The Express.
London, England, 1856-12-23 00:00:00

LONDON, TUESDAY,

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OMIT NEWS: LONTON MORNING
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NIGH WATER AT LONDON BRIDGE.
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The contest between Prussia and Switzerland la
a most unequal one, if the material forces only of the
two countries ere to be taken into account. Prussia
has a population of rather more than seventeen
millions of souls, and an annual revenue of about
twenty millions of English money. Switzerland has
a population of rather leas than two•and-a-half
minims of souls, and an inmost revenue of less than
a million of English money. On the pesos establish-
ment of the Prussian army there are 130,000 regular
troops; this number can be augmented in time of
war to 300,000 men, available for active sorrier, with
a reserve of 250,000 for garrison duty. The regular
Swiss army numbers only 72,000, with a reserve of
36,000.

It must be kept in mind, however, that in the I
event of hostilities actually takieg place, the Swies 4
will fight on their own soil, whilst the Prussians I
will bare • long land marsh to reach them. 4
The Prussian soldiers will have to contend with '
the whole adult male population. The Prussians,
too, will have to march through neutral Stew I
where, as they can neither take the liberties they
could in their own country, nor the stillgre•ter liberties I
they would take in an enemy's country, their move- '
meats will be much hampered, and their expenses
increased. A nose of shame, too, as well as • fear of
trying too far the patience even of his subservient
Chambers, will prevent the King of Pausal* from
putting forth all his force in a war with the Helvetic
Confederation, on the trumpery ground of quarrel be
alleges. Besides, he is not sufficiently tranquil on the
some of public opinion at home to inve his own
territories without a sufficient somber of regular
troops to put down any revolutionary or insurrection-
ary movements that may take place while he is
waging war at a distance.
The Prussian invasion of Switzerland must take
place from the northern, or German frontier. The
Emperor of the FRLNCII has, it is true, shown him.
self very anxious to court the favour of the Prussian
monarch, bat he will stop short of allowing him
to muster his troops on French soil. It would not be
safe to re-awaken the French people'. reminiscences

of the Praeiao army of occupation in 1816, by allow-
ing Prussian troops to encamp in Pratt... The
northern frontier of Switzerland extends from the
head of the Like of Constance to Basle, where
the enures of the Rhine changes suddenly from a
western to a northern. The entire length of this
frostier is about 160 English miles; bat the nature
of the ground from the head of Lake Constance to
Schaffhausen—a distance of rather more than a
hundred miles—renders it in the lad degree inspire.-

bable that aay attempt will be made in that quarter.
The portion of this frontier which lies between
Schaffhausen and Basle—a distance of little more
than 40 English miles, when the windings of the
Rhine are not taken into account—is more assailable.
The Federal army would be insufficient to defend
all the points at which the Rhine an be
crowed ; and tho Swiss hays no strong
fortresses. The towns of Schaffhausen and

Basle could offer no protracted resistance, and
the volleyed the Aar and Limmat, which open upon
the Rhine from the south, constitute the most awes.
Bible portico of Swi:surtand. Bat to oompeneste for
these disadvantages under which the Swiss would be
placed when assailed from the north, the Rhine
frontier is that upon which the whole available forces
of the Confederation can be most easily eonoentrated.
The distance between Basle and Schaffhausen, as
has already been °barred, is little more than forty
English miles. Berne, the seat of the Central
Government, is situated about fifty Eog.ish
miles to the north of Basle, and about
seventy to the north west of Schaffhausen. With
the exception of the Orisons and Ticino, all the PUP.
teas have easy communication with this frontier.
The districts of the Rhone and Lake Leman have

moms to it across the comparatively inconsiderable
heights to the north of the lake; and all the other
cantons are a series of valleys radiating from the

Rhine frontier u from sceptre. Tull conformation
of the whole country is such am to facilitate the move-
ment of an army, with all the necessary matiria, to
the frontier, to encounter so invading force
and its telling back with all its stereo,
and scattering through the various valleys to
prolong a desultory and harming guerilla war-
fare with the hued. re, should it prove unequal to the
>•eeting them in the open field. And the central

position of Berne would enable the Government to
have its eyes and its buds at once oa every part of
the territory. Nor wool it be in the power of
Prussia to shut oat the Swiss from external aid.
There it an excellent understanding between the,
Ht Ivet'c snd the S udinian Governments; and Count
CATOUIt is well INV._ re that the caws of Switzerland'
Is the olio.. of P0t:m.30% Throughout the war
Chum csou'd bo the se4p)rt of the Helvetic Confede-
ration.
It is clear from thole cotliderations that if the

