The Express.
London, England, 1848-03-29 00:00:00

.brinkraptcy. But it would be a delusion to suppose
that the limits will not come to be overstretched,
with or without the sanction of law. The French
. nation, with each a paper currency reposing solely
upon national discredit, and industrial disorganisa-
tion, for security, may be considered, and is so con-
sidered in all City and monied quarters, as on the
high road to a general break up and a bankruptcy.
At this moment of writing we have before us a
sample of the famous assignat system of 1793, a
financial recourse founded any how upon something
more substantial than banking capital equal only to
lens than five shillings in the pound upon the paper
issued. By this singular document one Bustin promises
to pay "15 sob (73d.) au porteur." It is grandly
headed, "Domaine* Nationaux " in capitals, dated
year 2 of the then republic, batted according to law
of the 23d of May, 1793, guarinteed and guarded by
• vignette representing a man of the people with the
cap of liberty hoisted on a pole, device Droits de
Chonime on one side, flanked on the other with a
woman (the goddess of reason of the day), placard in
hand, emblazoned Faits historiques. This curious re-
miniscence of a former irredeemable paper currency
in France, then under process of disorganisation and
reorganisation, politically and industrially, as
now, was some years ago presented to the
writer by the late Mr. Page (the well-known
and esteemed financial writer, " Daniel Hardeastle,"
of the Tinier), who, travelling in Belgium in the revo-
lutionary times of the date, stated that, such was the
Idepth of depreciation to which this paper currency
had sunk, th .t for a breakfast only he had to pay 300
of these assignata. And yet the security of the " na-
tional domains," valued, and undervalued, at some two
or three thousand millions of francs, should have been,
and would have been ult'mately with an honest ad-
ministration of natioual property, adequate to redeem
even all the abominable excess, in contravention of
the law, to which this spurious paper coinage was
issued. The national domains of Fiance of the pre-
sent day are scarcely worth more than the private
domain, certainly a magnificent property for an is-
dividual, of Louis Philippe himself.

ev auto] ni r 4 mt.
3 per Ct. Cow. Anne.. at 3j 12132 Conacc‘cb.uitltio.. r A.t ,
0ct.1..813a.t .
2 t...n3i43 2i 32
3 par Cent. Anne., 172;,
Long Ann., 30 yuro, V.tp 6th Jan. Ditto, £500.34
1000, Hi ISOW, Small, 34
Book Stock, for Acct., 194 2

.....-- _, •
1011111 ON IrUIOD73.
24 par Ct. Dutch Equador Ude, 2/ 5 per Oect.l3yeadolz 11.1*., Account:
1 per Cent °remota Def. Wads, 21 March 31.1'
Ipa Cent. Sleskstn. 1848, 154 Ditto Praire Rondo, lk
Ditto: Account: Mardi 31,1211 1 3 per Op 1. /Vent& Bonds, 22
4 per Cent. roan/ Bow Condo, 15 24 per Ct. Venezuela /tondo, 22
Ditto. Acct.. 154 2/ per Cent. 1 hitch E5.,12 0 ut1.,40 i
3 net Ct. S mola% Ponds, dlr. from 4 pee Cent. Dutch Certif., 60
net 11WO. 121
tient/4DES AND BTOCKB ABROAD.
Bercmt.... MA Belt 27.—Loan, 1440, 93 ; 1242, OGI ; 1844, 60:61. El-
change on London. 2536.
Csr wasp: MA MCI 27.—Marlange on London. 26'25.95.
Pr. Potomac:, M *OWN S.—t: :change on Loudon, 371; Hamburg,
3 mouths. Mt 334 : Palia. 3 months, 383.
:/),,,,,,. Esc 20.—Ezettahoo nu London, CM 3.7 al 6-7 ; Leghorn,
4914 492 ; Harcelll a. 440 16-16 17 3.).
I{l{o.l.lP, MARCH 20—Pr...Cut fund:, St. Bch. 82; foreign ex-
changes, on London. 1541: Pads, 304 fr., 61 1-3. The oontinuod dishy-
ellnacon for buolnato nets very unfavourably upon the etato of our es-
change, which again experienowl a very con‘iterable retrogrado move-
ment to day. tottkh even affected the government aectuillec. Our eon
Ilkewiae continuer. In a depneacyl state.

PARIS BOURSE, MARCH 23.—REVIEW OP THE
VIZEIL—The public funds have fallen enormously during
the week. They are lower than they have yet been since
the revolution of February; the Threes have fallen 71., and
the Fives 10f ; they closed at 44.50 and 64 50 cub. Bank
Shares are at 1,450, being 275 f. l•elow the closing quotations
of the former week. Orleans Railway, the only ones above
par, have. f..llen Uof., and closed at 6451. As may be seen,
the week has been bad, notwithstanding the weekly account
of the bank, which is considered satisfactory in spite of the
establishment of the banks of discount and the system of
loans on bonded goods. We know well time must be
allowed to these establishments to develop themselves, and
to produce their fruits; but we regret that public credit is
not yet on such a footing that an act of foresight, a pledge
of the wisdom of the government, can relieve commerce
and restore confidence. Confidence will probably be re-
stored if the propoml of too bold theories, too diseased
financial projects, too revolutionary measures shall not retard
it ; but it can only be restored with peace and security,
and under the influence, prudently and skilfully used,
of the government. Let tie government apply itself to
practical erica,uris and it will receive universal support. At
this moment disorganisation makes every day new progress.
The number of manufactories that are shutting up incrtuea.
Workmen, without work, encumber the street/ of all the
manutacturing towns ; the price of gold increases, and silver
is difficult to be got. Lyon. is suffering tearfully. We earn-
estly hope that some rfficient remedies may be applied. In
addition to all this many of the first banking houses have
suspended their payments for want of ready money, laving
luge amounts of inconvertible property in their hands, and
with them have fallen many manufacturing and commercial
establishments that depended on them for assistance. Many
commercial failures have been di dared in consequence of the
inability to meet the bills fabling due to-day (the bills of the
15th postponed to the 25th). In this state of things the fall
of the funds may he said to have been forced but we are not
surprised at it. The Bourse has telt the influence of all these
circumstances ; and fears are entertained, with reason, of the
influence that foreign affairs will, sooner or later, exercise
hero.