_March 14th._--The manner in which Peel's measure was received was creditable to the Opposition; but they are beginning to recover from their quiescent state, to ask one another what they think of it, to suggest objections, and to speculate on its unpopularity. There is, however, a general disposition to accept the measure, and to acknowledge that Peel is entitled to a fair trial of what must be considered a great political and financial experiment. Labouchere owned this to me last night, though he thinks that he might have taken another and a better course; he might have raised a revenue, according to their plan, out of sugar, timber, and corn, not have made so great a sacrifice for Canadian timber, and have found means to get all the rest that they wanted by some tax less odious than his income-tax. Great differences of opinion of course there will be, and it remains to be seen how the country will take it. The press has been hitherto almost universally acquiescent. All men now admit Peel's power, and his superior fitness as a Minister. He has taken a very high line, and acted his part with great dignity as well as dexterity; he is also singularly favoured by fortune, for the misfortunes which are now befalling us, the disastrous events in India, are useful to his political power. In times, too, of difficulty, men feel the mighty advantage of having a strong Government with a real efficient head to direct its energies, and predominate in its councils; and the perpetual contrast which presents itself between the present and the late, both as to the leaders, composition of the Cabinets and condition of the parties by which each was supported, extends and strengthens the impression in favour of Peel. It will be necessary for him to make some changes. Gladstone has already displayed a capacity which makes his admission into the Cabinet indispensable, and he must find some means of getting rid of Knatchbull. The very look of the man, which is that of a twaddler approaching to the ridiculous, is enough to make his exclusion an object, and as he is entirely useless and has fallen into universal contempt in the House of Commons, the sooner some decent retreat is found for him, the better for himself as well as for the Government. [Sidenote: THE DUKE OF WELLINGTON ON CABUL.]