The Express.
London, England, 1853-10-10 00:00:00

TO CORRESPONDENTS.

A Se."1"1 Vitich of '•The tarifa ," (+Niigata.; the sass esaiyeahl
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clay ict publication.

HIGH WATER AT LONDON BRIDGE.
Tun Day —limning, Th. 11 Afters/ma, 7h. 0..
To-sinasow—Monsusg, rl. Tim Attem" Ilsa.

LON)) OS, MONDA OCTOBER 10.

Tut. rise in the rate of interest on Exchequer
Bills anuounced on Saturday was expected, and had
become inevitable since they fell below 10 per mut.
discount and refused again to mote upwards. It is a
late and unwilling confession on the part of the
Cu ‘scr.r.rant of the ExcumauEo that he was as
much mistaken about the Money Market as the
writers in the Times. The sum by which he will
thus increase the expenditure is only worth adverting
to as reducing his expected surplus in the course of
the year by upwards of 213,0001. A more interest-
ing question is how will he provide for the pay-
ment of the dissentients from his conversion scheme,
which will require, first and last, about 8,000,0001.?
By no means in the present state of the Money Market
can this he accomplished s itbout adding considerably
to the public expenditure and reducing his surplus
still more. If he go into the market for a loan he
will much increase present difficulties; and, becoming
a competitor for capital with men of enterprise, when
if he have the means, he should rather assist them,
he will endanger the popularity of the Government
where it has hitherto, from the general prosperity,
been most popular. We are nut however disposed
to bear hard on the unfortunate financier, and can
wait patiently till the time comes for him to
explain how he is to get out of his dif-
ficulties. We are chiefly desirous of guarding
our readers against supposing that his difficulties are
synonymous with national difficulties, or are to be
attributed to the trading part of the community.
A borrowing Government, like a spendthrift land-
owner, has only an income derived from taxation to
pay interest on his loans; but the borrowing mer-
chants have all of them commodities on the way to
some market, from which they expect to reams
profit and pay at once both principal and is-
tercet. This distinction between their loans
and those of Governments should never be lost
sight of. Merchants look by their own industry
and ►kill for an ever-increasing return, and as
a rule only borrow to make it larger and more cer-
tain. The credit they take, when analysed to its
ultimate elements, is only assistance borrowed from
other industrious and enterprising men, to enable
them successfully to complete operations by which
they and society are benefited. They borrow to
increase their own and the public wealth ; Govern-
ment only borrows to expend or to waste it. The
loans of merchants enrich, while Government
loans impoverish, society; and the merchants
will have good reason to complain should
the Government come into the market for
money, and take away, even for a season, •
part of their means of successful trade. The
CUANCELLOIO financial operations in the early part
of the year contributed to make money too easy ;
he then deranged the market, by pouring into it, con-
trary to custom, the Government balances ; and he
threatens now to derange it in another direction by
taking much more than the balances out of it. Trade
is jealous of rivals : it likes no other borrower. All
that can be legitimately borrowed to facilitate pro-
duction, it actually borrows, reproduces, and repays.
Other borrowers only impede production, and pro-
mote an expenditure which no after-production re-
places.
We do not assert that trade may not already have
borrowed too much. With the one-sided statistics
we now have—the quantity of cotton, sugar, or
coffee, for example, which comes into the market, or
is produced in any and every part of the world being
known to a pound, and the quantity of corn grown
being the subject of the wildest guesses; with the
partial systems of policy which prevail, the produc-
tion of one article being restricted by one Govern-
ment, and of another by some other Government,
one now being set free and one again subjected to a
prohibition, continual alterations in fiscal regula-
tions everywhere, even when in the end beneficial
deranging exchanges in the first instance;
with trade everywhere partially trammelled
by those whose duty it is to maintain its
freedom, we feel no surprise that merchants
do continually miscalculate and fail to enrich them-

selves and society. To that mischance they aro sub-
ject, but their operations all tend by laudable means
to promote their own, which is the public welfare.
Looking, however, calmly at what they have recently
done, it does not seem that they have now miscalcu-
lated, and the rise in the nine of money or capital
taking place throughout Europe, is rather a sign
that they have made and are making great gains,
than of great losses and coming failures.
We all judge of the present by the past ; and because
the rise in the rate of discount in 184134 was followed
by a great commercial crash a similar crash is now
anticipated. There are, however, some striking
differences between the circumstances then and now.

