The Express. — London, England, 1857-02-21 00:00:00

Isar 9.1. ON. On EBEIBEROas CORNS : the Kamgessat, im be Mas l4. 7 :Pala ~` WWIM la maisithy W re In beg MI6, Ildbers puMni• I wham he T. /Iwh. am% Issiona. sod wary Mao of So lhog..laboog WAIN oo pi ;::,.:... a. LONDON MORNING AILY NEWS FORWARDED to the COUR .IJF TCY b. Irmo° Puff. at les N. oss . Pim.. sib =JOHN MAD X. DO West Albses-sinsk. Bassetimeb. asd Pim Siss‘ THE PUBLIC and the TRADE are reminded doe lbw am b, wll►W even IWO M /Wpm& t WI J. 01.11001T1 Ibinksillos awl MAW log Mob( 1111111W19 WOOL PrIMNIIIIIM. huIdAMOIS. THE DAILY NEWS : LONDO r N MORNING idiata B" sdjal i t :Lame nab le all mad maim la as meal tis= awl bar it lb beamil sar-is as amilM a Is km mem mr r Yr vsebbi mamas nal etwordsl IJsrYr. MM. wawa sad maim Mamas mar 1. .roast ms =WA Aguas. Yearbabai mai inn el le Iran nazn Is MOM Is a be "T etT i n d erat / 0 isms. via al ef Mnia IT ILXOII4IIi* 4 OMIIIIITIII AD 4 Mai sea amb am Ma era ewtimpaerlm nal eartarniim ailierel ler Ma • se et . elemarg i ged .....o. lmltadar rams 6 l: L as Masa ; fif 11.1 - 71 ril 1S anall be morlasei Abeam the poor meal Ma a • MIMI NW. 11,0 reernaa n. kid k Mee INF baballat AILY NEWS LENT TO READ, from 8 a.m., ppaa Mt P ie 1 NC" ?.... 17117V1C W, lws THE EXPRESB.—T6e PUBLIC and TRADE BUPPIAID fremy alloraers. sll Mama 4. by IL WIT lasatiorshrs MA" •••••••• AL DAILY ITV/ PPLI AD ml trt/LSW I la lbe Arnim HE EXPREBB.—The PUBLIC and TRADE LbwOUPPLII6IO WW/ W W. Ikagaslike sal Ism II legit DAILT 1111W11 /Ur ardMTirninrli im =ming Mpg expreoo. kausrummeis 1.11;4•717.. sier nut le at IM OEM. le. ImeneaszeS, Try Two o'Clink es Jo dip at polilloolka. MA AAAAA lIT. Tins Imams, DOITIILIIVAOID FIONA Soma %daft VFlite won.im p . M P w 00 1 mem` %n uumfs - A ivijirtra.Tllll CAI 01111 , 11111. 031D81L7111. LAMP or. Ownri. amr. and a = B (1. —Dew spa M rt l. S. LONDON, SATURDAY, FEBRUARY 21. THE House of Loam eat kr a duet time yester day, but no division took plass of general intareet. Is the Hoses of Cornrows Sir J. Paszeorox wagered Sir C. Wood is further explanations about the troop skip Kerma. Mr. LATARD. Wit I=lll Lard Palmontos. wee informed that the knew nothing of the ;=sew territorial treaty between Romig and and that negotiations with Ferakh "Asa are oratiased at Paris with a fair prospect of IWO& Kr. GLADIPTOSE presented • petition from gems Was India merchants against the proposed sager duties. After whisk Mr. Tassam rose to attack the laseeisl scheme of the Chemler al the Exebngeen Se *sled that, bft Mee, peopsedive, it leaded te meats Mule stmensaset sad to reader Vile ;ti e csemiles Of the beams !a is HMO. elheed lguree derived hem lb C. Lown's bed of O to thew that them woad le a delkieney SUMI 1111.11` red that at the ad of three yam wire the tame tax, predneleg as =., sh eteis IR lbws wield exist ea _ et 11011.41111. Since the preeelordin of dt tl i st al * a seggionstiol iMbiarat bed brut srAe, eta that the egreadienre et have yams wolf le iedrieed le the mead et 11118. Awe leek wheibr this premise mold bo ra = *Ebel Why. if se lew _iefteneimost wore pne. teal* it wee net usiell et wee this kora et Se leseden. M. Mewl the &my that be wee Ms coarse in view ef ora parfteneakery leirilleas. The isene at the WsluMalel spies. he mask led been tit piade mad deselea to plopelsib a hem 1161.1 g sr ikeet loaadoe be he nest eine hes—eimody, se baser tax. tegelher with that mat impale of Wheel taxes, the Coelleme duty ea Ise. ht the eitimatee el ModMk, with. he eennededi heft = wee new eloped. the =be trot dews te ild., the Ise any elimed. and a large sengine still left ape the peer% lOW mos He wished tar wine and est wild mdiesiths. Inn raw me nem why they timid netiremit to the et 11114 aeamdlag es the pregielle• " C the▪ ladder hml Isoft Wasted in that mimed Winos of his badge published on Moe &L int. The CILINCIUM a the RICIIEQV Zll nursed that the wahine red by Mr. Dimwit had unity Meshed the emasiel arrangemele et the =lig yeas Thew he mid, ems summaril atemerilmooselmhe ate el a lame Water. They berme et Mee pus we is seas salmi mem Meta, mad the impleillneo me be ethgled be eat& iag alreemelemeee whoa the that one. It we, he • emirdis et lam le apply the wed =Me the aggelbedeel reselif ir emermale. Pa hie own ;o r ICI:- died le frame a budget hr more then aymer at a time; but proceeding to examine the preilities • verromee sad expenditure during the period that WM sire bolero et • 1 he eastneed that a ter =pembed May ihr may and navy be be= ager velmed, after th e' n eedle et M e derail year. Besed dmw Mt she .lied t:+miset in the eat these • pram shish be thaibuld it th ewe ud edieet shave give rend the therm &deft that es are eeeld be ahem it mashruller • term deidnesy, he re read Mai 'am et So peopeeitiens contained in his budget had Medal in that direction. With regard tea, emeleset new propred, he rejected to take may padre bather the Wader' le • pm tinder MOM - of deaths with a pertienhr enroldming that enough had been done was seamen wen carefully taken to render the eider Lion of the boom tax, at the proposed period, neither immedble nor difficult. Mr. GLAMORS commented upon the incon sistency of the reemmese, in sanctioning a bidet so gaudy ddhreet in principle to those whisk had himself proposod, when belonging to the arm ideristratios sad also with their mend. The ef haste ocatravemet C li gelem whisk es se lebunredy eed senanshily the MI oesatreetkei the the In Mese pea iieme bee bum Sr died eri astieed with • Redd elder et limy bathes. Da sew the tax we without wry er=i ir ing made% :Addible Clem As et the bed and ble effadethe theme ism* :rb il er i embandy seeenad shah, the 411 W, anearess , and winra Obildine le the win Mina. Ish dseheing that his Animate one mobldi that the peelveld midas et Um mew areassey neerimeta. that new fm LT0•13111. Tan Ifrionn. •WM kiXdOW. Nom VII. 6•4 MEM; 111 . 