The Express.
London, England, 1847-01-12 00:00:00

THE EXPRESS, TUESDAY EVENING, JANUARY 12, 1847.

tive element is needed. Government have sought to
reconcile the existence of this conservative element
with free institutions, by giving a wide elective
basis to the municipal councils, and by making
all other elections indirect. The object of this
arrangement is apparently to compel the legislatures
and executives of the provinces to conciliate popular
opinion, yet to retard the operation of that opinion by
the complexity of the elections through which it may
make itself felt. The educated and capitalist class
connected with the colony seem to fear that the great
extension of the elective franchise may enable mere de-
magogues to fill the municipal councils and legislatures
at the outset, and that the complexity of collegial
elections may enable them to retain the power they
have once acquired. They fear that the constitution
bestowed upon New Zealand by the charter may
prove an artificial means of transferring the political
influence naturally appertaining to the proprietary
class to needy political adventurers, who may be
bought by the executive government. The doubt,
though we do not share in it, is so important, and so
of being supported by plausible arguments,
could be wished it had been frankly stated,
of being brooded over as a cause of secret
struat, expressing itself only iu captious words.
The present colonial administration has done
nothing to deserve the suspicion of placing such
a sinister game. Neither the personal dispositions of
its members, nor the hereditary principles of their
party, make them likely men to adopt the unworthy
policy of forming an alliance between executive
despotism and passionate ignorant mobs in order
to neutralise the natural influence of the intelligent
middle classes. Now is the time for candid and
sionless expostulation, the want i,f which may
long create a mischievous antagonism.

that it
instead

MR. GEORGE BY NO, who has just expired at the
advanced age of 82, after having represented the
county of Middlesex in Parliament for upwards of
half a century, was certainly neither an orator, nor a
cabinet minister, nor a statesman of the first rank of
talent lie admitted this himself, for he was con-
tented to follow, not lead, especially when ho found
such a man as Fox in the front rank before him. But
political virtues are not confined in this country to
the front rank. And although consistency may have
become a very old-fashioned virtue, in presence of
the new-fashioned vice, which is its contrary ; still, to
have preserved an unswerving and consistent political
career for half a century, is a merit which, if but for
its rarity, ought to be revered by Englishmen.
Mr. BYNG belonged to the old country party, when
country was a term opposed to court, and when
liberalism and independence were its characteristics.
So strong was his feeling of entire independence, that
Mr. BYNG on three separate occasions refused a peer-
age, and declined the honour as an unnecessary and
somewhat onerous incumbrance. The widow of Mr.
Brso survives him.
It is generally understood that Lord ROBERT
GROSVENOR will succeed, without difficulty or oppo-
sition, to the representation of Middlesex. Indeed
no party or person can be conceived likely to start as
antagonist.

We have received our Paris Express of Sunday.
While the far more numerous, but less reflectinE
portion of the French public are discussing the ques-
tions of Cracow, the marriages, and the British
alliance, the more intelligent part of the community
bestows its anxious thoughts on the financial condi-
tion of the country, and the way in which commerce,
and especially the smaller ranks of commerce, will be
affected by it. In our recent Paris correspoedence we
mentioned, more than once, the solicitude with which
the proceedings of the Bank of France were regarded.
That much consultation and discussion have taken
place in its Council Chamber; that frequent and
important inter-communications have been made
with the government ; and that many expe-
clients have been proposed, is well known. It is
now confidently affirmed, that the government have
urged upon the Bank the expediency of raising its
rate of discount. Such a measure would be at-
tended, in Paris, with commercial results infinitely
more serious than would follow from a corresponding
step in England. The Bank of England forms but a
small portion of the discounting agency of the capi-
tal; the Bank of France is the chief, nay, almost the
sole, discounting agency of Paris. The slightest dis-
turbance in its customary operations would create a
serious commercial convulsion. The circumstances
which have produced the present state of embarrass-
ment are easily explained. The amount of specie in the
cellars of the Bank at the close of the year have been
generally near 200 millions. Thus, in 1843 the
amount was 187 millions. Now the amount at the
close of 1846 was only 71 millions ; a comparaive de-
ficiency existed, therefore, of 116 millions. The proxi-
mate cause of this is found in the diminished balances
of the treasury account on the one hand, and private
accounts on the other. At the close '31'1845, the balance
of the treasury was 95 millions; at the close of 1846
it was 48 millions, giving a deficiency of 47 millions. At
the close of 1845 the gross total of private balances was
118 millions; at the close of 1846 it was only 61 millions.
The causes which have led to this extraordinaly
drain of specie are twofold-Ist, the unusual magni-
tude of the public works in which the government
and private companies have engaged, among which
railways hold a conspicuous place • and, 2nd, the
extensive importations of grain rendered necessary by
the deficiency of the harvest. As it is certain that
both these causes must still continue to operate, that
the calls of public companies must be met, and that
the deficiency of the harvest, and the consequent pres-
sure on the labouring classes, will render it
still more incumbent on the government to
prosecute the public works ; also that the
mportations of grain already made are insuffi-
cient to cover the deficiency of the harvest, further
purchases will be indispensable, it is expected that
the balance of 71 millions remaining in the Bank at
the close of the year must soon be exhaust d. Reme-
dial measures are therefore indispensable. This state
of things becoming generally known, has been felt on
the Bourse, and on Friday the Bank shares tell 60f.
The two remedies proposed are; that the Bank
should increase its stock of specie by loans effected
upon its own credit, and of course at its own proper
coat, or, by contracting its issues. That something has
been recently done to bring into operation the
first of these remedies, is known • but the
extent of what has been actually effected is not cer-
tain. M. Hottinguer, during his late visit to London,
succeeded, it is said, in establishing credits there upon
which bills may be drawn in Paris to fume limited
extent, according to the exigencies of the Bank. The
amount of this credit is, according to some, 20 mil-
lions; accordiaz to others, much more. According to
other reports, M. Hottinguer failed in establishing a
credit to such an amount as would set the Bank at
ease, although his operations were, to a certain
limited extent, successful.
Much uneasiness was produced within the last
few days by the report, generally believed, that the
Bank, being either unable or unwilling, by the in-
fluence of its own credit, to augment the amount of its
specie, and moreover pressed thereto by the govern-
ment, had in contemplation the adoption of some of
those expedients by
.which its issues would be con-
tracted. That of raising the rate of discount appears
unlikely. The Bank of France has always adopted
the fixed rate of four per cent.; from which, in the
most formidable financial crises to which it has been
exposed--those for example of 1830, 1832, 1838, and
1840—it has never departed. Is it likely, then, that
in the present comparatively trifling embarrass-
ment it will do so ? It is more generally
believed in Paris at present that the screw
will be put upon the duration of the bills
discounted, or upon the amount of the credits
allowed to commercial houses. Thus, it is feared
that discountable bills will be limited to 60 instead
of 90 days, as hitherto.
In any ease the pressure on commerce will be
severely felt, and the mere apprehension of this is
manifested in the price of securities of every kind.
The Three per Cents. have, within a few days,
trembled on 79. This subject naturally engrossed
the serious attention of most of the leading journals
of Paris on Sunday.
Various versions of the Royal Speech were in cir-
culation in Paris on Sunday, moat of them agreeing
in substahee with that which we lately gave. It is
certain that after haying been read and re-read, cor-
rected and re-correeted„.and after many parties besides
its author and his caleagues wereconferred with upon
it, the document was settled, with the exception of a
few phrases, having reference to Cracow, at the cabi-
net council held at the Tuileries on Thursday. The
phrase which has been stereotyped in royal speeches
for thirty veers Aentsratnee of" the continued pacific