The Express.
London, England, 1847-10-08 00:00:00

Vie enlve*S•

KAM. •
'Me Vat Isis mi. exisairs Ore kr Masks, Weadurt., sal
the Email. *a be mole up at lie umbrae Os IVA Combs,.
▪ Goal he MO% Operlik, Umiak WMaini. WI; sad Olendur
YMYrri+Oßttyswim eft 6M Ouler.
• mak kr Midi Nail Azad" Ranmk. and tke
wil bewails w as Or eGurbe WJA Ootober.
The wadmi =Os Ix Olbroliar Jilalls.Onew the Imam Wands.
AP" UP* suilwAhmaio.,
wise=•= Mora th• Osisimr. •
=ea. Catit.lll4. Saw. Iss.. bau tfr
d* up GG the
attar
The min Pr Nw Wein, V MEWS I. sad Ns.
laird will le Wow ea IPA swift Oft lit Pkomilier.
The nil tar the Inises=linr ratar. • ViG" Prtt
eb=l. eill°4ollrims. yam'

TO COSISIITONDIIIITIL
..• Allverthemolo loOrand Ow Ito Lwow. 1...1e. ••••his papvroww, be
at tag Oflss.l4 Ommi•Mow*, iv Two eolsak . ,W. hi .41.1.0.0•6

IiaATIR AT LONDO/1.1111.11:411.
Two MT- 17 'as. palm ;*r m. AI prl I.
To-111•••••- AAA pm* 1. Aftworm, min ANA 'l.

LONDON, FRIDAY, OCT. 8.

OUR attention has been called to various schemes
for a paper currency convertible at longer or shorter
dates, which are s as modes of affording
prompt relief under gese 11%g pressure. We pub-
lish two of them in other portions of the paper. We
confess that none of them appear to promise
to carry us back to the sound principles from
which we have unfortunately deviated. What we
have all along complained of is, the creation of a cur•
rency based upon any consideration extraneous to
the wants of trade. We look upon bullion in the
vaults of the Bank of England, or in any other vaults,
u a commodity that has its market value, and which
is only entitled, to influence the currency of the
country, like any other commodity, that is to say,
according to the demand that may happen to
arise for tt as part of the circulating medium. Gold
differs from other wares, in being, when coined and
easily accessible, a useful representative of other
goods, which cannot pass from hand to hand with-
out damage or expensive carriage. But this pur-
pose undoubted credit will answer. This need
not here be proved, as daily practice shows that
it is the case. The reason why dock-warrants and
wharfingers receipts are not commonly used as current
symbols of value, arises partly from thew generally re-
presenting very large lota of goods, and, in part, from
the limited number of persons who are able to test the
quality of the goods. Merchandise stored or ship
is, however, the foundation of all the sound 'bill
business in the kingdom. It consequently is the
fundamental cause of the discounts effected with, and
of the issues made by, all banks, whether private ar
national. The existence of gold to the amount of the
bills drawn on account of all transfers from producers
to consumers, is a matter of indifference, if it be net
found to impede the traffic by which all subsist. The
goods transferred are ultimately paid for in labour
and in rent, with a sum for profit, which no man at
the present day is so silly as to keep in gold. Odd
these profits oar houses, railroads, ships, and other
objects of fixed capital are constructed. Gold is an ob-
ject which no man takes but to pass away. Any
substitute that will be taken does as well, and the
greatest recommendation of any object selected for
currency is its ultimate cheapness.
We say its ultimate cheapness, because many
schemes may be devised to render the national cur-
rency apparently cheap ; which induce insecurity
and, consequently, ultimate expense. This, we fear,
is likely to be the case with all systems which pro-
fessedly base and proportion a paper issue upon a
reserve of bullion alone. It is for this reason that
we object to Sir ROBERT PEEL'S currency theory.
If the currency of a country ought, as we
have shown, to be based upon the existence of
goods to the full value of bills drawn and dis-
counted as sources of issue, it is manifestly
absurd to construct a currency upon any one stock of
goods exclusively, which does not represent the full
value of the notes issued. It would, however, be
scarcely less absurd to have a hoard of gold equal to
the value of the whole paper currency of a country,
whose only use lies in facilitating transfers, not only
of large bulks. but of fractional parts of such bulks,
which is what notes are intended to do. Any amount
of gold abort of the value of the whole of the notes
issued under any system based on gold, is, theoreti-
eelly not to be advocated; although, practically, a
moderate proportion may answer the purpose. Bat
let us have the right reason assigned for the useful.
ness of the smaller sum, and we shall greatly simplify
any theory.
The demand for bullion is created by an absence
of credit, whether arising from distrust, or from want
of means to make it available. Very curious means
are resorted to in various countries for • • money
on goods where confidence is not applied to ilitate
trade. In many Swiss cantons, men raise the
smallest sums—five or ten francs—on the title-deeds
of a garden or a cottage. Whole branches of
industry, from the rudest shape of raw produce to the
highest finish of an exported article, are carried on
in many parts of the continent by • system of dimi-
nutive bills, which cancel each other as every succes-
sive stage is attained, until the wares in an exportable
shape reach the merchant on the coast. The repre-
sentation of value is, in these little transactions, scru-
pulously minute, the confidence shown most limited,
the profit drawn by the discounter as large as is com-
patible with the bare existence of the manufacturer. If
credit in England is to be proscribed, unless founded
upon stocks of gold, the large remunerative mode of
dealings which the intelligence of the English people
has created, and which is the tree source of our
manufactarfee superiority, will be annihilated.
Bat it will only be destroyed to shbstitute
the same thing on the small, timid unprofitable scale,
that now subside in other lands. The goods made
and transferred will then, as now, form the substra-
tum upon which the paper fabric of bills and dismounts
will have to be raised. But the high feeling which
animates the merchant, whose profits are too large to
be staked upon trickery, the artistic feeling of the
workman, whose weges repay his vigilant toil, will be
lost to us and to the civilised world, which we have
hitherto led, with well-earned credit.
We cannot, therefore, land any system of paper
issues which would substitute a mere reserve of gold
far the full value in consumable wares, on which
alone a bill can honestly be drawn and be safely dis-
counted.

