The Express.
London, England, 1865-09-25 00:00:00

THE EXPRESS, MONDAY EVEI44IIM, SEPTEMBER 25, 1865.

thousand pounda in gold irons the beak was
sufficient plea for raising the rats, gad thus putting
additional profit su the peeks% of bankers.
Although it was absolutely certain that
the money would return within a very short
period, and even if it did not the drain upon our
resources warn insignificant, the fist of so much
gold going out caused a loss to merchants at least
equal to that sum, of which the banks gained the
advantage. In 1864 there was at no time any
real scarcity of money ; but, owing to the artificial
pressure caused by the decline in the Bank reserve,
the rate of discount went up to nine per cent. It
is not extraordinary that at the January meetings
the joint stock banks were enabled to declare high
dividends, and the private establishments must
have gained in an equal ratio. It is true that'
when a great irisis occurs, like that in 1847 or 1857,
the banks suffer in common with other traders ; but
whatever the loss incurred, it at all events stops
short of ruin. The banks know well that they can
always count upon support from one another, and
that in case of absolute necessity the Bank of Eng-
land would afford every legitimate assistance. The
failure of one large establishment, whether joint-
stock or private, would in fact deal such a blow to
public confidence that the credit of all would be
shaken. It is well known that in 1857 many a
timid depositor in the joint stock banks anxiously
watched at their doors in order to take early ad-

vantage of the first signs of a run. Hence the
banking interest are perfectly satisfied that if ever
it were a question whether they should stop pay-
ment for want of assistance, or whether the Act of
1844 should be abrogated, the decision would not
be doubtful. A double gain is thus derived.
As long as commercial affairs work smoothly the
banks make their profit in the unnecessarily high
rates of discount the Aut tends to establish ; when
its full maintenance is likely to bring ruin, the law
is abrogated to the great benefit of themselves and
everybody else.
It is unfortunate that in all these questions the
CHENCY.LLOR of the EXCHEQUER should, according
to general belief, consult members of the banking
interest alone. Directly or indirectly they must
naturally be swayed by a desire to preserve in
currency matters the sfatus quo. But surely it
would be desirable to hear the other side. British,
commerce does not exist for the exclusive or at
least disproportionate advantage of the banking
interest, but rather for the benefit of the mercan-
tile classes at large. The profits should be fairly
apportioned, but it is hard that one set of workers
should be hampered by a legislation which, however
little intended, contrives to 'weigh unjustly
upon their own class, to the profit of
another. As far as we can recollect no member
of Parliament engaged in pure commercial busi-
ness, apart from financial or banking operations,
has ventured to defend the existing Act.
. .

The subject is one of such importance that it is
to be regretted that the advocates of the present
system should be betrayed in defending it into the
expression of an ill-tempered partisanship, instead
of soundly and judicially setting forth
their views. We need only cite one in-
stance of this want of moderation. It is
usually argued that the suspension of the Act of
11844 in the panics of 1847 and 1857 depreciated
the currency. If so, at what premium did gold
stand in those years T and if there were none, how
was the currency depreciated I These questions
are unanswerable. and only inveterate prejudice
will, to the sacr:fice of common sense, attempt to
elude or evade them.

flit (faun.

BALMORAL. BrPT. 24.

The Queen went out walking in the grounds in
the mornieg and drove with Prieto.' Louise is the evening.
Prises and Princess Louis of Home, Prisons Belem, and
Princes. Beatrice. attended by the Ladies and Gentlemen
in Waiting, honoured the Bummer gathering with their
presence yesterday afternoon.

Earl Rowell lett the Castle in the morning.
Bar. 23.

The Queen, accompanied by Princess Louis of Hesse,
Princess Louise, and Baroness de Britenek, drove resod by
the Lynn of Muir& yesterday afternoon.
Priam and Princess Lonis of Hesse, Primes' Helena,
Princess Louise. and Princess Beatrice went to a dance given
by the Prince of Wales at Aberceldie yesterday evening.
The Ladies and Gentleman in Waiting were is attendance.

A Coinmitteo of the Lords of her 'West?' moat Honour-
able Privy Council met at the Coming Chamber, WhiteWl,
on Friday &tearooms. Present—Earl Granville (Lord Presi-
dent), the Duke of Somerset, the Earl of Clarendon, Earl
de Grey awl Ripon, the Right Hoe. Edward C►rdwell, and
the Right 800. H. A. Bruce. Mr. Helps, the Clerk of the
Council was is atteadmicri.

Despatches were sent on &Insane from the Colonial-
office to the Governors of Canada, the Bahamas, and the
settlements on the West Comet of Africa.

