The Express.
London, England, 1865-10-30 00:00:00

TSB, EXPRESS, MONDAY OrwiNG, OCTOBER 30, 1865.

THE unexpectedly favourable Bank return in
the peat week at length shows some improvement
in the position of the money market. For the
first time for several weeks there have been no
withdrawals of gold for internal purposes, the
public having apparently already sufficient in hand
to meet the requirements of our revived trade with
America. Hence the bullion shows an increase ci
almost exactly the same amount as the sum of
foreign gold known to have been sent into the
Bank during the week. The decrease shown in
the other securities is much larger thee
usual, the advances on stock during the
shutting having considerably exceeded the avenge.
The principal results are the increase of 429,2551.
in the bullion and of 927,5951. in the reserve, and
under ordinary circumstances would warrant the
expectation of an early reduction in the present
abnormally high rate of discount.
There are several considerations, however,
which tend to show that the present improvement
is only temporary. In the first place, it is unlikely
that any further additions of magnitude will be
made to the stock of bullion from foreign sources.
Although the rate of interest is about 2 per
cent. higher than the average on the Continent,
the exchanges have become unfavourable, and the
greater part of the foreign gold that now arrives is
bought for exportation. The cause of this move-
ment is attributable to the increased shipments of
silver to India to pay for ootton. The effect of
the recent orders from America for our manufao-
tures is beginning to be felt in a different direction
to that previously experienced. As long as a fair
stock of raw material remained to be worked up,
shipments of specie for further supplies were pro-
spective, instead of, as now, being actual. It is true
that there is nothing to regret in this drain of silver,
since every ounce exported by us will be repaid
with profit by our Transatlantic customers. Hence
it represents a lucrative but temporary investment
of capital. The case is widely altered from the
state of affairs caused by an efflux of specie for
foreign loans or speculations where the principal is
at once sunk, often in unproductive expenditure.
Here, on the contrary, it is simply a question of
turning over a large amount of capital for the
time. This distinction is generally overlooked,
and in both cases the same expedient is always
proposed, a rise in the rate of discount, with the
view of rendering either class of trans-
actions unprofitable. Now, there can be
no question of the impolicy of treating the two
alike. Highly desirable as it may be to
check the abstraction of specie in the former event,
it is simply suicidal to attempt this course in the
latter. To discourage speculation is one thing,
but to throw purposeless obstacles in the way of
legitimate trade is another. As the Bank, however,
cannot, if they would, make any change in their
present policy, it may be inferred that as long as
the gold movement remains as at present, tempo-
rary though it may be, the rate of discount will be
maintained at its existing' point, for the precise
though not avowed purpose of impeding commerce
as much as possible.
On the other hand, it is difficult to estimate
how soon, and in what quantity, the sovereigns re-
cently taken by the public into circulation are
likely to return. There is some probability that
the amounts withdrawn for Ireland will, partially at
least, soon be replaced, but as it is impossible to
judge for what period the effect of political distrust
may prevail, not much dependence can be placed on
this resource. It is likewise questionable whether
a really important sum has been absorbed in this
manner. As regards the increase of coin employed
at home, there appears little sign that the surplus
will speedily come back. The activity in the 1
manufacturing districts contiuues without material
check, and as long as it lasts sovereigns will neces-
sarily be required to carry on the ordinary
details of business. Looking at the question in the
abstract, nothing would seem more satisfactory than
that the bullion at the Bank should decrease
rather than increase, since, under present circum-
stances, it would afford a signal proof of the satis-
factory employment of the capital of the nation.
It is possible, however, that the restrictions im-
posed
on trade by our existing monetary system
will have the calculated effect of drawiir; the gold
circulation back into the Bank, and thereby driving
a proportionate amount of lucrative business to the
other side of the Channel.
One other consideration remains, the action of
which is, indirectly, of considerable importance.
It is the moral effect of a rate of dia.
count at 7 per cent., and especially when
there has been a sudden rise from 4 per cent. in
little more than a week. To say, with one of our
contemporaries, that the public mind is puzzled is
very far from meeting the truth of the case. It
is not merely a feeling of bewilderment that is
caused, but a general distrust that it takes some
time to get over. It therefore happens that while
the actual ground for the disturbance of the money
market may have passed away in ordinary course,

