_Bath, February 15th._--When I left London a fortnight ago the world was anxiously expecting Gladstone's speech in which he was to put the Commercial Treaty and the Budget before the world. His own confidence and that of most of his colleagues in his success was unbounded, but many inveighed bitterly against the Treaty, and looked forward with great alarm and aversion to the Budget. Clarendon shook his head, Overstone pronounced against the Treaty, the 'Times' thundered against it, and there is little doubt that it was unpopular, and becoming more so every day. Then came Gladstone's unlucky illness, which compelled him to put off his _exposé_, and made it doubtful whether he would not be physically disabled from doing justice to the subject. His doctor says he ought to have taken two months' rest instead of two days'. However, at the end of his two days' delay he came forth, and _consensu omnium_ achieved one of the greatest triumphs that the House of Commons ever witnessed. Everybody I have heard from admits that it was a magnificent display, not to be surpassed in ability of execution, and that he carried the House of Commons completely with him. I can well believe it, for when I read the report of it the next day (a report I take to have given the speech verbatim) it carried me along with it likewise. For the moment opposition and criticism were silenced, and nothing was heard but the sound of praise and admiration. In a day or two, however, men began to disengage their minds from the bewitching influence of this great oratorical power, to examine calmly the different parts of the wonderful piece of machinery which Gladstone had constructed, and to detect and expose the weak points and objectionable provisions which it contained. I say _it_, for, as the Speaker writes to me, it must be taken as a whole or rejected as a whole, and he adds the first will be its fate. [Sidenote: MR. GLADSTONE'S BUDGET.]