The Express.
London, England, 1847-01-19 00:00:00

M. Pidal contrary to the views of the majority of the
cabinet. The project of the address was read iu the
Senate on the 11th. The Bourse was weak.

PARIS, Jaw. 17.
The increase of discounts by the Bank of France
has not a parallel in this country for thirty years past.
This step seems to have been taken for the purpose of
preventing the exportation of specie to Belgium and
Germany ; and it is intended in case this is found in-
sufficient to reduce the accommodation to 60 days in-
stead of 90. But it would be better almost to raise
discounts to 6 per cent. than do this, which would
have the effect of closing the sources of credit, and
'excluding from the Bourse all bills at 90 days. It
would, in fact, produce a crisis, the consequences of
which none can pretend to foresee. The Bank should
have taken the necessary precautions in time. Having
been imprudent at first, it has now become
timid to excess. The increase of discount has already
frightened capitalists, the funds have fallen, and at
one time railway shares might be considered unsale-
able. But the panic will not stop there, and it is
supposed that the 3 per cents. will fall to 73 francs.
This will, however, be but a passing crisis. As yet,
the fortune of France has not suffered, but the went
of food may prolong it for a few months. The
deficiency in corn is stated to be about six millions of
bushels; the Minister of Commerce, however, thinks
three millions of corn will be sufficient. The de-
ficiency will be filled up by importations from the
Black Sea; but the shipping trade is so slow in
bringing in the necessary quantities, that the popula-
tion, thinking themselves threatened by famine, give
themselves up to disorders of all kinds. In consequence
of this 7,000 men, iu addition to the present military
force of the country, have been enlisted. Then the
army, instead of being employed in covering the
country, and keeping fore4m countries in awe, has
become an instrument for carrying out the objects of
the police.
With regard to the question of finance, the debate
on which is to commence to-morrow, the majority
approving of the conduct of government in the matter
of the Spanish marriage, shows itself less indulgent.
But, as this majority contains few capable men,
the ministerial majority will content itself with only
barren criticisms. I expect nothing from this dis-

cession.
In the Chamber of Peers the Duke de Broglie is
expected to make a great speech in favour of the
ministry; the noble duke has taken M. Guizot ander
his patronage, and the whole of his family concur in
this measure, as you may remark in reading an article
(feeble enough) which his son-in-law, M. d'Flauslion-
Tulle, has published in the Berne des Deur Montle..
In these circumstances the opposition of the Left
and Left Centre have taken the only reasonable course,
by abstaining from discussing the question in the
bureaux, and meanwhile, to judge the conduct of the
two governments, whichever of them may speak first.
The wisdom of this resolution is !moved by the
friends of M. Billault and those of M. Dufanre
having conformed to it. A propos of M.l3illault, the
re-union in his salons did not number more than forty.
I have • list of the persons, which gives no more
than thirty-one names. Several were drawn thither
by curiosity, who have refused to return, the greatest
number of whom were present the day after, at the
re-union of Barret. We are unable to cite any others
likely to form this small party, except M. Billault,
M. Dufaure, M. Monnier de la Sizeranne, M. de
Tocqueville, M. de Lanjninais, M. de Corcelle, and
ethers. Even the ministerial majority themselves
censure these dissentients, though the schism must be
favourable to the ministry; they regard it as the
effect of personal feelings and impatience under supe-
riority, which every one should admit. The re-union
of M. Billault and M. Dufaure may do some mis-
chief, but it will win neither honour nor success. A
party cannot be held together long by such merely
negative elements as a jealousy of M. Tniers cid a
hatred of England.