Himself long convinced of the wisdom of British intervention in some form Gladstone evidently could not resist the temptation to make the good news known.

His declaration, foreshadowing a policy that did not pertain to his own department, and, more especially, that had not yet received Cabinet approval was in itself an offence against the traditions of British Cabinet organization.

He had spoken without authorization and "off his own bat." The speculative market, sensitive barometer of governmental policy, immediately underwent such violent fluctuations as to indicate a general belief that Gladstone's speech meant action in the war.

The price of raw cotton dropped so abruptly as to alarm Southern friends and cause them to give assurances that even if the blockade were broken there would be no immediate outpouring of cotton from Southern ports[779].

On the other hand, Bright, staunch friend of the North, _hoped_ that Gladstone was merely seeking to overcome a half-hearted reluctance of Palmerston and Russell to move.