But let a paper currency arise, founded on the
knowledge that prudent local bankers have of mer-
chants' dealings, backed by the issues of a national
bank of the credit, the experience, and the large mer-
cantile views of our London Bank directors, and there
will, we may be mare, be no want of gold to keep up
the supply required by any portion of the public.
This demand should obviously be reduced as far as is
practicable, not by acts of parliament making certain
notes legal tenders that are issued arbitrarily. The
only subetitnte for bullion is credit, and this must be
created by the trading world within its own sphere.
No act of parliament can make a nation a present of
credit, although unhappily, like those we now
deplore, enactments can abridge, undermine, and
even destroy credit where it would naturally exist.

NOTWITHSTANDING the keen struggle represented
by all accounts to have been going on of late at Ma-
drid between conflicting parties, and between French
and English influence, it is manifest that the fierce-
ness and inveteracy of this quarrel has considerably
abated. The canoe supposed to be at stake last year
was no less than whether the throne of Spain should
eventually peas into the line of ORLEANS. It was for
this that Loris PHILIPPE schemed, that Count
BREssos intimidated the Queen, and risked a violent
breach with England, rather than fail in one of the
principal aims of the long-cherished and profound po-
licy of the King of the FRENCH.
In the midst of all this success of France, this
mortification of England, a novel circumstance comes
in to thaw that the hopes of the one and the fears of
the other are alike groundless—that all that finely-
maehinated scheme built on the Spanish mamages
may turn out labour lost, and that the house of r-
ims is just as remote from converting Spain into an
spillage for its younger princes as English jealousy
could desire. Yet it was neither the active spirit of
Lord PALMERSTON, nor the known address of Mr.
HENRY BCL was, that wrought this change.
The power which, has defeated the deep intrigues of
Loom Pantres, and the violence of his myrmidons,
is so ether flan providence. In a word, there seems
rip likelihood of fruit to this superlatively planned and
eitraireeesip precipitated marriage. The probability,
dt steel it as only be, is that neither the Queen nor
die DOW= HONTPENSIRR will have heirs.
ty is at least sufficiently strong to

