_Hatchford, January 4th._--I was in London yesterday, where I saw George Lewis, who was very low, sees no chance of peace, and everybody thinks it hopeless since the Russian Circular has appeared. It is difficult to understand the motive of the Russians in publishing such a proposal, when they must know it would not and could not be accepted, and were also aware of the terms the Western Powers were going to offer to her. Lewis says our financial prospect is very bad, a declining revenue, rising prices, a large loan wanted which will be got on bad terms, and more money to be lent to Sardinia and Turkey. He thinks, if the Russians propose to negotiate, that Palmerston will never consent; but though he will no doubt resist, if France presses it I have no doubt he will give way and that the majority of the Cabinet will be for doing so. Everything looks as black as possible, and the Emperor Napoleon's speech to the Imperial Guard following Persigny's article in the 'Morning Post' wears a very menacing aspect. It is possible indeed that he may have held this language in order to frighten us into a more pacific disposition, but so far from being alarming or unpalatable to the majority here, they will hail with satisfaction any intimation of his resolution to make war on Prussia; and if Louis Napoleon will only go on fighting against Russia, they will be quite willing that he should take whatever he pleases from any other power which will not join us in our present crusade. I often wonder what the Duke of Wellington would have said and thought if he could have lived to see this day, and the madness of this nation. _London, January 9th._--I came to town on Monday and found when I arrived that there was a fresh glimmering of peace. Austria had sent word she was inclined to believe that Russia intended to accept the terms. I went to Lewis, who told me this was true, but he did not know on what ground their opinion rested more than that ten days had elapsed during which no symptoms of a flat refusal had appeared, and Lewis himself thought there was no doubt they were considering whether they should accept or what reply they should make. Colloredo called on Clarendon the other day, and, after some unimportant talk, asked him if he had ever heard, or had reason to believe, that Russia had made a communication to France to the effect that if France had a mind to take the Rhenish Provinces and make peace with her, she should not oppose such a design. Clarendon replied that he knew nothing of it, but thought it not at all improbable.