Swiss authorities are men adequate to the emergency,
Switzerland is not so unequally matched against
Prussia, for a defensive warfare, u would at first sight
appear. Much would depend, no doubt, upon the
personal character of the armies and general opposed
$ each other. The general impression seems to be
Nat the Prussians are better drilled foe combined
pavements, but that the individual Swiss soldier is
superior to the Prussian. Again, it is alleged that
the Swiss generals are abler men than the Prussian,
but that the regimental officers in the Prussian
army understand the handling of their men
letter than the Swiss regimental officers.
list the test of a Commander-in Chiers capacity is
the ability he shows to understand the character of
his army, and to adapt his tactics to that character.
It will bo the business of the Swiss generals to
embrace that strategy which will enable them to
make the good qualities of their troops tell with
most 'fleet against the enemy.
MO thing is certain, that if the Swiss can bide
the brunt of the first onset of the Preasians, they
need have no feu of a protracted war. The ele-
ments of discontent and disaffection smoulder-
ieg beneath the surface of European society make
ell the Continental Governments look forward
with apprehension to a war in the very
centre of Europe. These apprehensions are well
founded. If the war in Switzerland last for three
months there will certainly be insurrections in Italy
and Hougary, and probably disturbances, more or
less serious, in Germany and France. If the Swiss
are true to themselves they will find effective allies
in every part of lb* continent—men who will dis-
tract the attention and paralyse the efforts of the
invader, by cutting oat work for them in other
quarters. And if ever men had a cause capable of
awaking all their best energies, it is that for which
the Swiss are called upon to do battle. The demand
of the Bing of PRUSSIA, that they shall allow the
conspirators of Neufchatel to escape with out trial,
is simply a demand that they shall hold oat to all
privy conspiracy and rebellion" the prospect of
impunity in all time coming. If that demand is
complied with, the maintenance of law and order will
henceforth be impossible is Switzerland.

It is not impossible that the King of Passau, who
hue graduated in the Russian school, may contem-
plate no more than securing a " mate rial guarantee,"
by taking military occupation for an indefinite period
of the canton of Schaffhausen and the town of Basle.
But such a barefaced act of plunder would bring him
at once into collision with Anstria and Bavaria, whose
commercial interest, would be thereby injured, and
eventually with Franco, which could not regard the
permanent military occupation of Basle by the Prus-
sians with a favourable eye. Louis NAPOLEON may
court the " legitimate " despots, but he knows he
cannot trust them.

Since Wednesday last, when we drew attention to
certain features warreatiog the hope of an easier
Money Market, the mercantile community have wit-
nested with satisfaction a reduction off per ant. in
the minimum rate of the Bank of England. This
measure is fully explained by the last weekly return
of the Bank, which shows a further decrease of
660,9871. in the "other " securities, and an increase
el 671,8051. in the stock of unemployed notes, coupled
with en increase of 206,3281. in the coin and bullion.
The sets reserve now approaches six millions, and
the coin and bullion ten millions and three•qusetera.
We attach the more importance to these changes,
and to the reduction in the Bank's terms that
they have occurred at a period of the year when
an exceptional and transient increase in the
demand for money is invariably witnessed. The
settlement at the end of the year is prepared for, not
only in all trading circles, wholesale and retail,
but in almost every family. At no other season is so
large a same of money temporarily needed for the
squaring of accounts. Even firms of large capital,
whe discount bills for other p►rties instead of appear.
lag as borrowers themselves, make a practice of
collecting a good balance at their bankers' at the end
of the year. In lace of these considerations, the
rapidity with which tulle have " run off" at the
Bank is a good sign. We see it frequently stated,
that "the demand at the Bank has been heavy from
day to day ;" but the returns show clearly enough
that the repayments to the establishment have
been still heavier. The fact is that, although many
dealers in money have exhibited a strong disposition
to keep up the rates as long as possible, first class
mereantilt houses have experienced no difficulty
whatever for many weeks past in procuring accom-
modation in other quarters at a decided reduction
from the Bank minimum. This resenting Aetna%
moreover, is still presented, despite the decline of the
Bank rate to 6 per cent. Really good bills can now
be negotiated at 51. So long ea this is theses., the
leading commercial firms of course abstain from
borrowing at the Bank.
There are may other mesons for believing that
a further moderate decline of the rates of money
cannot be long postponed. The money which is
now being collected by way of preparation spinet
the end of the year, will soon have performed its
office, end will be released. Parties who have laid up
a good store at their bankers' will be found ready
ilenders. The important mercantile settlement of the
4th of January cure over, a few days will carry as
to the January dividend period, when a large mass

of capital will bs set afloat. nobiliary, again, will
witness the diffasion of a gnat quantity of money in
the shape of railwsy dividends. Meanwhile, cos-

siderablii supplies of gold will is all likelihood be
received from Australia and the United States; whilst
the metallic requirements of the Bank of France
are diminishing. All tbs., oonsiderations encourage
the hope of an easier money market, u soon as the
pressure incidental to the end of December shall
have been got over. We are aware that a decrease
in the Bank's stock of coin is to be expected in the
next return, owing chiefly to the sudden and ground-
less run spoil some of the branch hanks is the county
of Tipperary; but no importance whatever attaches to
this feature, inasmuch as the demand is domestic and
momentary.
One of the most remarkable financial facts of the
day is the refusal of the Bank of France to make the
slightest conoimion to the demands of the commercial
public. Whilst the Bank of England has resumed
the granting of loess upon stock, and has lowered
its discount charges from 7 to 6i, and from 61 to 6
per cent., the Bank of France has greatly disappointed
the expectations of the public by maintaining
is fell force every reettietive regulation previously
adopted. There is no doubt, however, that great
premiere will be brought to bear upon the manage-
ment; and in many quarters it is believed that same
measure of relaxation will be announced almost
immediately. The refusal of the Rank to discount
bills having more than 80 days to run is especially
felt as a grievance, and this severe rule will probably
soon be rescinded. The floating supply of money in
the French market will be increased by the payment
of the hall-yearly dividend on the Three per Cent.
Renter, which fell due yesterday, as well as by the
liquidation of a great number of railway and other
dividendi next month, the aggregate of which
is estimated to reach eight millions sterling.
It must not be forgotten, however, that the