OWORARIE.S. ti itemise government will have to accept the reputatiou of
OUR CONT
hhestesing, begeowardly. bully. The fate with which
over
atted otberb.ckfree
will be
assn IT. enclaves in Pisan= territory, and all the independence I
The statements of the morning journals respect- their citizens have kept so well and prized so greatly will I
ing the Cabinet Caeca of Saturday, are in substantial agree. thee be poetically
ttle pity for the victims of Count
gone.
men. The Times has reason to believe that no opposition was The ?ikons)* has li
Gamed te Eat Russell's proposals. His lordship will assume Bismarck, but predicts the dowfall a their tormentor. His
the office vacated by the death of Lord Painisrstos, Lord overthrow may arise from either internal or external causes.
Canada will be the new Secretary for Foreign Affair*, He tau already sorely tried the patience°, Frain., Austria.
and Mr. Gladstone will cations in the Cabinet as CU. and England, and be may even yet fore' European powers
caller of the ElohOrif asd Leader of the House of Comm-
to =est his illegal weer, or his own subjects may rise up
amp Is other offices, even to the Irish Secretaryship, the against him. As present he has the bit in the mouth of
Bray believe there will be " for the protect" little or no Preemie, and rides her not =skilfully. Bat she is always
antes. Her Majesty's pleasure cm these arrangements on the look-out for • cheace of throwing him.
wee, we suppose, taken by Earl Email yesterday. as the The Herald cep= some portion of the ludiotment made
Own Circular states that the new Premier had an audience by a portion of tits Bombay press against Mr. Chisholm
el her Majesty at Windsor. Assay, the new judge, sad notes as remarkable that
The concord and readiness of adaptation displayed by the sotwithstandiag the abase, except as regards a general
members of the Cabinet at Lad Palmerston's death was charge of unneentruy severity towards fraudulent traders,
farther testified on Saturday, the Daily News observes, by Mr. Anstey's judgments are not in any way impugned.
their hearty seeephisce of the leadership of Earl Ransil. The reckless poisons! attains upon him are not calm-
The MOW good feeling will doubtless acted the further hind. it thinks, to remedy the faults of temper which
week of recosetnictioe, Bo far the members of the ad. comprise the only real charge.
misistration have had to reckon only one with another
they will now have to occupy themselves with the prospect
donating parliament, sod the necessity of embodying the
wishes of the country in practical measures. The pee.
times which long served to =ones the stationary pesitioa
of a government telling Itself liberal and progressive, will
now be ens to be the fictions they always were.
Statesmanship inch as the country wants is something more
than *siring diligently what people are actually asking foe,
end why they =at it. Mr. Gladsteee's financial reforms
were not suggested to him ; It canna be pretended that
pablle opinion celled for them ; they were the work of as
individual mind ; the fruit of a profound study of facts,
ends careful application of principles. What Mr. Glad-
stone has do= is the department of final and economical
reform, let Earl Russell and his colleagues do for us in other
Aside where similar work awaits them. If the liberal ma•
jerity returned at the last elections is to be kept together
his spirit must be raised by the feeling that it has a worthy
part to play. The purely speculative way of dealing with
abases which appeal to the meatiest sense of the
oonsh7—the Irish Established Church for ess.mple—
whin from an effeminate dislike.' the trouble cd • change.
ads in • men general seknowledgmeat of the iniquity—is
• dangerous habit of which we shall do well to break our-
selves. We must amend what is wrong, it for no other
meson for this—that if we do Doe, we shall soon fled our.
selves easonseicattly taking sides with it. It would be pre
meters to disease the particular reams which are likely
to receive the earl inaction of the government, hat
it would he strang If a reform of mailman were not of
their =mbar. It is with full knowledge el the opinion of
Earl Eamon sad Mr. Gladstone as to the neesmity of im-
proving the nweeentatioe that their colleagues have cos-
sated to act with than, sad we cannot doubt that that
cease= has been given with a view to the probability, or
rather the artaisity, of the introduction of a mason el
parliamentary Warm In the oozing sissies.
The Pose Nap that Earl Rumen naiad Cram his eel.
league a formal confirmation of these pledges of support
which were spostaneously tendered a week previously
one one is better qualified to preside at the Feeeignmffise than
the Earl of Cbreadoe. and the meant obseeelionhip of the
Duey.' Lamaist will be conferred au some supporter',
whose political hies will show the beet of the new ministry. ,
Still, it would be aftectatios to pretend that a =misery whit*
is se week La the Haas of Common@ is sot platted In ma=
pail; indeed, same might go es far as nay thane House of
Commons weld emmistently with ita own dignity leg eon.
Mane to afford to it its rapport. Bat the evil le the result
el nremastanees over which for the preempt the leaden el
the liberal peen have no annul. The policy which bra
bees heretofore pursued will probably usage no material
change. If, yielding to the temptation. the government
should bring is a Reform Bill, a coldest will be provoked
the isms of which will be extremely deubtfuL The people
appose content, at least for the priment, to rat and be
theakfal ; srd it might, perhaps, be well if the sew Pre-
mier followed their example.
Lord Russell will " kiss hands " this afternoon, aye the
Herald, and the administration will then be formally re-
coestruoted. It will be Lord Palmentan's government
miens Lord Palmeestess—a coalition minus the master spirit
which kept its member together—a boodle of niches the
bead of which Is broke.. Its life will be short, troubled,
sod inglorious. It is childish to sell the Premier to etveugthen
his government by an infusion el new blood. There is no
fresh blood in the party worth the taking. There is not a
man la the new parliament, there was not one in the
old, whom aid Lord Russell could have asked,
who has displayed ability which would justify
his appointment to anything more thee an wider seerettry-
ship. Mr. Bright, Mr. Lowe, and Mr. Horemee, who are
able enough, are impossible for political mean. Mr.
Stansfeld sad Mr. Forster are of respectable
and, as times go, they are young. Mr. Stansfeld is a boy of
fifty, and has had a couple of years of official experience;
but there ill no 004 Mt of the very email se
which believes in universal bankruptcy and un-
limited twenties who would seriously propose him 'as a
member of the Cabinet. The fact is patent, that, whilst en
the conservative side then are a number of comparatively
young men with greet parliamentary ability, the libelist
side has no speaker worth leasing I. who is not close upon
fifty. Earl Russell bas taken the best men the party could
give hint. and if the bat men are bad the blame and the
shame fall upon the party, sod not up= him.
Tice Telareph encourages the strangest hope that the
present coequal distrileetlee of the chief offices between the
two branches of the legislature will be reformed In a
manner sabre:eon to the nation. It may, perhaps, be
seassary that wan sacrifices should be made ; but any
statesmen who facilitate' the arrangement by his own dis-
interested aboeption will reap so rich a reward in the public
appreciatioe of his patriotism, that the act itself would cam
stints promotion of the highest order.
On the undemanding that Lord Clamed= is to be
recalled to the pout of Foreign Secretary, the Star glances
at the change in the opinions of the people upon foreign
policy which has taken place aerials the brief spa Mace
that noble lord last held the seals of that departmeut. At
the present moment England neither desires to interfere
by force of arms in the ioterotl affairs of other nations.
nor to maks war in defence of foreign governments whose
existence some Englishmen, a hundred ran ago, may
have imagined to he essential for Europe's stfety and
prosperity. Nor does she desire to interfere by despatches
and lectures with what concerns her neighbours and not
herself.

