The Express.
London, England, 1847-03-15 00:00:00

MONEY JURIBT.

SATURDAY ETZWINO.
' There has been a scarcity of transaction in the
funds , but the market did not the less continue in
decline. , opened with a favourable appearance at
' 881 bums he account, but without any sales of material
comegemse the pipes went down to 881 sellers for money
sad buyers far time. Exchequer Bills, Is. to 44. premium.
Commis Scrip, I tot discount.
The Amigo market was quite inactive. Spanish Fives
were aosaleally quoted 221 to 31; the Threes, 34 to 1. Por-
=ed 4. Mexican, 211 to 1. Dutch Two-and-a-
to
Oats. fell to 17 to 1; the Fours to 91 to 4.
Tbe Bank of Engird averages for the week ending the
eth ietant give, as compared with the returns of the week
preeeilsg. the follow* results :
arCb2•l64.=:;---414.113.883 -- Demme £333,932
.. 19,279,143
Per demiee •
1,371,731
Otherrapener.- %MAD
Oseasasatammlawis
Maids. depsetent 11,ea 819
Other amides l64t".
Increase 1,006,337
Oda sad Bella ... .. ... 1 US ...„ Decrease 449,399
7 day sallease Ina 146,6e0
71e led 1,931,922
The experts of specie by the Britannia steamer and
other vends to New York, brought into these ac-
counts, will account sufficiently for the diminution
of the steak of the Bank under that head. The remark-
able ampeeataficat of " other securities," represent-
ing bills dissented and loans, attracts attention the
more, become be the two weeks preceding the same at-
tendee of belleme in that department may be remarked,
although not In ma equally large ratio. Loans on Exchequer
bills I. support MMM falling prices, and the demand for
Cataceouumedatims t stock and private banks in
urttry, meld be the chief cause of this con-
siderable accumulation el seituritiee. It is evident that the
Beek was, as it is, eserying m a prolitabl?. business
For me peer and a half Me Times has been calling out
lustily fora panic. Ills seldom that, in the story of the
career of that journal, it can be reproached with an adherence
to consistency so stubborn and unbroken. The panic is slow
to come, but let it only once be made, re that the Times
can " stand alone" as having predicted it, and then we AM
sen the weathercock change at once to flourishing times, and
the unclouded sunshine of monetary and iodustrid pees-
perity. The golden sovereign no longer wanted for export
will he depreciated, and bank note representing credit
elevated to the dignity of a national standard of value.
Let as not be muunderatood. We, at least, has not
deceived its readers. The gradual advent of hard
times has not wanted its monitor; the only prudent and
patriotic course of averting a money panic is to prepare the
community by a plain statement of facts as they occur for
setting their houses in order. The future may be looked at
without dismay when the public mind is duly impregnated
beforehand with the ominous eigos abroad. We are, and
should be no believers in a panic possible were it not
for currency crotchets so imprudently made the law of the
land, by which credit is hampered and prices sought to be
regulated and controlled in defiance of the eternal principles
which ride over supply and demand.
We are told of a continuous drain of bullion to the extent
of some twelve or thirteen millions, the amount imbrue
already gene. But the drain would more probably be save-
ral millions more, supposing all the bread-stuffs imported, oed
coming forward, were to be paid for in hard money. The
fallacy consists in supping that the export of emit a mem
of metallic values is absolutely iodispensable, and mast
inevitably take place. Not, however, that such expertatisa
would be a feet pregnant with ruin or of particaler=
'nee in itself otherwise than as showing to the
tage of national industry that it might be more prodtable to
send gold abroad than cottons or woollens. The wealth of a
nation does not unsist in hoards of gold and silver • these,
like all commodities, but as exchangeable tokens only like
bills of exchange, become of greater or lees value in peeper-
don as they serve more fitly the purples 'ad
exchange, that is, command a better pries Amid
than at home. It is therefore with no appr►
hension about the drain of gold prognosticated, hum
lew but for currency laws as it would be, that we
venture to doubt the diet of the extensive demand for the
exportation of it with which it has pleased people to threaten
ne Tke quarter to which the stream should meet copiously
flow would of course be the United States, end ht the
direct relations of trade it is the quarter abe Where
the trade balance would be most largely maim* this
country. But there are indirect and controlling inlheemes
also which affect the money balance, although by eeperildal
resumers not duly taken into the account. With the one idea
Axed upon gold as the only real value, it should
sonsole such reaaonen to know that trade balances may
be rednesed, as daily and yearly they are, by each
circui'ous routes even as India and China. On reference to
the commercial statistics of the United States it will M
found that yearly balances result against that rumba' is
its &allege with France, Spain, Brasil, Chili, Chin=
dto e. These balances are far the greatest extent liq
bwidebtillis upon this country, or bale in exchange operations
And their ultimate solution here. As more sir um-
rating prices are gained for Amen= corn and cotton, so
the cansuming capacity of the people will be eederged. It
may not immediately be directed to cotter, weelimm hard-
ware
or earthenware, but it tenet MI m am woe the
coffees, teas andsugarof Cuba, Braidl, Java, China,
d: e-, where British manufactured products superabound,
and British capital or credit only we appreciated. 1W
rothazytaktshis capital end. credit that American ponshasse of
most be liquidated in them esuridee. Meat I
one million stoning of bills drawn en ..ZI bee China
alone for American account must now be adsarleg towards
maturity, to be provided for either by ranittances direct
beef the United States, or by orders as in present einem
stances will be theme upon values realised In England hem
the sale of imported bread and other stuff.. The export of
so much specie will therefore be intercepted. Thu la emcees
only the country will be spared the km as fa isessig
phrase it would be called, of one million of sovereigns, my
two millions difference betwixt possusion and abioraation.
There is sufficient cause to believe also, unless the ammo
of supply and demand is to undergo some extraordinary rem
lesion, Umberto meamithie of mensifectured and other pre-
'=thmust be required from hence direct for America.
et prices role h.*h or low, orders cannot fail to arrive
before Juno for the " WI " trade in that **sultry, and pros
t all: large a quantity as the actual orders will be for-
on the speculative Maness of sales and returns.
Some ealEimas of Talmo may thee pass, which to the amount
Mead Gan the earaeries of *es who eeneelve that the
whole entangle of the nation are sad Mould be locked up
In the nails of the Beak in the ebape of sovereigns and
-bullion. The country will pay its foreign Wince thew
fore, arid, heavily as they may weigh against it, wittiest
material doroagemeat. Gold may go, and will return here-
et her when it is hid for at a higher price, than it shall be
worth where it may kappa le he.
We are am, eassualara without smiegivinge Meat the
stain upon sepia al have from the-pnity and extent of
hadoetelal epsaillida rlttimal ilembe 11l nofraZt
' wilds. is hi holm pima at essumbliss, and
raw sebum both i a othe Mime o
at mills* et moms,
the ast ummet be evorloshed
of
the t one of at&
lice. MO tie *Mato& pine of die der the hasty
:1 • of scares of lime end themende ef miles more
ametie with same temenelenes to, and dipluse
NOW hem, the peemmtion of ether wit
isifiresia. 1
1110111111 YEED.

