The Express. — London, England, 1861-02-25 00:00:00

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LONDON, MONDAY, ?88. 25. THERE in increasing gloom in commercial and financial circles. Although it is generally admitted that trade is sound, the mass of the population well employed, and the wealth of the country as great as at any former period, and that we are, therefore, in an excellent condition to meet elid ing trials, depression is becoming more plainly ob servable in most departments of business. There is, indeed, much to bo contended against. To whatever quarter we turn, there are at the moment few elements of buoyancy calculated to counteract the effects of depressing influences. Trade with the Continent, the Mediterranean, India, Australia, and America, is more or less under a cloud. Even the movement in the rate of discount at Bombay to 13 per cent serves to check one important branch of business. The state of our own money market also contributes powerfully to re strain any tendency to a revival of enterprise. This is always the case when money rises to a very high level; and it was the apprehension of its benumbing effects upon enterprise which caused many persona of calm judgment to regret the recent rise in the Bank rate of discount to 8 per cent., in the absence of any decided foreign drain. Although there is no doubt that some departments of trade are so profitable that the firms engaged in them can pay a high rata of interest even for a permanence, this is the exception and not the rule. Above all, there is uncertainty in the money market, and this always has an injurious effect. Many traders, believing the difficulty to be only temporary, would proceed with their business when money is at 8 per cent. almost as hopefully as they would when the rate is only 4 per cent., were they assured that the requisite accommodation could be relied upon. But in the present state of the money market there is no confidence upon this point, and cautious com mercial men feel it incumbent upon them to limit their transactions accordingly. Few people now-a days act upon the old-fashioned principle of regu lating their business strictly by their capital, and holding themselves quite independent of money lenders. There is so much competition in every walk of trade that profits are cut down, and it then becomes necessary to do a larger stroke of business in order to obtain an income propor tionate to the high ant of living. To do a large banner' the capital of • vast number of mercan tile houses is of itself inadequate. Hence their dependence upon the capitalist, the banker, and the bill discounter. Hence the vent influence which has been acquired of late years by the money power of the country. Hence the wealth accu mulated by the class who stand as middle-men between persons wishing to lend and those wishing to borrow. A man who is desirous of extending his business, or of erecting a new one, has no mod of capital, according to the modern ooannereial practice. AU he needs is credit, which commands capitaL It is • system full of temptation to the unscrupulous, and of danger to the unwary ; but all the moralising in the world will not put it down. The extent to which it prevails is attested by the depression exhibited in every branch of Moines* now that the channels of accommodation yield less than their wonted supplies. Pimple who trade upon borrowed money most watch the money market narrowly, and so must elm those :non legitimate traders whose interests are bound up with theirs. It is quite dear that there will be no relief in the money market until we get, and retain, a sup ply of gold. For every 51. of bullion exported • 61. Bank of England note is cancelled. Within three months we have sent upwards of three mil• lions of gold to the United States ; and although it has consisted of sovereigns, as distinguished from bullion, it admits of demonstration that Bank notes to at leest two-thirds of that amount have been extinguished. This occasions an absolute deficiency in the currency, which becomes the more important when we consider how large a proportion the sum mentioned forms of the total existing in the country, and the rapidity with which the currency is turned over and over every week. The three miaime of notes orsovereigna have hem drawn either from active circulation or from bank reserves, where they were available for any demand. In the latter case, their withdrawal forces the banker to provide a fresh reserve, and rains the value of the remainder of the currency. We can trace the way in which this works by re freshing our memory with a comparison. On the Tth of November, a fortnight before the flow of specie to America commenced, the amount of Bank of Eng land notes actually in circulation was 21,206,070/. It is now only 19,518,0801. ; that is to my, there are now circulating in the country, cc held ready in the tills of bankers other than the Bank of England, 1,687,9901. less of Bank notes than there were three months ago. Considering the uses to which Bank notes are put, and the swiftness of the duty which they are required to perform, the deficiency in the supply of the circu lating medium is important. We could not pos sibly do with so small an amount of Bank of Eng land circulation were it not for the immense eco nomy which has been introduced by the universal adoption of cheques, bills, and other forme of paper orders for money, to some extent supersed ing the use of Bank notes. Even with all these aids, it is • marvel how the business of the country is conducted with so small an amount of circula tion, including in the account the circulation of the provincial, Irish, and Scotch banks. It is rather curious to remark that whilst the active cireulation, as already shown, has decreased 1,887,9901. between the 7th oI November and the present period, the decrease in the notes form ing the reserve of the Bank of England is only 383,7261. Tracing the bearing of the coin and bullion upon the amount of Bank of England notes in existence, we