The Express.
London, England, 1853-12-29 00:00:00

a proposition quite inadmissible. But now Pesha-1
wur is ours, and to our loss; for as a source
of revenue it is worthless, and to our troops its cli-
mate is destructive. What impression the Persian
ambassador SIKERZA WULLER KUAN —recently
sent to Cabul—then made en DosT Mailman, is
not yet known; but it is scarcely passible for Swi-
ne< s so devoted as the Affghans to join Sheeahs so
&tested by them as the Persians, in enmity against
the SCI.TAN of TCRKET. That, however, was pro-
! bably only a minor object of the mission ; its greater
aim being in all likelihood to excite Affghanistan
against the Indian Government ; and to frustrate any
hostility in that quarter is evidently a duty of the
Indian Government. For, with the Affghans friendly,
India must always be as free from invasion as Eng-
! land itself; and with a little pecuniary assistance
from us, they ,would quickly set to work to rescue i
Herat from Persian dominance, and so recall Persian
arraisii from the western to the eastern part of the
Empire of Ina.
Instead, however, of conciliating the Hill Tribes,
the Indian Government is engaged in sending a great
military force, accompanied by a host of civilians, to
erect a fort in the Kohat Piss, not to keep invading'
armies out of India, but to keep the Affreedees
in check. But what is it the Affreedees rise
against? What is it they will not submit
to ? Simply Tribute. They have always been
exempt from taxation. To tax so poor a people is to
half-starve them ; and therefore they resist to despera-
tion. Abandon this monstrous determination to force
money out of the Atfreedees, and they will be as
peaceable, as well-disposed, and as easily governed
as the Beloochees, or any other Hill people. But
such an expedient the needy Indian Government
never thinks of; but prefers to go on spending, in
• I expeditions, in forts, and in cost of collection, money
• enough to convert the Madras Presidency into a
garden.

public securities in the Bank. The former amounted
in one week to no less than 2,367,242/. ; the latter to
1.421,6911. Now, if we deduct 500,0001., the ordi-
nary receipt of public deposits per week at this
MOM we shall have a sum of 1,800,0001. which the
Government has acquired in the books of the Bank
nobody keows how. At the same time the books of
the Bank show a great increase in its stock of public
securities, which, it is well known, from the price of ,
the article and the daily-watched dealings of parties
on the Stock Exchange, were never purchased in the
public market. The Times, however, as if it had been
let into the secret, has twice within some days
exulted at the Government being prepared to meet
all its engagements at the beginning of the year, and
has known very well " that the Bank has taken of
the Government a large quantity of Exchequer Bills
and thus lessened the prospect of any considerable
amount being suddenly thrown on the market." The
same operation tended to keep up the price of Ex-
chequer Bills, and probably to keep up the price of
other public funds.
It operated, too, in another way. Such a quantity
of Exchequer Bills in the Bank, accompanied by
such a large addition to the public deposits, and a
very considerable increase in the Bank reserve-
-341,7971. announced last week, and 409,067/. an-
nounced the week before—made an easy money
market. There has been, in fact, within the month,
a creation of currency, including under the term
Bank Notes and Exchequer Bills, to the amount of at
least 1,500,000/., if not double that sum, which is
one great source of the ease of our money market,
and of the comparatively high price of the funds.
But that this cosy money market is the same as a
I sound money market nobody will readily believe.
The latter is the consequence of the paper
nosed being no greater than the transactions to be
completed in a given time ; the former, in this case,
is the consequence of the issue of paper ohich relates
to no commercial transactions whatever, which con-
es:as the wants of the Government, which is, in
het, the substitution of a new debt for the debt that
Kr. GLADSTONE pretended to pay off. The ease is
temporary, the permanent difficulties are not one
'jot lessened. The soundness of trade cannot be
doubted; but with Government and authorised
Banks interfering with the money market, and
influencing it on principles that are certainly not
commercial, it cannot be considered in a sound con-
dition, and persons engaged in trade may soon find
special caution and foresight indispensable.