IRICELLAIROCS TOPICS.
Fantauism, the Tow ens, is American exaggeration and
Irish credulity put together. II the measures of govern'
meat have ever seemed too serious, the actual poribilities
of the can should be Mk*. into comideration. Any particu-
lar district might any night have sees a worse than Whiteboy
gathering and worse than agrarian outrages. A conspiracy
with the red democratic and social republic element in it
could not be suffered to grow among • credulous and imps'.
Able population.
The Telegraph •sd the Star point to the bigamy case
Math was tried last week is Dahlia, as as illestratioa of
the iniquity of the law of marriage in Ireland. Even should
the Court of Error affirm the view sated upon by Judge
Keogh, it will still, obesirme the Star, be la the power of
say unmarried protestant man is Ireland profaning himself
to he • catholic to marry • Roman catholic woman. the
retensony Wag performed by • catholic clergyman, and
than, like 11 ajar Yelvenoe, put ►er away or degrade her to
the level of a mistime. The Telegraph thinks that IMO
Yr. Nominate, or Yr. Whalley, or the most rabid member
of the Protastast Association. will seemly defend • statute
which bee no better practical effect than to min unsuspeot-
leg women and bastardise Innocent children. It is simply
an aid to the deliberate seducer.
The Post finds an illustration of the advantages of • cheep
liter►ture of fiction in the entreordiaary ems at the Mary's-
bone poliomnart the other day, in which • bend of juvenile
robbers, e•ob with • mama de poem, selected from the
literature of crime, were put in the dock. Them is so chasm
of their redemption, sad no protestion for the public front
their depredations. ascent in the moingement of the whole
gang for some considerable term to • reformatory. The self-
sharpd young culprits stand remanded, to enable their
serous victims to appear at the neat hearing.
The Times makes sport of the "annual orgies" of the
United Kingdom Allies... No doubt many of us eat too
much ; are we, therefore, to stop the sale of feed, or, if
not all food, at least the food that tempts to mesas! Many
families spend too meek in dress, and, no doubt, an exces-
sive love of dram teed. to serious comequencas ; are we
to prohibit the eels of silos, velvets, lam, ribands, crino-
lines, pretty homing, and other 1110110• S of taste The
obsolete denial of stimulants tomorrow would be the death
of many thomands, and the utter misery end helplessness
many more.