find that the aggregate of coin and bullion is now 2 ,003,829 less than on the 7th Novenibcr. This amount is almost pre cisely equal to the sum of the 1,687,9901. and 383,7251. already mentioned. We thus see that, in round numbers, the despatch of three millions and *quarter of gold to America has been accompanied by a net withdrawal of 1,687,0001. of notes from ' the hands of the public, and of 383,0001. from the Bank's reserve. The rest of the remittances to America have been provided by the subtraction of sovereigns from the internal circulation, or have been compensated by the influx of gold to the Bank from other foreign countries. It is very remarkable theta variation of so small an amount should have caused so great • change in the condition of the money market. The coin and bullion in the Bank have decreased only 2, 003, 829/., and the reserve of notes only 383,7251., yet the rate of discount, which was four-and-a-half per cent. on the 7th November, is now 8. It is apparent from this comparison that the movement of a couple of millions of gold makes all the differ ence between a low and a high rate of money— between an easy and a very tight market. Con eminently, as already remarked, we must get back the supply of gold which has been draughted from us before any real relief will be felt. The circu lation is much contracted. The present amount —19,518,0801.—0 f notes in the hands of the public is not enough for our requirements and for reserves. When gold comes in, more notes will be manufactured. Until then stringency will continue to prevail. The bullion movement rules the whole money market, and it is rather surprising that our practical bankers have so little real acquaintance with the causes which sway the bullion current, and which therefore re gulate arbitrarily the price of the commodity that they deal in. Under ordinary circumstances, when a sudden demand springs up in this country for a foreign commodity, whether it be cotton, or corn, or any other, the pressure upon us is materially re lieved by the impulse which is immediately given by this enlargement of trade to the demand for our goods in the countries where we seek the required supplies. This is one of the compensating prin ciples of trade. But, upon the present occasion, against the orders for grain which the deficiency of our harvests has forced us to fling into foreign markets, we have been left without the usual compensation. Mort of the foreign centres of consumption have been more or less disturbed, and have taken as small • quantity of our goods as possible. Above all, America, whilst send ing us all the grain she can spare, en can get down to the sea-board, has found it neemazy, under the influence of a severe political and financial crisis, to cut down her purchases of foreign commodities. In the one-sided character of our American trade is the main explanation of the drain of gold which has pressed so heavily upon our resources. THE EXPRESS, MONDAY EVENING, FEBRUARY LATEST INTELLIGENCE. Cbt Coun. The Prince Consort, attended by Lieutenant- Coleus! the Hon. 1). de Rae, bewared Mr. Durham with a visit, at his Audio in Devenabireetreet, en Saturday. The Princesses Helena and Ladse rode on horseback in the ricLag.house of Buckingham Pa/ace. The Pnneese Mary of Oambridge visited the Duchess of Kent ea Saturday, at Buckingham Palace. The Marquia of Breacialkem had an audience of the guess, oe proceeding on a special missies to Berlin, to in. vest hie Majesty the King of Prussia with the insignia of the Most Noble (tier of the Carter. The noble marquis was presented by Lad Jobs Russell, Principal Seavtary of State for Foreign ASain. Her Majemy's dinner party in the evening included the Primes Alice, the Marquis and Marchioness of Bresdalbana, Lady Fanny Howard, the Earl of Malassalinry, Lad George Lennox, Viscount and Vissonstees Newport, Bit Charles Wood, the Right Hon. Biz O p andeor Led :Wit James and Miss Graham, aad • Yesterday the Queen and Prises Commet, the Princess Alice, Prince Arthur, Prime Leopold. the Primmer Helena and Lonnie, the ladies sad gentleness of the mark and the domestic household, attended dirks service to the private shoed, Beekingbain Palace. The Bishop if Louden preached the sermon. The Comonasionere for the Exhibition of 1862 met, at the Conacil-olke, as natarday. Present Earl Granville, the Iferquie of Chaodos, Mr. T. Baring. 3LP., lb. C. W. Dilke, and Yr. Thome Fairtairo. Ihtepatelace were sent oa Saturday from the Colonial eyes to the Governor of the settlemeute ou the West Coen d Africa. A Cabinet Council wan held on Saturday at the • residence of the Ana Lord of the Treasury, in Downing -street. The ministers present were Vis count Palmerston, the Lord Chancellor, Earl Granville, the Duke of Argyll, Sir G. Cornwall Lewis, Lord John Rummell, the Duke of Newcastle, Lord Herbert, Sir Charles Wood, the Chancellor of the Exchequer, the Duke of Somerset, Lord Stanley of Alderley, Sir George Grey, the Right Hon. C. P. Villiers, and the Right Hon. Edward Cardwell. It is said to be the intention of Prince Louis of Heise to pay $ visit to our Court daring its sojourn at Oehoree is the issuing moot►. Hie mod-decal highness is expected to arrive very shortly, mid will acoompaoy her Majesty tad the royal family back to town. The Duke of Rutland is entertaining a select (*els st Balvoir CUatla, Leicastmahim. The Duke of Montrose has left town on a visit to Lady Emily Foley, at Stoke Edith Park, Herefordshim. ml ditcher, with Leidy Asses Murray rod lady Violet Graham, is at Geom. T 66 Marquis and Marchioness of Salisbury enter tained at dialer on Saturday even*, at their mansion in DarMagteeetrest, kis Excellency Us; Prussian Minister mid tie commas Bernetorff, Lord West, Lord and Lady Eustace Ossll, Mr. Haatiop Russell, 11. P.. and Lady Elizabeth Ressea, Mr John and Lady Pakingtou, Captain Walter Wet. Kr. Seymour Fitzgerald, ko. The Zarl and Countess of Clarendon and family expected in town in a few days, from the Grove, near Watford, for the swum. The Karl and Countess Spencer leave Althorp Roll te•aq to join the circle visiting the Duke of Rutland, at Belo.