The Express.
London, England, 1862-04-28 00:00:00

•1 masitATLONDOS WOOL

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LONDON, MONDAY, APRIL 28.

TRY new Russian Loan, which it is said will be
introduced to-morrow, proves to be of even larger
amount than that lately stated by ru.nour. ROlaill
actually offers 16,000,000•. of stock in a lump, so
that the Loan is quite removed by its magnitude
from the ordinary category of such transactions.
Ou this ground, as well as bemuse of the effect
which, if the public respond, it will probably have
upon our money market, it calls for unusual
attention. One of the largest foreign loans ever
introduced here was the Russian 12,000,0001.
Three per Cent. Loan of 1859, but in that case
the total amount of money involved was scarcely
seven millions and three-quarters sterling, and a
great deal of it was supplied from abroad. Again,
the net cash proceeds of the Turkish 8,000,0001.
Loan lately placed in London will be
considerably less than 6,000,0001. But the pro-
posed Russian Five per Cent. Loan, if we swims
the net proceeds at 90 per cent., represents the
immense sum of 13,500,000/. in hard cards. Even
allowing for the participation of the continental
markets, and for the advances which the em-
barrassed borrower has probably already obtained
in anticipation from the agents, the liability is so
large as to inspire apprehension. The grand
object of Ramis in re-appearing so soon in our
money market is to attract specie from the West,
for at home she is overwhelmed with inconvertible
government paper. The present is therefore to
be practically a specie loan. on several occasions

the withdrawal of three millions of bullion
from the Rank of England has been found
sufficient to carry the rate of discount
up to 3 and fi per ccut., so sensitive is our mone-
tary machinery. It is natural, therefore, that a
wide-spread uneasiness should be occasioned by
the magnitude of the commitment which it is
proposed to fix upon us, and it behoves the sub-
scribers to bear steadily in mind both the steep-
tionsl features of the present Loan, and the finan-
cial induenco it may exercise when the weight of
the payments comes to be really felt.
In a matter of this kind bias or prejudice ought
to have no place. The Russian Loan must be re-
pried solely from the calm business point of view.
It is simply a question of employing our surplus
looney in the most advantageous opening.. Russia
has just aa much right to apply ea Turkey, Mo-
rocco, or Egypt. Each transaction must be exa-
mined upon its menta. The most cursory glance,
however, sh..vis the difference between these mess
N•e were in a position to accommodate Turkey,
Morocco, and Egypt, because the extent of their
several applications was moderate, and in accord-
ions., with our means, and became they came
while we were relatively full of mossy, and but
lightly engaged. But this new borrower not only
soaw just as we have made large engagements,
►is dinnand m immoderate, and, indeed, almost
unprecedented. Before, in a sense, denuding and
inconveniencing ours.lves, we ought to remark the
nature and causes of the present plethora in the
money market. The surplus which we are ►eked
to part with appears to by not a real or permanent
surplus; it consists for the most part of trade
mosey thrown out of its customary channels by
the unfortunate qussi•suspsnaion of the greatest
of our industrial pursuits. A surplus of money,
occurring so soon after one of the most unsatis-
factory harvests on record, one which obliged us
to pay to the foreigner an extra sum of thirty
millions sterling in a single year, is no indication
of exuberance of profits, such as would warrant
our embarking in foreign investments upon the
enormous scale proposed. But, indeed, a more
glance at the condition of the cotton manufacturing
districts', at the severe impoverishment of its
population, at the depression which prevails in the
iron and other large interests, and at the fall/we(
in railway traffic, would suffice to dissipate the
idea that our excess of money means excess of I
profits. On the contrary, we are making lees
profit than usual, because we are doing a smaller
amount of trade, end it is precisely on account of
the depression of business that we are so full of
money. A point not to be lost sight of is, that
the money we are now jingling so carelessly
will all be wanted in its ordinary commercial chan-
nels when trade revives, and that, if the revival
finds us entangled in foreign loan engagements to
an extent unwarranted by our cireurnetancies, trade
will suffer. In this way, with a straitened money
market, and with the accompanying depreciation
of all commodities and securities, we might be