The Express.
London, England, 1865-03-21 00:00:00

ARRIVAL OF KING VICTOR EMMANUEL

AT TURIN.

TURIN, bairn 20.
King Victor Emmanuel arrived here to-day, and
was received by the ministry.
On account of the diminution of brigandage in
the southern provinces the military department of
Benevento has been suppressed.

SPAIN.

MADRID, MARCH 20.

The Epoca of to-day announces that the salary
of the Spanish Ambass►dor to Francis 11. of
Naples bas been suppressed in the budget for 1865.
The same paper says :—" If the Minister of
Finanoe issues a loan it will be with the gre►test
publicity. The Minister has entered into engage-
menta with no one."

The None of Florence, mays :—" The telegraph
brinp w sews of a fresh protest of the Venetian spinet
the foreign rule, put forth on the occasion of Victor Fan-
manuel'a birthday. An army of about 120,000 soldiers
vamped as in an enemy's territory, a police that hen at iii
disposal another army of satellites, cannot prevent the de-
monstrations that the indomitable sentiment of an oppressed
people south ally makes under the eyes of its tyrants, ma •
warning to the powers that there will be no durable psalm
io Europe until its fetaers are removed, mid jostles is
rendered to its desires." . .

TER CodeMrier OP Marico.—The Debats of yes-
terday says :—" Although the capture of Nees is a forte-
ads east for the Emperor Maximiliao, this swam is of
• kind to awaken unpleasant reflections. There was reason
for supposing, from the correspondence of the ifonikur,
that the raided, of the Joarist party bad for a long time
been confined to guerilla expeditions, and to hicurtioos of
small bands ill awaked and badly armed, scattered at
\inhumed throughout the Mexicaa territory; and now the
deepatch which briefs us news of the capitulated of
Osjacs informs us that there was a garrison in that town
014.000 men furnished with fifty to sixty fat"
EARLY Howooss.—The Paris Prase says : "The
Prince Imperial has received for the celebration of his birth-
day the grand cordon of the Danish order of the Elephant,
with a host of foreign deoorstioes."
REPRESENTATION OP ',ZED& —The conservatives
of Leeds do not appear inclined to allow the two liberal
gentlemen now before the 000stitneacy—Viaoonnt Amberley
and Mr. Beide, M.P.—to walk over the coarse without
a detest. At a meeting of the Conservative Association,
held on Saturday afternoon, Mr. John Ellershaw in the
chair, the following resolutions were adopted :—" 1. That
it is the duty of the eoeservatives of Leeds to racist
the aggressive attempt, now mad, by the ' Liberal petty'
to monopolise the whole repree...tr.tioe of the borough.
2. That while the toseenittee regret that the pesos of
the borough should be disturbed so loaf before the election
is likely to take place, they consider it their duty to them-
selves, ea well as to Mr. Bdcrott, sot to give their oppo-
nents the advantage of a start, but at ode to isatitate an
active mover in hie behalf. 3. That Mr. Rodeo:Vs conduct
as our representative, his attention to hie duties in parlia-
ment, the invariable wady and urbanity be has shown
to his constituents of all ranks and parties, not leas than the
general estimation in which be is held throughout the bo-
rough. entitle him to our contiodd confidence sad support."
Io the meantime the liberals are not idle. They bare
appointed a powerful general and working committee, and
are sanguirte that they will be able carry their two men,
owing to the regarded being in their favour. A severe
fight will be the result oi the dissolution of parliament.
REPRESENTATION or Non= DEVON.—Sir George
Staley has refused to become a candidate for the counts.
torony. It was generally understood that be bad desisted,
but on Saturday morning a handbill waa posted over Barn-
staple announcing that he had decided to stick to that
borough, sod giving the following letter addressed by him to
Mr. 4.M00r• Stevens :—" Exeter, Muth 17, 1865. My
dear Stever,—My consideration has been given most
seriously to the proposal whichyou and other friends have
kindly made to me, that I would allow myself to be
sominatioa for the Northern Division of Devon ;
tier Idfeel that I ma so strongly pledged to my friends at
Barnstaple, that eoesisasetly with my published add seer
an them I am sot free to offer myself for the occeptaaes of
another oonstitiseney.—Yours sincerely, Gearing S. Sycc•
LIT.. This aesonacenient has taken the party by surprise,
, did leaves them in .psi ica by uo mead (degrade for
I carrying en the eontest. Its stated that ender these dr-
. camstasom. and is view of tie fortheemiwg general deo-
• ties, the liberal readidate will be allowed to walk ever the
Gonna —Wrstmi Morseling Nom
itimuorrAnoN or TIPPERARY. Sir John
Orwell Cardin, Bart, Templemore Abbey, has signified kis
! iodation of seatentieg time county Tipperary at the ad
dedden. Clagetaim Otway, R.N., will ale be in the IskL—
Limerick &maim Cheneiscic.