* Castle. The Eazl of Shannon, who met with a severe awaldest a few days mince in the hunting field, iii, we are ham to teem recovering from the effects of hie coetasiona. The Earl of Dunmore and Captain the Hon. litaderic Elphinstone hare left town for his lordship's seat in Seat and. for salmon fishing, Lord and Lady Ebury entertained a select circle at dinner on Saturday evening, at their residence in Put t street. Mr. Harcourt, M.P., and Frances Countess Wal &grave entertained at dinner as Saturday evening, in Carlton-gardecui, his Royal Highness the Duke d'Anmale, hie Excellency the Belgian Minister and Mademoiselle Van de Weyer, the Marquis and Marchioness of Clitaricarde, Maria Marchionese of Ailashary, the Earl and Countess Grey, the Right Hon. Charles P. Villiers , Sir Henry Cot. Una, Miss Lams Mosey, and Mr. Postmen,. Vlllooolfinilla PALMES/14011en AIisEMBLY. His loyal Bigness the Duke of Cambridge honoured Viscount and Viesuntese Palmerston by his company at dinner on Saturday evening, at their mansion in Piccadilly. A dis dsgaidsed circle had been invited to meet the Royal Duke at the banquet, the guests, in addition to his Royal Highness, including the Duke and Duchess of Welling ton, the Duke of Newcastle, the Marquis and Mazahioaros of Londonderry, the Marchioness of Ely, the Earl and Countess Momera, the Earl Granville, the F.arl of Shaftesbury and the Lady Victoria Ashley, General Lord Clyde, Lord and Lady Wodebouse, Lord and Ind Herbert, Lord Haskell* Viscountess Jooeiya, Co the Hon. Arthur Harding". Hon. Mrs. William Cowper, and Colonel the Hon. James Macdonald, in waiting on the Duke of Cam La Pslmerstos, at a subsequest period of the evening, had an assembly is cxnpliment to the illus trims duke. Of the members of the amps eliploweatiqtte present were bid Excellency the Turkish Ambmaador, his Excellency the Austrian Ambassador sad the Countess (Appear, his Excellency the Bassisa Ambassador and Harasses Brunnow, his Excellency the Fenian Ambama. dot his Excelleoey the Sardinian Wsitar, his Excellency this Hanoverian Minister, his &Whiney the America Minister, Mrs. Dallas and Miss Dallas, Coast Wirupffee, Coast H. &tertiary, Count Kidaoky, H. Tdswry if. Sabonsuff, M. Dutrail, Baron de Billing, Count Ruffen, Buss Beck Friia, Count Blucher, Bums Maurice Kato chattl, M. Musurue, H. P. klusurus, he. THE "KING OF ITALY." The following expose* des motifs has been read by Count Cavour in a sitting of the Italian Senate, relative to the project of giving the title of King of Italy to Victor Emmanuel. " Messieurs Secateurs,—The marvellous events of the last two years have, through a series of unexpect ed successes, assembled in one state almost all the scattered members of the nation. To principalities so different from one another, and often mutually hostile through divergence of views and political councils, has at length succeeded unity of govern ment on the solid basis of the national monarchy. The kingdom of Italy is now a fact. This fact we must affirm before the Italian people and Europe. By the order of his Majesty and upon the ad vice of the council of ministers, I have the honour, then, to present to the Senate measures by which the King, our august sovereign, takes for himself and his successors the title of the King of Italy. Faithful interpreter of the national will, already manifested in a thou sand ways, parliament, on the solemn day of the royal sitting, with the enthusiasm of gratitude and affection, saluted Victor Emmanuel the Second King of Italy. The Senate will be happy to be first to give a prompt sanction to the wishes of every Italian, and to salute with a new title the noble dynasty,born in Italy, illustrious by eight centuries of glory and virtue, for which hag been reserved by divine providence the honour of avenging misfor tunes, closing wounds, and terminating the era of Italian divisions. By your vote, gentlemen, you will put an end to the recollections of provincial jealousies, and you will write the first page of a new national history." THE ROMAN QUESTION. Several deputies in the Italian Chamber have announced their intention of putting some ques tions relative to Rome. It appears that the prin cipal inhabitants of Viterbo—which place, after having been occupied for twenty days by the Pied montese, was subsequently claimed by General Goyon, as forming part of St. Peter's patrimony— have petitioned the Italian parliament, demanding their union with the kingdom of Italy. This peti tion will probably be the occasion of the debates. It thought that the parliament will pass an order of the day entrusting to Count Cavour the task of attempting to obtain by diplomatic means the with drawal of the French forces from Rome. GENERAL CIALDINI AT GAETA. The following is the order of the day published by General Cialdini at Gaeta, and already men tioned by telegraph : KOLA DI GAETA, FYB. 17. &fidiers,—Gaeta has fallen I The Italian flag and the victories' cross of Savoy are waving upon the top of the Orlando tower. What I foretold on the 10th of January you accomplished on the 13th of this mouth. He who hails soldiers like yon 0111 safely become • prophet of vietcey. In ninety days you have subdued • fortress eels. *Med by numerous sieges, and become still stronger by the addition of new works of defence ; • fortress which at the beginning of this century resisted, for newly four months, the first soldiers of Europe. History will tell the easy. time you made, the fatigues you went through ; your constancy, abnegation, and valour. History will tell the gigantic work accomplished by you in so short • time. The King and the country applaud your triumph ; the King and the country thank you. Soldiers I We have fought spinet Italians. It was a sad but necessary duty. I cannot therefore invite you to joyful demonstrations—to the insulting merriment of the conqueror. I think it worthier both of you and me to unite you today