Clarendon has had two interviews with Graham with very full, frank, and amicable discussion on all points. Clarendon is struck with his great sagacity, and at the same time with a pusillanimity which goes far to neutralise that sagacity. I have remarked this myself, and that his judgement is often blinded by his fears. We certainly may be approaching a very serious crisis, but nothing will make me believe, till I see it, that Stanley and his crew will come into power, and that the Queen will be reduced to the deplorable necessity, and even degradation, of taking such a pack as he would offer her, and of dissolving Parliament at their bidding. That she would struggle to avert such a calamity, and appeal to all the statesmen of both parties to save her, I do not doubt, but there would appear the fatal obstacle of Palmerston, for assuredly nobody will join in any new arrangement by which he would remain at the Foreign Office. Reeve, who is just come back from Paris, gives a very unsatisfactory account of the state of things there, and of the miserable uncertainty about everything and everybody in which the country is involved. He says that notwithstanding our close alliance and apparent intimacy, there is really no amicable feeling towards us, but on the contrary great jealousy and secret ill-will. They have no more confidence in our diplomacy than the Powers whom we have sacrificed to the French connexion, and any incident may any day put an end to this connexion. There is absolutely no Government, Odilon Barrot has no weight, influence, or capacity; the President is not unpopular, and that is all that can be said of him. The army _they hope_ is still firm, but the greatest efforts are made to corrupt the soldiers, and they read Prudhomme's atrocious journal. He does not think that all France is so resolutely pacific as we fancy, and that a little matter might again kindle a warlike spirit; in short, it is a state of things full of uncertainty and therefore of danger. Thiers is said to have fallen into the lowest discredit. He is now known to have shown great cowardice on February 24th, and this, which Frenchmen never forgive, together with his recent vacillating conduct, has had a fatal effect on his influence and position, and as he has quarrelled more or less with most of his old friends, he is entirely without political power. [Sidenote: IRISH RELIEF.]