~,y'

alter considerably the views, to blunt the zeal on the I
one side, the sager on the other, of the courts and
statesmen most interested. In the tone of our
own cabinet, and in that of its best-informed organs,
the change is very perceptible. We hear no
longer of the awful breach of the treaty of Utrecht,
and the consequent nullification of the rights of the
11IONTPENSIERS. We no longer hear it declared that
in case of the demise of ISABELLA, Count MONTE-
MOLIN comes forward as first claimant The Times,
which sang this song not many months back, now
siege quite another tune. It tells us that no one in
England ever disputed the succession of the MONT-
PENSIERS. The deuce they did not!
Let us, however, not cavil about the past. Suffice
it to know, that now no English statesman does dis-
pute the suocession of the Duchess of NIONTPENBIER in
case of the Queen's demise. Provided she have no
heirs, she is welcome to take her seat on the Spanish
throne. But, at the same time it is prayed, that Queen
ISABELLA may survive her, may reign long and happily,
and that thus, neither in presents nor in faturo, will
Louts PHILIPPE reap the least good from his very
cunning and most unscrupulous management of these
celebrated marriages.
We shall rejoice if such be the case, not from the
mere satisfaction of seeing a mighty trickster disap-
pointed, but from seeing removed a very serious and
lasting cause of difference between France and England.
If the Montpensier race does not threaten to occupy
the Spanish throne, wherefore should England and
France continue to squabble about that country ? The
King of the FRENCH would surely not carry family
ambition so far, as to urge the Dake of MONTrENSIER
to seek to wear one day the Spanish crown in his
own right? Nor, such dynastic views set aside,
should the difference between moderado and exaltasto
be serious enough to make London and Paris enter
into strife about them.
Still, enough of mistrust must exist, and of contin-
gencies be possible, to awaken in the breast of Queen
ISABELLA a feeling, that French councils are not ex-
actly those to which she should deliver herself up.
The presumptive heir to the crown, her sister, is a
French princess ; and to wield the destinies of Spain
even during a life must be of a certain importance to
France. Kings and statesmen might not be influenced
by such views to aid in shortening the life or reign of
a princess that stood in their way ; but subordinate
agents are known to outstrip their masters in zeal,
and to employ even the agency of crime to bring about
results favourable of course to their own interests, as
being favourable to those of their principals.
In short, Queen ISABELLA'S crown and welfare are
safest in her own keeping. And of this the young
sovereign seems fully aware, notwithstanding the
frankness of her character and the confidence of her
age. She evidently has no idea of surrendering even
the vicegerence of the sovereign power to NARVAEZ,
although she shrinks from awakening moderado and
French fears and susceptibilities by the recal and re-
installation of ESPARTERO. To steer a middle coarse
is her aim, and to give as little umbrage and as few
advantages to either of her redoubtable protectors,
France or England, is evidently the pohcy of the
palace of Madrid.
We cannot say that this is unwise, but the coarse
is a difficult one, requiring most skilful and com-
manding statesmanship. Unfortunately, Queen Iss-
BELLA has no one around her capable of conducting
such a policy, Or undertaking such a task. SALAMANCA
is a vain and flippant personage, who seems to take
restlessness to be activity, and novelty to be improve-
ment. Not a week passes in which this Solon
does not promulgate a code, and upon the most
various subjects, one more absurd and pre-
posterous than the other. Even on finance his or-
donnances are but the usual empty juggle of Spanish
financiers, who, like the street conjuror always con-
trive to and cheat the public. '
astonish
The last trick
of this political mountebank has been to rob Spanish
municipalities of their landed property under pretence
that they were ill managed. "If every one was to be
deprived of what they managed ill," exclaims the '
Eepagnal," what class, corporation, or personage in
Spain would be left possessed of a fraction?"
Another " thimble-rig "of SALAMANCA was hie
comic proposal of a reciprocity treaty of exchange
with England, English cottons to be received in
Spain, and Spanish wines in England, at 30 per cent.
ad valorem duty. Only imagine the task of setting a
value upon every yard of calico that enters Spain,
and by the instrumentality of those incorrupt per-
, sonages, the Spanish custom-house officers! Imagine,
moreover, a gallon of that concentrated Spanish wine,
out of which sherry is manufactured, entering on the
payment of one-third of its value at the Tower. The
convenient millions of our spirit duties would soon
vanish before such an invasion. And Senor SALA-
MANCA pretended to be serious, when he made this
burlesque offer.

