_January 12th._--I returned to town last night. The Emperor of Russia's acceptance of the four points, as interpreted by us, of course excites hopes of peace, but I think few people are sanguine as to the result. It is suspected to be only a dodge to paralyse the action of Austria, but unless there was some secret concert with Austria, which is not likely, I cannot see what Russia is to gain by accepting conditions which she does not really mean to abide by. Such conduct could only deceive the Allies for a short time, and, as there is no question of any suspension of military operations, nothing would be gained in that respect, while as soon as some decisive test of the Emperor's sincerity was applied, his real meaning must be made manifest, and then not only would the _acharnement_ of the Western Powers be increased, but it would be quite impossible for Austria not to join the Coalition, and to act verily and indeed against Russia. These reasons would induce me to put faith in the Russian announcement; on the other hand, it is barely credible that the Emperor should consent to the sacrifice of Sebastopol in the present state of the campaign, and with the almost certainty that we cannot take it for many months to come, if at all. John Russell is gone to Paris, not for any political object, but merely to see one of his wife's sisters; but his journey there and conversations with the Emperor may not be without some consequences. I hear almost daily from the Duke of Bedford on the subject of John's conduct, the conduct of the war, and the state of the Government. For the present he appears to desist from doing anything to make an explosion. The curious thing is that the public, and particularly the Derbyite, newspapers should be so well informed as they are of what is going on. Though the immediate danger of a break up seems to be over, I still think the _animus_ Lord John exhibits, the manifold difficulties of the Government, and their undoubted though unjust unpopularity, will before long break them to pieces.