The Express.
London, England, 1847-02-08 00:00:00

HIGH WATER AT LONDON-BIUDGE.

Ti.i DAT. —Mondng, 40 mi.. ma 6; Alterman, I min. pea 7.
10-11toasow—Notniag, 34 azia. poet 7; Mermen, rain. past 7.

LONDON, MONDAY, FEB. 8.
Tint servility of the present day takes a different
form from the servility of the past. Of old, politicians,
or would-be politicians, flattered the great, fawned on
the minister, and went assiduously bowing to court.
Whilst a few, a very few, chose to direct their atten-
tion to the mob, flattering its worst pasaions, and most
bigot prejudices. Candidate statesmen of the present
day are not compelled either to put on court suits, or
turn mob orators. There exists a quiet, humble, far-
retiring, fairly instructed middle class, which forms the
bulk of the English public. And it is to JOHN Bum.,
as the representative of this very quiet class, that
politicians pay their court. We need not enume-
rate the common topics which are supposed to find
most favour with this symbolic majesty of public
opinion. Retrenchment was a compliment that long
flattered it. Direct taxation has now been substi-
tuted for this. Contempt of patty, and an equal
abuse of Whig and Tory, is also considered a pleasing
theme. Free trade is a never-ending source of com-
pliment. Universal peace is much admired as a bur-
den, with denunciations of foreign policy as a bore,
and PaLMERSTON as a firebrand.
In the daily offerings of the orator and the writer
at the shrine of the British public, it is universally
assumed that the said public is very sleepy, and very
=nt, upon all matters that may occur beyond the
of old England. We cannot but think this
• very gross error, and a very important mistake.
We know of no man, who so readily and so univer-
sally overleaps, either in person or in interest and
imagination, the limits of his country, as the Eng-
lishman. Who such a traveller as he—who such
an adventurer England may be his cradle, hut the
ocean, and every shore which it laves. becomes his
home. He may not choose to fathom diplomatic
intricacies, and make himself master of the variations
of foreign policy ; but to the fate, fortune*, freedom,
and trade of countries- at least of such countries as
Spain and France, whose shores face his --the Eng-
lishman is not and cannot be indifferent

,As leeesechs, however, are fond of repose, the
flatteurs of the public opinion monarch do endeavour
to lull him with the old compliments of courts. His
majesty, they say, should not bestir himself, should
not read, should not inquire. It would be quite
absurd for him to trouble himself about trestiee, or
about Spaniards or Frenchmen. He is 011-wise from
all-powerful by divine right and descent, and
the least need to look closely to foreign inte-
to gre..v merlon, about them. lie has but
and smile and be happy after an epicurean
, lettir,g the rest of the world go its own way,
rest of the world could not think of harming,

or hurting, or plotting against the good, the harm-
less and magnificent heehaw, JOHN BOLL.
Now, we do not think that ever court of monarch
was pestered, or his Majesty degraded, by a more
baneful set of flatterers than these same sycophant
courtiers of JOHN BILL. No one could more fairly
represent them than Lord Beouenan, when he de-
clared that the Spanish marriages as much affected
the Englishman's interest as a marriage in M. LE
VERRIER'S new planet. Another of the school said,
during the debate, that he should prefer hearing of
the Spanish carrying trade to hearing of these mar-
the fact is, that the Spanish carrying trade
is wrapped in these very marriages. It was part of
the new family compact concluded between the
French and Spanish
.courts, and of which the basis
was this very marriage with a French prince. It
was by virtue of this new compact
were put on a par in Spanish ports with Spanish
vessels, whilst differential duties were levied on
British vessels. One of the great reasons for Lord
ABERDEEN'S as well as Lord PALMERSTON'S opposing
these marriages was, the bar that they must eternally
piece in the way of opening Spanish trade to England,
by rendering French influence and domination
permanent.
That Spain should be independent of French rale
and of French influence is necessary--in peace for our
trade, in war for our security, and at all times, because,
when France makes sure of Spain's dependence and
support, she is much more likely to indulge in war,
than when she has an independent power behind and
apart from her. For the interests of our own com-
merce, and of European peace, it is indispensable that
Spain should be in reality, as in semblance, inde-
pendent. Are such considerations as these nothing to
the Englishman, and unworthy the attention of his
government ? The south of Spain is one huge granary
of corn, and wine, and oil.F ngland might clothe its
inhabitants, and receive their produce in return.
France forbids; and the French marriage with the
Infanta forbids. Is this nothing to us ?
We care little for the treaty of Utrecht, and not
much what family may reign in Spain, provided it
be not a family in exclusively French interests, and
consequently interested in checking the freedom and
the development of the Spanish people. Such at-
tempts can do no good to France, and must be equally
hurtful to her and to Spain. And such iniquitous
and rapacious thirst and exercise of domination
by France in Spain is very likely to turn
the Spaniards against the French, and against
the puppet princes whom they support. We
are told to content ourselves with this. We
reply, that we cannot. It is no gratification to see
Spain right herself and recover her independence by
revolution and by bloodshed However glorious and
righteous some revolutions, they seldom, and not
without long oscillations, settle down in freedom.
Spain has a right to freedom and independence by a
shorter, more natural, and more peaceful path. We
would spare her such catastrophes, and such difficul-
ties, as French enmity, which is as dangerous as
French domination.

