New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1854-12-14
THE STATE OF EUROPE.

From Our OWn Correspondent
LONDON, Saturday, Nov. %, 1854.
Lord Palmerston has gone to Paris, and the
professional politicians attach peculiar me sning
TO the visit of His Lordship. 1t is said that the
negotiations about subsidy to France are ony
pretext for covering more important matters to
be discussed with the Enperor and, Indeed, it
seems that the serious aspect of affairs in the
Crimea, while the expedition to the Baltic re-
manned complete failure, may bring about
change of the English Ministry, perhaps even be-
fore the meeting Of Parliament, and Lord Palm
erston may last arrive at the much coveted post
of Premier, and form an administration accord
ing to his hearts desire. You are aware of my
estimate Of the mar, and you have sufficiently
apatomized bis public career to know how lit.le
such change means. Still, it would satisfy the
English public, since even the most determined
Radicals would 60 beyond Lord Palmerston and
his speeches for Buncombe. The difficulties of
the present moment are serious enough; the re-
sources of the Russian army in the Crmea have
been moderated; and the forces of the Allies
have accordingly proved insufficient. Reinforce
ments are speedily required, while England has
scarcely any military force left to send abroad;
and France, which remains the bee hive of armies,
has neither the money nor the means of trans
port for a new army, which must arrive soon
before Sevastopol, or it will come too late.
Under such circumstances, the Government Of
England is ready to give the funds required for
the new expedition, while France is willing to
send out the army. But now arises the second
difficulty. Mr.. Gladstone, under the impression
that the war cannot last long, has repeatedly de-
cared that he does not intend to shift the burden
of the war on the shoulders OF generations to
come, and that he will find means for paying the
years expenses by the income OF the year. Ihs
declaration can scarcely be maintained under the
more serious circumstances of the campaign; but
the Chancellor of the Exchequer still remains,
as he has always been, an enemy OF loans, and
cannot, under the system of free trade, alter the
tariff than otherwise by the reduction of duties.
His only resource is, therefore, the incone-ta1;
but the income.tax cannot be augmented beyond
a certain proportion 1t is, therefore, said that,
in order to find the necessary means, the great
currency policy of the late Sir Robert Peel Will
be abandoned by the most talented statesman Of
Sir Roberts school, and exchequer bills, OF 20,
Go, 500, and eos sterling issued, to the extent
of one years income of the e1chequer, bearing
interest and accepted instead of cash BY all the
collectors of taxes and customs. The monopoly
of the Bank of England, and Of the few provincial
banks, in regard to the issue of notes, VIII De
ed by such measure, by which the Safe
would become its own banker. OF course, this
is but runor, which circulates only in thehigher
financial classes, and creates an opposition which
NAV Nerhaps, ioduce the Chancellor Of the Tx
cheouer to drop the bold scheme. Another seri-
on. result of the delay in the siege OF SevastoPoi
is the doubtful attitude assumed by Austria ana
Prussia. Their language toward England and
France becomes day by day more naughty ana
the Russian party is rampant both at Berlin ana
Vienna. The friends Of the Princess IAeSen ~
Brussels openly speak of the impending recon
.truc.on of the Holy Alliance and OF campaign
against France in the spTing. The armies oil
Russia, Austria, Prussia and the German States
are, according to these Russian agents TO marcn
against Paris to ressme the divine right and
the legitimacy of the Count Of Chamoord' IN
1855, and to extlnguish the volcano OF heVo'u,
ton for ever. II 10 believed that the V!sit Of