7011110 N AFFAIRS.
The Times belever that the Emperw Napoleon will
loyally carry oat the conventioe with Italy providing for the
departure of the French troops from Rome. Be has in the
most solemn manner agreed to withdraw ever► French
soldier by September, 1866, and these who have supposed
him capable of excusing himself from doing this, rate very
low the honour of governments and the force of Europe►n
opinion. Meenwbile the Roman government is unable to
show that by ant or word the King of Italy evinces sty
design to break the salpulatior s of the convention. These
is, therefore, not the smallest pretext for abandoning it.
The Daily News oornmetts noon the advance of Rll/111it in
Central Asia ? Bit by bit has Russia extended her mission
of commerce and of exploring, until she has now frontier
puts on the confines of &Ahura, and her traders go with
security as fax as CabooL By the lest mail from India we
hear of our survey on the Ilimnlaeas having extended so
far north that the superintendent is this year engaged on
the Karakoram range, " not many miles across which
the Russians have their trigonometrical stations," and
" that it is not unlikely in a few years an attempt
will be made to unite their survey with ours."
And why should we not join hands with Russia in extend.
ing deilientian throughout Vie barbarous countries of
Central Asia I Even if Russia is bent, as some assert, upon
theconqueat of Holahan and Kokes, are we called noon to
preach political morality to the Caw? Let us sumo, that
. .

Et)t Court.

BALMORAL, Ocr. 26.
The Queen, accompanied by the Prince's Helens
and Princess Louise, sad 'Mendel by the Marsaiksmo of
Ely, drove to Inmostld.
Prism and Princess Louie of Rem, with the Princesses
Victoria and Flizsbeth of His... left Balmoral foe Floors
Oast* attended by Baroness Schenck mi Berm Rabosau. I
Ocr.
The Queen walked and drove out yesterday, sosompanied
by the mincesses.
Her Majesty and the royal family leave Delmore! for
Windsor Coatis this morning, attended by the Baschioneas
et Ely, lady Augusts Stanley, Lient.-Gesseral Hon. 0.
Orey. Major-General Seymour, Dr. dresser, Mr. Bahl, and
Mr. Buff.

WINDSOR CASTLE, OCT. 29.
The Queen, Moores Hausa, Mamas Louise, Princess
Beatrice, and Prince Leopold, arrived as the outle Ude
morning at five minutes before slue o'clock from Balmoral.
The suits oosaistad of the Marettionims of Ely. Lady
Augusta Stanley, Lliattenant-General Hoo. O. Grey, Baja-
General F. H. G. Seymour, Mr. Buff, Kr. Bahl. aid Dr.