84.—••• 111•••• mikowlo• 0011••• AB D 111•110na. ftek_ J. IMMO. Mama sal Ms; MME O. Nampa, sod UM —Own am sital- L : Ts Sirs T ISMS nos CgsM. SS. PeS; Is t bial Ones Ws Mesa &Sr —AM FURLS t/I A2l SIMS ST. rte. mw.. DeSssil On S TOOL Sirs SID mod Lima—Dean •pos •111•11.01. If lON WAT ILA AT LONDON BRIDGE. Tun a: -r.+.. 11. 111 a—.- Mimes, Mr •a Te.rw—icy, Ahllllll.ll. Ob. THE EXPRESS, SATURDAY EVENING, FEBRUARY 21, 1857. are wmt to will be found many prermat and ',eighty assrvatioas in the spas& Of the Member for Oilerd and it is idle to oatmeal from oesselvis that the vehement and "'natal hos tility at melt a man in the House of C 0112131001 la in itself no anhapoetant item in the oonsidmation of probabilities ea to the fate of the Budget. Rs there con no kisser remain any room to ink the terms of alliance, cdreneive and defensive, eastrocted between the hitherto alienated leaders of the Tory party. Henceforward they may be re garded se to all intents and purposes of the present Nedra identified in their policy and aim. It is evidendy a part of the compact that they are to bid high for popular favour on Basal and financial questions. The enthoissm with which Mr. GLADSTONE was greeted by the balk of the Conservative party throughout his address is not to be mistaken. A score of mutineers las Mr. Burrurcx and Mr. Broox in may out of spite go over to Lard PAL aratrox on a division. But the deeper currents of opinion are not indicated by the straws on the sur face. The event aseuredly will not depend upon the part taken by such sam. It will avail Ministers nothing when the day of trial shall arrive, that by votes like that of Thursday night against the 101. franchise, and their refusal to originate any measure of political progress, they have succeeded in crimp ing a /quad of such recruits as theme. Ere it be too late, it behoves them to look to this. Party lima indeed for a long while apposed to be in a state of unexampled disorgenketion ; and they have spared no pain to prolong as far as in them lay a eondition of things so favourable to legislative immobility and administrative stagnation. Bat the latest tendencies to political cohesion are beginning to manifest them selves once more. Men seem to be growing tired of the my license they have rem /idly enjoyed. They are gathering into groups for mutual sym pathy end support. By-and-bye they will be found modualled as of yore into rival hosts, acting with the unity and discipline which after all we are peon is essential to the well-working of a re pressolalive system. With what device will Lard Paurnaorox then inscribe his banner P Truly he ant Illad =Whin; better than "New Taxes" and " No Eskra! Tax great peculiarity of all questions of foreign policy, more particularly at the present time, is the impossibility of resolving them alone. Not farther back than a quarter of a century, several Powers, even great ones, were in positions that led them to abstain from meddling in matters not immediately concerning them. Matra would not join the nego tiations respecting Oreece. France was content to give up to Russia or to England the chief influence at the Porte. Prima did not count in general politics. Now things take a different aspect. Every country puts itself forward, and no one is contented to remain passive or in the back ground. France theists on tilling the part of a first-rate and domi nant emantry at Constantinople ; and Austria, how ever neutral in war, is decided and almost belligerent in its diplomacy. ' The consequence is, the impossibility of having, in the affairs of the Levant km example, a policy or an opinion exclusively one's own. With respect to them, we cannot agree with Russia. If, in addition to this, we cannot agree with France either, we are driven perforce to mos to some kind of an under standing with Austria. For powerful as England may be, she cannot meet combination but by combina tion ; and to be isolated at Constantinople, or in a Paris Conference, is to lose voice and influence alto gether. It cannot be concealed that we hare of late fallen under this somewhat untoward necessity. We have drifted away from the French alliance; and as the Emperor NAPOLEON augmented his obsequiousness to the CUE, we have adopted similar obsequiousness M the Court of Vienna. The close alliance with Austria \nu in fact, become the theme of the minis- Neill popsy The official organs of Downing-street Mid tus at the opening of the year that henceforth me was to be an Austrian policy in the Levant. And it is quite manifest that we cannot be Austrian on the Danube, without being cousistently in accord with the same Imperial Government upon the Tiber and the Po. We cannot form a competent judgment at present as to bow far France has been mime or culpable in courting Russian alliance, or as to how much our own obstinacy, jealousy, and maladies. are to blame for having estranged us from France. It may be that in the concession to Russia, especially on the Besse rabian frontier, the Emperor NAPOLEON was actuated more by the vanity of the sovereign than by the duplicity of the tickle statesman. Mach of our antagonisms with Frame may be traced to the per sonal rivalry of the ambassadors of the two countries at Constantinople. And