Yesterday morning news came that O'Connell had withdrawn his plea of not guilty and (by his counsel, Mr. Perrin) pleaded guilty, to the unutterable astonishment of everybody, and not less delight. Sheil wrote word that his heart sank at the terror of a gaol, and 'how would such a man face a battle, who could not encounter Newgate?' Everybody's impression was that it was a compromise with the law officers, and that he pleaded guilty on condition that he should not be brought up for judgment, but it was no such thing; he made in the preceding days several indirect overtures to Lord Anglesey, who would listen to nothing, and told him that after his conduct he could do nothing for him, and that he must take his own course. He comes to England directly, and will be brought up for judgment (if at all, which I doubt) next term. He gives out that he was forced to do this in order to hasten to England and repair in the House of Commons the errors of O'Gorman Mahon. There is no calculating what may be the extent of the credulity of an Irish mob with regard to him, but after all his bullies and bravadoes this will hardly go down even with them. Sheil says 'O'Connell is fallen indeed.' I trust, though hardly dare hope, that 'he sinks like stars that fall to rise no more.' It is impossible to form an idea of the astonishment of everybody at this termination of the law proceedings, which have ended so triumphantly for Lord Anglesey and Plunket. Lord Anglesey, however, wrote word to Lady Anglesey that no one could form an idea of the state of that country: that fresh plots were discovered every day, that from circumstances he had been able to do more than another man would, but that it was not, he firmly believed, possible to save it. [Page Head: LORD ALTHORP'S BUDGET.]