in the isthmus, under the walls of (kite, where • funeral mass will be said. There we shall pray for those pliant soldiers who during this memorable siege have fallen, both •niocpt our ranks and upon the enemy's bastions. Death covers with • sad veil human wrath, and the dead are all equal before the eyes of generous men. Our anger should not live beyond the fight : the soldier of Victor Emmanuel fights and pardons. RUI3BIA. The peat measure of the emancipation of the serfs is the universal topic in Russia. To provide against agitation, and, perhaps, some disturbing manifestations, the Russian government has taken some serious measures at St. Petersburg—such as arming the winter palace and removing the arum of the arsenal to the fortress. It is added that there is an intention of encamping regiments in different quarters on the day of the promulgation of the de cree of emancipation. THE MEDITERRANEAN FLEICT. (molt ova ow onassionm.) (1r BCBXANDAZ AND NIIIIIN TILIONAIL) NAPLES, SUNDAY. The fleet has been ordered to Malta. It will probably leave on Wednesday. Only the Victor Emmanuel is to remain. (awns% TZLINIRAXL) ITALY. NAPLES, Frs. 24 14 A. 14. Admiral Mundy has received orders to proceed to Malta with the English squadron. He will leave to-morrow evening. A deputation from the inhabitants of Gaeta is expected at Naples to offer homage to Prince Ca rignan. FRANCE AND ROME. ROME, that 22 The o ffi cial Giornale di Roma declares that the Pontifical government declines the responsibility of the present crisis which the pamphlet of M. de la Guerronihre throws upon it, and adds that that pamphlet is written with the same duplicity as the former French pamphlets on the Roman question. The article concludes thus :--"The allocution de livered by his Holiness in January, 1860, and the allocutions of a more recent date, and also the de spatch dated Feb. 29, 1860, addreesed by Cardinal Antonelli to the Papal Nuncio at Paris, If aT. Sac coon, have sufficiently proved with wh om hes the responsibility of the lute deplorable events." THE SYRIAN QUESTION. BT. PETERSBURG, Boamsr. The journal de St. Petersburg of to-day publishes a despatch addressed by Prince Oortschakoff to Count Kimeleff, the Russian ambaaealor at Paris, authorising him to take part in the Conferences on the Syrian question. The despatch further says : " Russia will support the prolongation of the french oucupation of Syria. Should the Confer ence deem at expedient to increase the army of occupation by troops of the other great Powers, you will offer no aaiection." FRANCE AND SWITZERLAND. BERNE, Fn. 24. The treaty of commerce between France and Switzerland, proposed by Zurich, meets with Little approval. Yesterday the Federal Council, after a discussion which bad Laud for two days, referred the project to its Customs department for re-examination. Three thousand citizens of Geneva have signed a protest against the conclusion of any such treaty, should the rights of Switzerland, in reference to Northern Savoy, be endangered thereby. SERVLL BELGRADE, Pas. 22. Yesterday the Prince of Servia assembled the foreign consuls, and explained to them the conduct of Sonia. He also gave proofs of the imprudent oonduct of the Porte. All the consuls acknowledged the loyalty of Beryls. HOLLAND. THE HAGUE, Fn. 23. Baron van Hall, Minister of Finance, has ten• dared his resignation, which has been accepted. The following telegram has been received at Mr. Reuter's office from the Peninsular and Oriental Steam Navigation Company : CALCUTTA AND CHINA MAILS. The Vectiv, with the above mails, arrived at Marseilles at 11 p.m. yesterday. The mails left for London at midnight by special train. The Indue, with the heavy portion of the mails, ma y be.expected at Southampton about the sth of March. The Simla brought the mails to Suez, arriving on the 14th instant (three days early). AMERICA. THE DISUNION MOVEMENT. The British and North American Royal Nail etaaniship Arabia, Stone, commander, arrived in the Mersey yester day afternoon, with the mails from New York to the 13th inst. She brought 1,455 dole. in specie on freight, and nineteen passengers. In the Senate, on the llth,Mr. Green (Dem., Mo.):moved a request of the President for the correepoodeace with Great Britain in relation to the extradition of the fugitive slays Anderson. On the 12th Mr. Sumner spoke against the Crittooden resolutions, sad after some discussion be tween him and Mr. Crittenden, the subject was postponed, and the navy bill came up on the amendment for an ap propriation of 1,200.000 dole. to build seven new steam sloops. The amendment wee concurred in—yeas, 27 ; nays, 17. The bill then passed. Oh the 11th, in the House of Representatives, Mr. Craig (Dam., N. C.) offered the following, which was referred to the Committee on Foreign Affairs Whereas, South Carolina, Georgia, Alabama, Miseissippi, Louisiana, and Florida have seceded from the Confe deracy of the United States, and established a Southern Confederacy, and whereas it is desirable that the most amicable relations should exist between them, end war avoided as the greatest calamity that can result, therefore resolved by the Semi* and House of Representatives, that the Pre sid ent be requested to se kuowledge the independence of the said Southern Con federacy as soon as otacial information of Its establishment shall be received ; and that he receive such commissioners Barney be appointed by that government fur an amicable ad justment of all matters in dispute. Mr. M'Clernand (Dem., Ill.) introduced a resolution which was adopted, reciting that by the seizure of the Mint, money, and Custom-home by the revolutionary authori ties of Louisiana, the United States are put at defiance, and calling upon the President, if not incompatible with the public interests, for all the facts in the case, and what steps, if any, have been taken, or contemplated, to recover pos session of the said property. Palmer (Rep., N.Y.) offered &resolution :—" That neither Congress nor the people or governments of the non-skive holding states have a constitutional right to legislate upon or interfere with slavery in say alovelsolding st►te of the Union." The vote stood—yeas, 116; says, 4. Oo motion of Mr. Howard (Dem., Ohio), the house reconsidered the vote. Mr. Burnett (Dem., Hy.) demanded a division on the question, as to the purpose mid the right. The Speaker said the proposition was not divisible. Mr. Sherman (Rep., Ohio), who was in favour of putting the question in a shape that all could vote upon it, moved a substitute, leaving out the word " purpose," and it was passed.