though M. THOUVEREL may be an unfair and hostile personage, Lord STRATFORD was never the man in whose hands should have been left the power of making or of breaking the Anglo-French alliance. The deplorable result of even the weakening of this alliance has been to place both France and Eng land, as well as the liberal tendencies of both, under the shadow, the one of Russian, the other of Aus trian influence. And if the Courts of St. Peters burg and Vienna had come to a secret agreement to nullify the influence and exclude the ideas of the West from the settlement of the Levant, they couldnot have acted otherwise, or succeeded more completely. France, diplomatically linked with Russia, will put down the freedom and development of any and all Levantine races ; whilst England, hearkening to Austrian suggestions, has declared itself the foe of their nationality, and refuses to recognise even their existence. To give advice under such conjuncture► would require a fuller knowledge of circumstances. The better plan would seem to be to retrace our steps, and, in fair concert with France, give that advice and that support to Turkey which would place it and its subject-lands in accordance with the require ments and ideas of the West. If, however, France be too far estranged, and if there be no possibility of acting in accord with the Emperor NAPOLEON without at the same time acting in subservience to the CZAR, then the Austrian alliance may become a necessity. But even in an event so much to be deprecated, there are many ways of contracting and accepting alliances. We may do so upon equal terms, and without the sacrifice of our principles or the sur render of our judgment. It is impossible for an English statesman to consider and examine the policy pursued by Austria towards Hungary, towards Beryls, and towards the Moldo-Wallachians, without perceiving that it is of the most retrograde and oppressive kind, calculated not to win, but to alienate these races, and to convert them into the permanent partizans and hidden allies of Russia. Austria assumes it as a principle to despise popular feeling, and to exercise its authority and ascendancy by violence and by terror. Russia, on the contrary, flatters every popu lar passion, and abets, or pretends to abet, every national desire. In this antagonistic policy and warfare with respect to the countries of pats of a mat appe Aram pee imposed, and a astitisas PPM e a u of do semaing year sifting by wig up the kelp seam of war =Wok INA* dr oseesihies ec sollespesat yam to a peat Writ hr. He thin adverted to the selfhood al i V ig rapkikilag the ileaseial Ipso whisk h was besed. ehi semiliems i lreoset obseaster krilid a ri si oiw K li thea t glven to e=. 1. 1 1.41 = be went cm to segue. contained bar ovelasi First. it was toed yea ezeeedve sopelluee. This spiels be billooled hie Wow ties to embody la ea aeradmieet ups the bet men hr a enmities of esd_ earwarde messes& his seespime of Nr.Messis rerhtion, eit dedresey willillming . behind. woe heposell4 e fllesesid same ef gevinmat pre sulabeed mime saledithei Mere and watley_2l2 ... y . his appedmerisa an diet seen. His led tike tailseale the, iftbe hoses ii sow in- tart" than. wail be se purbility et 'pm the biome tax is 1111111. itasersel‘setwo Sr the Wgel, ea whit die debt bp. geolhona oderypd at con siderable ha" wee thmt it pareisil. lir the Ant time daring a peeled of Mee yme L sola s a peace budget, the pupa be Puree 'eet taxation sad reverse the elley of hoe bads. Against that =she shagp my , alest at opportunity, and iV by spy suer be his pewee. 14. Wixom mill at lug& to the arguments Aired by Mr. Gleireme. Ind =WPM his esmelu demo The alleged Addl, be wooded, was seta liisi ea sompliso hot the apailleere of the weal Baer b ans j a reaset. Ibis as not theses& sivoi=ere still esemegied with es et war. The revue= sad outioy ea r am iu twdemeaseth bed been Opted spa dist plemilmilleo the lEPepe et Paths barn bra omitted edier seali dmie pu v is2 be lie h med. m. = m e b ow: n re d . saw ailimerts ai g ey st thole ems se Jut roam to " Ms ishoile* to sopped the resolution, with the view of eamtlat rose end mew Pried in IPS by imam also& when the budget was withdraws sod repabseed im a mei 'PPM shape by the yawl.He sempleimed at the artravegamt swat= el II peeper d e mad petardset Pity Aerie ia the army wed Navy estiosee which be was wiped wen suseptible of large redaellses. Oa the sodas et Mr. J. Moroni:us the debate we the seismod. The dehmetesy daub Bill was read a second tins, es the mil= of Sir O. Gair, end after NM seav oseedso. Tha leak& heidesei Conierioris Bill and the Pads Health Bagpipers' Bill were respectively posed daunts nominee. The been steeped at 19 o'clock. Tot campaign of the Budget has at length began. Let night witnessed the first of a series of strategic movements, of which the uninitiated co-looker vainly seeks to recognise the precise object. Mr. DISRAELI seems to loam borrowed his line of tactics from the old German school, who commonly spent weeks in elaborately prepared raancrevres before a shot was fired. No doubt the leader of the main body of the Opposition feels, in some degree, distrustful of the strength of his position. He probably entertains misgivings likewise as to the fidelity of a portion of his troops. Hie new allies, moreover, are strangers to his mode of lighting. Peelites and Protectionists have Mvonacked together far a few nights, it is tree but they evidently do not quite comprehend ea yet one mother's signals, and are apt to get puzzled by apparently conflicting