_March 15th._--From Cowley's account the Conferences appear to be drawing to an end, as a committee has been formed to draw up the Treaty. It consists of Cowley, Bourqueney, Brunnow, Cavour, Buol, and the Grand Vizier. Cowley is still bemoaning the insufficiency of the terms, and while he admits the necessity of peace here, maintains that if the Emperor would only have joined us in insisting upon the terms we wished to impose, it is certain the Russians would have consented to everything, for he says they now know from unquestionable information that the Russians expected much harder terms. The Emperor was, however, so beset by his _entourage_, and so afraid of running the slightest risk of the Russians breaking off the negotiations, that he would not insist on anything which he was not certain the Russians would agree to, and Cowley says he thinks Clarendon was not so firm as he might have been, and if he had pressed the Emperor more strongly, that the latter would have yielded and told Orloff that, though anxious to make peace, he was still more anxious to continue on good terms with us, and that if the Russian Government wanted peace, they would only have it on such and such terms. All this may be true, and I am myself inclined to think the Russians would have agreed to our terms, if those terms had been heartily backed up by the Emperor; but except to give something more of a triumph to the English public, I am not of opinion that the difference between what we required and what we shall get is worth much. When the _dénouement_ is before the world, it will appear how insane it was to plunge into such a war, and that the confusion and unsettled state of affairs which will be the result of it are more dangerous to the stability of the Turkish Empire than the ambitious designs of Russia ever were. Whether the Emperor Nicholas was premature or not in his idea of 'the sick man,' it will soon appear how sick the man will be left by the doctors who have stepped in to save him, and I believe the _bouleversement_ of the old Turkish dominion will have been greatly accelerated by the war and the consequences which will flow from the successes of the allies. [Sidenote: THE CIRCASSIANS.]