_February 4th._--No one can remember such a state as the town has been in for the last two days. No Government, difficulties apparently insurmountable, such confusion, such excitement, such curiosity, everybody moving about craving for news, and rumour with her hundred tongues scattering every variety of statement and conjecture. At last the crisis seems to be drawing to a conclusion. The Queen has behaved with admirable sense of her constitutional obligations. When Aberdeen took down his resignation, she told him she had made up her mind what to do, that she had looked at the list of the division, and found that the majority which had turned out her Government was composed principally of Lord Derby's adherents, and she should therefore send for him. Aberdeen said a few words rather discouraging her; but she said, though Lord Palmerston was evidently the popular man, she thought, according to constitutional practice, Lord Derby was the man she ought to send for. It has been seen how Derby failed; then she sent for Lord Lansdowne, whom she desired to consult different people and see what their opinions and inclinations were, and report them to her. This was on Friday. He did so and made his report, after which, on the same principle which had decided her to send for Derby, she resolved to send for John Russell, his followers having been the next strongest element of the victorious majority. Accordingly, on Friday night or early yesterday morning, she placed the formation of a Government in his hands. He accepted it, and began by applying to Palmerston, offering him any office he chose to take. Palmerston did not refuse, but his acquiescence seems to have been of a hesitating and reluctant kind, and nothing was definitely settled between them. Gladstone and Sidney Herbert, and afterwards Graham, decidedly refused; Clarendon desired to have some hours to consider of it. However, the result of his applications was so unfavourable that last night he considered his attempt virtually at an end, though he had not actually given it up this morning, and some further communication was taking place between him and Clarendon, which was to be decisive. As soon as this is over, the Queen will play her last card, and have recourse to _the man of the people!_--to Palmerston, whom they are crying out for, and who, they fondly imagine, is to get us out of all our difficulties. From all I hear, I think he will make a Government, because he really wishes and is determined to do it, and many of the most important who would not join John Russell will join him. In the course of to-day I imagine it will all be settled. The impression made by Newcastle's speech against Lord John has been prodigious, far greater and more general than I imagined, and it is confidently affirmed that, if he had taken office and stood again for the City, he would have been beaten. He still shows fight against Newcastle, and intended to have