_February 6th._--Great disappointment and dismay yesterday, the Peelites having refused to form part of Palmerston's Government. Graham, Gladstone, and Sidney Herbert all declined unless Aberdeen formed a part of it. Sidney Herbert was very willing to join, but would not separate himself from Gladstone, who was deaf to all entreaties and remonstrances. It is believed that Graham is the one who has persuaded Gladstone to take this course. Aberdeen is anxious, or pretends to be so, that they should join, and Newcastle certainly is. What Gladstone says is, that unless Aberdeen is in the Cabinet he can have no security that his (Aberdeen's) principles will be acted on, and that he may not be called upon to be a party to measures, relating either to war or peace, of which he disapproves. However, I have only heard second hand what he says in conversation with others. It has been in vain represented to him that there will be an explosion of indignation against them all in the country for refusing their aid at such a crisis, and their conduct will never be forgiven. All this, he says, he is aware of, but his objections stand on too high ground to be shaken. Palmerston means not to be baffled, and, failing the Peelites, to turn to the Whigs and make the best Government he can. His popularity, which is really extraordinary, will carry him through all difficulties for the present. It was supposed that his popularity had been on the wane, but it is evident that, though he no longer stands so high as he did in the House of Commons, and those who know him can easily see he is not the man he was, in the country there is just the same fancy for him and sanguine opinion of him as ever. John Russell made a rejoinder to Newcastle in the House of Commons last night--a plausible speech enough, and it served to set his friends and the Brooks's Whigs crowing again, and saying he had made out a complete case; but I do not see that it made his case a bit better than before. All who are at all behind the scenes are aware of the fallacies and deceptions in which his statements abound, and that they are of a nature that may not be exposed. THE PALMERSTON ADMINISTRATION.