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1110 tr It mow. I tea, 100,1 I'll DIM, logra. 0 I I
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larnOwA.lllfibie MINIM Mod., I.lroooBlo4pas !ff?'" 110 ,
: 04 Oak 1011011101
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h.

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di 110.• . . •. . . . SP : .
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••••1.5.1 . Y.ie. IS.—Dete• Faum—AMal Debt, Tyr•-•6......-R.lf
pt. C. 64 , Tree Jiro. 06616., 70 70k . •••
OH WC C... Compasy, 1716 174. Ems Laila Law Illti SO. :••
I du% gar 666, II 17 II N • two mess, II Of. Ilamberg,66 I.
6166". Maus 6.—lereraws r0n66.-11” /1. OM.. 144' Y.+ P.
0na6,1114 pa Omer., 74: law at 1434. 104; Do. .1661,
But 61.66
/1666.‘6, Masco II —116.61,6 1.6•6..-L••• H INC lON 6. Ds. MI.
. INC 16 64. 1.6. 1630.401 , the Cl 4, 66411.14 frak .g ay.
Flu. 6N. au. UN.. 111 34.
Arrwen,r, Yu. 11.-2.1r0g• Loolde, IS 411; taro moat, II 10.

RAILWAY NEWS.

The share market remained on Saturday in the
same sluggish, depressed state. When sales were made or
pressed, lower prices were the result. There wee little simi-
ans otherwise in the usual way of business,
——- - -

SHARI LIEIT.-rimmoN, Mkica 13.