that if the Earl of Derby's Administration should fail to keep its place, the inevitable alternative is a fearful revolutionary struggle, which would shake our strongest institutions to their very foundations, and convulse society. We lament feeling constrained to express our strong belief, that Lord John Russell, conscious of having forfeited the confidence of some of his most important supporters, is prepared to throw himself unreservedly into the arms of those who, he knows, and cannot but know, will force him infinitely farther than in his own recently _declared_ opinion he asserted, and in his conscience he believes to be consistent with the safety of the throne, and the preservation of the liberties of the country. We believe that hundreds of thousands in this country take this justly alarming view of his position and purposes; and are prepared to encounter with a resolute "no!" the inquiry, whether he shall return again to power with _seven spirits more wicked than himself_.[I]