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The rumored resignation of Earl Russell.

The rumor of this resignation seems at first sight hardly worthy of notice; yet, upon farther consideration, though not entitled to absolute credit, it does not appear altogether so improbable as it does at the first glance.

The ministry were defeated by a large majority, on a local question, but a few weeks ago, and although that question was not of a character to call for the resignation of the entire Cabinet, yet it might possibly afford Lord John, were he so disposed, an opportunity to boll, according to his well known custom, whenever he is pushed more closely than he finds either agreeable or convenient. Allison tells us that the ostensible is hardly ever the real cause of a ministerial resignation. Lord Russell may, therefore, have seized upon the pretext of this majority against the ministry, whereas his real motive may have been the impossibility of agreeing with Lord Palmerston with regard to the French proposition.

We are speaking conjecturally only. It is well known that Lord Palmerston has been, at all times, the steady and persistent friend of the Emperor Napoleon--that to him more than to any other English statesman, or indeed to the whole body of English statesmen put together, is due the cordial alliance which has existed, contrary to all former example, between France and England ever since the advent of the Emperor — that the Emperor regards him not only as a political ally, but as a warm, personal friend — and that on one occasion he manifested that partiality in such a decided manner as to draw upon himself the censure of a large majority of his countrymen. It is just possible, then, that Lord Palmerston may coincide with the Emperor of the French in his views with regard to the recognition of the Confederate States, for it is vain for Sir George Grey to deny that the Emperor has made propositions to the British Ministry very different from the proposal to mediate, which was published in the newspapers some time ago. It is also highly probable that Lord Palmerston, on this subject, as upon most others of a foreign complexion, coincides with the Emperor of the French, while it is most certain that Lord Russell does not. The resignation of the latter would, in that event, be but a matter of course.

Such are the possibilities of the case. We do not elevate them into the dignity of probabilities, for, to tell the truth, we have no confidence in the rumor. We believe that the English Cabinet is bent upon maintaining what it calls neutrality, and as yet, beyond the speeches of Mr. Gladstone and one or two others, we see no signs of discrepancy.

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