- - -
The Duke of Northurn'oerland and Lady Louisa
Percy are shortly expected to arrive at Northumberland
Honda from Alnwick Castle, on their way to Torquay,
where his grace intends to peas, as lewd, the winter mosaic
The Duke and Duchess of Roxburghe are causing
extensive preparations to be made ►t Floors Castle, in anti-
cipat,on of the visit of their Royal Highneases the Prince
and Princess of Wales next in,,nth„

The Duchess (Dowager) of Norfolk will shortly
take possession of the late Countess of (Mangan mansion
in Grosvenor-mnam.
The Duchess (Dow.tge•) of Sntherland has left
Trentham on her way to meet the Duke and Duchess of
Sutherland at Dunrobin
The Marchioness of Londonderry is prolonging
her sojourn at Dieppe.
Earl Russell, who has been in attendance on her
Majesty as Secretary of State, left Balmoral ea Tharecley
(we learn from the Scotsman) and travelled to Aberdeen,
where he took the through train rid Perth and Stirling to
Edinburgh. The noble earl arrived in Edinburgh at ten
o'clock, and proceeded to the Douglas Hotel, where he re-
mained over night. On Friday We lordship left town by the
Caledonian Railway, at one p.m., en route for Dntmlanrig
Castle, the Dumfriesshire mat of the Duke of Bursoleuch,
where be will speed • few data.
On Thursday teat, at 47, Eaton-place, Viscountess
Ingertre gate birth to a girl, stillborn.
Colonel C. Rogge, C. B. , of the Royal (late Ben-
gal) Artillery, one of the washers of the Ordnance Select
Committee of Woolwich Arsenal, who died at Ashleigh
House, Erith, oo thel9th inst., wee buried on Saturday
with full military honour-.
Queen Emma of the Sandwich Islands is expected
to take up her residence in the Isle of Wight at the latter
end of this week. Daring her residence I. the island she
I will, it hi believed, pay a visit to Mr. Alfred Tennyson, at
Freshwater.

(isamea's suaauxa)
AMERICA.

ARRIVAL OF THE PERUVIAN.
(Via Gtesotaitle.)

NEW YORK, Sum 15, Emma.

The Massachusetts Republican Convention as-
sembled yesterday. Senator Sumner made a
speech, in which he stated that neither the rebel-
lion nor slavery was ended, or would be until the
negro.s were placed upon a full equality with the
whites before the law. The rebels must be ex-
cluded from power, and neither vote nor be voted
I for Congress. They must see that they are not at
000 e admitted into co-partnership of government.
Resolutions were passed pledging support to
President Johnson, and maintaining that the
South cannot be entrusted with civil govern-
ment nor representation in Congress until then, and
that slavery is prohibited by the constitution.

The Alabama Reconstruction Convention assem-
bled on Tuesday, and the South Carolina Conven-
tion on Wednesday. Resolutions introduced in the
latter expressing dissatisfaction with President
Johnson's reconstruction policy were tabled. Mr.
Perry addressed the members, and strongly en-
dorsed the President's policy. _

NEW YORK, Barr. 16, Evssugo.
The Triblinz denies that the Secretary of the
Treasury will fund iuterest-bearing currency.

CONXERCIAL INTELLIGENCE.
NEW Y08.K.. Barr. 15, EVININCL

Money easy. Gold, 142&. Exchange on Lon-
don. 156 ; on Pule, 3.633. Stooks dull : New
York Central, 93 ; Illinois, 1253 ; Erie, 86; ; 5-20
Bonds, 1073.

NEW YORK, Birr. 16, EveigrxG.

Money easy. Gold, 1431. Exchange on London,
156 ; on Paris, 3.63 j. Stocks slightly firmer :
New York Centrals, 93} ; Illinois, 126 ; Erie, 571; ;
5-20 Bonds, 107;1. Cotton quiet; middling up-
land, 45. Flour declining. Wheat heavy. Corn
and provisions slightly firmer. Coffee, sugar, and
molasses steady. Petroleum dull ; crude, 35} ;
refined, b&