Then the corn trade was not free, and no foreigners

having prepared a supply for us, the dread of
starvation first drcve prices to an unusual height,
afterwards to fall suddenly, to the ruin of all the
corn dealers. Now the people are fully assured of
their stileastenee, and there can be no such fever of
speculation, and no such shivering ague of half-
suspended animation. Then a few great houses,
rotten to the core, domineered over the markets, and
their fall spread abroad general ruin. Now, trade is
much more diffused ; there is a great and continual
increase of what are called little men ; it is accord-
ingly much sounder, and the failure of one or two
would rather serve as a beacon than hurry on a
general wreck. Then there had been in plan-
ning and beginning the construction of railways
which were never completed, in the employment
of an immense body of directors, secretaries, sur-
veyors, map-drawers, engineers, itc., fie.—a very
large waste of the national resources. There was a
prodigious expenditure, with no return. Nur was it
confined to railways. The protecting laws as to
sager induced men to embark large capitals in the
Mauritius and in the West Indies, which the culti-
vation of beet in Europe half destroyed. There is
nothing similar now.
An immense mass of new wealth has been found
and the stimulus to enterprise is not artificial. There
may be too much esgerness to share in the great
advantage, but that cannot diminish its ultimate
value. The cargoes of cottons and woollens, of ale
and beer and wine, of cutlery and haber,
dashery, sent to Australia, may not realise the
Bolden visions of the exporters; they may be a little
deteriorated before they arc paid for, but they will not
be destroyed. They will find a market somewhere
and at some time. There is now no great waste.
Under the worst circumstances, there can be no ulti-
mate lose. In the meantime, however, the exporters
have replaced with a large profit the capital of the
woollen and cotton manufacturers, of the brewers
and the maltaters, of the cutlers find the hosiers, and

LATEST FROM THE CONTINENT.

FORMAL DECLARATION OF WAR.
(Dv ELZCTSIC TELEGRAPH.)
VIENNA, SATVADAT, OCT. 8.
The declaration of war by the Porte against
Russia is formal. 'fhe text has been received at the
Ottoman Legation here. The following condition is
appended :—Hostilities shall not, however, com-
mence in case the Russian troops shall have
evacuated the Principalities within the time limited
—four weeks.

BERLIN, SATURDAY, OCT. 8.

The King of Prussia, the Emperor of Russia, the
Grand Duke, and the Prince of Prussia, arrived yes-
terday evening at Potsdam. According to new
arrangements the Emperor Nicholas will leave to-
morrow for St. Petersburg, passing by Koenigsberg.
The Czar's intended journey to Kiew is given up.

