London, Wednesday, May 21, 1851.

"All the world"—that is to say, some scores of thousands who would otherwise be in London—are off to-day to the Epsom Races, this being the "Derby Day," a great holiday here. Our Juries at the Fair generally respect it, and I suppose I ought to have gone, since the opportunity afforded for seeing out-door "life" in England may not occur to me again. As, however, I have very much to do at home, and do not care one button which of twenty or thirty colts can run fastest, I stay away; and the murky, leaden English skies conspire to justify my choice. I understand the regulations at these races are superior and ensure perfect order; but Gambling, Intoxication and Licentiousness—to say nothing of Swindling and Robbery—always did regard a horse-race with signal favor and delight, and probably always will. Other things being equal, I prefer that their delight and mine should not exactly coincide.

I am away from the Exhibition to-day for the second time since it opened; yet I understand that, in spite of the immense number gone to Epsom (perhaps in consequence of the general presumption that few would be left to attend), the throng is as great as ever. Yesterday there were so many in the edifice that the Juries which kept together often found themselves impeded by the eddying tide of Humanity; and yet there have been no admissions paid for with so little as one dollar each. Next Monday the charge comes down to one shilling (24 cents), and it is already evident that extraordinary measures must be taken to preserve the Exhibition from choking up. I presume it will be decreed that no more than Forty, Fifty or at most Sixty Thousand single admissions shall be sold in one day, and that each apartment, lane or avenue in the building shall be entered from one prescribed end only and vacated from the other. The necessity for some such regulation is obviously imperative.

The immense pecuniary success of the Exhibition is of course assured. I presume the Commissioners will be able to pay all fair charges upon them, and very nearly, if not quite, clear the Crystal Palace from the proceeds, over $15,000 having been taken yesterday, and an average of more than $10,000 per day since the commencement. If we estimate the receipts of May inclusive at $400,000 only, and those of June and July, at $150,000 each, the total proceeds will, on the 1st of August, have reached $700,000—a larger sum than was ever before realized in a like period by any Exhibition whatever. But then no other was ever comparable to this in extent, variety or magnificence. For example: a single London house has One Million Dollars' worth of the most superb Plate and Jewelry in the Exhibition, in a by no means unfavorable position; yet I had spent the better portion of five days there, roaming and gazing at will, before I saw this lot. There are three Diamonds exhibited which are worth, according to the standard method of computing the value of Diamonds, at least Thirty millions of Dollars, and probably could be sold in a week for Twenty Millions; I have seen but one of them as yet, and that stands so conspicuously in the center of the Exhibition that few who enter can help seeing it. And there are several miles of cases and lots of costly wares and fabrics exposed here, a good share of which are quite as attractive as the great Diamonds, and intrinsically far more valuable. Is there cause for wonder, then, that the Exhibition is daily thronged by tens of thousands, even at the present high prices?

Yet very much of this immediate and indisputable success is due to the personal influence and example of the Queen. Had she not seen fit to open the display in person, and with unusual and imposing formalities, there would have been no considerable attendance on that occasion; and nothing less than her repeated and almost daily visits since, reaching the building a little past nine in the morning (sometimes after being engrossed with one of her State Balls or other festivities till long after midnight), could have secured so general and constant an attendance of the Aristocratic and Fashionable classes. No American who has not been in Europe can conceive the extent of Royal influence in this direction. What the Queen does every one who aspires to Social consideration makes haste to imitate if possible. This personal deference is often carried to an extent quite inconsistent with her comfort and freedom, as I have observed in the Crystal Palace; where, though I have never crowded near enough to recognize her, I have often seen a throng blockading the approaches to the apartment or avenue in which she and her cortege were examining the articles exhibited, and there (being kept back from a nearer approach by the Police) they have stood gaping and staring till she left, often for half an hour. This may be intense loyalty, but it is dubious civility. Even on Saturday mornings, when none but the Royal visiters are admitted till noon, and only Jurors, Police and those Exhibitors whose wares or fabrics she purposes that day to inspect are allowed to be present, I have noted similar though smaller crowds facing the Police at the points of nearest approach to her. At such times, her desire to be left to herself is clearly proclaimed, and this gazing by the half hour amounts to positive rudeness.I remarked the other evening to Charles Lane that, while I did not doubt the sincerity of the Queen's interest in the articles exhibited, I thought there was some purpose in these continual and protracted visits—that, for England's sake and that of her husband, whose personal stake in the undertaking was so great, she had resolved that it should not fail if she could help it—and she knew how to help it. Lane assentingly but more happily observed: "Yes: though she seems to be standing on this side of the counter, she is perhaps really standing on the other."—As I regard such Exhibitions as among the very best pursuits to which Royalty can addict itself, I should not give utterance to this presumption if I did not esteem it creditable to Victoria both as a Briton and a Queen. And it is very plain that her conduct in the premises is daily, among her subjects, diffusing and deepening her popularity.

DINNER AT RICHMOND.