words of com mand. There may, therefore, be an intelligible though unexplained purpose in the seemingly tedious and inconclusive course adopted at the outset of the struggle. It may be comidered safe not to haserd an setae engagement until after the various con tingents of opposition have been somewhat more accustomed to set together against the entrenched forces of the enemy. Unlese this be the solution of the matter, we are unable to fathom what the aim of Mr. DISRAELI can have been in commencing operations by a motion like that which be brought Reword yesterday. As affording an opportunity for opening up every phase of the financial question, it was calculated indeed to distract attention and to embarrass his opponents. But •everybody seems to was gni., that bie null set pun* hope to test by its mans the relative eiringth d sumben or to erveg on a division the womb mom& of dissenting prevailing against the ending adman Mika A persona Mire to seise the feet NM best emperienity of seining the eslashatines et the Cumulus& el the lizmusom a 4 psalm. awe hats emsfiblag Is le with the @misty he wined to UM and holey his position as mover of the fret anninni es gang into enmities of ▪ Bei Midelen lam well that their real Anger of delsat lies, net Y diviner en theoretic re tentions, Mon whin people en of deers do not ease a jot, and whisit goodems within doom feel at liberty thinks to Ms upon as they privately plane, or net b who men at all when they list. The real teg et wee will nee on questions where a simple negeilve le aeon on some important item of taxation ar la committee, involving some plain and popular view, and for which men of opposite opinion on other points may concur in voting. To this view the CHANCELLOR of the EXCHEQUER lent a certain degree of smut when he declined either to alarm or deny the specific propositions esestaised in the amendment, but declared that he Weald, "mist in adhering to the previous question— Wisely, that the Semliki do leave the chair. We Ismszot affirm that he improved his own position mach by anything which fell from him in reply to Mr. DiseAut. The tone of indecision, and almost of indifference, with which he treated the gravest contingencies of expenditure and the clearest obliga tions to the public, spread a sort of chill over the mot loyal of his supporters. Save a too plainly iffseagaishable cheer from Sir CHABLE3 WOOD at Mr. Wttsou, his hesitating and equivocal suppretiess and arguments met with no response. Wbstever wisdom Sir 0. Laura possesses is of the negative met i hat as be appears to believe in nothing, es he Ms to heron anybody with the belief in bins, or in the sinassity of his own adhesion to the destshms he pemaulgafte Ma day to day. His nobs= ooze teeth like drops teem a cistern during a half-thaw ' which turn to hides as they drip, alai hang esspended in all manner of quaint miff ueseuth imps. Dime the touch of the mattes= twit* by whim het night he was folkezaff in Mate, the public Minister of Finials was wholly unable to stand. For • apses ei two bum and a half Mr. GLADWIONE devoted himself with tr=awlers energy and elo. sperm to the weak d ismolition. His speech, whisk was thiskly staiblial with the arithmetical malts of careful extealnation into the whole bear ings of the arm ins not admit of condensation or osmary desoriptite. There warn about it a good deal of the eM art of opposition criticism, which endell it rapidly and repeatedly turning the back Of she pligura, sketching upon it a clever caricature, mad Ilia hsiiieg it up with an exclamation of ridi cule, the mementsry effect of which it is not easy to nat. DM apart from all this, and allowing he essaeselmt tee mach of those morbid appeals to emmiestieumass and purity of motive which the WOW odor of intellectual and moral natures the Levant, France joins Ramis, and we lapse into the unenlightened and unwise policy of Austria. If we persevere, we shall reap the results in becoming the byword with every Eastern Christian. Identified with all that is unpopular and retrograde, as well as tyrannical, we shall take that place which we have hitherto considered Runian, that of being the he of all progress, and we shall leave to Ramis the ad vantage of coming forward as the pretended cham pion of nationality and progress. Could we have embraced the Austrian alliance on the condition of making our own idiom prevail, and of inducing Austria to adopt our enlightened views, instead of ourselves blindly taking up her • illiberal ones, then indeed we might have made something good out of a bad alliance. But uit is, England seems tied at the tail of all that is most retrograde in Europe, and we are dragged thereby through the mire, to our present disgrace and, it is to be feared, to our final discomfiture. Wnaz the inquiry into the Bank Charter Act is occupying so large a share of public atten tion in England, a discussion--searcely lees interest ing to us, and not less animated—is in progress on the other aide of the Channel, with respect to the modifications to be adopted in the oonotitntion of the Bank of France. Gamed the proposi tions put forth are of a most dangerous and visionary character, but all the disputants agree se to the necessity of augmenting the capi tal, which now stands at 3,830,0001., a ram utterly disproportioned to the vast and growing extent of the Bank's transactions, its circulation and deposits. And although mach divergency of opinion exists as to the extent of the increase desirable, some asking only that it should be doubled, others suggesting a capital of 