The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-08-24

Rl
The present season Is one OF the most brilliant
that London has witnessed for many years. The
Parliamentary session will, In all proba blity, be
protracted until the end OF August, as much cur
rent business yet remains TO be despatched. The
"massacre OF the lnnocents," however, as the
abandonment of doomed bills is jesiingly called,
has already commenced. The budget expendi-
ture, which In ordinary years is generally laid be-
fore the House OF Commons In March or April, is
still unvoted, and only those items which are of
the most urgent and immediate Importance, such
as the army and navy estimates, have been dis
posed of; One OF the Chief grounds of this delay
is, that the government had good reason to expect
a very favorable halfyearly account of the receipts
and expenditure, and 1t has turned out even more
favorable than could have been anticipated
After the heavy commercial crisis with which
England was visited last October and November,
and the swiftly following recoil of the glorious
revolution OF February, the most acute iinanciers
had hardly ventured to hope for such result, so
that the most sangulne expectations were surpass-
ed. Although the harvest of this year is, gener-
ally speaking, less prolific than this continent.
and there is accordingly every probability that
large importations OF corn will be necessary, we
need feel no anxiety respecting the financial
state OF England, as with the enexampled over
flow OF ready money, which continues TO pour into
the country, even retux of several millions IN
gold and silver cannot create any embarrass-
ments. AS criterion of the superiority of money,
we may adduce the fact that the discount brokers
will not at present accept the largest sums cat
call, even without nterest--a sure sign that the
rage for speculation which has prevailed of late
years has given place 10 more healthy tendency.
The most competent observers, and the best
qualified Judges OF the commercial affairs of Eng
land, coincide IN the opinion that the experiences
of the last few years have read a lesson which is
not likely soon to be forgotten. Even with the
present sagnation of the export trade 10 Germany,
France, and Italy, the development of the manu-
featuring industry OF the country Is more active,
and without having reason to spprehend any yio-
lent commissions. Bold specuations are certainly
now the exception; men are content to realize
smaller profits and speculate with greater caution.
IT is certain that the Russell ministry will yet re-
main in Office considerable time although Rus
sell Is more desirous than ever Of rerrng from
Downing street, IN consequence OF his weak state
OF health. There is no one, however, lust AT pre-
sent, who would have either the desire or the
power TO succeed HIM, and he must therefore sac
rhce himself TO the service OF his country. Peel
will not on any account resume the helm OF affairs
and for the same reason-on the ground of Ill
healtn-he Will only consent TO take office IN 1.-THE
event Of the welfare Of the State imperanyely re-
curing bis assistance Thus has he expressed
himself not only to his friends, but even IN the
presence Of the Queen -
"Tte burden Of public affairs" recently remarked
the right hon. baronet. the burden of pubic affairs
killed Pitt in the very strength of his activity the
incubus deprived the Earl Of Liverpool or his
and sank Canning TO the tomb in the flower OF his
age feel that my health is shattered and that am
unable 20 bear the burden of ofcia II for any length
Of time, must therefore, coufne myself to support
of the government by means OF my influence SO long
it pursu path Of which can approve. Icsnnot
consent to retake the helm until II Is proved to
that the country demands such sacrifice from ne"
In wel-noImed circles, however, speedy mo-
dfcatlon OF the present cabinet is talked of,which
viii assuredly not take place without Peeis acqui-
essence IL Is more than probable that Sir James
IL. G.. Graham, unquestionaby the most talented
and practical head in the tory administration, ami
at the same time the siaunche-t trend Of Pee,
will enter the government before the cmomence-
ment of another session. If this measure take
place, il may be confidently estimated that Russell
will be supported by compact majority, and oo-
tain the support Of Peel and his 10 votes on all
great measures, throughout the next session
OF Parliament. Amongst such measures, that
whicd claims precedence Is comprehensive