The Express.
London, England, 1847-08-11 00:00:00

narrow and jesuitical reservations as that of Lord
Osscurrow, with the candid acknowledgments of
farmers' claims made by liberal landowners. Take
for instance the following observations of Sir GEORGE
GREY at the nomination at Alnwick. He said:
He was a practical agriculturist, trying to gain a living by
farming 900 acres of land, and surely, therefore, he wu un-
likely to do anything which would militate against the agri-
cultural interest. The only protection which the tenant
farmer should hereafter look to would be security of tenure
by means of leases and by fair and reasonable rents, not low
rents, but suds as would allow reasonable returns to the land-
lord and a comfortable living to the tenant. With respect
to the game laws, be thought no one was justified in keeping
a large quantity of game, destroying human food. and appa-
rently for no other purpose than to have published race
a.year in the newspapers that he and his friends had, ou a
Firms day, slaughtered so many head at a benne. (Cuttus.)
rhe tenant was entitled to fair and liberal aid from his
landlord, for without it he could do but little. lie must
cultivate the land better, and be allowed all costs of im-
provement, but to talk of any other protection in these times
was absurd.
This is in the right spirit, and will be far more
acceptable to farmers than the nonsensical promises of
impossibilities wherewith the protectionists deluded
them so long. Let the earnest liberals turn their
serious attention to the counties, and comparatively
few of them will be found to be hopeless.

~~ /I;YR

~•~•

IT was certainly very kind of the Bank, and kinder
still of the market which allowed the Bank, to defer
its startling rise in the rate of discount till the elec-
tions were pretty well decided. Had the Bank screw
been twisted to its present tightness when so many
bankers, capitalists, and ministers were wooing the
sweet voices of the City electors, we might have had
more political economy upon the hustings ; Goo and
!Ascot: might then have heard of the names of TOOKE
and TO/MIENS, and instead of the popular cry of
" No bishops," we might have heard the more alarm-
ing one of " No Bank charter."
We do not, however, pretend to regret seriously
that the restriction of the currency was not made an
electioneering cry. Truth on this subject is making
its way—has made its way—in the minds of all men.
Practical men feel, and even theorists begin to see,
that there has been a great mistake. And we do
believe that the sole obstacle in the way of dealing
with the question is not that of statesmen admitting
their mistake, but the difficulty of finding some real
and efficient heck to over-speculation.
We have months before us, however, ere the legis-
lature meets. The question at present is, whether the
raising the rate of discount by the lipak is the result
of a real scarcity of capital, or of a temporary scarcity
of gold and specie. Some seem to think it due to
both; whilst others would go the extravagant length
of considering the two kinds and causes of scarcity as
identical. With some, railroads are represented as
the gulf which opened in the Forum, and was not to
be closed till it had swallowed up all that was most
valuable in the nation. The capital employed in the
old modes of transport and locomotion, and either set
free by the establishment of railroads, or, as in most in-
stances. metamorphosed into railway shares, is ac-
counted nothing. The money paid for land, whereon
to lay out these railroads, is also considered to have
perished and become incapable of constituting
.capital.
The large profits made by capital invested in rail-
roads, are considered to have been all spent, instead of
being considered as the most likely element for the
creation of new capitaL In short, the theorists, and
complainants of railroad absorption, are like thaw
who count up all the deaths on the bills of mortality,
leaving the births quite out of calculation.
Be this right or wrong, or be the right and wrong
mingled, what shalTwe say to a system which so con-
fuses and intermingles all these causes, and many
more with them, that it is impossible to tell whether
capital is scarce or not—whether its scarcity be real
or fictitious; and which converts the simple and un-
alarming fact of a necessarily and suddenly opened
trade or extension of trade with a country, whose
imports we immediately require, without having the
immediate equivalent in commodities to offer, into
an annihilation of all the capital and a paralysis of
all the credit of the country ?
Credit is a thing of great and manifold uses and
advantages. Hitherto we have turned it to all inferior
uses, withopt extracting the great and paramount
advantage from it. -We have used credit as
the aggrandiser of the rich, not the helper of the
poor. We make it not only disproportionately swell
the gains, and advantages, and facilities of money-
making of the rich—that is, of those who least want
it—but we constitute it into a monopoly for a com-
pany of some score of rich men, to the prejudice of
thousands of the ecnally rich and equally worthy.
And all our anxiety in legislation is to bolster up the
security, extend the power, and expand the profits of
the few, by constituting them the guardians and the
masters at the very atmosphere of commercial life—
the currency.
Now, really and truly, credit is not most wanting
for the purposes to which we apply it. It is not so
very indispensable to the rich, whose capital it
doubles. Nor is it at all matter of such immense im-
portance that we should spare the investment and
employ of so much gold, in order to save and spare it
by replacing it with so mach paper. This is not worth
the consideration of so great and so wealthy a country.
But the good that we ought to expect and derive
from credit is precisely the very quality of which we
deprive it—viz., its expansiveness in the hour of
distress. We do not want credit in us days,
to swell the plethora of a nation ales oo full of
wealth. We want it especially in adverse tines, in
crises, in emergencies such as the present, or snob as
occurred in April last, to fill the void that abdateted
specie has left, and to give that activity to beds sod
manufactures which both need at such a moment
This is the system of credit that we want, and not
the credit of the currency doctors, which is to be
merely a state engine to enable the Bank to lad
money when it is least wanting, but an engine lie
refuse credit at a time when trade most wants it, ea
some refined theoretic reason, that pries@ are
to be brought down, in order to facilitate export.
The idea of Bank directors seriously imagining, sod
gravely telling the public, that they raise the rate of
interest on their own capital to six per cent, in order
to reduce the profit of the public in the prices of their
commodity to some three per cent, is certainly a
greater piece of impertinence and absurdity than ever
Swirl. exposed. Had that satirist lived in oar day,
he certainly would have written a voyage to a new
island, when he would have typified Messrs. LLOT D and
Touncvs, and their convert PEEL, in a way that
might have helped to enlighten as well as amuse a
dull community.