12,000,0001., it is chiefly respecting the employment of this new capital that there is any difference of opinion. In considering this question, it is essential that our readers should bear in mind the radical distinc tion which exists between the note circulation of the Bank of England and that of the Bank of France. The notes of the former are either bullion notes, that is to say, notes issued in exchange for gold purchased by the Bank, or they are security notes, represent ing the Government debt and certain other securities lodged in the issue department. But the notes of the Bank of France essentially represent commercial paper, and commercial paper only, for the issues . . against deposits ofatock and shares most be considered as temporary. They are represented by bills dis counted and lying in the portfolio of the Bank, and the capital of the Bank of France, therefore, I the patentee fund to which the holders of notes must look, u a resoeree in the event of the different seen rities against which they are breed not being duly met. But u all these notes are payable on demand, the Bank retains such an amount of bullion in its coffers as it finds by experience to be necessary, and when, as has occurred recently, the demand for cash is unusually active, it has to keep up that stock of bullion at a considerable expense by indirect pur chases in the market. Nevertheless, the theory of the Bank of France note circulation is this, that as the bills in its possession arrive at maturity, the notes are ipso facto cancelled, returning to its hands!, in payment of the bills, so that within three' months—that being the limit of its discounts— its circulation could at any time be extin guished, did it cease to discount bills or make advances. The importance of the capital being kept at such an amount as shall be proportionate to its discounts, and therefore to its note issue, I. obvious; but while the latter has enormously increased with the rapid growth of commerce in France, the former has remained stationary since 1806. It I. true that to the capital of 3,660,0001., the greater portion of which is lent to the State, we should add the reserve fund of 619,0001. invested in the funds ; but that part of the capital lent to the State is not available, the 2,200,0001. still owing, being repayable in amounts of 200,000!. per annum ; so that the whole disposable capital of the Bank may be set down as about 2,000,000!. invested in the funds. With this amount of available reserve, the Bank has in circulation about 23,000,0001, of notes, and its discounts have increased from 64,758,0001., in 1846, to 130,480,0001., in 1835. The power of its notes to circulate at par, and to perform the office of money, depends of coarse on tho confidence reposed in them; for the ratio of trillion held to the notes issued is disregarded, the note, in circulation, in 18331 having been at one period 23,800,0001., while the stock of bullion was only 6,500,0001. Seeing, there fore, the probability of an increased demand for dis counts, and a consequent extension of circulation, the proposed increase of the capital would appear to be reasonable. Now the principal suggestions as to the employment of this new capital arc there : First, that it should be invested in public securities ; secondly, that it should constitute a fund for making advances on stocks and railway shares; and, thirdly, that it should be lent to the Government, and employed in absorbing a por tion of the floating debt. The advocates of the first and last of these mbssures anticipate that their adop tion would immediately strengthen the prices of the funds. Those who advocate the second plan believe that a wholesome stimulus would be given to the share market by relieving it of a large amount of floating securities. All commit the singular over sight of omitting to take into consideration the fact that the money which is to form the increased capital must either be withdrawn from its present employ ment on loan, or must be procured by realising stocks and shares in which it is now invested. The addition to the capital of the Bank will make no addition to the floating capital of the country, on which the price of stocks and shares is chiefly dependent. To the second plan we have very strong objec tions. The existence of a permanent demand for ad vances on the shares of industrial companies is a di rect proof that they have been set on foot to a greater extent than the surplus capital can justify. It is no port of the duty of an institution like the Bank of France to bolster up a surcharged market ; nor is a bank of issue justified in issuing its notes payable on demand, against securities which have no fixed date of repayment, except so far as the reimbursement of its advances may depend upon the solvency of the borrower. For as a general rule that solvency is contingent on the convertibility of the shares, &e., pledged, and in a time of panic this is precisely the class of securities which immediately becomes unsaleable. Such operations afford a legiti mate employment for certain kinds of capital, but not for the capital of a Bank ; and if it be desirable to conduct them on a large scale, let a special com pany be founded for that purpose. To the investment of the proposed additional capital in government securities we see no ob jection, but we cannot see that each an opera tion would—especially at present —materially strengthen the price of the funds. It would take a given amount of stock off the market, but it would at the same time take away a v....spending amount