_February 15th._--While the world is waiting with tolerable patience for the opening of the negotiations, it has got two subjects to occupy and interest it, and to give rise to plenty of discussion and dispute. The first is the Life Peerage question, which is become very embarrassing to its opponents and its advocates. There is a great majority of the lawyers against it, but more on the score of its being improper and inexpedient, _perhaps_ unconstitutional, than that it is absolutely illegal. The highest authority in favour of it seems to be Dr. Lushington, who refused to be made a peer when a peerage was pressed upon him. The Government are determined to fight it out, and on no account to give way. Nobody knows with whom the project originated, but there is a very general idea that it was with the Prince. General Grey, however, told his brother, the Earl, that the Prince had nothing to do with it, and that His Royal Highness knew nothing of the matter till after it had been settled. I cannot see how it can be _illegal_, and neither the danger nor the inexpediency of making Life Peers is quite apparent to me; but I think it has been a blunder, and that so great a novelty ought not to have been suddenly sprung upon the world without any attempt to ascertain how it would be regarded, and Derby's argument it is very difficult to meet. He says that when a certain prerogative has not been exercised for 400 years, such long disuse of it, if it does not amount to an abrogation of it, at all events throws such a doubt upon it as to make the exercise of it now exceedingly questionable, and it appears by the precedents that in every case of a Life Peerage it was done _consensu procerum_, or _consensu procerum et communitatis_, that is, by consent of the Lords, or by Act of Parliament. The whole question is so obscure and uncertain, that it is impossible to come to any satisfactory conclusion drawn from precedents and usage. In spite of the resolution of the Government, I doubt whether they will not be compelled to give way in some manner, for the Opposition appear to be equally resolved not to let Baron Parke take his seat.