The Express.
London, England, 1847-11-11 00:00:00

MONEY MARKET.

WEDNESDAY ETIMING.
The funds have gone through their usual daily
course of fluctuations, within a circle of 3 per cent.
Consols have been done at 843 for both money and
time, and have been down to 83. They left off at
the regular hour 84 for money, and 811 to 3 for
time. Subsequently, upon the report that a quarter
' of a million of gold had been received at the Bank of
England late in the day, Consols advanced to, and
were quoted at, 843 to 1 for account. Money was
extremely easy in the horse at 3 per cent. for short
periods, and evidence of the same purport may be
found in the fact that Consols command nearly the
same price for money as for account, and at one
time to-day the money rate was actually 3 dearer than
for account. Reduced Threes 823 to 33. Three-and-
a-Quarter per Cents 841 to 3. Exchequer Bills, for
the first time for months, were done at par to-day, but
are quoted 4a. discount to par. India Bonds 15s. to
Bs. discount. Long Annuities, 8 7-16 to 1 Bank
Stock, 1851 to 71.
In foreign stocks there were as few dealings as
usual. The market, indeed, would seem to be almost
deserted. Brazilian were variously done at 75 and
77 for the New Bonds, quoted for the Old Bonds at
75 to 8. Chilian, 85 to 7, and done at 86. Russian
done at 105, called 104 to 0. Spanish Fives, 153 to
161 ; the Threes, 26! to 73. Portuguese, 20 to 2.
Dutch Two-and-a-Half per Cents., 53 to 4 ; the
Fours, 811 to 21. Mexican, 151 to 3. Danish, 80 to 1.
From Huddersfield the failure of Mr. W. H. Kaye,
a respectable cloth merchant, comes confirmed. The
first meeting of creditors is appointed for Saturday
next.

From Amsterdam we have the report of the stop-
page of Messrs. Breebaard and Co., merchants, whose
losses by sugars alone are stated at 700,000 guilders.
A large firm of sugar refiners in that city had also
been in difficulties, but were relieved by an advance
of 600,000 guilders from the Bank of Amsterdam or
the government, for the accounts are not clear, on the
private property of one of the partners.
Reports have not been wanting about commercial
embarrassments in the City, and one small house in
the East India trade, not necessary to name as being
of very secondary consideration, is understood to have
stopped payment. It may be observed, however,
that the trade of rumours for speculative purposes ap-
pears to be dying out, because they are no longer
found to serve the purpose of producing an effect on
the funds. But for other more important auxiliary
incidents, indeed, such events could never have exer-
cised any material influence on the course of stock
values, but as the last feather is said to break the
camel's back, so a large mercantile failure, having no
natural connexion with the funds at all, coming on
the heels of heavy sales of stock, and of known pres-
sure with restrictive action at the Bank, was often
supposed really to have been the cause of depression
and panic prices, which were attributable to other
more weighty causes, and would equally have oc-
curred without the advent of such failures at all.

As a specimen of extraordinary currency schemes
afloat, we annex the newest project come up from
Leeds. The idea of a silver standard is not new in-
deed, nor is there any absurdity about it, although it
is not at all comparable with Air. Haggard's sugges-
tion of a mixed standard controlled by an agio of the
most simple and intelligible nature. The concoctor
of this scheme contemplates, it will be seen, the extra-
ordinary anomaly of two state banks. Whilst esta-
blishing a new state bank with a very insignificant
capital, which moreover shall only pay (if that were
possible, as it is meant) " ten " of its notes in metallic
worth at ono time, he would leave the Bank of Eng-
land in possession of all its privileges, with a capital
ten-fold that of the new state bank to be created.