of Seating capital, which the current rate of interest shows to be somewhat rare, and one operation would counterbalance the other. By lending the new capital to the State, a precisely similar result would be obtained; and the recent notice in the NoniSerr leads us to think that this would be the mode se lected by the Government. The floating debt is already enormous, and the Treasury would, we ap prehend, be desirous of withdrawing some three or four millions from circulation, and fixing it in the hands of the Bank. But in whatever way the new capital of the Bank of France may be employed, it is not likely to relieve the pressure for discounts unless it be accompanied by the power to fix the rate of interest according to the current demand. An increase of guarantee capital would authorise an extension of the circula tion ; but if notes were issued at a lower rate of in terest than is commanded in other and neighbouring countries, it is clear that these notes would be con verted into cash, that the proceeds would be trans mitted to those markets where a higher rate of inte rest could be obtained, and that the Bank reserve of bullion would be rapidly diminished. At present the Bank of France can only charge 6 per cent. on ilia- counts, so that in a time of pressure it is compelled to confine it. advances to bills having only a short time to run, shutting out a vast mass of legitimate commer cial paper from the scope of its action. Werethis modi fication adopted an important point would be gained; but while the commerce of France is increasing so rapidly, and needs every reasonable facility for its expansion, we should regret to see the Bank of France diverting its funds, as heretofore, from their legitimate objects, and devoting them to stimulating speculation in shares, and to facilitating the creation of new schemes, which are already produced with a most dangerous sapidity. (fie Court. The Primers et Bohenkthe sad the Prisms Peeks lea Ise d as Qom IS "INS IkelMO= Pas demir. a w n to le tle rallhemie el the Deis eirlse, YPIPmeeL llmir ' rew hisbreen Wbeser ey the Great Rags,. The Priam nib at lonsiesk vUL dr Prizes of Wales, Maid by Iti Drirsy 111 imillir. Ha tot la sire. iii,=lei b 7 Mita &dm M sad ums Sims Inks drive is the 111611111. is ea epos broods sad kw. ll4or- Oared - e rr=a C. Chey NW Lieut.-Coked Parry AWN! NNiL nis lanslwafte the Part and Neat= ol the Mel el sereagli, and Lad sad Ledy Celelle, hod the baser Madan with her Majesty. Debi Abase thalami al the Onetadar Guards played : Oman. la Lee dye Nee ftuber. _ ,einr=" (On airs from Oberon) D om , Oo Italwas, " lhavaita" MI Sawa Mirth arranged by Captain Oviedo. The Cftessn's private band afterwards attended in the end*, sidrdarrrithe following compositioas Owriwe. ULamle " Herold ahem, wank awl goutet, " Oberon " Weber. nutria, "Les Ihgemete ' lisprtser. The fiewmp Canniem met at their alos, No. 7, Old Paleos-yerd, iireadieter, yesemday. • dentate ending d the Re.. D. J. Heeden, Mims. Paver and Mae oberh as of the parka •Tellesham), Mr. WA Mr. Mr. IdsnoiaMr. nedese (vmery clerk), la ea an le= Churyjmelemiley at the Homenßee, name Menial by 740 owners and to albs perish►of Totten ham, hag aree-berths mac hay of ratepayers, allicrine workli for j i lthe Pal. Haa b Act that r sea Psl erileelth Ra. The de: t ate wa ~seth s intro by Lied Behest Orenemer. ji=elem on the snaked eta nand memeriel of the d 1661 in elielt Wks naervilw with the =Liam Sir B. Haß i the Mks et Works in . The maddel of Alderman Challis, M.P., Bodh, .ILlL b eir izi llEr Dann, P.R.B. A deputation of mmehemb ef conating of Mr. Potter Mr. Credal, Kr. Dime, J . M. Comic, Mr. Broeldebeak, mad Mr. J. O. Unmeant; emorepead by Mr. Horda end Mr. Joseph C. Inn, the smobeee brrer hd ea pining with the Chimemllor of the , el Ids Mehl reddens la Deenlerstreet, on rif Ks is don. A depiallem One theeenevelime dconenng of Mr. Imecwasebe. M.P. ter Mr. alsrman Hig with dm Teen Oat at /rare, leammeled brhems at the Horne-ale yearn,. Alimeepeeemmet ha ma lederaw nth the Chan- Tle of Rachesper yeleiday. hildal C at the Privy Comma me year Theampeal from as Admiralty Ct, .11emmeon e. the Qom" . (Ariel), pert nerd, waste were resolved ad Se yeetarday frotr eb taernor of Hest Rea', the Clevernor of Ceylon, sa at Governors of the Willi India lands. Despatches wen semi yesterday to the finernor of Canada. The Earl and Countess of Sandwich have arrived Ia Isom, et their new residence in Curzon-street, bons Hiaeldnbrooke Howe, Huntingdonshire. The Earl and Countess of Lichfield have arrived at the St. George. Hotel. Viscountess Palmerston will " receive" this even ting at Cambridge limas. - Lady Stuart de Rothe ay has arrived in town, at the residence of Caroline Countess Sons.,., In Groevonor place, for the meson. Load and Lady De Tabley and the Hon. Misses Warren have arrived in town ban Tablerhonae, Cheshire. Lord and Lady Edward Thynne have arrived at their maiden,* to Wilion-aeseent for the seamen. Lady William Powlett had an assembly last evening at her maiden* In Ceram-stmt. Sir William Fraser arrived in town on Thursday evening from Brighton. Mrs. William E. Gladstone has issued cards for an assembly on Tuesday next. Sir John Pakington's Education (Cities and Bo roughs) Bill bears the names of Mr. Cobden, Lord Stanley, and Mr. Headlam. A sum of 10,0001. has been advanced to the Master of the Mint towards defraying the cost of the Baltic medida, the entire estimate for which is 13,4121. be. We regret to report an unfavourable bulletin lamed yesterday morning, ea to the health