Jostler.
The Crown Prime had Prisons of Prvesia visited the

Queen.
Prince Prederiek William, Prisons Charlotte. Priam
Henry, sod Prince Siegmund of Prussia, attended by the
Baroness von Dolumeek, arrived at the castle last swung
from the Continent.
Earl Rummell had en audience of the Queen.
The Has. Emily Cathcart sad the Hoe. Florence Sey-
mour strived at the Castle as Maids of Honour, and Colonel
the Has. 1- Liddell as Groom in Waiting to her Majesty.

-
The Prioress of Wales, aroorapanied by PAWNS Hilda of
Ahalt, sad Prime John of Glneksbnrg, aid ablended by
the Hoe. Mn. W. Grey, visited the Freoeh Gallery. 120,
Barna% oo Saturday, to view the 13th AllllOll Wister
Palliation of Colima pkttures, the Contributioss of British
Artists.
The Prises sod Princess of Wales, Primes Hilda of
Aahalt, and Prince John of Clarksburg, dined with the
Duelers of Inverness at Hensingtoo Palace on Setarday

menizg.
The Prime and Primer of Wales, Prince. Hilda ol
Jabal, and Prince Jo►s of Gluolmburg, with the Ron.
Mrs. W. Grey, and Major Grey, in waiting, attended
divine service at the Chapel Royal, St. Jams% yesterday

morning.
The Communion service wee read by the Rev. the Sub-
class, mod the Bev. Therm Iletrsore.
Anthem, "Oat of the deep" (Aldrieb) ;
Bang by Mastere-erroiebeel, Homers.
R. Barnby, Smith,
and Winn. _ . .

Mr. Ooopm prodded at the organ.
The sermon was presobed by the Rev. the Sabdesn, from
Jeremiah, ch. Iviil, vv. 7, A, 9,10.
The Crowe Prism and Princess of Prussia visited the
Prism and Princess of Wales at Marlborocigh.hosse.
Prince Jobs of Gluaksberg took leave of the trines and
Prisons of Wales, sad left Marlborcugh•honas is the
evening for the eastisest.

• Cabinet Council was held on Saturday st
Foreign-office. The ministers present were-1
Earl Russell, the Lord Chanoellor, Earl Granville,
the Duke of Argyll, Sir George Grey, the Right
Hon. Edward Cardwell, &side Grey, Sir Charles
Wood, the Chancellor of the Exchequer, the
Duke of Somerset, the Right Hon. T. ;Hiner
Gibson, Lord Stanley of Alderley, the Earl of
Clarendon, and the Right Hon. C. P. Villiers.

Despatches wars rece:red on fistarday et tits Oolosial-
Odes from the Governor of Malta. Despatches us sent
to the Governors of Honduras, the North American Pro.
vines, and Bermuda.

