The Express.
London, England, 1849-01-08 00:00:00

CAT ME, &a. bimurizip, 71eo e at.
Tbs sa ell Below is shorter, but the imbed is WM any
Mfilirevw, fess pins are pally bitty We
far tbs,
Trade is Tay slew In aseasilwats. We have •
few sloe limp, wad Est so ismy welted; th• wet taesalsis
b she mob saaiset die trade. Rises ere fewer for ell. as-
weirdos& 4 • few *eke Deltas bake radios sad 4e. bl..
bat ispot-~lie quoted as • Ink average, sad ha 441. ii•
as 03041100 pulse kr Oa ma willing Lees- wool'. These ere
but Ira Olives ea ear ; la essisageetwe there bow eaveeee
of folly IL pee KW. ; bat Ismieassat verybibit. tipsiest
with a dell salairbork rawly siert, they ea 0%
(Hawked et awl
Beasts, 11110 likeeji,_ swag 21 Vim ; NMI* i
N°46111 1.01 o.6lUli4S.Tresi Wombs ass
Pr a Lae. MAN* of 08. 6.1. aO.
Oat . 4 1 4 1 alma aLaWIL'It 0 4 0
Oat ........ re. 4
WOW . a 4Der: ma
LAP ...... .......... 11 i/4 s .= via*
IQ iiii:iik ti ai i. •c 41 &M. . „2....„.7 I.Le • I
aro or mirk mil I. era smiLlembit soon will00:00:.441..,
140. . - • e. :. r. I. • • ~, .
• a To keg/waifs. 0001604 800 kat NOP . .ma . . - I]
•
•

• • !:

l • I
. .1

• 34441
_sills. Yawlow. r ida apearraosio.
Hoog-ioog. Tdl to mode op. tad Ifs
• 16iiiis lac Idled Mora when, awl tan Valid Slaw,
old le nods ao as Ido of Ida Mk Jou
The Vat dem%
oN4 girox
• • 141/
Messes
The Ow
• lAlloo; *Maw Chll44oll•Mit '
' eta Mufti oplad. Val ha • • • ; • •
The nalls Olooldr. OnfooAda Maim prow
Oda. Odle. ilmvilkook minim% fdadrOprodo,ft,ljit
WlrsaalrthroitratirigiaBlamod' UK tot Now
ladao ado so ea do mods at the lid Jam: • •
dr nods kr Mika. tin ersals. sae Pomo Area vOl• to
=ls op as do md( gift rObt.

AZ 14 `•1

t 4 ' •

TO 001111.61#0311b1NT6.
Vialmisemern loaded ite isfeW
'ls at the ea% Donsea.aesl. br Tao maga aim= :2 Mita=

was Waves WNW* WWI.
Trio pm t paym • I AftsmonOli Ws. Pal.
amesaw—lilinhas, &I Els. pike i s 11terser. L fad ppm I.

LONDON. MONDAY JAN EI.ARYS.
IT appears that, owing to- some mistake iit the
Office, the increase in the Excise returns of 1848
asi compared with those of 1847 has been math
understated. The increa-e on the year is said to be
1,101,3941. instead of 101,3941. This will give an
increase of 875;1051. in the yesip income from,ordi-
na)7 sources, instead of a decrees* of 124,2951. in that
branch of revenue.
1. Assuming the corrected version of the revenue
tables to be now accurate, the evidence of reviving.
prosperity afforded by the 'Mate of the public inoome
lis considerably strengthened. Bat the remarks on
our financial position which we offered on Saturday
Ilare not affected by the &lenge. The total increase on
the year's revenue (ordinary and casual) appears to
be t1,*43,9571. Of this 539,3051. is derived froni•
Chiba pawl, a mires of receipt now dried up; and
ti cOnsiderable portion of the increase of 288,7421. in
iwrem and other moneys proceeded from an extra-
ordinary sale of stores.
The error in the statement of the year'e Lioness in
the excise is not the only error in the tables. In one
Isle of them the return for the quarter ended sth
Jumuary, 1848, is stated to be 3,246,8831.; for the car-
reipending quarter of the year jpat expired, 5,253,1821.
In another part of the tables we find 3,256,4801. sub-
',Anted for the loaner; and 3,282,1381. for the latter
sum. If this latter statement be correct the increase
on the quarter is only 5,6681., nbt 6,2791. as given
in the tables.
'The .dimorepancy is trifling, but, combined with the
other error, it shakes oar faith in the. accuracy of the
whole return, rendering it unadvisable to draw any
'conclusions em it