—Yeas 161, and BO says. From Tennessee we learn that the Union candidate had • large majority. Large quantities of corn were being im ported into Charleston. The Texas Convention had elected seven delegates to the Montgomery Convention. The Governor of Georgia had given assurances to the Governor of Virginia that the former state would abstain fora stipu lated period from all acts calculated to produce • collision of arms between the state and the general government. At Savannah Captain Vaughan, of the British barque Halos, bad been tarred and feathered by the members of the Rattlesnake Club, for asking • negro stevedore to dine with him. The British Consul at Savannah has offered • reward of 1,000 dole., and the mayor of the city one of 500 dole. for the discovery of the perpetrators of the outrage. Mr. Dix, Secretary of the Treasury, bad urgently ad dressed Mr. Sherman, Chairman of the Committee of Ways and Means, relative to the pressing demand on the Treasury. There was little more than half-a-million dollars in the Treasury, and there were requisitions amounting to ten millions of dollars unanswered. He asks for • loan of two millions. Captain Morrison, of the revenue-cutter Lewis Cass, had been cashiered for surrendering his vessel to the state of Alabama. The Preeident hes issued a proclamation, declaring that an extrsordinszy OCCAI6OII requires tho senate to convene for the truism:non of business on the 4th of March, at noon that day, namely, "To receive and act upon such commit. nications as may b• sent to it on the part of the Executive." This proclamation is in accordance with usage, and to enable tho incoming president to nominate for confirmation the members of hia cabinet. _ _ The steamer Velasco has arrived at Havana from Vera Crux. She brought exiled foreign ministers and Gen. Xiamen. The Papal Nuncio had been insulted in Vera Crux and took refuge at the French consulate. Miramon escaped disguised, after great dangers. The archbishop and bishops were all exiled. The populace stoned them at Vera ("inn and they ware afterwards detained by the autho. r itiee for trial. The American minister, Mr. Weller, was received on the 30th. SPEECH OF THE NEW AMERICAN PRESIDENT. Mr. Lincoln, at the latest dates, had arrived at Indianopolis, and delivered the following speech from the balcony of the Bate's House, to an assemblage of at least 20,000 people : "Fellow-citizens of the State of Indiana,—l am here to thank you much for this magnificent welcome, and still more for the very generous support given by your state to that political cause which, I think, is the true and just muse of the whole country and the whole world. Solomon says, There lea time to keep silence ; and when men wrangle by the mouth with no certainty that they mean the same thing while using the same word it perhaps wereas well if they would keep silence. The words' coercion' and 'invasion' are much used in these days, and often with some temper, and hot blood. Let us make sure, if we CM, that we do not misunderstand the meaning of those who use them. Let us get the exact definition" of these words, not from dictionaries, but hem the men themselves, who certainly deprecate the things they would represent by the use of the worde. What then is coercion! What is ' in vasion! Would tlie marching of an army into South Carolina without the commit of her people and with hostile intent towards thorn be invasion I certainly think it would be 'coercion' also if the South Cluolinians were forced to submit. But if the Visited States should merely hold and retake its own forts and other property, and nulled the duties on foreign importations or even withhold the mails from places where they were habitually violated, would say or all of these things be invasion' or 'coercion!' Do our professed lovers of the Union, but who spitefully resolve that they will resist coercion and invasion, understand that such things as these OD the part of the United States would be coercion or invasion of • state! If so their ides of means to preserve the object of this great affection would seem to be exceedingly thin and airy. If sick, the little pills of the homeopathist would be much too large for it to swallow. In their views the Union ea • family relation would be no regular marriage, but rather a sort of ' free love' arrangement to be maintained on passional attraction. By the way, in what monists the special sacredness of • Mete? I meek net of the position assigned to • state in the Union by the coostitutioo, for that by the bond we all recognise. That position, however, • state cannot carry out el the Union with it. I speak of that primary right of • state to rule ell which is less than itself. If • state and • county, in • given cane, should be equal in extent of territory, and equal in number of inhabitants, in what, as • matter of principle, is the state better than the county? Would an exchange of names be an exchange of rights? Upon prio fiple, on what rightful principle may • state, being no more than one-fiftieth part of the nation in mil and 25, 1861. population, break up the nalieshoseli then coerce a propor tionably larger anbilvision of itself in the most arbitrary way? Wh►t mysterious right to play tyrant is conferred on a district of country, with its people, by merely calling it a state? Felloweitisens, I am not asserting anything; I am merely asking questions for you to consider. And now allow me to bid you farewell." EXPRESS FROM