ought to receive gratis. In the north of Ireland,
landlords have less excuse than they have elsewhere
for throwing those ditties end expenses upon tenants.
To allow, therefore, a tenant right to exist from we-
mulated compensation for permanent improvement,
is menstrona ; it is a dereliction of all his duties on
the part of the landlord, who deserves to be expro-
priated f,r accumulated neglect, and the tenant ad-
vanced to the position that his superior has forfeited.
Nothing can tend more to the prosperity of a
country than the keeping clear and distinct the duties
of its respective classes. It is, in a moral sphere, what
division of labour is in handicrafts and manual industry.
Let the landlord be landlord, sole proprietor of the land,
owner and provider of the permanent, and necessary,
and irremovable conveniences for agriculture. Let
the tenant not be pestered or mulcted by payments
for them, under pretence that he gains something by
tenant right. He gains nothing. On the contrary,
he is cheated and deprived of the right use of his
faculties and of his capital. Let the tenant trade
on the land, and let a lease render his calculation
or speculations secure. If he invests permanently
In land by purchase, he then enters into quite a new
field, and the calculations for the one will infallibly
spoil and interfere with the other. We can assure the
Banner of Ulster, that if we object to tenant-right, it
is chiefly in the interest of the tenant class.
But, after all, pernicious as tenant-right is, it is far
preferable to many monstrosities in Ireland. If it
cure Rockism, rack•rentry, wholesale and merciless
clearings, if it compensate for an ignorant and absent
landlord, by providing an humbler and more in-
terested person in the management of the soil and of
its labouring population, tenant-right will be both
advisable and acceptable, despite of its being part of
a retrograde, pernicious, and ill-imagined system.

Tin Banner of Ulster replies very uncivilly to the
London journals which question the expediency of
tenant-right. Of course these journals spoke of
tenant-right as demanded by Mr. DOHENY and the
spokesmen of Holy Cross, which was to guarantee
existing tenants from being turned out of their hold-
inm, or deprived of their crops, without any reference
whatever to the question of their having improved or
not. Since that meeting, greater importance has been
given to this demand of tenant-right by the cautious
answer of the Lord-Lieutenant on the subject, which
would seem to imply that it was under the considera-
tion of the government.
One thing is certainly undoxiable, and it is, that
districts where tenant-right prevails are more peace-
able and less convulsed by outrage than districts
where such a custom is either unknown, or is but
partially allowed. As the first indispensable element
for Irish prosperity is the absence of agrarian
outrage, any regulation that would ensure this,
even with some injustice and many inconveniences,
would still be grasped at by government and by
both classes. It is not, therefore, sufficient for the
opponents of tenant-right to point out flaws or un-
fairness. They must prove the defects and evil
results to be greater than the evils which the measure
is destined and is likely to cure.
No one objects to tenant-right when it means com-
pensation for permanent improvement. The Banner
of Ulster, in it. newer to the Eransiner, declares the
tenant-right of that province to be nothing else than
accumulated compensation for improvement. As
each tenant made an outlay he added it to the sum
which he had paid, and demanded the sum back
from the tenant to whom he ceded it. Could we sup-
pose this to be the case, we cannot imagine how it is
that the landlords of the north of Ireland have not
been, u the Americans say, improved off the face of
the earth.
_ _ _

