The Express.
London, England, 1847-11-26 00:00:00

After working out, by a process more satisfactory
to his own peculiarly constituted mind than to more
enlightened advocates of the same view, the result,
that " all this distress" is owing to " the want of credit,"
to " your restrictive monetary laws," to " your cruel
Bank Charter Act," Lord GEORGE went on to proclaim
"these are the works of your free-traders." If, as
Lord GEORGE asserts, cotton is now selling in Liver-
pool at 41. per bag less than in the American markets,
and sugar at 61. or Bs. less per cwt. than in the
markets of Cuba and Brazil ; and if this be " the work
of the free-trader,'," then, not only the momentary price,
but the permanent value, of these commodities must bo
lower here than in the countries which produce them.
On the other hand, if the alleged depreciation be the
consequence of "the want of credit,' of the "restric-
tive monetary laws," the excessive low prices of the
moment do not represent the real values of the com-
modities in this country, but are the consequences
of forced sales; and these, again, the consequences
of legitimate credit being unduly denied. If free
trade have done the mischief, the Bank Charter is
blameless ; if the Bank Charter is culpable, free trade
must be absolved. The end of Lord GEORGE'S argu-
ment is incompatible with the beginning.
The honourable member for Lynn has thus neutra-
lised and nullified his own reasoning most unneces-
sarily. It can be demonstrated that free trade has not
had anything to do with some of his examples, and
could not have had anything to do with others. The
large importation of corn to which he adverts, it is ad-
mitted on all hands, must have taken place, even had
the corn laws not been abolished. The consequences of
a sudden transition from a limited to on almost
unlimited importation of that commodity, afford an
illustration of the ffects of an artificially restricted,
not of a free system of trade. The returns of last
year's sugar importation show that if a glnt of that
commodity could be conceived to exist, it must be
owing to the excessive production of our own depen-
dencies. But the amount of stocks upon hand,
compared with the growing power of consump-
tion in the country, indicated by the returns
of past years, shows that there is no glut,
and that, if prices are not remunerative, it
is simply owing to consumption being checked
by other causes. As to the low price of cotton, it is
not by contrasting last week's quotations at Liverpool
with last month's quotations at New York, that the
comparative value of cotton in the two countries is to
be ascertained. Let the money market regain a
healthier tone, and the relative prices of cotton here
and at New York will soon be re-adjusted. In the
certainty of the low price of cotton, of which Lord
GEORGE BENTIRCK seems to complain, rests the hope
of oar manufacturers to be able to resume operations

as soon as the artificial high price of money is reduced.
The least creditable feature of Lord GEORGE'S
speech remains to be touched upon. We have pointed
out hie lack of controversial skill in unnecessarily
complicating his argument. We have shown his
iznorance of facts in attributing to free trade, conse-
quences with which free trade could have nothing to
do. We have now to draw attention to the unblush-
ing recklessness with which he can continue to make
use of assertions which have been disproved. The
gossip of certain clubs and certain circles upon
'Change had represented Lord GREY and Sir GEORGE
GREY as yielding to the latter's Northumbrian con-
stituents what they had refused to deputations from
great comnaercial towns. Lord GEORGE—who is an
extensive dealer in this bard money of debate—re-
peated the story, but was promptly contradicted by
the CFI ANCE LLOROF TIIE EXCHEQUER. Half-abashed,
Lord GEORGE assumed for a moment the tone hypo-
thetical, but before he had finished one sentence, he
relapsed into an assumption of the truth of the
wretched fabrication.

From a talker, however glib, who is so glaringly
unfair, ignorant, and illogical, little serious damage
can be apprehended to the course of sound legislation.
It is matter of curiosity bow long his party will
allow him the shadowy honours of ostensible leader-
ship. That ho is resolved not to relinquish the office
of honorary leader without a struggle, is obvious from
the speech delivered on Wednesday night. Ob-
viously compiled with a view to its being delivered at
the proper period of the debate on the address, its
delivery was forestalled by the rush of Irish orators.
It was spoken out of due time, simply in order that
by showing he had prepared it, Lord GEORGE might
enter a protest that, notwithstanding the presence of
Mr. Hrsams, he still looks upon himself as opposi-
tion leader. Lord GEORGE is too experienced a rough
rider to be easily or quietly thrown out of his saddle.

THE discussion of the motions, on the subject of
railways, of which the CHANCELLOR OF THE EXCHE-
QUER has given notice for this evening, may be ex-
pected to make known the attitude which ministers
are prepared to assume on the whole of this subject,
concerning which, of late, various and contradictory
rumours have been current. For the present, as we
shall soon be enabled to exchange oonjecture for some-
thing like certainty, we confine ourselves to a very
few observations on the two measures, the express
notices for which stand on the order book for tonight.
A general extension of the time to which the
promoters of railway bills, granted in past sessions,
are restricted for the exercise of the power
in their several acts, for taking land, &c.,
cannot fail to be acceptable to all concerned,
and useful in its operation ; provided the per-
mission is not clogged with arbitrary condi-
tions. The true object to be gained by such a relaxa-
tion, we apprehend to be, to facilitate those voluntary
movements which the parties concerned will be suffi •
ciently prompted to make by the circumstances of the
times, and by the desire of shareholders to be relieved
from too frequently recurring calls. Of the existence
of a disposition to move in this direction we have al-
ready evidence enough in the Grnette, which con-
tains many notices of special application to parlia-
ment for the very object which appears on the face of
the motion of the CHANCELLOR OF THE EXCHEQUER.
A comprehensive measure, extending the permission
to all who may find it expedient to take advantage of
it, would at once apply to these special instances, and
might also be welcomed hereafter in others, where
the burden has not yet been felt heave enough to
induce the directors to make similar applications to
parliament.
Our approval of a permissive measure of this kind
would, however, by no means extend to a compulsory
one, against which the arguments we have more
than once touched upon, when speaking of the clamour