The Express.
London, England, 1848-08-07 00:00:00

BRITISH NORTH AMERICA.

CANADA.—The .27funtreal Pilut published on the
15th ult. the following intimation
We whim stand that the government are about to issue debentures
in amounts of five pounds and two pounds ten shillings each, ers}able
one year after date, with inter( at- We have seen a FIR`CiaICO of thesedebenturee, which have been beautifully engraved by !demi.. Row.
don, Wright, Hatch, soil Moon, of New York, and are in appearance
like the notes of the chartered banks. order to give . urrener to
this paper, it wit be received in payment of all publicllues; an as
the amount iriStit'd will las very loomsl it is not likely to fall b.1.0w
par. Meantime, it will be a most desirable mode of int-aging small
ativinge, RS the rate • f interest I. higher than can readily be old Ailed
foramen nurse. It is not intended, we understand, to Aker any in-
terest on the debentures until they arrive at maturity. If they are
presented at the custom.houiss they will be received, se other beaks
note, at tie valise on their face, without intensst.
The Montreal Gevlte attacks Oda issue of di bentures by
the local government, which it compares to the aaiguats of
the first French revolution, on a variety of grounds. It
argues, that if the hone is small it can do no good ; if large,
the debentures must fall below per and injure pubiic credit.
They are it says, little liktly to be taken as love stmenta ;
and if usedi in payment of customs dull: s will afford no re-
lief to the government. "It is rumoured," pursues the
journal we have named, " that they are to be issued, not
merely on account of public works, bat in payment of edu-
cation moneys, and other appropriations. Surely this can-
not be warranted by the act." With regard to the opera-
tion of the debentures es an sideihion to the circulating me-
dium of the colony the Grate& observes:
This issue of en-le-goer bills, or of treasury notes of en low a deno-
mination an to be intended to be currency, i. a very Peri.. change in
the monetary eystem of the country. The issue, we believe, is uniler
a Public Work. Art, and the mole ..f the iseue is in payment to the
contrectors on the public works. Prima facie tbere in tome ooraei.,
beyond the nemssitivs of the government itself, which, at thin
mein, like thee° of any individual or 'restitution, are pressing for uu
extemion of paper, bemuse credit has been resrictesl by tire operution
of the recent Custom. I)uties Bill, whirls Mope the hone of goods on
IRectally for duties, and mopeds either payment or bonding. But still,
! i• seems lath, en, miseui that, when. the banks have, by very
great diminution of their own profile and severe pressure on ttusr
mummers anti the community, limited their own paper circulation at
least one-third. and restored the balance of exchange, en which even.
g, crolit of government, end all, depends—ilea at this moment
the government 'Mould step In to pour into the market inconvertible
paper to reptace their. • • • We are eta loss to nee what func-
tion of the circulation those bills are to till, and we can Roe in the
Alighted over-iseue (as has happened a hundred times befall in like
cave) the greatest danger, not merely to the credit of the 'Rivera.
meet, but to that and the commercial existence of the whole colony.
The allusion ot the l'alot ho the eligibility of th eae debentures
as a means of investment for small savings, appears to have
some reference to a panic existing among the deposit es in
the Mir.treal Provident and Savings Bank. On the 15th
ult. (the very day on which the issue of' debentures was an-
nounced in the government newspaper) the directors of that
institution published an advertisement to the effect that hay-
ing cher.shrd the hope that their endeavours to pay all de.
stands made by the depositors since the 30th of June, they
regret to find, " from the large daily demands made at
the counter, and from the increasing amount of notices
of the withdrawal of deposits, at the expiration of ten days,
that the hank's most eaady convertible securities will
he insufficient to meet the pressure, which is rill con-
tinued, without the prospect of any immediate dimi. ution.
Under tnese ircum•tances : " The directors purpose to pay
20 per cent. on the amount of all deposits now in the Bank,
in the fallowing mann! r: On sums of 501. and under, on and
after this day, July 15; sums of 1001. and under, on and
after July 25 ; on sums of '2OOl. and under,on and otter Aug.
4 ; on sums ot 3001. and under, on and after Aug. 14 ; en
sum. of 3001. and all over, on and after Aug. 24. The
smaller depositors being the most numerous are to be paid off
first in order. All deposits made since the commencement
of the run OR the hank, as well as such as hereafter -ray be
made, will he kept apart from the gem rat deposits, and be
paid in full on demand."
The repeal of the navigation laws, with a view to the free
navigation of the St. Lawrence by the flags of all nations,
continues to be a prominent topic in Montreal. An address
having been present d to the governor-general by the cnrpo-
ration of Montreal on the subject of the deepening of Lake
St. Peter, his excellency in hie reply touched upon the ex-
isting difficulties of the province and the coming repeal of
the navigation laws as the two main inducements to urge on
that work. With regard to the former consideration, he
said ;
lintertaining these opinions, I can the mere freely say that you
should not be discouraged by the temporary trend dtdicuities which
prevent percent exertion iu the way of public improvement. The de-
pression avoiding the presant extraordinary riot. has bees felt hea-
vily in C.' intda, but not so on eurnaared with toe condition of moot
other couutries ; while the profound internal tranquility enjoyed in
the province ia hoeing it. effect in metering public credit and in open-
ing a proepect for the future which mina to me fair and bright bbl
yond all former precedent.
His allusion to the repeal of the navigation laws was
couched in these words;
I entirely concur with you in estimating the natural advantages of
the gr. at route ot internal navigation by the river Bt. Lawrence; and
.mprored as this hen been by the magnificent .nala now opened, I
cannot doubt but that at a very early 'cried, and under • free and
liberal system of navigation lam., the superiority of this route river
all others, communicating nom the KU to the interior of North Ames
rim, will be univereally and practically admitted.
In cennexiou with the repeal of the mitigation laws, it
deserves to be noticed that the arrival at Montreal of the
United States steamers, Jeffereon and Dallas, the first
! craft of that class which passed through the completed Cana-
. dian canals, was celebrated by a Monte at Donnegan's hotel,
! on the 13th of July.

