protection to the persons of the King and Queen and Royal Family in
case of danger, for we cannot allow them to be _murdered_, even if
we should not be able to prevent their losing their Crown (which God
forbid).

The Queen must _again_ observe that the drafts have since some weeks
past been sent to her _after_ they were gone, so that she can make no
remark upon them. The Queen wishes to have copies of these drafts.

[Pageheading: CRISIS IN THE CITY]

[Pageheading: MR COBDEN]

_Lord John Russell to Queen Victoria._

CHESHAM PLACE, _14th October 1847._

Lord John Russell presents his humble duty to your Majesty. He has
seen the Governor (Mr Morris) and Deputy-Governor (Mr Prescott) of the
Bank, Mr Jones Loyd[11] and Mr Newman. Sir Charles Wood has seen many
others connected with the City, and they have both made statements to
the Cabinet.

The general result is: That an unsound state of trade has prevailed
for some time.

More failures may be expected.[12]

The funds may fall still lower.

Any interference by Government in the way of issuing more notes might
postpone but would aggravate the distress.

The railway calls add much to the present difficulty.

No forcible interference with railways would be justifiable, but
a voluntary postponement of the execution of their Acts might be
proposed to Parliament.

It will be seen by this short summary that the persons who by official
position, practical experience, and much reflection are most capable
of giving an opinion think that little or nothing can be done by
Parliament or by Government.

It is one of those revulsions in trade which take place periodically,
increased in extent by the expansion of commerce, but controlled in
its operation by the sound principles of currency which have lately
prevailed.

The Act of 1844 is generally blamed, but without the least reason.
The accommodation afforded by the Bank has been large, liberal, and
continuous. The circulation of notes approaches nineteen millions.

Upon fully considering the difficulty of finding a person of ability
and experience to place at the head of the Poor Law Commission, Lord
John Russell has come to the conclusion that the best course he can
take is to propose to Mr Cobden to accept the Presidency with a seat
in the Cabinet, and to propose to the Duke of Bedford at the same time
a seat in the Cabinet without office.

Various reasons for making this offer to Mr Cobden will occur