Our government, therefore, have done but their
duty in watching over Spanish independence, and in
seeking to establish it by all the means and the effort/
in their power. Such efforts should not be directed
against the true and fair interests, or against the
honour and dignity, of France. We should be almost
as chary of these, as of our own ; for, on a good un-
derstanding, a well-founded and firm alliance between
the countries, stand the hopes of civilisation and
of the West. The beet way to establish this alliance
is to watch its formation aad early action, and prevent
those selfish starts and tricks, which on either side
must infallibly derange and destroy it. And for this
purpose it is the duty of the English public, and of the
English ministry, to watch, to examine, to force them-
selves to take an interest in it, even if they have none;
and to acquire a knowledge of the case, if they be
ignorant of it. For the moot vital interests of the two
countries, of peace, of freedom, and of civilisation, de-
pend upon so holy a cause not being left to the hocus-
pocns of diplomacy, to the selfish machinations of
comas, or the private piques of statesmen.

We have said thus much by way of introduction
to remarks upon the speeches of M. TUIERS and M.
GUIZOT. A discourse more eloquent, more noble,
more duffle, more fall of profound truth, enlightened
views, and generous sentiment, was never uttered
than that of M. THIERA. It might serve as the
epitaph of M. GUIZOT, whose political reputation it
entombs. We shall reserve our judgment, however,
until we have leisure to peruse :Saturday's Meniteur,
and compare the antagonist arguments of the minister
and his rival.

THERE are few subjects on which so much unani-
, mity prevails in commercial circles as on the impolicy
1 of increasing the restraints already imposed upon the
use of credit. The operation of the principle of free
trade is to stimulate both production and consump-
tion. Notwithstanding the checks given to both by
the deficient supply of food, still our trade has ex-
oeeded its usual extent. The nations of Europe,
where agriculture has failed, have fallen back upon
the resources of the trading population, and the
safety of every state is ensured in proportion to the
magnitude of these resources. Unless great judg-
ment is shown in the employment of manufacturing
labour, which this calamity has rendered dispos-
able, one of two things must happen. The manu-
factured goods wherewith we pay for our im-
ported corn, and that must be sold cheap to induce
foreigners to take them, will have to be produced at a
sacrifice of wages made by labourers crowding into
factories working short time. Failing such manufac-
tured goods furnished at sufficiently cheap prices for
exportation, the imported corn must be paid for in
gold. Either alternative is a serious evil, if it be not
counteracted by due attention. If proper and earnest
attention be devoted to the consideration of the sub-
bet, a menacing crisis in the commercial world may
avoided. But no step that can be taken supposes
aught else than a strain upon individual credit.
Whether the gold be sent away, and trade have to
be supported on its real foundation, or a substi-
tute be found for gold acceptable to the seller
of corn, it is equally evident that private
credit can alone cover the deficiency until
the earnings of the nation fill up the void.
Now,we would ask, is this the moment to draw the
fetters tighter that bind commercial men ? Is this
the right moment to throw impediments in the
way of exchanges' Should we at such a moment
insist upon the adoption of the much contested creed,
that gold is the only medium for paying debts ?
Would the merchant, who has made a bad debt, act
wisely in depreciating the value of his remaining
stuck, to which he looks as the source whence his
loss is to be compensated? We think not. We
think, moreover, that, in such momenta, the value of
credit becomes peculiarly apparent. The fair trader
and honest man can command credit. The impostor
and the discredited trader have ns resource but gold
or the credit of others.

We claim for the commercial world of England the
privilege of using that credit, which honesty and judg-
ment have earned for those who command it. We
look upon the extent of this private credit as the
mainspring of the industry and, consequently, of the
wealth of the nation. We do not believe that the best
regulated lanes of any centralised bank can attain
any extent to be compared to the private credit of our
traders. We consequently cannot allow that the ex-
tent of this credit fund can be measured by accidental
deposits of bullion in any bank. Let ministers
agree with the Bank of England as to the mode of
managing the affairs of that bank, but let them be-
ware of touching private credit. The late ministry
did more than that : they attempted to curtail the
exercise of private credit in one branch of trade to
ensure a preponderance for the issues of the Bank of ,
England. «e shall not here enter upon the merits of
the principle then set up. We shall confine ourselves
to the proposed extension of the curtailment then sanc-
tioned by law.

The at limits the number of notes to be issued by
private banks. Above a certain amount of circulation,
the notes issued must be represented by gold deposited.
The merchant during a demand for gold can purchase
with the gold itself better than with the notes repre-
senting it ; and, therefore, there will be no demand
for notes beyond the limited issues. Now if a banker
chooses to take merchandise, or deposits representing
merchandise as security, and other persons are willing
to take banker's notes issued on that security ~ good.
the banker is not at present allowed to issue in notes.
more than a certain sum on such security. The
merchant my draw a cheque upon his banker, and
may negotiate that cheque. A banker may not issue
cheques drawn upon himself—for such note. are—
without giving a donble pledge. It is now proposed

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