_February 25th._--This morning George Lewis came to me very early and told me Palmerston had proposed to him to be Chancellor of the Exchequer; he set forth very fairly all the reasons for and against accepting. We discussed the whole subject, and I asked him whether he felt sufficient confidence in himself to undertake an office of such vast importance, whether he had sufficiently turned his attention to financial matters and had mastered the principles and details of finance. He said he thought he was sufficiently versed therein to undertake it, having given much attention to taxation and its principles, and to political economy generally, though he did not know much about the Funds, but supposed sufficient knowledge about them was easily attainable. Finally I advised him to accept, and he said he should make up his mind to do so. So the Admiralty, Colonial Office, and Exchequer are settled. There is much difficulty and much discussion and difference of opinion about some of the other places. They are very wisely going to take in Laing, but very unwisely will not give a place to Lowe, who, if left out, will contrive to do them some damage. Granville has moved Heaven and earth to get Lowe an office, but Palmerston and others set their faces against him. Lansdowne has most unreasonably and unwisely insisted on Vernon Smith being taken in, and it is at present intended to make him President of the Board of Control. He is very unpopular and totally useless, and just the man they ought not to take in; while Lowe is just the man they ought, to meet the prevailing sentiment about old connexions and new men. DEATH OF THE EMPEROR NICHOLAS. _March 2nd._--News just arrived that the Emperor of Russia is dead. John Russell had telegraphed from Berlin that he was given over. This great and unexpected event must have the most important consequences whether for peace or for war. A disputed succession is not impossible, as it has long been reported that the Grand Duke Constantine was disposed to contest the succession with the Cesarewitch, but this will probably turn out to be a fable. It is supposed that the new Emperor has been all along inclined to peace, and that he was in disgrace with his father on that account. If this be true, it renders it still more probable that he will be anxious to put an end to this destructive and dangerous war, and the Allied Powers may be less exacting with him than they were disposed to be with the late Emperor. On the other hand, should the war unhappily continue, the death of Nicholas is likely to damp the ardour of the Russians and to relax their exertions, so that we can hardly fail to profit by it. Clarendon is gone over to Boulogne to confer with the Emperor Napoleon.