SHIPPING.
MAILS ARRIVED.—DubIin, 4 ; lerford, 2 ; Hensel's-
dee, 2; French, 2; Flanders, 2; Hat •burg, 1.
Lost met, August 7. Wind this o.:y at noon, S. W.,
light breeze, an.; tine clear weather.
LEITH, August S.—N.—Sailed : Rnyelis•, St. John's, N.B.
PETERHEAD, August 3.—N.W.—Anil ed Commerce,
Greenland, with 43 tons of oil.
MARYPORT, August 3.—Cobgress, and Hannah, Quebec.
MILFORD, August 3 —W. S. W.—Arrived : 3rd, Hope,
Quebec. Sailed: 6.h, Silurian. Portland, United States;
Caroline Alice, Boston, United Stairs; Resolution, Quebec.
PORTSMOUTH, August 6.—W.N.W. to W. strong —Ar.
river! : 6th, Prmees Royal, Babadocs; 6th, Canondale,

Quebec.
OFF PORTSMOUTH, August 5 —Arrived : Asia, Calcutta.
SOUTHAMPTON, August s.—Arrived, Prince, Quebec.
LIVERPOOL, August G.—the C. milli, for this port, ran
ashore on Middleton Port, New York, on the 21st ult. while
in tow of a steamer, 'Jut got off without apparent damage,land
proceeded. A ship, with loss of fore-nrist, was seen on
shore on Cape Sable, 20th ult. The Affghen, from Quebec
to the Clyde, which was on shore on Jeremie Island, was
floated off, Bth ult„ with apparently only trifling damage,
and making but little water, and proceeded. The Zeland,
from St. John's, N. 8., to this port, put hack to the former
port, water logged. having been on shore on Seal Island, and
would have to discharge and repair. The Jenny Lind, which
arrived here yesterday, from New Orleans, experienced
a heavy gale three days out, and threw overboard
about 40 bales of cotton and 20 seeks of urn: the
vessel did not receive any damage.-6th, W.S. W
I Arrived: Niagara (et.), Boston, left 26th nit., and
Halifax, 28th ; Jumna, and Commodore, Calcutta: Circas•
!Pisa, Valparaiso; New Orleans; George Canning, Ambris ;
Scotland, Mobile; Home, St. John's N.B. Sailed, 6th:
Corinthian, Mauritius; Coaxer. Cape Good Hope; James
Calder. Charleston ; Ancona, New Orleans ; Cambria (s.),
and Diogenes, New York; Nelson Willege, Quebec.
CORK, August 4. —B.W. Arrived : Wuther, Bata-
via ; Queen of the Isles, Callao. 4th, H.M.S. Stromboli, —.
Sailed 4th : Sea Bird, Miramichi ; John Knox, Galata.
Orr LIVERPOOL, August s.—Arrived : Magnificent, —;
Dale, ; Corsair, —.
SHEERNESS, August 4.—Arrived: Vittoria, Quebec.
Dovaa, August 6.—Put back : Eleanore, for Port-au-
PRINCE EDWARD'S ISLAND.—The Royal Ga- Prime.
seas, of July 11, save: "Up to this day there have been BALCONBB, August 6.—W.—Arrivei : Old Nap, Quebec.
imported into Clesilotte-town during the present season-- SCILLY, August 4.—S.W.—Bailed, 2nd: Gaulle, New-
Flour, 4,046 barrels ,• corn meal, 3,000 barrels ; —total, 7,046." foundland.
The government of the islard has granted 600 barrels of Nawroar, August s—W.—Sailed : Ann, Quebec.
Opp F_ ALSOUTH August s.—Arrived: Prince Albert,
Indian meal, being 200 for each county, toward. relieving
the distraint which "sista in the actkulural districts. The Funcabaya, and sailed kr London. 80, anni4
reports of this year': 14c1...a :assurable. 04 ',Wit fig attitirerpe ifLogdolsar Net Ircali.

NEW BRUNSWICK.—TheNew Brunswick papers
announce the re-appearance of the potato disease iii different
localities near St. John. The tnewburyporf Herald says
that this disease has made its appearance in that vicinity
" earlier than last year, and thus far with greater viraleace."
The same paper observes: •• The season hu been one of
thou, until the prevalence of the rot, uniformly favourable
to this esculent, the weather having been cool and wet."