ARRIVAL OF TRI, CROWN PRINCE AND PRINCFAS
Of PatmatA.—Their Royal Highnesses the Crown Prince
and Prince's of Prussia, with their youthful family, arrived
at Gravesend on Saturday afternoon, in the royal yacht
Osborne, after a very tempestooas pussy. Inconsequence
of the adverse weather their royal highoemee were several
hours later than wee expeoemL Os their arrival at the
Waterloo terminus of tie South Western Railway they
were met by the Prussian ambassador and the Countess
Bernatorff, cad M. de Katie, the secretary of the embassy.
In the Queen's terrines the Crown Prince and Moore
• 06411 kit for the Penman embesey, on Carlton-Ironer
terrace, attended by Count and Counties Berestorff. Their
youthful family wee to Windsor Castle, according to pre-
vious arrengsenenta The Countess de Hoheethal, lady hi
melee to the Princess, Count de Ruleaburg, sad Captain
Norman, in waiting on his royal highness, X. Koseerow.
secretary, sad other membees of the Crows Prince aodll
Princess's establiehment, are occupying apartments at
Henrigy's Hotel, Waterloo-place. esterday their Royal !
Highnesses the Crown Prince and Primer of Prune 1
visited her Majesty at Wiodsoe Clesele, In the afternoon
their royal high/imam attended Divine service at the Chapel
Royal, St. James's. At 7 o'clock the Crown Priem sad
Process left the Prussian erases, to dine with their Royal
Highnesses the Prince end Mitoses of Wills, at Marl-
borough House. We believe the Prince and Princess will
remain the guests of Count and COCIAIIII Bernstorff until
Wednesday next. They we likely to be visitors to her
Majesty until the dose of the meninx month.
VISIT OF ERZ Paneca AND I'ILINCIAS LOUIS Of
Hamm zo noon emerm—On Thursday evening the
Prince and Primers Louis of name, who have been on a
visit to the Queen at Balmoral, passed through Edinburgh
on their any to Flom Castle, seer Kelso, where they are
the gal:Asa the Doke of Roxburgbe. Their royal high-
nesses, with their suite, arrived in Edinburgh at half-past
ex o'clock be the Scottish Central train from Perth. having
travelled from Balmoral the same day. After taking re-
freshments in the railway refreshment rooms, the royal
peaty entered the carriages of the North British Company,
and proceeded by the ordinary train, which was detained •
quarter of en hour on their amount, by the Waved., line
to Kc'so, The train arrived at Kelso at twenty minutes
peat Moe o'clock, when the Prince and Piinesee were m-
oseyed by the Duke of Roxburgh% the Marquis of Bow.
moot, and Mr. James Stormooth Delis& chief magistrate
of Kelso. Their royal highnesses were conducted to • car-
riage and four which was in welting, in which they at once
drove off to Floors, preceded and followed by a detachment
of the Roxburghshirelpolice. The suite and attendants on
the Prince and Princess followed in envies aerriagee. Ou
their way through the town, in which many of the deco.
rations got up in honour of the visit of the Prince and
Princess of Wales and Prince Alfred were still displayed,
the royal party were loudly cheered by crowds of people
who had assembled in the streets. The leading shops in
the square, and many of the houses io the thoroughfare
through which the royal corr"ire passed, were brilliantly
illuminated. At the castle the guests were welcomed by
the Duchess of Re:burghs, Lady Susan Grant Butte, Lady
Charlotte Russell, Lord Charles lona Ken, and other
members of the Roxbnrghe family.—Scotsman.
Da Ctreenco AND LORD PALMERSTON.—Yea-
bsrdsy morning the Rev. Dr. Quangos addressed his con-
gregation, among whom were seated Lord Alfred Paget and
Lard Keane, at his church, Crowe-wort, Covent-garden.
upon the death of Lard Palmerston. He said that it had
been his (Dr. Coming's) privilege to be in the company of
that great man more than once, and no one could come io
contact with him without being struck with his kindness,
conciliation, nod gentleness, as well as with the solemn
sense he entertained of everything relating to true religion.
He had the honour of meeting him once in private, and
of then witnessing many of his estimable qualities.
He remembered seeing him in the pews of that
church, listening atteetively and earnestly to the words of
eternal life, and on retiring on one occasion his lordship
said to the family in whose pew he sat, " A very useful
and • very instructive sermon,' a compliment which he
(Dr. Cumming) prised very highly, because it same from one
who was • consummate lodge of the goodness of • discourse.
Th,,ugh be might not have spoken much upon religious
subjects during life, it was not therefore to
posed that he was lodifferent to them. On the conp-
trary, like very many persons, his thoughts of religion
were far deeper than he ventured to express. This was
shown in his Let hours, when he implicitly placed his trust
in the Prince of Peace. nod when, with full confidence in
the mere of his Saviour, his last sleep introduced him
into everlasting bliss. His sufferings over, his eternal hoe-
plums commenced. " Absent from the body," and that at
eighty-one years of age, he was " merit with the Lord."
His sun gone down here, at once he beheld the snores of a
glorious and blessed eternity, over which the sou oessolseely
shiner, where no cloud or storm or tempest arises, but where
glory encircles all three for ever and ever.
The Te Deum which was to have been sung
to-day at the Roman Catholic Cathedral, Mootfielda.
in thanksgiving for the Pope having eoeferead, with
his own baud., the 'scallion upon Dr. Manning as
Roman Catholic Archbishop of Westminster, he been
postponed until Monday next, in consequence of Dr. Manning
bare, bees detained at Calais by the boisterous state of
the weather.
ROYAL HORTICULTURAL SOClltrir.—At the weekly
show in the Seek Kensington Gardens &m u,
._
8011, of