of the Earl of Harewood. It is as follows ,—" The Earl of Harwood enreienoed a relapse of tutfarottrable symptoms yesterday. His lordship is in a eery precezions state this morning." " Harwood Hones, Friday 5, a.m., Feb. 20." We ( IC - eaten, Times) deeply regret to state that the Rev. 0. C. Gorham lies hopelessly ill. The roost emi nent of the London faculty have prenounoed his case in curable. By the death of Sir Godwin Phillips, at St. Davide', on Thursday, the baronetcy so long attached to the Hotta estate—it being, in fact, the oldest in Wales, is ex tinct. Sir Godwin had attained his 15th year, The Rev. Edward Henry Turkey, A. 8., has been instituted oo patron to the vicarop of Rahman Cheney,Wilts, recent by the reeignetka of the Rev. R. W. Dertnell. The Record deplores the fact that it has heard within a few weeks, of " one clergyman fined for poaching, of another who makes a rollicking speech at ■ greet fox-honting ' dinner, of half-a-dozen frequenting a ball-room at Ca.mtaidga, and of twenty-four presbyters, who were present at a peat ban of the Doke of Beaufort,—exhibiting a singular and pain- ful correspondence in number and title, but min - treat of occu pation, with the heavenly elders whom the apostle saw in vision, reeling down their crowns in devout education et the foot of the throne in heaven." The Lancet publishes replies from physicians, surgeons, and others, to Mr. Bay's attack upon smoking. In mom to one remark from that gattlenum a correspondent says, "I believe the present Emperor of the French is an ardent admirer of the habit ; and who will venture to assert that he irks ' high intellectual activity P Hobbes and Locks were smokers ; so were Byres, Moon, Shelley, Scott, and a host of others, whom names along the stream of time triumphsatly come down to no; and they will bear compari son with those personages to whom Mr. Say has adverted. " Clericus Anglicans" says, that mum of the bishops are "noted smokers." The Gardeners' Chronicle concludes an examina tion of the law upon the subject with saying, that the growth of tobsooo in the United Kingdom, whether far sale or not, is absolutely prohibited ; but that, by way of special favour, " Tubsooo may be grown on not move than half a polo of land situate in any phyric garden belonging to either of the Universitiee of Oxford or Cambridge, or in any other private garden for physic or cbirurgery only, but in no other place." Oar ootemporary doubts whether any real hardship to In flicted by the art, considering how very worthiest English grown tobacco LATEST INTELL IGENCE. THE SECRET TREATY. The Cboutitutionnel of this day contains the follow ing semi-oMcial article, signed by its political dire tor, M. RenCv A smart debate took place a few days wince in the Home of COMMODE, upon a matter particularly conoerning the Freacb government. A celebrated orator, the leader of the °nattiest, M. Disraeli, alarmed that a secret treaty, dating from the period of the Eastern war, existed between . Francs end Austria, In virtue of which the latter power was guaranteed the secure possession of her Italian province*: he added that this treaty had been fully executed, and that it contained no eatensible limit to its duration. Lord Palmereton, replying to M. Disraeli, showed that these allegations were incorrect. What really took place was, we believe, as follows:—The treaty of Dec. 2, stipulated eventually, as is known, for the assistance of the Austrian army in the struggle with Russia. The cabinet of Vienna, however, represented at that time that it could not safely engage in the war of which the East wee the theatre so long a its Italian possessions were menaced by the agitation which parties kept up in the Peninsula. Austria consequently demanded, before she entered in lies of battle with us, that her rear should be secured from danger. Circumstance lent a powerful support to Austria's demand. It was, in fact, very Important to calm her appro. hensions, and to remove every obstacle to the cumin of the treaty. France, therefore, entered into nego. tiations 'on the point with the cabinet at Vienne, end engaged by the convention in qaestion to employ her slats to maintain order in Italy so long as the campaign sheath last. The only object was simply to mews to Austria the liberty of action neeeseary to enable bee to meow effect►vely in the collective operations of the ails. Such were the motives sad such was the import of this arrangement dictated by such immense interests, but obligatory only in the ease of Austria actively *s lag ns, and declaring war &gained Russia. The conven tion was, therefore, essentially eventual and Minatory. It was an act called for by the war, a *mere de dram...lame, somewhat analogous to the measures which woes adopted by the allies in respect to Oreeee, when that power endeavoured to stir up insurrection in Themaly and Epirus in favour of Russia. As is well known, the ever•oalities provided for never took piece. Austria did not declare war ; she never thew the sword. The subject matter of the convention, therein*, never had any existence, and this act, whatever M. Disraeli may say, never came into operation, and does not exist; the peacerendered it a dead letter. THE PRINCIPALITIES. A letter from Vienna, of the 13th, in the Bur setehalle of Hamburg, says :—" At • conference, held two days ago here, between Baron de Werner, Baron Koller, and the Ambassadors of England and Turkey, the latter declared that Turkey would never consent to the union of the Principalities, not even should the divans pronounce in a