IN the City intelligence of the Tisnrs of yesterday
it was written, concerning the money market of
Tuesday, "Although the strength of quotations was
alleged to have been imputed by the news about
the Conference, there is little reason to attribute it

to anything but the sound state of the money
market, since scarcely anyone seems to entertain a
hope with regard to further negotiations." Passing
over the slap given in the last part of the sentence
to the diplomatists of the party which the Tomes for
the present supports, it strikes all persons acquainted
with the principles of funding and of money with
astonishment to find a journal with a reputation
above that of Mr. FEAKOIN O'Corncoa's late paper
_ _

asserting that the high and steady price of the funds is
due to the sound state of the money market. In the
same article it is remarked that in " the foreign
exchanges the rate upon Hamburg " wes a shade
lower, which is quite in accordance with our own
City intelligence; and shows that gold, which accord-
ing to a statement of the Twice is already 0.90
per cent. dearer in Hamburg than in London, is
going or must go to Hamburg. With the fact
described in the Times, with the other fact equally
notorious, that very large sums will yet have to be
sent abroad to buy corn, with the Bank minimum
rate of interest at 5 per cent., and scarcely any dis-
count to be obtained at a much lower rate, only a

comparatively few persons consider the money market
in a sound state; and at the rest are surprised that
to its condition the present high price of the public

securities is attributed.

Public men who think only of public credit, are
accustomed to regard the high price of the public
funds u a decisive test of national prosperity; but

private men know that it is merely a test of the
security of the public debt. In the United States,
which as a rule may be said to be a more rising coun-
try than even England itself, a greater profit is made
on investments than here, and the rate of interest is
uniformly higher. At present money on call rules at
7 per cent. in New York, and the rate of discount is
between 9 and 10. In accordance with this state of
the money market and with the prosperity of the
States, the Government Six per Cent. Loan of 1847,
which is in progress of being paid off, the security
for the payment both of principal and interest being
undoubted. is in the American market 120. While our
Three per Cents. sell for 94, the American Six per
Cents., instead of selling for 188, sell for 120 ; the
high rate of profit on investments, and the high rate
of interest (in free countries the test of prosperity),
keep the United States stock so much under the
market price of the English funds, both being an
equally safe investment. The high price of our own
funds is not, therefore, a subject for congratulation,
except as it is a sure proof that no dread exists of
national disturbance or revolution.
If the public must now be congratulated on the
interest of money in the fends being little more than
3 per cent. in connexion with the soundness of the
money market when it is 5, what ought to have been
said last year at this time? The Bank minimum
rate of discount was then 2 per cent., and
the best bills were discounted at that or
a somewhat lower figure. The price of Consols was
then 1001. Then the money market was considered
to be in a sound state. Trade could borrow at a low
rate of discount, and it was making large profits;
now, when profits are reduced, it cannot borrow under
S per cent. Consols, instead of falling to 60, or even
to 40, which is nearer the tariff of their value, with
money at 5 per cent., if they would fetch only 100/.
when it was at 2, are at 94, or only 41. lower now,
than they were at this time last year. The security
continues the same, or if anything it is less firm
than before there was any question of a quarrel with
Russia, yet Consols are 94, with money at 5, and
they were 100 with money at 2. What is really to
be inferred from this is, that the security
of trade investments has become less, or profit
greater, and therefore precarious, or both, and that
in either cue lending money is not thought to be
so safe now in comparison to investing it in public
securities as it was supposed to be at this time last
year. There is a manifest contradiction then in
representing the present high price of the funds, the
Three per Cents. being 94, with money at 5 per
cent., as the consequence of a sound state of the
money market.
There is reason to apprehend the reverse, and
the statement of the Times would not have been
noticed were it not connected with a subject of great
public importance on which a suggestion or two must
be published.
It will be seen in the City reports both of the Times
and Daily News that the Paris funds came yesterday
per cent. better than the day before. The price in
Paris, therefore, of public securities has some in-
fluence over the price of such securities in England.
That the Government of France uses its power and
its purse to keep up the price of its securities beyond
their market value seems certain, and that for a time
it is and will be successful is beyond a doubt. Thus
the acts of the Government of France are a more
I prominent cause for the present high price of our
funds in comparison to the interest of money than a
sound money market. An easy money market has
I more to do with it than a sound money market, and
to this end our Government can work, and we think
has been working. as well as the Government of the
Emresoa.

