The Express.
London, England, 1862-03-31 00:00:00

RUM WAVLE AT LOSIDOS WOOL

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LONDON, MONDAY, MARCH 31.

Kt. 'ENT

have taught ue that SDO

Cher crisis in the military affairs of the Gaited
States is imminent, and General M'Ciiniew's
address to his army now conies to define and in-
tensify the impression. The army of the Potomac,
u described by its General, is not like the army
which fought at Bull Run, but is "a real army "
sot only a collection of brave men, but an
organized and disciplined force. The tone of
General BiTtsitis'i address is good, better,
indeed, than its composition, which straggles
more than we hope the battalions of the gal-
lant author will do. It is worthy of notice that
the military spirit is powerfully appealed to, while
political references are wholly avoided. A legiti-
mate confidence pervades the whole, and is not
diminished by a fair acknowledgment of the quali-
ties of the enemy. The address is now at the
mercy of events, and very soon success will make it
a proud historical document, or failure, a witness
against an army which, raised in the name of
patriotism, and enjoying unparalleled advantages,
fell short of its vocation.

THE arrangements for the opening of the Inter-
national Exhibition are now published. Public
attention will first tix on that part of them ren-
dered necessary by the distressful absence of her
Majesty the QUBBN. Her Miassry is to be re-
presented by his Royal Highness the Gamut
001RHANDING-111-CHIRF, the Archbishop of CATEZR-
RORY, the Loan CHANCILLOS, the Earl of DRAW,
and Viscount PLLMERRTOX. We do not think this
arrangement will be satisfactory to the pub-
lic, and until we see reason to change the
opinion we shall not believe that it is
the best that could have been made.
The inventor of this programme appears to have
thought that next to the pleasure of seeing the
BOVRRFI443I would be that of beholding our most
glorious Constitution in Church and State, on its
legs, and marching tingly down the nave. But their
old faces and old feathers, old lawn, old horsehair,
and old garters, very well as they are in their way,
are not what people want to see on such an occasion.
We do not object to see respectable clothes-bearers
at proper times, and to be reminded by them of
the public spirit of the Horse Guards, the freedom
guarded by the Ecclesiastical Courts, the amenities
of the Woolsack, and the pretty " arms" by
which Whig and Tory Leaders have vir-
tually converted rivalry into partnership.
But these people cannot represent the Quest( in
the least of those attributes about which people
think on such an occasion as this. Was there no
one near the Throne who could have shed over the
ceremonial something of the dignity and the
graciousness which have made the Queer's per-
sonal public appearances events never to be
forgotten f If so, our great loss is even greater
than we had supposed.

SE% CRAG foreign Powers which have long
been covetously regarding our money-heaps are
fired by the success of the Turk, and
betray an intention of plunging into the mar-
ket with unusual speed. We will not refer to
Russia, which of course wants money, nor to
Austria, which is of course utterly hopeless of
getting any, nor to France, which has just suc-
ceeded, by means whereof the Government ought
to be ashamed, in squeezing a loan of a few
millions out of a reluctant market, at the cost of
an immense addition to the capital of the
national debt. Putting thew, on one side, we
End that Peru, Egypt, and Venezuela are running
a race with each other, with a view to see which
can get tint inside the doors of our mosey market
This haste is really scarcely decent, for in such
large matters two customers can hardly be served
simultaneously. It would be something unprece-
dented to have two foreign loan lists open at once.
These uew applicants might at least give the Turk
time to finish his business and get out at the op-
posite door. Perhaps they will be better inclined
to act upon the advice when it can be proved to
be to their interest to do so. There are

a large number of speculative house', pos-
sessim: considerable available means, which
make a practice of taking part in nearly every
operation of the sort, and which, having their at-
tention monopolized with the Turkish Loan, are
unable to entertain anything further at the mo-
ment. Resides, some consideration is due to the
capacity of the market. Unless moderation and
discrimination an exercised in tho supply of new
securities, the end will be that the prospect of
profit will be impaired as regards every one of
them.

In the interest of British trade, which has at
least the first claim upon our money market, and
in the permanent interest of that market itself, the
financial public may be usefully advised at the pre-
sent juncture, when foreign loanmongera are so
busy, to scan more narrowly than usual the terms
and conditions of each of the stocks offered. Their
mere number calls for tbe exercise of unusual caution,
for although a Peruvian stock is not a Turkish one,
and an Egyptian stook may be considered different
from either, they We all dealt in in one and the
same market, and the prices are influenced by
the same conditions. At Covent-garden
beans may be dear and peas cheap, but
if all the market gardeners of Hammersmith hurry
in to sell all their produce in • day, beans and
peas, cabbages and cauliflowers will all go down in
price together. If our loan contractors do not
take care, they will over-do the market, and pro-
duce a degree of satiety of the public palate which
may cause them much disappointment. The
market deserve, at least to have a larger " eon-

" ideration" for entertaining the offais of Peen,
when it sees the string of borrowarp al her bock
who are only waiting to take id ' dace• They'
may walk up, of course, but one at a time
if there be any disturbance of order, the gentle..

wee of the Stock Exchange ought to constitute
themayin its guardians. Meanwhile we can only
advise the monied,publio to look on vigilantly,
and not to be in too great a hurry, for we prophesy
with the utmost confidence that, if they will only
wait a little while, they will have an ample choice,
and plenty of securities to *elect from.