Yesterday morning I went to Lord Cowley, who showed me his letters to Palmerston giving him an account of the state of the Spanish question and of his conversations thereupon with the King and Guizot. These communications ought certainly to have drawn Palmerston's attention to the subject, and have induced him to lose no time in coming to some understanding with the French Government. At the same time the anxiety of the King to gain time, and his urgent recommendations to Miraflores to have patience, may have misled Palmerston and made him think there was no danger. It is clear to me that what they took alarm at was Miraflores' communication; that they really did believe the Coburg alliance was _imminent_, and that when it was followed up by Palmerston's despatch of the 19th their fears were still more increased. They all along suspected both Palmerston and Bulwer; and they did, in truth, think that between Christina's impatience, the difficulty of finding an eligible Bourbon, the probable intrigues of Bulwer, and the suspected co-operation of Palmerston, unless they settled the matter themselves _somehow_ it would be settled in the way they most dreaded. They knew, or at least they thought, that their difficulty would be very agreeable to Palmerston, and that it was not likely he would help them out of it. In this state of things I have no doubt that Guizot wrote to Bresson and told him to settle the affair if he could, and that Bresson was furnished with fresh instructions on which he did act, and not on the old discretionary ones on which they now pretend that he acted. Lord Cowley thinks Christina told Bresson that if he would at once strike a bargain and give the Duke de Montpensier for the Infanta, Don Francisco should have the Queen; that he instantly accepted this proposal, sent it off to Paris by telegraph, where it was confirmed at once. Whether this was the exact mode or not, or whoever took the initiative, I believe this is the way it was done; certainly the King seemed anxious to put the question off. Lord Cowley thinks he expected to be able to bring back Trapani. Guizot's vehemence (for he spoke much more strongly than the King) ought to have alarmed Palmerston. The mischief has arisen from Palmerston being careless and thoughtless, Guizot suspicious and alarmed.