PARIS. (nom oua owa PARIS. SUNDAY En0(1110. The latest and presumably most authentic news of the long deferred " address" is to be found in the following paragraph of the Moniteur : The labours of the committed, in the Senate and Corps Legidatif, charged to draw up the addressee to the Em peror, are in a very advanced date. It is thought that the draft of the Senate's address may be read at a public sitting on Monday, and that the debate, which in the old Chamber of Peers was wont to be opened on the day after the reading of the draft, will begin on Wednesday at farthest. As to the Corps Legislatif, it is thought that the draft of the com mittee will be presented to the assembly early in the week. The Patric is requested by M. Aug. Chevalier to contradict the statement made "in several foreign and provincial journals," that he has been pro visionally charged with the political direction of the Constitutionnel and Pays. The fact is, I believe, that the negotiation which was set on foot with M. A. Chevalier on this subject has gone off. I hear, however, that M. de Persigny intends to get pos session of those two journals for the government service. It has been stated that the Abbd Maret, a priest of Gallican opinions, lately nominated by the Emperor to the see of Vannes, has declined the preferment, out of deference to the Pope, who refuses to confirm the appointment. The Patric, however, gives a " positive " contradiction to the report of his resignation, and as this contradiction is accepted as conclusive by the Monde, which is "very sorry to hear it," I suppose there can be no doubt about the matter. The see of Vannes I must now remain practically vacant until either the Pope becomes more tractable or the Emperor shakes off the trammels of the Concordat. It appears that the Pope has put a considerable pres sure upon Cardinal Morlot, the Archbishop of Paris, to get him to resign his chaplaincy at the Tuileries and his seat in the Senate, by way of shaking off the dust from his feet as a testimony against the Emperor. But the Cardinal very cunningly tells the Pope that if he resigns any of his offices he must make a clean job of it and give up his archbishopric as well as the rest. This does not suit the Pope's book, because he knows the Emperor would put a decided Galilean at the head of the diocese of Paris, and so Mgr. Morlot remains at his post. The Prune says of the Bishop of Orleans' letter to M. de la Guerronnibre, " the style is vigorous, the phraseology happy, and the arguments old." M. Peyrat will reply to the letter in the Prase tO - The Pays learns from Rome that the Pope has placed on a proscription list the names of twenty five ringleaders of the manifestation on the Corso which hailed the fall of Gaeta. Whenever the Emperor finds his schemes for in terference in foreign countries seriously thwarted, his favourite device is to cry out for a congress. If you won't trust me to act by myself (he says), let us do it together ; if you doubt the wisdom of my advice, I am ready to appeal to Europe ; and forth with the government journals yelp in chorus that there never was anything like the candour and moderation of the Emperor. But it will not soon be forgotten that, in answer to one of these fami liar, dodges, Lord John Russell stigmatised a European congress, viewed as a tribunal for coer cing other nations, as a "tyrannical areopagus," the principle of which was inimical to all liberty. At this moment there are pretty evident symptoms that the French scheme of permanently occupying Syria met with a check in the conference held in Paris the other day, and now the journals have got the office to go in for an armed European intervention in Turkey. There is no disguising the fact, says the Presse, that Turkey is a minor under the guardianship of Europe. The I first thing to be done is " that Europe should take up an armed position in the heart of the Turkish empire. In substance Europe is a federation, and a federal intervention is what France proposes. It is impossible that she should not obtain it." The Pays speaks precisely in the same sense. PARIS, SATURDAY Emma. The Bishop of Orleans has sent his promised answer to the Guerronniere pamphlet to the press. It is in the form of a letter to the Viscount de la Cluerroniere, and begins as follows : Monsieur le Vicomte,-1 have read your new pamphlet, " La France, Rome, et l'ltalie," and I am deeply grieved to see such a cause supported by you. I am more particu larly sorry when I think, not of your talent, and character, but of your functions. You are the director of the prem, and you write with the permission, mud consequently with the authorisation, of the Ministerof the lotenor. Hitherto the veil thrown over the anonymous pamphlets which pre ceded this one of yours reduced us to conjectures—- choly conjectures, indeed; but we had no positive proof. Now we have the certainty that you are authorised by the government ; the government thinks it right and proper that the sovereign pontiff, already so unfortunate, should be denounced to public opinion by_a councillor of state. The Bishop then follows M. de la Guerronnihre through his history of the Papacy during the last ten years refuting every proposition as he goes along. lie maintains that when the war against Ares ria was undertaken the catholic party wore duped by the Emperor's promise that he would respect the Pope's temporal power, and by repeated and emphatic assurances to that effect given by M. Baroche in the Corps Legislatif, in answer to the anxious inquiries of catholic members. He names M. de Montalembert and M. de Fallon: as the persons 'stigmatised by M. de la Guerroniiire under the vague definition of the " catholic party," and extols the services which they formerly ren dered to the Emperor. He denies that the Pope ever refused reforms, and avers that the cry for reform in the Papal States was only a pretext for spoliation. He taunta the Duke de Gramont for the sneering way in which he speaks in his despatches of the " pious