of the thousand producers who have contributed to ' RUSSIA AND TURKEY.
supply the commodities sent abroad. They have
doubled, and in some cases trebled, freights; and Telegraphic despatches from Vienna announce that
news hasbren received there from Constantinople later .
all the prosperity which has prevailed for
litany months has everywhere been attended than that of the last Trieste mail. From the tenor of
these advice, it is to be collected that after the meet-
with a great increase of the profits of many personslag of the grand council on the 28th ult. the
and the reproduction of all their expended capital. responsible ministers of the Sultan held several con-
The large gains of shipowners, brewers, maltsteret forearms to decide upon its recommendations. Its
cotton and woollen manufacturers, in consequence of final resolve, it is said, has been announced. Instead
of
our extensive trade, even it the money should in part issuing a manifesto immediately denouncing hos-
and in the end come out of the exporters' pockets, are tallies, as was expected, they have made a contingt ntdecrion of war, the condition of which it is just
in the meantime real profit to all these classes, and possible may never be fulfilled. That condition is
the great source of the willingness and the ability to the non-evacnation of the Principalities within
pay the increased rate of discount. France, and Ger- a month, and until the expiration of that delay the
I many, and Holland, feel the influence as well as Eng- declaration is not to become absolute. Such is the
substance of the news received at Vienna. There is
land; for all their ships are as well employed as
but
certainit tisproirerroi probability about the intelligence,
ours, and from them all there is a great increase ofneec boration.
exports, and a rise in the rate of interest. In all Assuming its correctness for the moment, the deci-
these circumstances the present period differs from skin of the Porte is, at the present juncture, most im-
the great commercial convulsion of 1847-8, and per- portant. It is not at all to the point to say, as here
and there is said, that a mere declaration respecting
haps from all the commercial convulsions that ever
went before it. Shameful will it be in the Govern-
Turkey's relations to Russia does not alter the actual
state of things, and that we knew before the Porte
meat should the difficulties which Trade may have was not at peace. The resolve of the Divan to
to encounter through too much eagerness and miscalcu. accept fur a month longer the Czar's explanation
lation—though we hope they will not be great—be affirming the pacific character of the occupation of
Moldo-Wallachia, gives a month's grace to the diplo-
augmented by Government coming into the market
matists, and this at a moment when negotiations are
for a loan to supply deficiencies occasioned by florin-
corned on with more earnestness and from better
cial miscalculations, all the elements of which were at defined positions than at any former period of the
the command of the Financier. dispute. At the same time there is not a moment
to lose. To an engaged people and an impatient
army a month is a long delay.
While the Czar's last offer transmitted from 01-
mutz is the thread on which all hopes of peace seem
for the moment to depend, it is important to distin-
guish and not lose sight of the real nature of that
proposal. The Frankprt Post Gazette completes the
series of journals reputed to receive instructions
from Russia which have undertaken to unfold the
Ohnutz device says:" The cabinet of St. Peters.
burg has declared that it is ready to give an assur-
ance to the Ottoman Porte that, in insisting on the
pure and simple adoption of the Note of Vienna, it
does not understand any encroachment on tho rights
of sovereignty of the Sultan, and i' has charged the
other powers to give to the Divan the necessary
guarantees to that effect." This is in substance the
statement which we published on Tuesday morning last,
and upon this basis the English and French cabinets
are now negocitting. The Czar, it is seen, holds fast
to the positive and specific clauses of the objectionable
Vienna note which is to be delivered by the Porte
in the fulness of its concessions. The declaration
which Russia is willing to place beside it, being
vague and general, could not limit or define the
more dangerous document, but would infallibly be
explained by it. Once and again, in tic course of
his mission, Prince Menchikoff maintained in hie