Whilst all the world is occupied with projects for
the re-arrangement of currency or circulation upon
various and arbitrary bases it is singular that the
one simple but most effective rectification of past
errors, and for the restoration of the natural order of
things, is left quite out of Eight ; and simply because
it is the ready solution of common sense, which bids us
let circulation and banking alone. Left to themselves
they will right themselves in all times and seasons.
As paper values mast
.repose on credit, and can re-
present nothing else, it 15 evident that, occasional mis-
haps apart, which must and do occur equally in a
system of purely metallic representative signs, the
tendency of credit is always to reconstruct itself, be-
cause it rests upon productive industry, and accumu-
lating capital, the course of which may be deranged
and temporarily stopped, but must always be up-
springing after depression. In looking so far abroad
for a solution of currency questions, and neglecting the
more ready and homely explanation, we are reminded
of the titled traveller, who, on expressing hie raptures
with the scenery of the Lake of Como, was reminded
that he had much finer scenery on his own domain in
1 Scotland, and like a man of sense and feeling harried
back to view it for the first time. Let the currency
theorists de likewise, and leave credit, like corn, to
make its own way.
THE ROYAL BANK or ENOLAND.-1. To establish a
government bank to be called the " Royal Bask of
England," upon a silver standard currency. 2. The Lords
of the Treasury, the Right Honourable the Chancellor
of the Exchequer, and the Muter of the Mint to
appoint and approve of all managers, clerks, &e.
3. The Treasury to transfer over to the order of
the Master of the Mint and the Chancellor of the
Exchequer 1,250,0001., in silver coin and bullion, 250,0001. of
which is to be paid over to the use of the bank, u the work-
ing fund of the bank. The 1,000,000!. remaining is to be paid
over to the beak of buts, who are in return to give in ex-
change 3,000,0001. of one pound notes ; and so in proportion
to a greater or les amount of bullion deposited. 4. The ma-
nagers of this bank are to discount all approved bankers,
bills, or bills bearing the indorsement a a banker, at a fixed
rate of 5 per cent. per annum. 5. The parties who are
the holden of these notes shall only be able to
demand silver bullion in exchange to the extent
of ten of these notes at oue time. 6. These notes
shall be taken and paid at all the government offices, customs,
excise, stamps, taxes, &c., and then be returned to the bank
for silver bullion, &c. 7. The bank shall have the power
to re-discount the bills held by them for the purpose of pur-
chasing silver bullion, so that the usefulness of the bank may
be extended by having. further deposits of bullion at the
bank of issue, and receiving In return an equivalent of notes
in such proportion as three notes to one pound of silver
value. 8. The present Bank of England to have
all its present advantages in issuing all notes of
Si. value and upwards. 9. The whole profit is
for the benefit of the country. The object of this
bank is to give the mercantile interest a cheek
upon the present usurious charges made by the
capitalists, and which charges will in the end destroy an
immense number of the smaller merchants, shopkeepers, &e.
This bank would give a small note circulation only when',
money was worth 5 per cent. and upwards, with the excep-
lino that when nos admitted into the circulation a sufficient
number would be held by the public, the interest of which
would amply y all. expenses. The present bill, com-
monly called Sir Peel's Bill, makes no provision for
the increased energies of an increasing population, whilst
this bill will provide a remedy for the same ; also it will pro-
vide a vacuum for the export of gold in exchange for raw
materials, imports of grain, or any other merchandise. One
important advantage is, that the notes would be withdrawn
almost to the full extent when bills are discounted by other
honkers at • rate under 5 per cent.—ROMinr BCDOION.—
—Leeds, Nev. 5, 1847.
'mum FUNDS.
Irk !tact, 1354 74 ledia Bond, under LIAO, 15 di,
3ow Ct. sat A.m. mks 1 B..tbtrilrrgAnriil74
;
iir.r.i__zi I.=.lki; rues Bill, .4,000, 31. 0 3 7
inD.LII,6, , 746 dl.. par 4 db.
Len
17 Ditto L5OO, 6 7 db. 2 pm. 2 ill,
Ditto, nen, up. Jan. 6,1660,84 I Ditto Small, 1 per 7 pm.
FOREIGN FUN De.
5 iwr Cwt. Brazilian New Bond, ' sPtr Ct. n....13n Db. issaL4Bt 105
18 and 3P. 73 7 't. iniii bb Barb. r. from
6 per Cont. Mimi Boyd, 56 6 r :vt..18r,a,„
3 par Ct. Deniall Bond, Ink NH 1 per et VeztetWAA M.. 321 3iii
It 5 per Ct. ezkan, 1346, lid liar Out. Dutch EuniMP.
4 per Ct. Pantomime lids. Ant., 24 Chia, gila
EXCHANGES AND STOCKS ABROAD.

Pall% Nov. 11.

3 6par Ow*.
Do.
4 De.

I Ow, Ii w , w , • I I.
Eashinri ma London ItkW. 13 724.
Nona.
Bolen 4, MN_ ..... I 66 11 Naples Rada. jtellfirE
Do. 6. 1.841 „ 11 Homan Loan ....... 97i
Do. 3
De. 46, ~..,. ii 6 i
14aleurgare. . : 3,71
/Lima, 50v..6.-7111111 pm dale., 144 1 itt 30 ~..., boom,
NI 4 ; /In yr Off. 1114 mow, 16 tub ; 60.4 It
=At .s. u moms; Drat of St. Ferdinand, 111; Bank ue et.
as London. 4476400.
A wwiIESAIW, CS.—DelilliTinneeirHall per Ointn. 63 UM bal.;
Ditto, Timm 41114 41 Mb ; Ditto. ?carper Oantn, IN 6.14
bill. i Amin 1104, 111011 per Cont., 11 balt ; Comm.
Aik Co..
•.6:rffir4l.°V•inaTbardl'lldrl/1.'"6':.1,i. BoBellit•ni
ddid•N), • llnt m. 004. I.ll.ntoloni, .1141;.P.rintio. Five
Con. rm. Cam.. NI
Ditto lit=, 14A1 'Ttillotilt:=;(ll.dolossi, 106 i, An4lo-Pot
tuguen pm CnninaLlDl: Fear ;no Cont., Nt I ; Domino
fire per OriaLrA. 1 ; DM°, 1406, 1429. 10kostrinn Fire
Five per Conte • ; Nmlcan, 1.
rtrtimnP 111 Lonion,it slibt, 12.16; Ditto, two moo 1142 6.
Bammro, Nov. 9.—Lam of 1310. 66 1.0114 V ; Ditto, 16C. 00. ; Ditto.
1/11.114 DM.. Me. at : Donk o 4 Itittum. Mt Eldmints on Dm-
dck
limo. N • ABnnk
114 im4knolist.-I.olitV/1 .FtNlPDret Oat. 'lr.& 01.111 M