The Express.
London, England, 1847-08-12 00:00:00

pearance of the notice, that no bills would be taken in
below the higher minimum term denoted.
There are theorists so obtuse of intellect, as either to
be blind to the most palpable, because practically demon-
strated, truism., or so hardened of heart, as to be re-
gardless of, and insensible to, the terrible consequences
which have flowed, and are flowing from doctrines self-
convicted daily of most pernicious heresy: as to exclaim
with the statesman of a former day, " Perish industry
rather than abate one iota of our princip!es." Con-
sistency has not been usually counted among the
many special accomplishments of the Times hitherto,
and, therefore, perhaps it may be that the City
writer is the more anxious, at whatever cost, to esta-
blish that sort of reputation for one department of the
paper at least. Gold is the idol of his idolatry, and
the currency doctors he worships as the high priests
of the molten calf. Honest working folks are
cast out of work and on the parish by thousands ;
manufacturers impoverished by scores or hundreds
stop their looms and shut up their mills; fundholders
see their property depreciated by fourteen or fifteen
per cent ; railway and other proprietaries of industrial
enterprises are fleeced continuously of their properties ;
gigantic insolvencies are multiplying day by day
among merchants and factors ; yet the follower of the
golden calf looks on all with moot admirable calmness
and stolidity.
The Times writer in didactic mood questions the
" morality " of those who would " clamour for an
expansive action' of the Bank" as the "panacea
for all existing evils." But what may be the
" morality " of those who urge—who have succeeded
by law in enforcing—restrictive action, precisely and
in proportion with the necessities of accustomed
credit ? What the " morality" which spreads
bankruptcy and ruin on every side for the
sake of maintaining an almost useless mass of fifteen
millions sterling in the vaults of a Bank ? Is this
then the immutable " base " on whieh " alone a
healthy and rational progress can be mourned ? "
Has this been the basis of national progress and
prosperity hitherto? The time has been, never-
theless, when national industry made its most
gigantic progression with perhaps not snore than
one-fifth the metallic amount in bank, and scarcely
more than fifteen millions of gold in the whole
country. The kingdom is now " saturated," as Mr.
Cardwell would say, with some fifty or sixty millions
of gold coin alone, according to competent authorities,
exclusive of the nine or ten milhons in the Bank.
Surely here should be enough to satisfy the most
devouring thirst for gold.
It is still pertinaciously repeated that to railway
enterprise, and the demand upon capital for its prose-
cution, the still existing monetary embarrassments
are altogether referable. There can be no question
that the immense sums called for on that head are a
serious aggravation of existing difficulties, but that
railways are the original, or chief, cause of present
embarrassments is readily susceptible of disproval by
dates. For the railway mania, and railway., were in
the field long before short food crops were heard of, or
suspected ; and in fact, but for the enormous disburse-
ments occasioned by the imports of food for a starving
I population, amountuig probably to some thirty millions
in all, freights included, during the last year and the
present, the capital required for railways might all
have been supplied with little comparative inconve-
nience. It argues therefore much unfairness, or a
most absurd conclusion, to challenge present evils
exclusively upon the minor instead of the major
cause, as if the latter could or should have been fore-
seen, when the former was already in operation with-
out any particular derangement of money values.

Buk Stock, Ips T a-4a New Apse ,33
3 per Cs am. A.m., el I I 'c0.444 ter Lett , 371
3 per Cl. Coma. Anse., 474 3 Ms. 111111 e. 0113/0. M. I pns, par,. sat.
New 1/3 pee Ct. Axes, 694 t 4 Dltte. 1.500. 4,0, 3, t pas
Leas hash, tsp. Su Jas., 1040, Ditto, 11•411.41 4 7 3 PI.
I 1.111 I
POI To! MIMS
i per C.. Brulliss New BU , 1311 3 per Ct. hpssite Reatet, 303
len, IN I 34 per Ct. Dutch Ere., 12 Gull., 1044
5 per Ct. lfhaltss, INS, IS I 4 per Ct. Um CAUL, Psi
per Ct. Pertness.. filewis, M 1
_ _ _