Bretons, " who went to Rome to offer their services to th e Pope, and gives it to be understood that it was entirely owing to the "church party," now contemned and re pudiated, that the Emperor was enabled to "pass triumphantly through the ranks of these same pious Bretons" on the occasion of a recent tour. His letter, which breathes the spirit of the church militant, concludes in the following terms : Frame, which beyond all doubt has hitherto shown more' love for Piedmont than for the Pope, may yet defend the Pope. Will she do so! Tell us, sir ; tear the veil which coyote your recent words, explain this indecent mystery, renounce these involved phrases and this unworthy equivo cation. What ! " Italy and the temporal papacy have not yet found the conditions of their equilibri um , " say you. Either these words are devoid of meaning or they infer I know not what impossible combination. The time has gone by when, as was proposed by the " Pape et le Coupes," the Holy Father was to be left with Rome and a garden. Piedmont now requires Rome for its parliament and for Victor Einmatiners residence. The Pope will have nothing left but his garden and his house. In other words, the tem pond power will be abolished ; the Pope and thecardinals will receive a salary and be provided with • lodging. You do not propound this consequence, sir, but everybody deduces it from what you have written. You know history, Monsieur le Vicomte. Charlemagne would not make the Pope his chaplain—the Pope would not be chaplain to the great Napoleon. and you suppose that a Pope is capable of being the chaplain of Victor Emmanuel! The power which France made, which France restored, which centuries have re spected—that independent see of the Pontiff of the human race which Paris would not cede to Vienna, nor Vienna to Madrid, sow Madrid to Munich, you propose to convert into a Piedmonts., probed ! And then, because we consider this power, which you would abolish, as essential to the in dependence of our faith, you scrum us of confounding tem peril thinp with spiritual. We are party men, the court of Rome is misguided and obstinate. You counsel an ire. possibility, and then you h Rome for repudiating your advice. Be sincere au:d e re:reel, air. Follow out your arguments to their legitimate conclusion. One may have two policies, but not two conclusions. Now you have two. D e . aide which you will adhere to. If you wish for the mainte nance of the pontifical sovereignty, frankly advise the Em peror's government not to allow Piedmont to lay a finger upon it. If the abolition of that ancient power is your aim; if is these sad times, when public morality often receives such rude shocks, the mast august representative of faith and Christisii morsht7 is to be sacrificed, say so ; if that be your opinio n uphold it. But at a moment when your pamphh t may rill up the measure of the undeserved misfortune' of the Pop e , at a moment when it may encourage France to abandon the temporal power of the holy see and encourage Piedmont to attack its—ah, at least do not lend words to insult the victim Frux, Bishop of Orleans. It is understood that the Bishop of Orleans has sent his letter round to the other bishops of France, asking for their adhesion. I only hear of two who have refused their signatures. A French bishop who has lately had an inter view with the Pope gives out that his Holiness is firmly resolved not to quit Rome under any cir cumstances whatsoever, and reports the following as the substance of a statement made by the Pop e in the course of conversation. The Pope has not the leant doubt that sooner or later France ma withdraw her troops, and that the Piedmotitee will take possession of his small remaining territory. But this " crowning act of spoliation" will in no way change the conduct of the Holy Father. " 1 may perish," be says, "but the papacy will not perish. I may suffer martyrdom, but the day will come when my successors will enter into the full possession of their nights. Saint Peter was crucified, and yet I am here." It being remarked to the Sovereign Pontiff that he would very soon b e penniless, he replied that he was quite devoid of anxiety upon that subject, since he should always be sure of finding three francs a day to live upon, and that was all he wanted. The ex-King of the Two Sidlies, in declining to swept the chateau of Pau for his residence, is reported to have made use of the following words to M. de Gramont :—" I cannot accept this kind offer. The Emperor Napoleon is my natural ad versary. The Bonapartes cannot love the Bonr. bons. But I declare this, that the Emperor of tho French is the only sovereign who has held out a hand to me in my distress. ' It appears to be quite decided that Francis 11. and his Queen will not go to Spain at present. The Spanish government feels hurt that he should have preferred to make his exit from Gaeta in a French ship rather than in the one which Queen Isabella had in waiting for him. According to the latest news, their Neapolitan Majesties will leave Rome on February 28 for Bavaria, and will take up their residence at the Chateau de Bans, near Lichtenfels, a picturesque old abbey, well known to tourists, situate at a abort distance from Munich, and belonging to Duke Maximilian of Bavaria, the father of the young Queen. According to accounts coming from • credible source, Prussia and Austria in the late conference were far from giving to the French project for a prolonged occupation of Syria that support which was expected—or rather pretended to be expected —by France. The period of two or three months longer which has been spoken of is not a concession to, but a restriction of, French pretensions. The Porte very firmly insists upon not granting more, and that upon the ground only of the convenience of the French army—not upon the necessity of its presence in Syria for another hour. Lord Cowley warmly supported the views of the Turkish pleni potentiary. M. Thouvenel is very sulky about the matter, and it is hard to say what will come