The Express.
London, England, 1863-10-19 00:00:00

fIAYMARKAT.

MIS Emmert, THE RIVAL4.-------- CAI dale, Buck-
done, Howe. Rogers, Ferree, Clark. sad MILM Mesdames
Snowden, Angel, end Fltzwill•am.—THY BENGAL TlGal. Mr.
and Mrs. A. Wigau.—And HY HUSBAND 8 GHOST.

LYCEUM.

01 SAYIJADAT, Oer. 3171/1..1511110N10, s I ova Story.
Naas. neater. Brougham, 1m0..., Neville, sad Uardia ;
Macs Tsar, Lavern, end laborix Ay, sad Mr... Lee.

BIUTLNICLL

Mg STEM% TB DAYS OF LOGIS XV. lira S. Lae.
—TRH GREAT GHOST EFFECT. Yearn. Reynolds and Cooks ;
Madames Cranford and Yarnold.-54nging by Sam CAM%
Mr. Randall, and Hun Pleon.—And IDLY O'CONNOR.

HIGH WATEM AT LONDON IRIDOIL
T DAT —ll47slse. eh 27 A/lonises. eh. Ms
10001110 W —Manias. 7m. 7b. Sus.

LONDON, MONDAY, OCTOBER 19.

TILE recent telegrams respecting the movements
of the rival armies on the Tennessee River have
been more confused and unreliable than usual.
It was reported, for example, by the last mail
that the Confederates had seized Knoxville, and
forced General BURNSIDE to retire on Cumberland
Gap. Now we are told that BURNSIDE has not
only firm possession of Knoxville, but that he
holds • considerable range of country south and
east of that place ; that he possesses all the passes
into North Carolina ; and that his right wing is
in communication with RoszcxaNs. The previous,
report about the taking of Knoxville and the re-
tirement of BURNSIDE was, as we pointed out at
the time, so improbable, so opposed to the known
facts of the campaign, as to be scarcely entitled
even to temporary belief. But some of the
rumours brought by the mail just arrived are far
more difficult to understand, and entitled, there-
fore, to even less credit than the Knoxville story.
We are told, for instance, that the Confederates bad
attacked Shelbyville, and captured 16,000 pi'sln.
era. But the improbabilities involved in Ws
statement are so numerous and so serious that it
is impossible to accept it as authentic in the pre-
sent state of our knowledge. Not to mention
graver difficulties, Shelbyville is a mere outpost,
thirty miles from RORECRANS' main line of commu-
nication, and more than seventy miles in his rear,
and it is not very likely that a force so large would
be stationed at • post so far from the main Fee.
A more serious difficulty, however, at'fies from the
fact that the capture of 15,000 men would involve
the presence of a Confederate army at Shelbyville,
and as the roads for a considerable distance west of
Chattanooga are held by the Federals it is difficult
to understand by what route a Confederate army
could have reached Shelbyville, and still more diffi-
cult to believe it could have advanced so far with-
out having struck a decisive blow at some more
vital point of the Federal line.

The rumour, even in its exaggerated form, may,
however, be accepted as reflecting what is no doubt
the fact—that the Confederates are actively ope-
rating on ROBECRANS' long line of communication.
According to the last mail, a good deal of skirmish-
ing was going on in his rear, and bodies of Con-
federate cavalry were moving towards various points
of the Federal line. This, of course, was to be ex-
pected. Raiwarirs'line of ccmmunication is fromits
length peouliarlyexposed toattack, and Biuoo'strae
policy obviously is to cut off the Peden' general's
supports, by detaching as large a force as possible to
act in his rear. The attacks on Shelbyrige and
Macminiville, which appear to have been made
almost at the same time, indicate no doubt that en
attempt was made in this direction, but from all we
know up to the present date it may be assumed with
tolerable certainty that these were simply cavalry
attack', which, however successful for the
moment, can have no permanent effect- on the
Federal line. These rapid cavalry raids may no
doubt harass the Federal communications by
breaking up the rails, destroying bridges, and cap-
turing small bodies of troops; but unless a
Confederate army can be thrown upon the line,
Rosecaaast communications with his base will be
easily kept open, and may be pronounced perfectly
safe. There can be little doubt, however, that
with such a powerful force in his front he will
soon have to fight another battle, and for this all
the recent news seems to show he is actively pre-
paring. The latest item of news, brought by the
China from Cape Race, and dated on the morning
of the 10th, states that General Rosaczaxa, having
been heavily reinforced, would speedily resume the
offensive. And if the intelligence as to the strength
of BC/MULE'S position, and the juncture of his
right wing with Rosacasass' left, is correct, thole
seems no reason why he should not be prepared
to do this with effect. Most probably, indeed,
the rival armies have before this again en-
countered each other and fought a battle that wall
be the decisive one of the Tennessee campaign.
But it is useless with our present knowledge to
speculate on the result. We have as yet no suffi-
cient materials for estimating even the chances of
success on either side ; and the singularly confused
and unreliable telegrams just received afford us
very little help. We most still await the more
decisive news of the next mails.

Tax phenomena of the money market have seldom
been more complex than they are this autumn.
We see a high rate of discount firmly maintained
on the morrow of an abundant harvest the
bullion reserve of the Bank failing in the face of
importations of gold larger than the exports, and
money abundant with bankers and brokers, while
the action of the Bank is closely watched for some
omen of a coming season of trisl. This abnormal
state of things has hitherto been partially accounted
for by periodical causes which have usually ceased
to operate by the third week of October. The
quarterly dividends have just been paid, and
the greater portion of the money--about two.
third♦—must be in the hands of the
bankers of the fundholders. The release of
this money, however, has been accompanied with
no appreciable effect on the market ; the con-
tinued decline of the bullion and reserve of the
Bank, as shown in the last return, neutralising its
effect. The discussion as to the causes of this
mysterious drain of coin and bullion continues ; but
the public wants facts and certainty, whereas
nothing but conjecture and probability has hitherto
been furnished, the result is not satisfactory.
India, Egypt, and the new banks are mentioned at
random as having caused the scarcity.
Egypt and the East, however, have taken