despatches, that he was not flaking the Sultan to
surrender his sovereign rights, so that the proposed
assurance is neither new nor exclusive of dangerous
pretensions. It was this consideration we are war-
ranted in stating that led to the non-acceptance of
the Olmutz scheme when first propounded, and to
remove this objection by substituting a more simple
form of arrangement is the office with which Lord
Westmoreland and Sir Hamilton Seymour arc now
especially charged. Their success will depend on
the sincerity and discretion of the Czar.
Besides the cabinet council held on Friday, another
was held at the Foreign-office on Saturday, to which
it is stated the ministers were not summoned in the
usual manner. Another council is appointed at the
Foreign-office for this day, making three collective I
deliberations cf the cabinet within as many days.
Sir Wm. Molesworth, Sir James Graham, and the
Duke of Argyll. were not present at the cabinet
council held on Saturday.
The article of the Constitutionnel given in the letter
of our French correspondent is very significant. For
the first time in this affair, the sending of troops to
the aid of Turkey is held oat as a probability by a
government writer.
The Petrie denies that the granting of furloughs
to soldiers has been suspended, but admits that new
regulations have been issued oir the subject.. The
tact, however, of officers on leave of absence having
been ordered to join their regiments, is not to be dis-
puted. The same journal contradicts the report of
General Canrobert having been sent on a mission to
Constantinople. He has not received any mission.
At the French Ministry of War assurances are given
that the rumours in circulation of orders having been
mint into the provinces for the march of regiments
towards Marseilles and other ports for embarkation
mm astounded. As yet no order has been given for
any movement.
The Lloyd of Vienna states that a courier was
despatched on the 28th ult. to Baron de Bruck, with
Instructions for every eventuality, and even for the
we of war breaking out.
The Wanderer of Vienna states that on the 2nd
the Prince of Prussia had a long conference with the
Earl of Westmoreland.
The Breslau Gazette contains the following from
Vienna, dated the 3rd :—" Col. Burghersh, eldest son
of Lord Westmoreland, the English ambassador, has
just arrived here from London. Mr. Boyle, English
attache, has left for that city. Far from supposing
that the interview of the Sovereigns at Warsaw has
complicated the situation, it is thought that it will
serve to clear it up, and that the monarchs, without
thinking of an offensive and defensive treaty, will
endeavour to come to an understanding." Four Italian
emissaries have been arrested, having about them
several important papers.
A letter from Smyrna of the 23d ult., states that
the Porte had sent orders to the authorities to raise
a body of irregular cavalry.
The Wanderer of Vienna, of the 3rd, says :—" A
letter from Constantinople, of the 24th ult., an-
nounces that a detachment of mounted Kurds had
arrived there, having offered their services to the
Sultan. In order not to keep up the excitement of
the Mussulman population, the Ottoman Porte has
removed these Kurds from the capital, and ordered
them to Schumla, together with some Arab troops,
which had arrived.
The Patric affirms that in consequence of the false
statements published in some of the Russian journals,
charging the Porte with having subjected the ortho-
dox Greeks in Turkey to pillage, torture, and assas-
sination, the Ottoman government has not only
given them a positive denial, but challenges the
strictest inquiry.
A letter from Bucharest of the 28th ult., in the
Breelaw Gazette says:—" Conversation has turned
here on a razzia which the Turks are said to have
made on the borders of Wallachia. The commander-
in-chief of the Russian army had imagined that the
Turks had passed the Danube, and ho sent on the
point which was menaced a regiment of hussars, two
boats, and five companies of Comacks. Afterwards
it was understood that an irregular Turkish body had
made a razzia on the borders of Wallachia, but they
had withdrawn before the Russians came up. At
the Russian head quarters, no great importance i
attached to this act. What is more grave, if the
news should be confirmed, is that the Russians had
seized on several commercial vessels. The Consul
of France has, it is said, interested himself in this
affair. A report has been sent to Prince Gortscha-
koff, and a decision is waited for."

