to your
Majesty. His ability, his popularity with the working classes, and his
knowledge of sound principles of political economy are undoubted. Sir
Robert Peel's tribute to him has raised him both on the Continent
and in this country, so that his presence in the Cabinet would give
satisfaction to many.

On the other hand, the landed nobility and gentry would be glad to see
the Duke of Bedford take part in the deliberations of the Government.

With your Majesty's permission Lord John Russell will propose these
arrangements to the Cabinet to-morrow.

He has sent for Mr Lee[13] to offer him the Bishopric of Manchester.
It is with great regret he states that Mr Stephen[14] is obliged from
ill health to retire from the Colonial Office. He has asked Lord Grey
to be made a Privy Councillor, having received an assurance from Lord
Stanley that Sir Robert Peel would propose it to your Majesty on his
retirement. Lord John Russell submits the proposal to your Majesty as
an honour due to Mr Stephen's long, able, and calumniated[15] public
services.

Lord John Russell has the honour to submit a letter of Lord
Clarendon's in reference to a Memorandum of His Royal Highness Prince
Albert.

Lord John Russell thinks that in the present state of affairs, the
abolition of the Lord-Lieutenancy must not be thought of, and that
with the exception noticed by Lord Clarendon, the suggestions made by
the Prince would be the best measures for adoption, when that event
takes place.

It is possible the Prince may not have a copy of the Memorandum.

[Footnote 11: Afterwards Lord Overstone.]

[Footnote 12: There had been many failures in London,
Liverpool, and elsewhere.]

[Footnote 13: James Prince Lee, then Headmaster of King
Edward's School, Birmingham, Bishop of Manchester, 1847-1869.]

[Footnote 14: James Stephen, Under-Secretary for the
Colonies, 1836-1847, afterwards Professor of Modern History at
Cambridge.]

[Footnote 15: He had made enemies by supporting the abolition
of slavery.]

_Queen Victoria to Lord John Russell._

WINDSOR CASTLE, _14th October 1847._

The Queen has received Lord John Russell's letter, bringing several
very important subjects before her. She regrets that the state of the
Money Market should still be so uncomfortable, but is sure that the
Government cannot by any interference do much to mend matters, though
it might easily render them still more complica