great majority for that measure. Sir Hamilton Seymour spoke in the same sense." EXPRESS FROM PARIS. (PROW OCR OWN CORRESPONDENT.) PARIS, FRIDAY ETININO. The following telegraphic despatches appear in the Pays: A private letter from Vienna ensures as that telegraphic accounts received there state that the town of Bolgrad was to be offirially delivered over by the Russian authorities to the of the Moldavian government on Feb. 127 A letter from Hermit, of the 6th, elates that Sir Henry Bulwer, the Commurry of the English government for the question of the Prindpalitice, had arrived in that city the evening before, from Constantinople. Sir Henry is, it is said, charged with a private mission in Syria. Letters from the Pincus of the llth state that the stoun frigstes Aamodir and Cacique, arriving from Toulon, had anchored in the port, and that tho embarkation of the troops was to commence the next day. The rise at the Bourse goeson,and the " bears" are in a state of great alarm. The ltente rose 30c. for cash and 50c. for account, closing at 69tr., 80fr., and 70fr. The latter figure, which was touched early in the day, tempted some realisations and produced a reaction of 23c., but fresh purchases were rapidly made, the lost ground was recovered, and the turn ing point was firmly established in the afternoon. Bets were freely offered that the Bente will be at 72fr. in the first week in March. The bullion in the Bank of France is understood to be rapidly augmenting. A further increase of eleven mil lions is spoken of, in addition to the six millions which I mentioned yesterday. It is scarcely doubted that the Bank will very soon discount bills with ninety days to run. The railway market was very brisk. Orleans rose 201 r. ; Southern 10fr. ; and the other lines from 2fr. 50e. to 3fr. The Beziers shares were in demand, it appearing that one of the treaties connecting this company with the Graiavesaae mines was signed yesterday. UNITED STATES. SOUTHAMPTON, FRIDAY Noes's°. The Arago has arrived at Cowes, on her way to Havre. She left New York on the 7th instant. Amongst her cargo is s pe cie to the value of 230,000 dole. for France. On the 7th she signalled the English or Hanoverian ship Godfrey. The Africa and Baltic had arrived at New York. The New York Herald says that Messrs. Cobb of Georgia, Floyd of Virginia, Pickens of South Caro lina, Brown of Tennessee, Bright of Indiana, Clifford of Maine, Black of Pennsylvania, and Jones of Old Keystone, will most probably be some of the parties whom President Buchanan will have in his cabinet. The Canadian government have appointed Justice Draper to proceed to England to plead the claims of Canada to the Hudson Bay territory before the House of Commons. The New York Herald of Feb. 6 makes the follow ing statement about the secret proceedings in the United States Senate at Washington, with regard to the proposed treaty with England: . . . . We understand that the Dallas-Clarendon treaty upon Central American affairs, after a_protracted and anim rated debate in secret session, was, on Wednesday last, by a voto of 33 to 8, recommitted to the committee on foreign relations, with a view to certain amendments. This reference also irjr rs to be generally interpreted as the virtual defeat of the treaty; but it is quite pmitible that, without any definite action of the senate in the Interim, the treaty may go over to the 4th of March, and thus become subject to the direct official Whence, one wrsy or the other, of the new administration. Mr. Mason, of Virginia, chairman on foreign relations, ad vocated the ratification upon the bards of Mr. President Plage' proivrocudations. In there views Mr. Mason was sustained by his colleague, Mr. Hunter, by the North and South Carolina senators, and others of the southern foreign policy conservative school. But the north .western demo cracy, supported by Mr. Cam and Mr. Bought', are in oppo sition to this Dal Clarendon treaty. Mr. Douglas c,pe (idly, we understand, objects, became the treaty more dis tinctly recognises the British Central American pprotectorate than the Clayton-Bulwer treaty; because it aonllrye certain British usurpations there heretofore disallowed ; and iPIM maw this new treaty tramples the Monroe do c t r i ne un d er foot, and is an " rntsngling alliance" with England. Without pretending to speak with any authorit we should me that rather than reject this treaty negot iated by Mr, before giving a hearing to the President elect the Senate will take the safer course, if neceinary, of holding it over to await the views of the new administration. We are Inclined to the impression that Mr. Buchanan is in favour of this treaty ; his antecedents, hie pacific character, his fare well apse& at the lord Mayor's dinner at London, all lean In lib direction ; and, upon the whole, we apprehe n d th a t Ids towards England, during a state of peace, will be tied Grai an amicable policy—that in, more tho judicious policy of Mason than the grovelling, group M, tory, bellicose policy of Cam and Douglas. 8 shall see anon who speaks for the new administration. The Senate has also discussed, and refused to con firm, the appointment of Mr. Harrison an successor to Judge Lecomte in Kansas. This decision, if it implies an approval of Locoulte's conduct, will tend to increase domestic irritation. News has arrived from the West that the rivers are rising, and that the ice is giving way. A bill has been reported in the House of Repre sentatives for the removal of quarantine. The Indians in Florida are about to be vigorously attacked. I