• Ire the descriptions of gold mints and rivers flowing
Oar golden sands, we must be p for a little
over-colouring and exaggeration.• rlqinmesdhave always
excited sanguine hopes and dreams of exhaustless
wealth ; but they have as often been followed by dis-
appointment. The tongue waxes eloquent on so 'liar-
' ing a theme, and the chance of failure is never once
contemplated. The disappointed hopes of former ad-
wenturers, the dear-bought results of experience; have'
little effect in damping the ardour of those in quest of
fnineral treasurers. Mines are still rich, or still abun-
dant, and dividends in prospect always large, but the
reality eventually proves only a shadow of the ex-
pectation. The abstract calculations of the political
economist, who closes a mine the moment it yields no
profit, are contradicted often by experience, and we
see mines now in South America producing gold and
silver abundantly, which give no profit to the still
hopeful proprietors; the expense of working exceed-
ing the value of the produce.

Now, if the descriptions of top golden treasures of
C,.lifornia be true, another element comes into the,
calculation never anticipated by the economist.
Large quantities Of the most precious of all metals
Are found scattered on the surface of the earth, Midi
'Op fortunate adventurer may entich himself" beyond
the &MIN of twice," almost without labour, with-
sett capital, and with no care but' what cupidity gene-
rates. Poor, ragged, and uselesi in the paths of in-
astry, •he digs up tba rich sand, with a Bade
instrepipst, washer it' in utensils equally imperfect,
eel dimmers particles of glistening gold, es a sedi-
ment, width repays him a hundred-fold for his
triable and labour. The principle that the value of
pis prageas metals, like other products of industry,
i. defer deed primarily by the oat of production
and then by scarcity, ides. of utility. convenience. and
each like, seems to be neutralised by this, crew
disco-
very ; and, assuming thatAlleprrions Metal is found
fn anything like the quantity represented, it becomes a
4tuions question how far such n discovery may even-
tually affect the valtie'of gold and sliver in Europe,
elected as standardsof value, or mmuresof ether chitty,
by certain peculiar attributes; such ae,regularity of
value and romparative indestructibility: and it is also
worthy of. coquiry how far industry and'production
.may be excited by a sadden and unusual ••• -ass of
gold, fee there can be no question that at least a tent-
stintalus will be given to manufacturing in-
roll; ry, though it cannot be said that the mere in-
crease of the precious metals, without respect to other
things, can add anything to ;he wealth of a country.
Itthe abtadance of gold flowing from America to Eu-
rope be sueb as to exceed the demand, the value of
told will fall, the price of all other commodities rela-
tively rise, and the proportion between gold
and silver be diatudeed so: se .to eve* . the
standards of value in :mei cavalry, and the
par of exchange between one And another.
The steadiness and regularity of price of both metals.
which have prevailed in. our experience, may not
prove the regularity of supply from the mines, bat
they certainly prove that the progress of civilisation,
theincrease of wealth, commercial enterpripe, and
other cogent* causes, have by degrees absorbed any
superfluity of the precious metals. The increase of
wealth in modern nations, almost universal, has
greatly increased the consumption of the precious
metals in manufacture ; and we may reasonably infer
that the calculations put forth twenty years ago of
the actual withdrawal of gold alietilver from circula-
tion and their absorption in the art., are far ex-
ceeded in these times. Every one is cognisant
of the vast increase of gold watchmen here,
and especially on the continent, and we may
undertake to say the amount of silver plate is
very much greater than it was fifty years ago.
There a no doubt, the productiveness of the silver
mines is greater and more regular than those of gold,
and the tendeacy would be a slight variation in the
relative proportion ; but the enormous increase of
silver currency on the continent, in the United States,
and even in India and our own colonies, has kept
the price of silver a little below dsc an ounce. On
the other hand, our standard of value being
gold only, with the exceptional case of the
United States, the drain of gold is generally.
towards England, while that of silver is slam to
the continent. There being po market ID.,
for any considerable quantities of silver, the price
would inevitably fall here, as it does when foreign
dolman& have bee; supplied ; and, on the contrary,
tlitiie bring no considerable market for gold abroad,
the price would fall if our standard were silver in-
stead of geld.. We do nut doubt thatdile Mint price
of gold hew, 31. t7s. 100. an ounce, and the
price at which the Bank of England are
coMpellett to purchase, 3! 17s. 9d an ounce,
are causes which not tmy regulate, , but,
within oertain Gmita, determine, the price of geld