(nos ova BMWs 00113/81OIIDINT.)
NEW YORK, Maaca 4.
There seems to be but very little prospect that any
effective cheek will be put upon the paper issues of
the national banks. A bill has been passed in the
House of Representatives which is intended to
remedy the evil, but it can hardly be called even a
half-way measure. At present the circulation of
these banks is only limited by the amount of their
capital ; the bill proposes to restrict the issues of
those whose capital is 500,000 dollars or less to 90
per cent of the amount ; over 500,000 dollars and
less than 1,000,000 dollars, 80 per cent. ; not ex-
ceeding 3,000,000 dollars, 75 per cent. ; and not
exceeding 5,000,000 dollars, 60 per cent. At pee-
lsent these institutions are springing up ell over the

country with the most alarniiniraiddity. AU that
is necessary to start one is to invest 60,000 delimit
or any larger sum, in United States Bonds,
and deposit them with the Comptroller of
the Currency. The bank draws interest
on them like any other balder, and then is
. .

liberty to Lame notes of its own,which at present
are irredeemable to the full amount of its capital.
I need hardly say that this is the only function of
a bank which the vast majority of these organisa-
tions are now discharging. I believe Mr. Chase's ex-
pectation, when he concocted the scheme which has
called them into existence, was that they would
not only provide a uniform paper money, which
would displace the circulation of the local banks
all over the country, but act as media for the sale
of government securities to the class of small in-
vestors in the country towns, and thus widen the
area from which the public credit was to derive
support. And this view of the matter was loudly
preached by all the " loyal " journals,
until at last that unfortunately large elms
of persons who cannot be got to see the
danger and absurdity of examining financial
plans solely in the light of patriotic enthusiasm,
began to denounce everybody as enemies of the
government who saw anything in the national
banks but the means of a glorious and beneficent
revolution in the currency. The public have DOW
begun, however, to perceive that the national
banks are in reality, whatever they may be in.
appearance, a means of enabling the government to
issue enormous quantities of irredeemable paw,
without appearing responsible for it. The security
which is deposited with the comptroller is no secu-
rity at all. The banks make no pretence of
redeeming their notes in specie—are not obliged by
law to do so, and the holder has no means
of obtaining from any quarter anything
more substantial for them than other paper,
unless be chooses to turn them into goods.

The bonds which are deposited in pledge would not,
of course, even if thrown into the market, bring
half the nominal value of the bank planer ; and
there is no means of compelling the government to
throw them into the market. So that as security
they are about as valuable as the public domain
on wbioh the French &Reignite rested, or that en-
tire property of the nation which one is constantly
and magniloquently assured here, is pledged for the
payment of the national debt. One might reason-
ably expect that amongst a people so acute as the
American", the folly of attaching any importance
Ito pledges for which there is either no market, and
which cannot possibly be turned into money, con-
stitute no security for the payment of promissory
votes, and yet there is no delusion more widely
spread than this one. It is not very long since
I saw a pamphlet written by the president
of one of the New York banks, a man of great in-
telligence, wailing this national bank system, in
which he gravely assured his readers that the
whole possessions of the inhabitants of the United
States were mortgaged for the discharge of the go-
vernment liabilities. Thousands console them-
selves with reflections of this kind, without ever
asking themselves whether the inhabitants would
be likely to strip themselves of all they bad in order
to satisfy the government creditors, or if they were
willing to do so, where a market would be found for
the goods and chattels.
The plan of the National Banks is borrowed from
that of the banks of this State. All banks in New
York have for many years been obliged to draw their
notes of circulation from the State Bank superin-
tendent, who deliver 3them only in exchange for State
bonds of a similar amount. In case of the failure of
the bank, these bonds were in the good old days of
specie payments sold, and the proceeds in gold
handed over to the holders of the notes. But, of
course, the bolder of the National Bank notes
has no such remedy. The bonds, indeed, are duly
deposited with the government officer, but the
power of compelling him to sell them for gold for
the payment of the bank creditors, which only
gave the ceremony the slightest value, is wanting.
The privilege of issuing these notes, with complete
exemption from all further 'Ability, is, of course,
a very valuable one, and thousands are availing
themselves of it. I think I may safely say that
not one in ten of the new banks is started with
the intention of doing any of the ordinary busi-
ness of a bank whatever—making loans, or
receiving deposits, or collecting debts. But,
as I have told you more than once, their print-
ing presses are at work night and day. It is calcu-
lated that they tarn out 3,000,000 dollars every
week. A case came to my knowledge yesterday
which is an admirable illustration of the process
which is now going on all over the country. Two
men started a bank in partnership in New Jersey,
each putting in 50,000 dollars, making the whole
capital 100,000. With this they bought United
States, " Five-twenty " Bonds, paying six per cent.
in gold. These were duly deposited with the
Comptroller of the Currency, and on receiving the
usual certificate they issued 90,000 dollars in bank
notes,wbich they in like manner invested in United
States " Seven-thirty " Bonds, paying 7i per cent.
in paper, thus securing 39 per cent. (calculating gold
at 200) on their original capital. lam assured that
they are now enjoying themselves, and are neither
doing. nor intend to do, any other banking Wei.
nese, and yet their position is perfectly unassailable
in point of law. They have to all intent" and pur-
poses cleared 90,000 dols. at the expense of the
public, and the only thing the public has gained by
the operation is the possession of some security for
the " loyalty" of the two " bankers " to the United
States government. In short, when one sees the
way in which this extraordinary scheme is working,
one can only account for Mr. Chase's imposing it
on the occuitry, by supposing that be expected the
war to be over by the time it got into operatics,
and that its powers of inflation would then be held
in check by a return to specie payment'. All his
financial measures were conceived and carried out
under the influence of a most unfortunate deludes

as to the probable duration of the struggle with
the South ; but, it is right to aid, that it was by
no means peculiar to him.
The bill now before Congress will, of course, only
diminish the evil, it will not remove it. No dimi-
nution of this bank paper will relieve the country.
The greakobjeclion to it is, after all, not that there
is so much of it, but that ;here is any at all. There
is not one dollar of it called for by any interest,
public or private. The circulation was al'
r'eady re-
dundant, owing to the paper issued by the govern-
ment itself ; but this source ass stopped, gold had
aunmed a certain steadiness, and it was beginning
to be possible to carry on business with a tolerable
approach to security when the national banks were
allowed to flood the country with their notes, every
one of which it is safe to say plays its part in rais-
ing prices, and plunging the government of the
country into a great slough of despond.