-- -----
Every person «ho attends to the subject has noticed
the extraordinary increase of the public deposits in
the week ending December 10, announced on
the 17th, and the equally extraordinary increase of

THE EXPRESS, THURSDAY EVENING, DECEMBER 29, 1853.

LATEST FROM ABROAD.

SWEDEN AND NORWAY.

BTOCIIOLX, Dn. 16.

King Oscar has invited the Diet to nominate a
small number of its members possessing its entire
confidence, to whom, a 9 a secret committee, the go-
vernment may make an important communication.
It is believed that the government wishes in this

unostentatt us manner to bring some momentous
facts connected with foreign affairs to the knowledge
of the Diet.

The King hu re-organised the higher departments
of the military and naval administration, with a view
to securing greater unity and efficiency in the event
of hostilities.

13ERLIN, Dsc. 24.

Diplomatic negotiations are pending between the
governments of Sweden and Denmark, having for
their object the conclusion of a league, offecsive and
defensive, between the two slates. Sweden is arming
by sea and land, and Denmark will immediately
fortify her coasts, and place Copenhagen in a state of
defence.

FRANCE.

PARIS, NV F.DX Eft DA Y.

At the Bourse to-day the Three per Cent. Rentes
closed for money at 74; the Four-and-a-Half per
Cents. at 101 ; and Bank Shares at 2,840. After
the rally of yesterday, the French Three per Cents.
show a fall of 60c., and the Four-and-a-Half per
Cents. of per cent.

THE WAR.

RUSSIA AND TURKEY.

It was yesterday confidently stated that orders
had been sent to Constantinople, directing the Eng-
lish and French fleets to enter the Black Sea.

contradicts the late rumour of

dissensions between Great Britain and France,
which, it was asserted, bad paralysed the action of
the fleets in the Bosphorus. The ambassadors of
France and England at Constaotioople, says the
Conagitutionnel, have the same instructions, and the
line of conduct to be adopted after the battle of Sinope
was agreed upon by Lord Rcdcliffe and General
Baraguay d'Hilliers.

