_London, April 15th._--Every account from every quarter proves the wonderful effect produced by the event of Monday last. Normanby writes me word that it has astonished and disappointed the French more than they care to admit; and it has evidently had a great effect in Ireland, where Smith O'Brien is gone back in doleful dumps at his rebuff at Paris, and his reception in the House of Commons. Clarendon writes word that if there is any outbreak, which he now doubts, it will probably be after a great tea-party they were about to have on Smith O'Brien's return. The Government have gained some credit and some strength by this affair, as well as by their (at last) bringing fresh measures of a protective character into Parliament. The Conservatives are very angry with them for giving way on the clause about 'words spoken,' in the new Bill, and for consenting to make it temporary. Graham told me he had great doubts about that clause, but he would support whatever they proposed. It is certainly true that their concessions are not well managed; they do not come down and make them as if on mature consideration; but they suffer themselves to be bullied out of them by their Radical opponents, and this gives them an air of vacillation and irresolution which is very prejudicial. Lord John made a very good speech on this Bill, and George Grey by common consent does his work very well indeed. I had some talk with the Duke of Bedford at Newmarket about Ireland, and told him my plan of operations, that is, the idea that has presented itself to my mind. It consists of two parts--one as to the land, the other the Church. I propose that the Government should become a great proprietor and capitalist, raising whatever funds are necessary, and expending them in productive works and the employment of labour. I have observed that all who have written, spoken, or thought on this subject, agree that the indispensable thing for Ireland is the application of capital to the developement of the resources of the country and the employment of its people. Nobody will invest capital there in its present state; consequently those resources remain undeveloped, and the people are in a state of idleness and starvation; that which it is desirable that everybody should do, but which nobody will do, must be done by the Government itself. I have only as yet formed the idea, without having deeply considered it, still less attempted to work out its details. The other question, the Church, that eternal stumbling-block, does not present less difficulty, but is equally urgent. This morning the Duke of Bedford came here and told me he had spoken to Lord John about my ideas, but without going into any detail, or even explanation, and Lord John said he should like to talk to me about it himself; he said, moreover, that they not only mean to propose something about the Church, but have got a plan half prepared. They will not, however, attempt to bring anything forward this year, and they