THE PSDJUIAL PAlruzz. SONEBS AT ANDILTLION-

The evidettoe in the Wire trial taken a fortnight
ego menu directly to inculpate the Confederate officials of
the War Department at Richmond. An ex-Confederate
inditary inspector, Colonel Cheedler, woe a triton' ; and
e 'Pony of a report he made in Avenel last year to the Con-
federate government on the coalition of the Andersonville
pine wse laid before the wort. In this report we read :
"Ry duty regain' me respectfully to recommend a
change in the officer in command of the post. Brigadier.
Gene& J. If. Winder, and the substitution is his place of
some one who unites both seem and good judgment
with sotto trollop of humanity and consideration for
the welfare end comfort (..ci far es is consisteot with their
safe keeping) of the vast number of unfortunates placed
under his control ; some one who, at least, does not
advocate deliberately end in oold blood the propriety
of leaving them in their present condition until their num-
ber has been sufficiently reduced by death to mate the
present arrange:mote suffice for their accommodation ; who
will no► molder it a matter of self.landation, boasting that
he ban never been inside the stockade—a place the horrors
of which it Is difficult to describe and wbioh is a disgrace to
civilisation—the condition of which he might, by the
exorcise of a little energy and judgment, even with the
• limited 11101011 at his command, have considerably improved.
, In obedience to instractioos I shall next proceed to the
headquarters of the ermy of the Tennessee, and request
that any communications for roe be forwarded there to the
' care of the chief of staff."
Colonel Chandler, being sworn, said be had no retracts-
_

tion to make as to anything In she report just read. Dur-
ing his iospeetion he had a ocuivenstion with General
Winder, who seamed very indifferent to the welfare of the
prisoners, and was iedieposed to do anything ; he remon-
strated with General Winder as well as he could. Wben
the waned' spoke to him of the peat mortality, and wig-
pitted that as the skkly mason was coming on the
swamp should be drained, better food furnished, and other
measures adopted, General Winder replied to him
that he thought it would be better to let ono half di. so
they could take are of the remainder. His (Chandler's)
aesistaut, Major Hall, had previously reported to him that
General Winder had made a similar expression to him ; the
witnetaremarked be thought this incredible, when Major
11.11 said General Winder had repeated that expression to
his several

Net only wee this report of Colonel Chandler's laid before
the Confederate Secretar► of War and his pageant, het
Chandler wait himself personally to the Confederate War.
offioe to urge that it should be taken up and acted on. The
answer came under the sign manual of Jefferson Davis in
the shape of a oommisaion appointing Wieder to the poet
I of Commissary-General of Prisoner' for the entire Con-
federacy I

asNERAZ Las as 11DCIOATION.
(From the Zer;eg(on (Virginia) Oaretre, Sept. 1.)
asnanat B. Z. LII, ragereer OF TIE WASHINGTON C L.
nem taxnurrost maenna).
The gratifying duty of announcing to the °matey
the seceptance by Geseral Robert E. Lee of the preddessy
of Wash's/toe Ooßege her been bees devolved epee tie
undersigned by the boarded trustee, of that Institution. The
impassion of this distinguished puttee:um to the faculty
of this venerable college, and as its bosomed chief, is
destined, we trust, to mark the conimeneemeet of a new
era in its history, and most cordially do we congratulate
its numerous frieods os this most auspicious event. The
high, noble, sod patriotic motives which impelled our be-
loved chief. in oempting the hosoorable but comparatively
bumble position tendered to him by the authorities ci the
college, mast win for him a new title to the admiration sod
love of his countrymen. The college, seder the adage's-
intim and supervision of General Lee, will remise its mer-
clam on the 14th Monist.
At the meeting of the board ci trustees of the college,
oonemed at Lenience, on Thursday, the 31st alt., the
(allowing resolution was uoneinionsly passed, the publics.
Lion of which is demanded as an act of justlee alike to GM.
Lea and themselves:
Resolved—That the board heartily mows in sod fully
endorses the sentiments so well expressed by G
Weneral Lee
to he, letter of acceptance of the presidency of ashington
College, that "it is the duty of every cities, in the pros
soot condition of the country, to do ell in his power
to aid In the restoration of pesos aed harmony, and
in so way to oppose the policy of the state or general
government directed to that object;" and that
"it is particularly incumbent on those charged with the
instruction of the young to set an trample of submission
to authority "—sentimeeta that cannot fail to commend
themselves to the append of the Provident of the
United States, end to the unqualified went of all sensible
and virtuous citizens. is dedicating hie future life to the
holy work of edentheg the youth of his country, Gamest
Lee presents a new and interesting phase of hie grand sod
heroic character—a character than which no more perfect
model exists among 'Meg moo. " 'Tie a solid fabric, and
will well support the laurels that adorn it." Let the young
men of the muntry, orth as well as South, be wise,
profit not less by his precepts thee by hie peat example.—
Joss W. Baociorreaouon, Rector of Washington College.
-Lexington. Virginia, Sept. 1, 1866.