We learn front the Paris papers that some of
the ladies and children of the royal family have
already gone to En, and the King, Queen, and
other members will soon follow. MM. Guizot and
Duchitel will do alternate duty in Paris during the
recess ; at least until some pressing emergency shall
demand their common presence. M. Duchatel, at
present in Holland, is expected to return in a few
days, when M. Guizot will leave for the Val Richer.
M. niers continues his tour in the southern depart-
ments, and is everywhere received with honours.
Slight, but very unequivocal, movements of earth-
quake have been felt in various parts of the European
continent. Effects of this kind exhibited in the tract
of France, on the channel coast near Havre, were
lately mentioned. More recently the same pheno-
mena have been developed in the south of France
and we have now accounts of the undulation being
propagated through Spain.

MADRID, Aro. 4.
The moderado version of the late ministerial crisis
is this —c se non @ rero, e• ben &ova° : Pastor Dias,
they say, was the first to evince symptoms of a wish
to retire. Whether wincing under the stings and
arrows of outrageous journals, or influenced by other
considerations, he wrote a letter to Pacheco expressing
his intention to resign. Upon this a council of
ministers was immediately summoned at Madrid, and
Senor Pacheco manifested the same longing to throw
up a responsibility, which was becoming extremely
burthensome and ungrateful. Senor Benavides fol-
lowed the President of the Council in the same
disheartened tone, and expressed the same
official lassitude, and desire to rid his hands
of the troublesome home-portfolio. Salamanca,
alarmed at the progress of this infectious faint-
heartedness among his colleagues, summoned up a
wet e.,,,,..
usual store of high spirits and sanguine ex-
ridiculed their pale scruples, and promised
the palace-question, and all other questions.
• that the ready resources of his nimble
nee produced less effect than usual upon the
pensive Pacheco, he " changed his pipings," declaring
'bat the dangerous strait was past, that the weather
~; . INS sharing up, that the finances of the country
rAilio` **

