The Express.
London, England, 1864-11-21 00:00:00

LONDON, MONDAY, NOVEMBER 21.

AN-tare still without cer:ain information respecting
the manner in which the seizure of the Wachusetts is
regarded by the Government of the United States,
but we know what is of next importance—the
light in which that act appears to the American
Minister at Rio, who must be supposed to have
a general knowledge of the intentions of his Go-
vernment and its disposition towards Brazil.
The French steamer which left Rio on the 25th
of October brings letters from which we learn that,
immediately on the arrival at Rio of the news of
the capture of the Florida by the Wachusetts,
the Brazilian Government addressed • note
to Mr. WEBB, the United States Minister at that
Court. This note, together with Mr. Wxun.::
answer, is published in the /horn" Official of
Rio. In bit reply to the note of the Brazilian
Government, Mr. Wenn promptly and vigorously
repels in the name of his Government and for
himself all complicity, direct or indirect, with
the act of the captain of the Wachusetts. The
seizure of the Florida, he states, was not antho-
rised by the orders or instructions of that officer.
He accepts the statement made in the note of the
Brazilian Minister as exact, reserving to himself
the right of making subsequent corrections in it.
The Government of the United States have always
directed him, he continues, to express its confi-
dence in and friendship for the Brazilian
Government for many reasons, besides the fact
that the United States and Brazil are the two
principal governments of the American continent.
With these sentiments, Mr. WEBB says he has
learnt with deep regret that • commander of an
American ship cf war has taken on himself the
responsibility cf capturing a rebel cruiser in the
port of Bahia, and finds himself able to assure the
Imperial Government that every reparation that
honour and justice require will be offered to it more
promptly and frankly than if the same act had
been perpetrated in a harbour of the moat power-
ful maritime naticn cf the world. This reparation
will, however, be given under protest, as the
United States Government denies the tight of re-
cognising the character of belligerents in those
who are in rebellion against the legal Government
of the United States. B.it the United States
Government, desirous of consolidating its friend.
ship with Brazil, will not, Mr. WEBB adds, allow
that consideration, or the violence which waa in-
spired by the insclt to the Brazilian honour at
Bahia, to interrupt the alliance between the two
States.

The Brazilian Government has ordered a court
of investigation on the conduct of the officers of
the ships of war and forts in the Bay of Bahia on
the occasicn of this outrage. Full instructions
have, it is understood, been addressed by the
Brazilian tlevere:nent to the chargd d'affaires at
Washington, to reluire satisfaction and redress
for the capture of the Horida.

IT is common to speak of a panic as the just
consequence of over-speculation, and the conclu-
sion is in a great degree warranted ; but the fact
is not to be lost sight of that the incidence of the cala-
mity by no means corresponds to the justice which
is thus supposed to be meted out. In very rare
cases does it happen that a commercial panic ex-
clusively visits those that have caused it with
retribution. Hence it is wrong to talk about mere
speculators receiving a lesson. Mere speculators are
little disquieted by a crisis which cannot affect
them except by reducing them to temporary inacti-
vity. Their whole loss consists in the circumstance
that the times are bad, andthat a new company will
not float. If mercantile houses fail by the score
promoters can suL r little or nothing ; they have
neither capital embarked in trade, nor do they do
business as bankers or discounters. In the come
ple xi state of nor modern civilization it is proved
that what affects one class of the community will
also press upon other,. It is equally well known
that while those who are most to blame suffer some-
what, ot!.ers who are comparatively innocent have
to bear the heavier share of the burden.

It is a miatake to suppose that a panic is
necessary to clear the commercial world of its
worst elemews. Ti.is is signally proved by
the great failures iii the leather trade that took
place some few yearn Lick. It was shown before
the several meetings of creditors that an unsound
system of dealing had existed, involving the un-
scrupulous use of accommodation bills—that worst
form of irregular trading—and that it was only
founi out by mere chance. There is reason
to believe that the practices which were then only
fully brought to l ht had been going on for a
period long antecedent, perhaps during the
memorable year According to the ordi-

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