The Express.
London, England, 1853-08-30 00:00:00

" Nothing," it said, as if it omit to robokorogoots
here as well u in New York—
Nothing is more common than that is a ressma% of
pressure in the money market complaints i►w)d be
made against the baLks, and they be held myteasibin for
the state of things. We have sot much cause to be grate-
ful for .` favour; received from the banks," but they con-
stitute a very important portion of our commercial system ;
and as such are entitled to be defended against unjust
charges.

In our very full report of the weekly statement of the
banks in this city yesterday morning, we gave the follow-
ing comparative statement of the position of the banks now
and in June:

Loans. Specie. Circulation. Drposits.
June 11.495,620,6'6 412,174,•609 49,084,106 459,078,171
Aug. 6.. 97,899,617 9,748,4,52 9,610,463 68,410,756

Increase.. $2,378,961 $426,359
Decrease 52,428,037

By the foregoing it appean that the banks have increased
their loans since the 11th June 2,378,%l dollars, at the
same time that their specie has decreased 2328,057 dollars,
thereby clearly showing that the pressure, if there be one,
is not fairly attributable to the conduct of the banks.

In fact, with upwards of 2,000,000 dole. less
means, they had increased the amount of their lours
by more than 2,000,000 dole. The statement, there-
fore, that the derangement of the New York money
market on the 10th was caused by the banks having
curtailed their discounts hes no foundation what-
ever in fact. The journal we here quoted from cor-
rectly says, writing on the 13th—" At the very first
note of alarm every business man increases his offer-
ings (his offers to the bank) at bank four-fold; and
the banks, having only the usual amount to loan, ne-
cessarily cut down these offerings three-fourths.
They have not (as we supposed) 1, awned their dis-
counts on any day during the past week (we speak
of the leading banks), but have simply refused to
extend themselves."

Another fact in opposition to the theory we are
combatting, and which shows the extent, not the
limitation, of the accommodation afforded by the

banks is this :—ln 1844, the advances of the banks to
brokers amounted to 1,687,000 dollars, when their
cash items, or available assets, were 6,377,000 dole.,
or a little more than one-fourth. But in June last
their advances to brokers were 5,867,0001. dole. on
available assets of 16,383,000 dots., or considerably
more than one-third. The banks then had only
gone with the general stream of overtrading, and
ministered to its force. But it was first set a flow-
ing, and continued in flood, by the discoveries of
gold, and the continual arrivals of gold. They con-
stituted the stimulus, they created a great demand
for goods in California and other parts of the States
and of course for the manufactured goods and capital

of Europe; and precisely because they tend conti-
nually to increase the demand on all the food and
clothing and implements which already exist in
Europe, they increase the rate of interest on money,
and will increase it till production has again gene-
rally in society overtaken consumption, behind which
it now lags—•we are afraid—deplorably far behind.
With respect to the other matter, the increase of the
stock of gold in the United States Treasury, it is
taking place at the rate of about 2,000,000 dollars a
year, and now amounts to about 23,000,000 dollars,
the annual subtraction being less than a twentieth
part of the supply of gold from California. The
quantity being small, and the accumulation being
gradual, it is utterly preposterous to explain a sudden
and alarming change in the money market
of New York by the accumulation of gold
in the Treasury of the United States. We
say not ono word in favour of the Treasury ac-
cumulating this gold, or in favour of the 'unneoes-
Barfly high duties by which it is enabled to heap up a
great surplus; but to attribute to that a rise in the
rate of interest is to shut out of view all the facts
which really influence the money market.
It is perfectly clear that the gold discoveries have
given a great impulse to the trade of the world,
and have in proportion increased the demands of all
the enterprising and borrowing classes on the
existing capital of the world. That is the simple
explanation of the rise in the rate of interest here
and in New York; and till capital be increased equal
to the demands for it—and gold is not capital, bat
only the representative of capital—the high rate of
interest will continue. But it suits purblind writers
to refer all the great phenomena of trade, of money,
and of interest, to some petty paltry regulations
about banks, or about hoarding gold in a national
treasury. Such causes are sounded in their ears, and
are within their ken—limited ken—and amongst

. _
inch writers we must place the City correspond-
ent of the Times, whose strange statement on Friday
we have refuted.

TUE important letter from Constantinople which
we this day publish leads us to anticipate a very
different final result to three complicated negotia-
tions from that cherished by our contemporary and
his sympathising allies in the German press. The
formal vote of the Ottoman Council of State had
not, indeed, been taken at the date of our despatches,
but scarcely a doubt can exist as to what it would be.
The evacuation of the Danubian Provinces h., it
seems, not to be spoken of, hut if not expressly
stipulated, it is understood to be guaranteed
by the Four Powers. If the evacuation does not
take place—if they do not enforce it—the hollow
truce they have patched up will be of short duration.
Turkey will show that it has merely recuM pour'
mieux muter. This immediate termination is not
indeed such as the Western European powers have
any reason to be proud of, but the honour of Turkey
will be preserved intact. The Times is right so far :
Turkey has unwarily placed itself in the hands of
timid or half-friendly seconds, and cannot but act on
the present emergency by their advice. This, how-
ever, is obvious to all the world, while the "scaith
and scorn" will be borne by the Western diploma-
tists, if Russia is not compelled to withdraw, Tur-
key will then be free to act as its honour and
interest require, and will have gained time to
make itself stronger for the impending and inevitable
final struggle. It will be no easy task for the Ottoman
Government to restrain the indignant feeling of its
subjects; but having accomplished this—having
convinced them that it only "bides its time," and
only asks them to bide theirs—its future course is
clear and full of promise.