would be shortly in the most prosperous condition in
shthe world,
ppandear. Werethe fruits
they of his
to takers
all would
the
hazards a
and hardships of office, and leave their
succe4sors to reap the profits ? Senor Viuunonde
then took up the ministerial lyre, and struck out some
cheerful notes in the same strain till Hope enchanting
smiled, and heart was restored to the members of the
council. Mazarredo and Sotelo did not unseal their
lips. They ended with deputing Salamanca and
Benavides to repair to La Granja to see what could be
done to better the situation. Benavides was charged
to communicate Pacheco's wish to retire unless pros-
pects became clearer. Salamanca, arrived on the
spot, rallied about him all his friends and pro-
tectors ; he knocked at the door of the " In-
fluence," and at the doors of those who are
thought to influence the Influence, and did not ne-
glect to conciliate even Don Ventura de la Vega.
Benavides undertook the task of calming the scruples
of Pastor Diaz. And so the crisis blew over. Mr.
Bslwer set out for La Granja last night; and
Pacheco early this morning. It is noticed by every
one that many offices about the Queen have been
lately engrossed by relations of Serrano. Of the
two ladies of honour, one is the favourite's aunt; of
the two equerries, one is his cousin ; another cousin is
one of the two commanding officers of the troops at
La Granja. The nomination of his private secretary,
Brigadier Don Ramirez Areas, to be Commander-
General of the province of Jaen, is commented
on in different ways. Some look on it as a favour,
others as a means of getting rid of a man deeply com-
promised with the progresistas. The mother of Ge-
neral Serrano has arrived at the court. She is said
to have received lately from the treasury 37,000 reale,
which were due to her of her pension as widow of a
field-marshal. Serrano's uncle, the Count of St
Anton, is come to Madrid, and is not going back to
court.
The Bank of San Fernando has received a supply
of specie amounting to 10 millions of reels, and are
beginning to pay in 5 franc pieces instead of small
money.
Notes continue to be presented in exchange for
others with the new stamp. Not more than 40 forged
notes have been presented, 32 of 1,000 reels each, and
the rest of 4,000.
The Eco applauds Espartero for his magnanimity
in refusing a pension of 10,000 dollars a year, offered
to him by the English government. No other paper
has a word about this offer.

FRANCE.—PARIS, Aco. 9.—A somewhat re-
markable case was submitted on the 7th to the Civil Tri-
bunal of the Seine. A merchant lately purchased a pair of
diamond earrings from M. Michael Levy, a jeweller, and
presented them to a young and handsome actress of one of
the minor theatres, of whom he was a passionate admirer.
Sonic time after he became bankrupt, whereupon the actress,
feeling a delicacy not very common in such cases, charged a
person to return the diamonds to the jeweller; but, instead
of doing this, the individual in question took the earrings to
the syndic of the bankrupt's creditors. In conseqeence of
this M. Levy brought an action to obtain possession of the
diamonds, for which he had not received payment; but the
tribunsl held that, having sold them, he must be classed
among the other creditors of the bankrupt merchant.
PRUSSIA.—BERLIN, AUGUST 6.—THE KING'S
Rercv TO rue DIET.—The Cologne Gazette publishes
the King of. Prussia's reply to the motions which were
voted at the late diet. We can only briefly state at
present that, with respect to the refusal by that body to
sanction a loan for the construction of the Great Prussian
Railway, his Majesty observes that there will be no necessity
for submitting another proposition on that subject to the
next diet, and that the line will be constructed with the or-
dinary funds, if other railway enterprise, will allow of it.
The rural districts of the Rhenish province will not be re-
presented in the permanent committees, the delegates from
those places haying refused to appoint the members of such
eommittees.