The London Commissioners gave a great Dinner at Richmond, yesterday, to the foreign Commissioners in attendance on the Exhibition: Lord Ashburton presiding, flanked by Foreign Ministers and Nobles. The feast was of course superb; the speaking generally fair; the Music abundant and faultless. Good songs were capitally given by eminent vocalists, well sustained by instruments, between the several toasts with their responses—a fashion which I suggest for adoption in our own country, especially with the condition that the Speeches be shortened to give time for the Songs. At this dinner, no Speech exceeded fifteen minutes in duration but that of Baron Dupin, which may have consumed half an hour, but in every other respect was admirable. The Englishmen who spoke were Lords Ashburton and Granville, Messrs. Crace and Paxton; of the Foreigners, Messrs. Dupin (France), Van de Weyer (Belgian ChargÉ), Von Viebhan (Prussian), and myself. Lord Ashburton spoke with great good sense and good feeling, but without fluency. Lord Granville's remarks were admirable in matter but also defective in manner. Barons Van de Weyer and Dupin were very happy. The contrast in felicity of expression between the British and the Continental speakers was very striking, though the latter had no advantage in other respects.

I went there at the pressing request of Lord Ashburton, who had desired that an American should propose the health of Mr. Paxton, the designer of the Crystal Palace, and Mr. Riddle, our Commissioner, had designated me for the service; so I spoke about five minutes, and my remarks were most kindly received by the entire company; yet The Times of to-day, in its report of the festival, suppresses not merely what I said, but the sentiment I offered and even my name, merely stating that "Mr. Paxton was then toasted and replied as follows." The Daily News does likewise, only it says Mr. Paxton's health was proposed by a Mr. Wedding (a Prussian who sat near me). I state these facts to expose the falsehood of the boast lately made by The Times in its championship of dear newspapers like the British against cheap ones like the American that "In this country fidelity in newspaper reporting is a religion, and its dictates are never disregarded," &c. The pains taken to suppress not merely what I said but its substance, and even my name, while inserting Mr. Paxton's response, refutes the Pharisaic assumption of The Times so happily that I could not let it pass.—Nay, I am willing to brave the imputation of egotism by appending a faithful transcript of what I did say on that occasion, that the reader may guess why The Times deemed its suppression advisable:

After Baron Dupin had concluded,

Horace Greeley, being next called upon by the chair, arose and said:

If the reader shall discern in the above (which is as nearly literal as may be—I having only recollection to depend on) the reason why The Times saw fit to suppress not merely the remarks, but the words of the toast and the name of the proposer, I shall be satisfied; though I think the exposure of that journal's argument for dear newspapers as preferable to cheap ones, on the ground that the former always gave fair and accurate reports of public meetings while the latter never did, is worth the space I have given to this matter. I am very sure that if my remarks had been deemed discreditable to myself or my country, they would have been fully reported in The Times.

EXHIBITION ITEMS.

The Queen and Prince Albert spent an hour in the American department a few mornings since, and appeared to regard the articles there displayed with deep interest. Prince Albert (who is esteemed here not merely a man of sterling good sense, but thoroughly versed in mechanics and manufactures) expressed much surprise at the variety of our contributions and the utility and excellence of many of them. I mention this because there are some Americans here who declare themselves ashamed of their country because of the meagerness of its share in the Exhibition. I do not suppose their country will deem it worth while to return the compliment; but I should have been far more ashamed of the prodigality and want of sense evinced in sending an indiscriminate profusion of American products here than I am of the actual state of the case. It is true, as I have already stated, that we are deficient in some things which might have been sent here with advantage to the contributors and with credit to the country; but for Americans to send here articles of luxury and fashion to be exhibited in competition with all the choicest wares and fabrics of Europe, which must have beaten them if only by the force of mere quantity alone, would have evinced a want of sense and consideration which I trust is not our National characteristic. If I ever do feel ashamed in the American department, it is on observing a pair of very well shaped and exquisitely finished oars, labeled, "A Present for the Prince of Wales," or something of the sort. Spare me the necessity of blushing for what we have there, and I am safe enough from shame on account of our deficiencies.Mr. A. C. Hobbs, of the lock-making concern of Day & Newell, has improved his leisure here in picking a six-tumbler Bank Lock of Mr. Chubb, the great English locksmith, and he now gives notice that he can pick any of Chubb's locks, or any other based on similar principles, as he is willing to demonstrate in any fair trial. I trust he will have a chance.

The Queen quits the Exhibition for a time this week, and retires to her house on the Isle of Wight, where she will spend some days in private with her family. I presume the Aristocracy will generally follow her example, so far as the Exhibition is concerned, leaving it to the poorer class, to whom five shillings is a consideration. Absurd speculations are rife as to what "the mob" will do in such a building—whether they will evacuate it quietly and promptly at night—whether there will not be a rush made at the diamonds and other precious stones by bands of thieves secretly confederated for plunder, &c. &c. I do not remember that like apprehensions were ever entertained in our country; but faith in Man abstractly is weak here, while faith in the Police, the Horse-Guards and the Gallows, is strong.—There are always two hundred soldiers and three hundred policemen in the building while it is open to the public; and in case of any attempt at robbery, every outlet would (by means of the Telegraph) be closed and guarded within a few seconds, while hundreds if not thousands of soldiers are at all times within call. But they will not be needed.