The substance of the following appeared in part of
our last evening's impression.
The Paris papers and letters of Wednesday have
reached us. The commercial and monetary crisis in
England engrossed the attention of the mercantile
classes, and formed the sole topic of conversation on
the Bourse.
The King and Queen of the Belgians, accompanied
by their children and suite, arrived by the Northern
Railway, in Paris, on Tuesday evening,snd proceeded
to St. Cloud.
The arrival of Marshal Soult in Paris is contra-
dicted. The governorship of the Invalides has been
offered to, and declined by, Marshals Soult and Sebas-
tiani. It will be given probably to General Petit.
Count Breeson has arrived at Turin, en route for
Naples.
A probable change in the cabinet is spoken of in all
circles,end broadly enough hinted at by La Freese. The
truth is, that the old obstacle to the elevation of M.
Guizot to the presidency has not been surmounted.
M. Duchitel, proposes to retire, and his withdrawal
would most probably produce a general break up. He is
not content with his present subordinate position, and
this is what is hinted at by some of the conservative
opposition papers. The thing, however, is not immi-
nent, although, if matters be not patched up, it will
probably take effect before the meeting of the
Chambers.
The cabinet is sensible of the discredit which at-
taches to its stationary policy, and, under an affecta-
tion of contempt for the reform agitation, there is real
anxiety. No doubt a programme of reforms to come,
and a retrospect of the measures already accomplished,
will be pat forth in the journals, to conciliate public
opinion.
King Louis Philippe completed his 74th year on
Tuesday.
A report was current in Paris that the French fleet
had sailed from Naples for the Gulf of Spezzia.
The following letters, addressed to the Nourelliste,
and posted at the Marseilles bourse, refer most pro-
bably to the affair near Taza, which we have formerly
reported, and which resulted in the extermination of
two Arab tribes, amounting to upwards of 20,000
persons, by the army of the Emperor of Morocco :
Gibraltar, Sept. 22.—We this instant receive from Tan-
giers the news of a great battle having taken place beneath
the walls of Taza, between the troops of the Emperor of
Morocco and those of Abd-el-Kader. The latter, after a
most desperate struggle, withdrew, leaving four thousand
men on the field of battle. The emperor had just issued a
decree by which he promised lb ducats for the head of every'
rebel which should be brought to him.—Letters from Fez
say, that after this battle the en-emir was compelled to take,
shelter in the neighbouring mountains, to escape total de-
struction. The emperor is now at Rabat, where he is cele-
brating the festival of &Own, after which he intends repair-
lag to Fes. There is no doubt that the news of the defeat of
Abd-el-Kader, and the presence of the emperor in his capi-
tal, will completely calm the uneasiness which has lately
reigned throughout the population of Morocco.

Our despatches from Madrid of the Ist inst. con-
tinue to report the measures of administrative reform
adopted by the cabinet. It was announced that
a pressing order had been sent to General
Espartero to hasten to Madrid, that he was
expected in that capital on the Bth or
10th, and that preparations were being made
to celebrate his arrival by festivities and other
demonstrations of public exultation. This re-
port is accepted by the populace, and although its
details are questioned by the Her aldo, it is not con-
tradicted in substance. On the other hand, we have
been informed that an hotel is engaged for General
Espartero at Brussels, where he purposes to make some
stay before his return to Spain.
The Espanol says, that General Narvaez had
given in Ma resignation of the Paris embassy, but
soon after had withdrawn it.
No operations took place at the Bourse on Ist inst.
After the Bourse, the Threes were done at 261 cash,
26; paper ; and the Fives at 181 cash. Exchange,
48 80-100.

By the advices from Switzerland we learn that the
canton of Schaffhausen had decided, by a majority of
46 against 28 votes, to support, by force of arms if
necessary, the decision of the Diet against the
Sonderbund. The canton of Zurich has organ-
ised its military contingent to support the
Diet. These forces consist of eight battalions of in-
fantry, seven companies of artillery, four companies
of carabineer., three companies of cavalry, two of
sappers, and one of pontooneera. Besides these, the
Landwehr, consisting of like divisions, will be ready,
amounting in all to 15,500 fighting men.