RUSSIA.—ST. PETEItSEURG.—THE LATE PUR-
CHASES Or FOREIGN FUNDS NY RVEIBIA.—The Al'genuine
Preussisclie Zeiiung of the 6th inst. contains a report of the
speech delivered on the 22nd ult., in St. Petersburg, by the
Minister of Finance, at a sitting of the council of the so-
called credit institutions of the empire. The above fano-
tionary entered into a circumstantial account of the monetary
matters of those institutions for the year 1816, and referred
in a particular manner to the recent purchases of foreign
funds by order of the Emperor. The minister commenced
by observing that, in consequence of the sums of money
expended in buying corn, and in constructing railways,
foreign exchanges did not offer to Russia any chance of con-
tracting on favourable terms, a loan for the purpose of de-
fraying, for the current year, the expenses of the works in
the St. Petersburg and Moscow Railway. It was, there-
fore, resolved to issue two series of treasury notes of three mul-
lions of silver roubles each, and to prepare for the issue, in
case of need, of two more series ; so that, if a foreign loan
could not be contracted this year, there might be a supply of
funds to meet the cost of carrying en the works on the above
line. Three of those series have been already issued, and it
is highly probable that the remaining one will be also
emitted, ea that a sufficient capital will be at hand to prose-
cute the construction—so far as this year's operations are
conceracd —ef the St. Petersburg and Moscow Railway. The
minister stated, moreover, that several owners of mines in the
I Ural mountains, who, on account of the scarcity of money,
had been compelled to pay a very high interestfor loans, or else
to part with tke produce of their mines at very low prices,
had been greatly assisted by the establishment of a com-
mercial bank at Catharmenburg, the centre of their opera-
tions. The minister then proceeded, in the tenon in terms,
to describe the recent purchases of foreign funds " The em-
ployment of a greet pert of the capital of Europe in the corn
trade, as I have before mentioned, and in speculation in
railway shares, necessarily exercised an important influence
on the value of national funds, which, as you already know.
fell considerably, particularly in the beginning of this year.
Ilia Majesty the Emperor, who has always watched with
greet attention the course of financial and eommercial
movements, gave orders that the following question should
be laid before the finance committee, and then before the
imperial council, with the opinions set forth by the former.
Whether, in the present depression of the funds, purchases
should not be made in them to the amount of thirty millions
of silver roubles, to be taken from the capital of the notes of
the imperial credit establishment, which measure would not
be considered as a violation of the law relating to the non-
displacement of that capital, inasmuch as instead of specie a
corresponding sum will exist in other funds (representing a
not less certain capital), and one which moreover will bear
interest and be convertible into ready money." After the
ce Finan Committee bad set forth in their reply that the pur-
chase in question would neither be contrary tothe manifest of
Jane 13,1843, nor injurious in any way to the solidity of the
imperial credit, and had recommended the carrying out of the
operation referred
.to, the Imperial Council also approved
of the measure, which was finally announced by the publica-
tion of en imperial ukase. The minister remarked that that
financial operation had created general confidence among
the public, and, as a proof of the correctness of the assertion,
stated that since the publication of the ukase the conversion
capital had increased by 26,300,000 silver roubles. After
referring to other financial arrangements, the minister con-
cluded in the following terms :—" From this short review
you will see that the affairs of our credit institutions continue
to be prosperous. The constant increase in our commerce
and industry contribute idea to the extension of the business
of our credit inetitutions."
ST. MICHAEL'S, JULY 30.—A few days since a
squadron, composed of the Amnon corvette, Sidon, and
Geyser steamers, the French brig Cygne, and a Spanish fri-
gate, arrived here. As the Amazon and Cygne were towed
by the steamers, they arrived here two days before the Spa-
niard, leaving the Terrible, Recruit, and a Frew!' frigate,
on the way to Madeira, on a mission similar to that which
brought the squadron to this island, that is, to bring them to
the Queen's authority. The parties favourable to the junta
is this plea have given in; at the same time, however,
strongly protesting against the foreign interference. The
affairs of Portugal seems in a quiet state for a time, but it is
believed by every one here and at Lisbon that as soon as Sit
W. Parker leaves the Ts with his squadron, and the
Spanish troops are withdrawn to the frontier, outbreaks
might again occur. The Queen is becoming daily more and
more unpopular, as well as her ministers, who are about to
make another forced tax on the country, in order to pay the
troops, who are now four months in smear of pay, and this
will cause a stronger feeling than aver against them.

UNITED STATES.
THE FRENCH OCEAN STEAMERB.—The French
ocean steamer, Union, Captain Hebert, eccomplished
the passage from New York to Havre (where she arrived on
Saturday, at three rat.) in thirteen days and a half. Tha
Union was generally admired at New York, and entertain-
ments were interchanged by the offleen and the cities's'. On
the 19th a superb banquet and ball was given on loud the
Union to 600 guests: a banquet was given by the Pees&
residents to the Aims on the 20th; and on the 21st the
municipality entertained the representatives of the French
ocean steam liners. The New 1-ork Herald gives the fol-
lowing statement of postage' by these steamers
We present our readers with the enact tableau of the
tariff of postage' which has been settled upon by the agents
of the French steamers, for all letters sent to Prance or to

EnpttLnd:
rOerrAo. or Lorne TROY Now Ton to PAW., cu Hamar..
Postage at the New Tork Pcotodice
PUG*, to arm the Atlantic
restage nom Havre to Parte
31
POSTAUIS or a LITT,/ now Now You TO EVOIAND, VIA Flavin.
Postage et the New Tork Peet-oillee
Peanuts to f
eces the Annan.. 2O
Yonne from Havre to the English shore 2 „
Engliah taxation from the Awe to the letter'. dead.
nation lO „

„
There i. a difference in the weight allowed to • letter for
the preceding prices, between France, America, and England.
The weight of a letter for France ought not to be over •
quarter of an ounce, whilst for England and America the
allowance to half an ounce. We must say, however, that
the postage of a letter sent to England by the French eteamcre
is two Ceuta sore.”