Of the victories claimed by the Russians in Asia
nothing was known at Constantinople on the 16th
inst., and we still owe all our information or misin-
formation on this subject to Russian bulletins. Yes-
terday we printed the despatch forwarded by Gene-
ral Beboutoff to PrinceWoronzoff.giving a lengthened
account of the battle of Basch-Kadyk Lar ; a des-
patch data from Tiflis—the head quarters of Prince
Woronzoff, has been also published by a contempo-
rary, which being of course founded on General Be-
boaters report,and not being more authentic, cannot
add to our knowledge of the event. All these Rus-
sian accounts of battles do full justice, although
indirectly, to the courage of the Turks, and show
that the sons of Ottoman are still a brave and war- I
like race. It is, however, very desirable that
authentic intelligence respecting the movements of
Abdi Pacha should soon arrive, as the engagements
at Aehalzich and Basch-Kadyk-Lar appear to par-
take far more of a decisive character than those of
which we have hitherto received accounts from both
camAps.
s the quarrel first engaged in between Russia and
Turkey is gradually involving other powers, and
neutrality is becoming more and more difficult,
especially to maritime states, alliances and prepara-
tions, ostensibly of a defensive character, begin to
be made by nations and governments, which at first
sight would seem to lie far enough out of the ex-
pected fray. Scandinavia is mentioned in connexion
with the Russian quarrel, and our correspondence
from Stockholm and Copenhagen points to
a movement which cannot fail to engage the
attention of the people as well as the
government of this country. The correspondent
of a contemporary, writing from Stockholm on the
10th, six days before the date of our latest letters,
says :—" Stockholm is in a great state of excitement
to day, caused by the arrival of a Russian courier
with a note commanding Sweden to close her ports
to English and French vessels and subjects. 1 can
scarcely believe that it is true; but that a note of
importance has arrived is quite true, and Russia is
determined, either by threat or flattery, to get Swe-
den on her side, and the Swedes are in great excite-
ment abOut it. The royal family is greatly in favoqr
of Russia, but the nation, to a man, is against her."
A medical correspondent writes from Bucharest on
the 12th :—The number of soldiers quartered on the
town has increased within the last few days in a most
oppressive degree: many householders have been
compelled to find lodgings for twenty and even five
and-twenty men. For the last five days it has rained
upon an average seven hours per diem : traffic is
impossible even on the high roads, and, as a conse-
quence, no waggons or carriages could pass between
Bucharest and Kralove. Sickness has increased in a
moat astonishing manner, and mortality at the same
rate. Should this state of things continue, the Rus-
sians will lose one man in ten from disease alone.
According to the newest estimates of the effective
Russian military force in Wallachia, there are 78,000
Ream soldiers in this principality, of whom 17,000
are cavalry, and 35,000 artillery. Preparations are
making for the reception of 54,000 more.
A correspondent writes from Orsova on the 20th.
From all that we can learn, the Russians are pre-
paring for operations of a decidedly aggressive cha-
racter, to be executed as soon as the weather will
allow. For this purpose the corps of General Osten-
Sacken, with which the Turks have long been
threatened, is now actually on its way to reinforce
Prince Gortschakors army. On the 13th,14th, and
13th, about 5,000 men marched through Jassy,
makingros in all 9,000 men of this corps which had
the Pruth at the last date mentioned. Ac-
cording to the arrangements which have been made
with the local civil authorities the march of troops is
to be continued until the middle of January next.
Much is said about an attack on Kalafat meditated
by the Russian general ; but I think Prince Gorts-
chakoff will meditate a little longer yet before he
leads his troops against those terrible fortifications.
The Turks have a world-wide fame as defenders et
fortified positions, and the entrenchments at Kalafat
are acknowledged by all who have visited them to
be second to none in point of engineering skill.
According to investigations made at Siuope, bey
the captain and officers of her Majesty's ship Retri-
bution, the Turkish frigates resisted the fearful odds
opposed to them for an hour and a half without
flinching. The first of their losses was the Na-
vick frigate, whose captain, Ali Bey, being me-
naced with boarding by a huge three-decker, and
having abandoned all hope of successful resistance,
with desperate devotion blew up his vessel. At
the end of the above period the destruction of the
Turkish force was frightful and complete. Some of
the ships were burnt by the enemy's red-hot shot ;
ethers blew up; and the others, whose sides were
literally beaten in by the enormous weight of the
Russian metal, slipped their cables, and, with the
exception of two, drifted on shore. The Russians
now manned their yards, and cheered in honour of
their bloody victory. Having done this, they imme-
diately recommenced firingtupon the helpless wrecks,
from which a feeble dropping fire was still main-
tained with unequalled fortitude, and did not cease
until they had completed the work of destruction
and butchery. The support afforded to the Turks
by the land batteries was ineffectual, owing partly
to the lightness of their guns, and partly to their
fire being intercepted by the Turkish ships.

Mee. BLOOMER and The Lily have emigrated to
Mount Vernon, Ohio. In the last number of her journal,
she says
Our husband having purchased an interest in
The IVestern Home Visitor, published at Vernon, Ohio,'
and determined upon removing to that "lace forthwith, we,
as a true and faithful wife, are bound to say iu the languig•
of Ruth—' where thou guest I will go;' and so before
another number of The Lily reaches its subscribers we shall,
if all is well, have settled in our western home."—Nero
lark Tribune.