The Express.
London, England, 1855-10-22 00:00:00

Tardil7 reeephiag the dengue of the situation, the
Frame Government and the Bank el Imam have
now entered upon a policy ot sodden teetiletion.

Washing Weil ahenitly frees its •Isag-aberiebed
&rem sympathies, the Bank of Frames his rapidly
Weed its rate of Internet and disewant from 4 to 6
per amt., hes inflicted heavy lons apes the speculators
Ity sasses ministiess se regards advances upon all
anNetplimet Omit aad share propesty, and threatens
What sumo In the same dirootion. In the essn-
aimr to a Impwate attempt to re-establish its
position, the Bank has entered into extraordinary
epsmtiese lttt the inteelosike of gold, indifferent as
to the warskledig was ion Immediate loss, provided
the peewit exisermey eau be mot. It appear., how-
ever, that way well-lohniesel persons in Paris doubt
whetbas

the ends am be thus averted, and express a
belief that ere long we shall witness a suspension of
ash payments by the Bank of France.

It will be seen from the tenor of these remarks
that, whilst recognbing the existence of several
causes of anxiety, we regard the monetary position
of this country se in itself perfectly sound. Yet, if
these bullion operations of the Bank of Franco be
carried to any further considerable extent, they
threaten, coming in addition to our other dill:shies,
to bring oa a cries here. It is true that there is
meson to believe that all the gold withdrawn from
the Bank of England does not leave the °pantry.
The private banks are understood to hold at present
no lees than two millions of bullion and specie. Liberal
arrivals of gold too frunaustralia, wand which we re-
port to-day,may prove an important palliative, and the
inherent healthiness of trade an effectual safeguard.
Nevertheless, the position of affairs is critical,
and is bringing the provisions of the Bank Charter
Aet of 1844 into grave discussion. In Liverpool,
especially, some of the leading merchants are in-
viting public attention to this matter. For our own
part, we are no admirers of the Act, and would gladly
hail the removal of many of the trammels which it
imposes--an enactment which might be tolerated in
1844 being sadly inadequate to the enlarged require-
ments of commerce in 1864 and 1856. In deprecation
of the adoption of hasty conclusions, we would at
the same time point out that the existing causes of
anxiety are essentially different from those which
prevailed in 1847, when a relaxation of the Act was
authorised by the extraordinary interposition of Go-
vernment. Then, the rottenness of our commerce

wu the disturbing agent; now, trade is mead,
but an adverse bullion movement is in pro-
gress. This movement oar Bank is endeavouring to
cheek by a ries in the value of money. The question
is, will it ;mooed ? On the other hand, would not

an incenses& issue of notes, such as would be occa-
sioned by a relaxation of Peel's Aot, accelerate the
efflux of gold P It is unfortunate that upon this cur-
rency question so many men have strong pre-
conceived opinions, to which they seem to consider

themselves bound to adhere under all circumstances,
howsoever dissimilar. Let us, however, not judge
hastily, and recollect that the Act in question has never
yet been subjected to the test of war. The monetary
pressure upon our commerce may possibly become so
serious as to constitute an evil of greater magnitude
than any other at present surrounding us, and in this
cue the commercial community would cer-
tainly appeal for the interposition of Go-

maenad. Currency laws, let it be remem-
bered, were made to promote commerce, and
limy provisions are found to shackle it, they must
be swept away or modified. Our advise to the mer-
cantile community would therefore be, to watch the
progress of affairs warily, but with confidence in the
soundness of our commerce, and in the willingness of
Goveremeut to interpose, should necessity arise. At
the same time we cannot help expressing our belief
that a notification from Government to the effect
that they are prepared in such caw to afford relief,
would go far towards sustaining confidence. Were
Parliament in session, this assuranos would probably
be readily obtained. Having just prorogued the
meeting of the Legislature to the 11th December,
Ministers have voluntarily amused a grave responsi-
bility, and we therefor, the mere earnestly press this
point upon their atteutims. We have not forgotten
how miraculously the Treasury letter of the 25th
Oct., 1847, authorising the Bank to make extraordi-
nary advances upon "approved securities" at even
the high charge of 8 par cent., converted borrowers of
money into leaders, and led to a rapid recovery of the
prostrated mouneree of the country.