The Express.
London, England, 1847-11-15 00:00:00

wended to be ? His first failure as a merchant in Liver- I
pool shamed by its magnitude the most imposing of '
model n disasters. His balance-sheet was an affair of
about three millions of liabilities. He carried the bill
system to the most incredible excess. It was nothing
uncommon with him to propose to those be dealt
with a plan of barter for the multiplication of bills, as
thus:—By mutual agreement he was allowed to in-
voice his cottons, sugars, coffees, &c., at double the
prices of the day, for which bills to the amount were
drawn and accepted. Per contra he was charged
with double prices to the same amount for the
manufactured articles he required for export,
and bills drawn accordingly. Thus bills were I
created for fourfold the real values which passed.
Here was an extravagance of bill circulation which
never was surpassed if equalled, by any excels of
note circulation that can be named. Bills by eco-
nomical writers are excluded from the consideration
of circulation altogether, but there are nevertheless
solid grounds for believing that they exercise more
influence, u a currency, than Bank of England and
all other bank circulation and specie together. Of
course John Kinnear finished his career within a
short space as a merchant, but he inflicted more
damage on the industrial community of Liverpool and
Manchester than ever followed the failure of any
score of insolvent country banks of issue that can be
named in their respective localities.
The bill system reached its climax in the fatal year
1810, when colonial merchants and Manchester ware-
housemen failed by the hundred ; when the great loan
contractor of that day committed suicidem well as one of
thepartners of the then great firm of Spittau, Miilling,
and Co., and the unhappy Lyon Levi, a merchant of
consideration, threw himself from the monument. It
need not be said that Manchester was the great sufferer
by the crash ; and who shall pretend to say now that
the bill and open credit system thus called into action
and monstrously abused was not the natural conse-
quence of shutting out a cheap and wholesome note
circulation, such as it might have been made, which
should have afforded a ready solution for all exchanges
and payments of wages, expanding and contracting
naturally with the occasion, and always resolvable at
will into Bank of England notes, or specie (in the
absence of a Bank restriction act), to the more com-
plete exclusion of bastard bills and open book credits
of the most unsound and undefinable extent? The
lesson to be drawn from such lids should warn go-
vernments of the danger of meddling with credit and
circulation otherwise than as may concern the peculiar
reserved right of regulating the coinage.

Rank Stock, 18.31! Coomis Acre., 8.511 MS
3 per Cent. Red. klaut , 8.3 i Eschoquer ,CIAO, 2d., I dB.
3 per Ct. Cons ALUM, 54, Si 4f S pm.
New 31 par Ct. Aims_ SS+ 44 51 Ditto L 500.3 jwn. par
hulls Bowds, wader £1,0" IS Ditto Small, pro.

* FORM/I FUNDS. .
I per Ct. Oresevia Bonds, Dot. 3 5 per CL qpetni.h Pnerire Tkb.., 33
5 per CL Mexican, Account, Nov. 3tpes. Ct. sum Bond. 218
la. 153 per Ct. Vent:cola Honda, 34
5 per et. Russian 80nd..., 1822, 2► per Cent. Dutch Exchange. 12
.0 :0., 1063 Owl.. 543 4
5 per Ct. Spanish Bonds, Div. 4 per Cent Dutch Cati/., 833 3
from Nov., 15+0, 16f

HUDDERSFIELD, November 13.—A meeting of Mr. W.
H. Kaye's creditors took place this day. The balance-sheet
presented to the meeting showed his liabilities to be 26,0001.,
and his assets 21. in the pound. The creditors could not
decide whether to let the firm go to a bankruptcy, or work
the estate under an areignment. The meeting was therefore
adjourned to Tuesday next.
Communications from Liverpool announce definitively that
on the lst of December the Royal Bank of Liverpool will re-
sume operation.. Such is the recommendation of the com-
mittee of proprietors appointed at the late meeting an the
6th lost. The assent of the general body is yet required ;
but that the bank will re-open on the date meptioned is con-
sidered certain.

Probability of the North and South Wales Bank shortly
resuming is also communicated. The proprietors have been
summoned to meet on the lot of December next, and there
is no reason to doubt that at this meeting the proprietors
will resolve upon the immediate re-opening of the bank.
The depositors almost unanimously have signified their
acceptance of the terms proffered by the bank with regard to
their deposits; and the general feeling towards the establish-
merit is of the most gratifying character.