[Sidenote: ASCENDENCY OF THE EMPEROR NAPOLEON.] The Treaty, the Budget, and the Reform Bill had thrown foreign affairs into the background, but the interest in them was suddenly aroused, and speedily absorbed every other, by the Emperor's speech and M. Thouvenel's despatches, all so mortifying and provoking to us. Up to this moment Palmerston had been highly elated, and he and Lord John had been exulting in the fancied glory of being the Liberators of Italy, and of having procured the complete success of their own objects. As Clarendon wrote to me, 'The Emperor must greatly enjoy the helplessness of Europe, and in feeling that he may do just what he likes with perfect impunity. Russia is crippled, Austria rotten, Germany disunited, and England, though growling, occupied in gnawing the Treaty bone he has tossed to her. All must submit to the laws made known to them through the "Moniteur."' If it were not so melancholy to see the miserable figure which England cuts in all this, it would be amusing to see it happen _regnante_ Palmerston, and after all his incurable meddling and blustering to see him obliged to eat so much dirt. He may (though probably he does not) think he has lived too long to be reserved at the last period of his political career for such mortification. The Emperor said to somebody, '_L'Europe boudera, mais ne fera rien_,' and he is quite right. We seem to have arrived at the last act of the Italian drama, but it is still very uncertain how the _dénouement_ will be worked out and what the Emperor's final will and pleasure will be. The Romagna seems to present the greatest difficulty; all the rest will find a tolerably easy solution. France will take what she wants of Savoy and give the rest to Switzerland, who upon those conditions is desirous of annexation, and Piedmont does not seem to care much about it. In this way the question of Savoy will be settled, if not by general consent, at least with general acquiescence and without any opposition. _March 9th._--After all it is not improbable that Palmerston will have the gratification of seeing Tuscany annexed to Sardinia. Cavour has taken the line which Clarendon and I agreed that he would very likely do, and sets France and Austria at defiance. We have seen France and Sardinia joined in making war upon Austria, and now we have France and Austria joined in diplomacy against Sardinia. Nothing can be more curious than to see the unravelling of this web. Next week the Italian States will severally vote their annexation to Sardinia, or their separate existence. If, as is almost certain, the former is their decision, the King will accept their resolution, and Piedmontese troops will march into Tuscany. Then we shall see what the Emperor Napoleon will do, and what he will permit Austria to do.