FRANCE.

_O.--

PARIS, FRIDAY EVENING.
A paragraph in last Wednesday's Presse, which
was thought on its publication merely to express
the private opinion of the editor, is now considered
deserving of especial notice. A high personage, en-
joying more than ordinary opportunities of knowing
what passes, not merely in ministerial but in court
circles, has been heard to assure an eminent jour-
nalist that this paragraph accurately describes the
nature of the active measures which France and
England have for the present resolved to take in
support of Turkey. As a strong confirmation
of this statement, I may mention that the Bulletin
tie Paris, a lithographed correspondence published
under the direction of the Minister of the Interior, last
night contained this article of the Presse without ac-
knowledging the source. "Here then (save the Presse)
is the plan of the campaign. The part which England
and France will perform, in case of hostilities, is thus
traced out : to circumscribe the war, at which they
will be present a:6l*es de camp, to oppose all revic-
tualling of the Russian army by sea, in the event,
less than was probable, of a victory by the Russians
over the Turks, and to prevent by force, if necessary,
the Russians from cro.teing the line of the Danube

THE
_EXPRESS, MONDAY EVENING, OCTOBER 10, 1853.

and of the to maintain the European equi-
librium as established by treaty."
The Patrie has the following paragraph, tending
to lessen the importance of an order lately issued
by the Minister of War, respecting furloughs :
" It has been announced that all leave of absence
had been suspended in the regiments. The truth
is this :—A circular from the Minister recommends
generals commanding divisions to restrict furloughs
to soldiers as much as possible, and to suspend the
half-yearly grants of leave to officers until January 1.
The only motive for this order is to provide for the
service in the different garrisons, and to render it
less painful for the men who remain with their
corps.
The Emperor of Russia has just appointed M. Ba-
labine, Secretary of the Russian Embassy at Con-
stantinople, to the same post at Paris.
Count Bacciocchii left Paris on Wednesday for
Stuttgardt on a private mission.
After domiciliary visits made at Bayonne last
week, several political arrests were effected. The
persons arrested are accused of being affiliated to se-
cret societies.

It is said to be decided that after Jan. 1 the old
court mantle will be worn by ladies received at the
Tuileries.

PARIS, SATURDAY MORNING.
The Constautionnel has an article headed " The
Consequences of a War in the East," to which I call
your attention, because I know it correctly represents
the opinions now professed by the French govern-
ment. This article, far from building up hopes of
peace apon the Alba pacific professions of the Czar,
plainly says that war is probable, dwells upon the
necessity of looking the difficulty fairly in the face,
and soberly argues that, assuming war to be inevit-
able, the public mind should not give way to panic or
fear. This government organ, instead of preaching
peace when there is no peace, says:
" To endeavour to conceal the gravity of the situa-
tion would be to mislead public opinion by encourag-
ing the supposition that there is no chance of a war
in the East, while the hopes of peace grow weaker
every day."
_ .

The following paragraph is a striking contrast to
the line of argument adopted by a London journal
received here to-day, in which the settlement of the
great question now at issue is made to depend upon a
return of the miserable expedient of calling upon the
Sultan to affix his signature to a collection of words
upon an understanding (to which Russia is to be no
contracting party) that the Western powers are to be
at liberty to understand them in a non-natural
sense.

" Doubtless diplomacy is still at work; but it
must not be concealed that recent event, have greatly
narrowed the sphere of negotiation. The question is
now in such a state that scarcely anything short of
an act of extraordinary prudence on the part of the
Emperor Nicholas can restore peace between
Russia and Turkey. Tho Sultan will not
accept the Vienna note without Reselaid
Pasha's modifications. That is certain. There
remains, therefore, but ono way alone to avoid war
breaking out on the banks of the Danube—that is
the adhesion of the Czar to those modifications which
he himself has rendered necessary by his interpreta-
tion of the Vienna note. Will the Czar have suffi-
cient wisdom and moderation to give Europe this
proof of his sincerity ? It is, perhaps, permissible to
doubt it, for, without being unjust towards him, we
must say, if we are to judge of the future by the
I past, that he has not hitherto been distinguished by
his moderation in respect to the eastern question."
After referring to the Czar's past conduct, and espe-
cially to his invasion of the principalities in contempt
of treaties, the Conatitutionnel continues :—" This
conduct is certainly not of a nature to reassure
men's minds to any great extent as to Rus-
sian designs upon Turkey. It is evident that the
Czar aspires at least to reign in the Ottoman states
more than the Sultan himself ; and that if he is die-

posed to forego material conquest, it is only upon
condition that ho shall have the moral dominion.
With such designs and such ideas, it will be difficult
for the Emperor Nicholas to renounce his hopes and
desires by adhering to the modifications of the
Divan•—the only convincing proof that he can now
give of his sincerity and moderation. We must,
therefore, unless we would run the risk of being
taken by surprise by events, while still hoping for
peace prepare ourselves for war."