The advice, received from Italy state that the eva-
cuation of Ferrara was arranged for the 3td inst.
Letters from Naples of the 29th ult., calm the
news of the defeat of the royal troops in the province
of Salerno. The battle took place in the district
of the Went°. Domiciliary visits of the police
are continued daily at Naples, and even persons
of highest rank are not exempted from them.
It is reported that the Queen-Mother has in vain urged
on the Kin; the danger of the system of terror which
he is pursuing, and the absolute necessity of yielding
to the prevailing spirit of progress. The main insti-
gator of the King, in his present course, is his confessor,
M. Code. The Pope has ordered thisi priest lately to
repair to Rome, which he declined, on the plea of in-
disposition, whereupon his Holiness laid him under
an interdiction of mass and confession.
The French fleet sailed from Naples on the 28th.
Its destination was not known.

But the tenant-right, even of the north, is evi-
dently no such thing. We doubt its having ever
originated in compensation for improvement. It is
quite evident to whoever peruses the Ulsterian evi-
dence before Lord DEVON'S commission, that the
origin of tenant-right lay in the distress as well as in
the insecurity of the country. A tenant fell into bad
circumstances and arrears of rent, and the only
manner in which the landlord could get these
sneers from him, and at the same time be secure
from popular vengeance, was to allow the sale
of the " good-will? The in-coming tenant paid
the arrears. Landlords did not do this at a
sacrifice of the amount of yearly rent. But, as the
country was prosperous, the value of produce rising,
and the competition for land keener, the landlord
thought he made a good bargain by getting his
arrears from a new tenant, who still paid him the
same rent. And we see, from evidence, that tenant-
right has fallen and risen, and been estimated at so
much an acre, not from any consideration to the out.
lay upon the land, but from the rise and fall in the
linen trade, from the increase or decrease of the little
capitals saved from it, and, in fact, from competition,
not compensation.
A tenant right of this kind, however it may be at-
tended with many advantages, is most prejudicial in
many other and greater respects, and more prejudi-
cial to none than to the tenant and middle class in
life, who get possessed of small capitals. Such a
class as that ought to look to trading in land and its
produce, and to the speedy turning of their capital
in a certain number of years, not to the trans-
ference of that capital into the landlord's pocket
The little capital that the tenant can have, or that he
can have denved by inheritance from relatives who
made it in the linen or other trades, ought to be laid
out on the land fur a return, and for the whole return,
of that capital and interest. Permanent and fixed
improvement ought to be the business of the land-
lord ; and if not undertaking such himself, he ought
to be forced to pay or allow for it at the expiration
of the lease, instead of looking out for another
tenant of small capital to pay the value of
buildings or permanent improvements, which he

An Italian customs league continue, to be spoken
of, with a view to which a convocation of delegates
from the different states of the peninsula was to be
held at Turin. Tho Bing of Naples declined to take
any share in this project.
We read the following in the Augsburg Gazette,
under the date of Rome, 23rd ult. :

In coneequence of orders brought from Rome by estafette,
a domiciliary visit was made at the residence of Count
Framonti, the director of police, at Jest. We are enured
that upwards of forty letters connected with a correspondence
kept up between persons in a much more elevated rank than
himself were seised. These letters, it is said, contain matters
of the greatest importance. The retrograde party still con-
tinue their plans of re-action. An officer has been taken in
the very aet of posting up a satire against the civic guard.

MADRID, Ocr. 1.
I omitted yesterday to notice that portion of Senors
Esoosura's decree for effectinga complete revolution in
the-civil administration which relates to the provin-
cial councils, and to the newly created councils of
general government. The former will retain the
attributions which they now hold, but a change is to
be effected in the personnel of the council. There will
be in the capital of each province one of those pro-
vincial councils, composed of the civil governor, of the
secretary of the civil government, of an advocate and
a provincial deputy, both named by the government.
The governor will be president, and the secretary
vice-president, of the council.
There will be in the capital of every government-
Ces council of government-gen, composed of
governor-general as preddent; of a vice-president,

.

THE EXPRESS, FRIDAY EVENING, OCTOBER 8, 1847.