The other important matter is a correspondence, or rather a letter from Cobden to a friend of his, in which he expresses himself in very hostile terms towards John Russell and Graham likewise, abuses the Whig Government, and announces his determination to fight for Radical measures, and especially the Ballot. This letter was sent to Lord Yarborough, by him to the Duke of Bedford, and by the Duke to Lord John. He wrote a reply, or, more properly, a comment on it, which was intended to be, and I conclude was, sent to Cobden; a very good letter, I am told, in which he vindicated his own Government, and declared his unalterable resolution to oppose the Ballot, which he said was with him a question of principle, on which he never would give way. The result of all this is a complete separation between Lord John and Cobden, and therefore between the Whigs and the Radicals. What the ultimate consequences of this may be it is difficult to foresee, but the immediate one will probably be the continuation of Derby in office. Lord John is going to have a parliamentary dinner before the meeting, which many of his friends think he had better have left alone. He wrote to Graham and invited him to it. Graham declined, and said he should not come up to the meeting. To this Lord John responded that he might do as he pleased about dining, but he assured him that his absence at the opening of the Session would give great umbrage to the party and be injurious to himself. Graham replied that he would come up, but he has expressed to some of his correspondents his disapproval of the dinner. Charles Villiers agrees with him about it, and so do I, but the Johnians are very indignant with Graham, and consider his conduct very base, though I do not exactly see why. NATIONAL DEFENCES. The question of national defence occupies everybody's mind, but it seems very doubtful if any important measures will be taken. The Chancellor told Senior that the Government were quite satisfied with Louis Napoleon's pacific assurances, and saw no danger. It is not clear that John Russell partakes of the general alarm, and whether he will be disposed (as many wish that he should) to convey to Lord Derby an intimation that he will support any measure he may propose for the defence of the country, nor is it certain that Derby would feel any reliance on such assurances after what passed when he came into office. On that occasion Derby called on Lord John (who had just advised the Queen to send for him) and said on leaving him, 'I suppose you are not going to attack me and turn me out again,' which Lord John assured him he had no thoughts of, and directly after he convoked his Chesham Place meeting, which was certainly not very consistent with his previous conduct, nor with his engagement to Derby.