of it. There is a report that the Grand Vizier u coining to London and Paris on a special mission. The Opinion Nationale, in the following depre• catory paragraph, announces that England is press. jug France to join her in making war upon Japan We are assured that England, who is always ready to take France for an ally to further her own interests, is now proposing " a common expedition against Japan." The Opinion NatioNak said the other day what it thought of the Japanese people, of their merits, and of the injuries they have suffered by their contact with European. We mama that we cannot comprehend the utility of the pro posed campaign, for which them seema to be no appreciable ressoo and the only result of which would be to ruin our commercial prospects in that quark", and to make us hated in the East. The Bourse was steady to-day, but with very little business doing. The Rente closed at yester day's prima. Mobilier fell 1.25. The railways were a shade higher. The Caisse Mires rose nearly 10f., closing at 90. There is no confirmation of a report that M. Rothschild and other bankers were likely to buy up the Roman railways, the port of Marseilles, and other undertakings of M. M'ires The Bulletin de Paris says that out of the 500 mil lions which Mires undertook to get for the Turkish loan he only realised 250. MESSINA. A Mesisina letter gays : The text of the capitulation of Caeta contains a clime implying that the citadel of Messina shall be surrendered to the Sardinian military authorities it, Sicily, and that the garrison of Gaeta shall remain prisoners of war till such inss render shall have been effected. It was therefore to be sup posed that General Fergola would at last yield, and would feel that there was no longer any reason for prolonging the arrangement which left the hag of Francis 11. on the forts. After the capitulation of Gaeta, General Cialdini informed the Sicilian authorities of the fact, and bin despatch was published at Messina on the 14th inst. The popubitioe immediately crowded the streets, manifesting - their joy and enthusiasm by hums and rejoicings, especially about the piazza of the cathedral, where General Chiabrere, the commander-in-chief of the Italia/ army at Messina, resides. Loud cries were raised for General Chiabrera to appear, and he was Naked what were his intentions with regard to the Bourboniats in the citadel. He had already sent a flag of truue to Fergola with an order to surrender, couched in the following terms :—" if your residence has hitherto been tolerated, henceforth it would conatitute a crime. In the name of his Majesty Victor Emmanuel, King of Italy, and of the Italian nation, I hereby call upon you, general, to surrender." General Teeple merely sent a verbal answer to the effect that "he di.l not think himself authorised to give up the fortress. which he regarded as altogether independent of the fall of Gaeta, and that he would resist to the last extremity." rev receiving this message from the messeng er whom he had seat, General Chiabrera came out on the loony and simply said to the people, " They will not surrender." The crowd blatantly raised frantic cries of " Force them ; force them Death to the foreigners! Italy for over!" DENMARK. The Dagbladet of the 19th inst. publishes the following : As order was issued on the 15th inst. by the Minister of Marine, designating the officers who, in case of hostilities, aro to take the command of the shipi of war, and giving direction for the disposal of the gunboats destined to blockade the enemy's ports or to be stationed on the eastern or western coast of the peninsula of Jutland. The Minister of War is also showing great activity. The services of 12G officers on the reserved list have been acamted. Respecting the rumoured difference of opinion in the ministry the Dagbladet says : It is natural that the gravity of the moment should give the to debates in the ministerial council, and that entertain points there may be a difference of opinion, but there has been no difference on principles, and the most perfect union prevail/ now among the members on the means to be adopted to meet the invasion of the Confederation. A cabinet council will be held to-day, iu which the plans of the ministry will be submitted to the King for his decision. OAETA. The Genoa Gazette publishes a letter from Gaeta containing the following details respecting the state of the town when the Piedniontese troops took pos session of it : 1 have just entered Gaeta, and it is almost impossible to imagine its miserable condition. In the square one abao. lately walks on iron. It is even difficult to get along the streets, so obstructed are they with the ruins of homed knocked down by shot and shells. Here and there I saw men wheeling barrows containing the mangled remains of bodice extricated from the ruins. One poor woman was cot out still living from under the fallen walls of a house, where she had lain several days with a broken leg. A wounded soldier was also found dying in the street, 'lore he had no doubt been abandoned in the midst of the coda. *ion caused by the last bombardment. Rut the worst set as of all is the Transylvanie battery, which was blown alai the explosion of the powder magazines. The walls thmwe down, the very rucks riven, and the ground strewn with shells and gresedee, present a sight which really makes ova shudder. The fine Gothic church is ruined internally, lo outer walls alone remaining. Many other edifices are ex tensively injured, and it is evident that if the siege had lasted another month Gaeta would have been utterly dc• e, strayed. The number of sick and wounded in the toall I was 1,700. aba Plc übil vat deg ail EV Or TH) in It in Pi. to th. into Nich. Frew men, narie. retur aervn borne exam they DOW I brute have meet witty eugag been MY 0 to bel be roi The were 1 a t d y, eV: rev paid a made of ti duty attent who and ti beat c Mic ' T he I tab , . braes found ing th Uncle Were I iie being were ' II) Y.. 1( bed prow exe ca * 11 94 pt bo.e.. _boWe !M. ll %bold