The first of the observations to which we beg the reader's earnest attention, is--that Sir Robert Peel has _to govern by means of a Reformed House of Commons_. It is for want of well considering this circumstance, that one or two respectable sections of the Conservative party have conceived some dissatisfaction at the line of policy adopted by Sir Robert Peel. They forget that, as we have already stated, the _Tory_ party was nearly destroyed by the passing of the Reform Bill; that from its ashes rose the CONSERVATIVE party, adapted to the totally new political exigencies of the times; its grand object being, as it were, out of the elements of democracy to arrest the progress of democracy. The bond of its union was correctly described by its founder, as consisting in attachment to the fundamental institutions of the country--non-opposition to rational changes rendered requisite by the altered circumstances of the times--but determination to maintain, on their ancient footing and foundation, our great institutions in Church and State. Keeping these grand objects ever in view, the true policy to be adopted was to widen the foundations on which should stand "that new party _which was to draw, from time to time, its strength from its opponents_." None saw this more clearly than Sir Robert Peel--and hence the "_moderation_," indispensable and all-powerful, which he prescribed to himself, and recommended to all those who chose to act with him, and the steady acting upon which has at length conducted them to their present splendid position of power and responsibility. Could the government of the country be now carried on upon principles that were all-powerful twenty--or even fewer--years ago? No more than Queen Victoria could govern on the principles of Queen Elizabeth! We must look at things, not as they were, or as we would wish them to be--but as they are and are likely to be. He is unable to take a just and comprehensive view of political affairs in this country--of the position of parties, and the tendency of the principles respectively advocated by them, who does not see that the great and only contest now going on, is between _conservative_ and _destructive_. We say boldly--and we are satisfied that we say it in conformity with the opinions of the immense majority of persons of intelligence and property--that the forces which would drive Sir Robert Peel's Government from office would immediately and inevitably supply their places by a Government which must act upon destructive principles. This will not be believed by many of those who, moving in the circumscribed sphere of intense party feeling, can contemplate only one object, namely--a return to power, and disregard the intentions of the fierce auxiliaries of whose services they would avail themselves. To the country at large, however, who breathe a freer air, the true nature of the struggle is plain as the sun at noonday. The number of those who only nominally belong to parties,