The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1858-05-28


may perhaps serve a useful purpose in other and
future Investigations.
The days of the DERBY ministry are numbered.
1t had mo root-hold from the first; but depended
solely for its equipoise upon conciiatng conflicting
interests, and upon such chance support as it might
obtain from incongruous materials. But no cohe-
sion could be expected from merely casual
combination of sand and sea shells, drift and
pebbles such the sea brings to the surface in the
height of a storm, and leaves heaped upon the
beach, only to be separated and dispersed by the
next returning wave. Personally, Lord DERBY
is the most popular of all the Parliamentary leaders,
but in his political principles, although they have
been greatly modified of late years, he is still
quarter of century behind the age. AS an orator,
he has few equals in either house, and no superior.
Like CHARLES JAMES Fox he can win battles, but
hurried away by his gallantry and fearlessness, he
neglects the means of consolidating his power, and
of improving his victories. Twelve years ago,
BULwER, in his Nea0 7gmon, characterized him as
"The brilliant chief irregularly great,
Frank, naughty, rash,-the Rupert of Debate,
First in the class, and keenest in the ring,
He saps like GLADSTONE and he fights like SPRING"
In the estimation of Englishmen, there is no one
quality in a Statesman comparable to pluck, and
it was the hesitancy evinced by Lord PALMERsToN
in promptly rebuking an aspersion upon the na-
tional honor, which enabled MINER GIBSON by
throwing single shell into the Ministerial fortress
to SILVER it into fragments. That he who has so
long worn the soubriqueto of ''plucky PAM should
have wavered but for single instant, was, of all
the errors to which political chief is subject the
one least likely to be overlooked either by his Par
liamentary adherents or the public at large, and
the natural consequences were-a vote of censure
and the dissolution of the PALMERsToN Cabinet
But the retiring Minister has the privilege of sug-
costing his successor, ard it is quite probable that
in recommending the QUEEN to call Lord DERBY TO
the head of the Government, Lord PALMERsToy
knowing the incongruous elements of which the
opposition was composed, anticipated for himself
an early return to Power. Nor was Lord DERBY
unaware of the difficulties he would have to en-
counter in accepting the Premiership under such
circumstances. At the LORD MAYORS Banquet
he seized the occasion thus presented to deprecate
all factious opposition. He frankly admitted the
disadvantages under which he labored and solicit
ton for the policy he proposed to adopt What
that policy would be he cautiously abstained from
indicating knowing full well that in order to main
tain even the appearance of harmony among the
discordant materials, to which he looked for sup
port it would be necessary to shape his course as
to satisfy alike his immediate political friends and
that larger body ofindependent members, who were
willing to give his Administration fair trial. -
With his position thus underlined, he assumed the
reins of Government The Budget-that formida
bic National baance-sheet usually so productive of
controversy-was triumphantly mastered by D. Is
RAELI; but with the Introduction of the bill provid-
ing for the future government of india the rocks
ahead became distinctly visible. The first bill pro
posed, was eXtravagantly eulogized by the Chance-
Tor of the Exchequer and then suffered to die a
natural death. The second, proved equally unac-
ceptable and was almost bantered out of existence
by Lord PALMERsToN, on the evening of its presen-
tation. A graver issue has since arisen Lord
ELLENBORoUGH has been intermeddling in the affairs
of India, and in such manner, as to give rise TO
mingled feelings of alarm and Indignation As
President of the Board of Control he undertook to
censure Lord CANNING, the Governor General of In
dia for issuing his proclamation to the people of
Dude. The dispatch, which was to have been a
secret one, was published with the full cognisance
of Lord ELLENBoRoUGH, and was found not only to
condemn the acts of Lord CANNING, but to Justify
the rebellion. Both Houses of Parliament imme-
diately took action uponit. In the House of Lords
the Earl of SHAFTsBURY gave notice that he should
move resolution condemning the conduct of the
Government Commons
WELL made n similar announcement Lord ELLEN
BOROUGH Immediately resigned, and Lord DERRY
expressed his regret that the dispatch had been pub
lished acknowledging with his usual frankness, that
it was premature and injudicous. But this
atonement was not considered sufficient Lord
PALMERsToN promptly called his friends together,
and obtaining the promise of support from Lord
JOHN RUSSELL, Mr.. GLADSTONE, and the principal
members of the so-called Peelte party determined
to light the battle for political supremacy upon the
vantage ground thus afforded him. The issue.
though it may be delayed by a coalition between
Lord DERBY and the radicals enlisted under the
banner of Mr.. BRIGHT, cannot long remain doubt
full for it was already becoming evident that the
support previously SO coldly accorded Lord DERBY
might be withdrawn at any moment, and without
that support, it is manifestfs impossible for him to
retain possession of the high office to which he
had been so Unexpectedly called One hope, how
ever, yet remains to him, and that is based upon
the serious controversy now pending between the
UNITED STATES and England, with respect to the
question of the Right of Search If Lord DERBY
can succeed in throwing upon Lord PALMERsroN
the odium of the orders, under which the British
squadron in the Gulf stream appears to have acted,
he may so alarm the Cotton-spinners of Manches-
ter, the iron-workers of Birmingham, and the
peace party generally, as to turn the tables upon
his adversaries, and in the midst of new revul-
sion of popular feeling, secure to himself re-
newed and more permanent lease of power.