The Express.
London, England, 1847-12-24 00:00:00

complete, therefore, gold will return there as fast ss
it has come, if not faster. Interest is ranging thin
on good bill securities from 12 to 18 per cent. ; cm
Treasury notes payable at par for Customs dues at 7
per cent. discount. Here are the strongest induc►
ments to ship specie—capital—for laying out on ths
most remunerating conditions. Money, though by
last accounts rather more easy, has been, and ig
yet, ruling at higher rates than usual on the
chief continental money marts, and with a re-
duction of interest here, the exchanges in decline
besides on various principal points, or stationary and
heavy, when not absolutely lower, • slight further
change in the same direction alone is wanting, the
possible occurrence of which, sooner or later, need not
be doubted, to induce an export of gold to various
parts. It is probable, indeed, that heavy imports of
bread stuffs and other produce need not be appre-
hended for some time to come, as from
the Baltic little can now arrive, and not
much more from the United States, where internal
navigation must shortly be stopped by the ice. From
the Mediterranean, hOwever, egress and ingress is
still open. But it is not so much the new accounts,
and their liquidation, that may be expected to carry
off metallic values, as the winding up of the present
year's balances, with those of the year before perhaps
also. The experience of former periods of crisis
should teach the Bank directors that, although the
immediate difficulty may be surmounted, as it has
been, by very stringent and oppressive measures, et
an immense cost to the Bank, and attended with
more enormous sacrifices still of the property of indi-
viduals and the public, yet that the disastrous rest,-
tion must inevitably follow upon such eccentric courses
as large and suddenactioninan opposite direction, as it
alwaysbas done, witness only 1825-6 to 1828,and 1837
to 1839. By whatever banking manmuvre, by whatever
currency and bank bill, whether of Iluskisson or Peel,
by whatever laboured effort of legislation, which has
never yet been found to interfere with the natural
courses of money and credit but to throw both into
confusion, the impossibility in only rendered the more
manifest of controling the stream of gold into the
coffers of the Bank and the nation by any other than
the legitimate and natural process of leaving
it to be adjudicated and regulated by the
balances of trade, which, adverse, will re-
cover and re-adjust themselves after a brief inter-
mission to the moneyed wants of the country—
prosperous, will bring in all the gold that can be'
wanted or desired. To pretend to control the na-
tar al tendencies of trade end credit by legislation, to
limit or expand them at will, would now be found
about as easy and judicious a task as the attempt of
Mrs. Partington to mop nut the tides and the ocean.
There was no want of money experienced in the
general market before this reduction of interest by the
Bank, and at rates down to 51 per cent. for good paper.
In view of the facts and considerations before suggested,

the opinion in quarters of authority is, therefore, that
the Bank rate should have been sustained for at least
some weeks forward, to await a further development
of monetary and trading affairs on the continent, and
in the United States.

KNOLlfitl Fl'llll3.
3 per Ct. Re.l. Anna., 84i 5 I South Ss OW Anna.. 811
3,per Cent. Consols. Anna.. shut Consols for Aoe., / 1
New per Cont. Anna., 861 1 CA. MIL, £l.OOO. Id., 11 9
Long Anna. t Ex. sth Jan., UM, Ditto Eioo, 911
8 16 11 16. Ditto Swank 11 10
India Benda, under £1,400,y. dia.

rultigiON
6 par Cent. Brazilian Bonds 713 e
5 tar Cent. Bpannat Bonds,
Ditto Ace., 1/4
3 pat Cant Owl& Ma, Xi

FUNDS.
Si per Ct. Dutch Sschaive, 11
Gull.. 66
4 per Ct. Ditto Certificates. 86i