The Prease says: "The language of the Times
would lead one to apprehend that the English cabi-
net again inclines to a temporising policy.
General Count de Goyon, aide-de-mmp to the Em-
peror of the French, and Colonel Count de Chana-
beillee, left Berlin on the 4th for Paris.
The Liberte of Lille of October 6, says :—" The
returns sent in for yesterday's corn market show an
average fall in prices on the two qualities of wheat,
to the extent of If. 48c. per hectolitre. This down-
ward movement appears likely to become general in
the north of France. The quotations for the market
of Bergnes also show a fall of if. 25c., although the
quantity sold was more considerable than at the pre-
ceding market."
The Princess Wotkonski, daughter of Prince
Menchikoff, arrived at Toulouse, on the sth, with her
two children and a numerous retinue.
The production of M. Alex. Dumas' new play
Louis XIV., at the Francais, is indefinitely suspended,
the censorship having objected to several passages.
Part of the plot turns upon the Grand Monarque's
love for a young lady not of royal blood, and upon
his conquest of his passion in deference to high con-
siderations of state. This is thought an undesirable
subject for stage representation under present cir-
cumstance,.

PARIS. SUNDAY Brim ma.

M. Victor Morpurgo, a writer in the Presse, who
has passed several years in the East, has an article
headed" Effectual Intervention," in which he endea-
vours to show that the pled of a campaign by France
and England, sketched in the Presse three or four
days since, and understood to be that of the French
government, will not answer the purpose. For the
intervention to be efficacious he says the fleets should
enter the Black Sea and force the Russian fleet to
take refuge at Sebastopol. The only hope of pre-
serving peace and bringing Russia to some equitable
terms, consists, says the writer, in proving to Russia
that the fleets will not shrink from entering the Black
Sea, which is the vulnerable side of the Muscovite
dominions. With every confidence in the bravery
and enthusiasm of the Ottoman army, he thinks it
essential that they should be able to reckon upon a
substantial diversion upon the Circassian coast, and
nothing would be easier than to make this diversion if
the Russian fleet were no longer in the Black Sea.
Merely to hinder the Russian army from being "re-
victualled" by tho Black Sea would not, M. Mor-
purgo thinks, do them much harm. In the cam-
paigns of 1828 and 1829, that sea was of great use
to the Russian army, because the Danubian Princi-
palities were exhausted, and Austria maintained a
" hostile neutrality" (see in proof of this the docu-
ments published in the Portfolio), but within the last
twenty years the production of Moldo-Wallachia
has doubled, Russia by intercepting the navigation
of the Danube has secured enormous stores of pro-
visions at a reduced price, and Austria, assuming her
to be neuter, will be " sympathetically neuter," and
a ill bo of great use to Russia in the struggle.
The Patric says:—" According to a private cor-
respondence from Vienna of the 4th, the rumour was
generally accredited that the Austrian government,
notwithstanding its sympathy for the Czar, appeared
decided to remain neutral in case of a war between
Russia and Turkey, and to continue, in accordance
with the other powers, to use its good offices to put
a stop to hostilities, and bring about peace between
the belligerent parties. All the German correspon-
dence is entirely to the same effect, and this opinion
seems to be accredited in the different courts of Ger-
many."

The Emperor and Empress did not r to Corn-
pii.gne yesterday, u was expected. It is now an-
'minced that they will go there on the 12th.
The Pattie says it is authorised to contradict the
report that the French government intends to re-
inforce the army of occupation in Rome.
There was a considerable rise in almost all securi-
ties at the Bourse yesterday. The Threes opened at
73.23, rose to 73.50, then tell to 73, and recovered
for the close to 73.40, being a rise of 63e. from yes-
terday. Railway shales were in great demand, and
rose considerably. The Comptour d'Escompte having
followed the Example of the Bank of France and
raised its discount 1 per cent., tell 10f.

BELGIUM AND HOLLAND.

'BRUSSELS, Ocr. 8.

The clerical or reactionary party iuill; kingdom !
flatter themselves that they are now on the eve of re-
covering office, and that before the Chambers are con-
voked in the course of next month, the head of the
present cabinet, M. de Brouckere, and the Minister
of War will resign. Neither of those ministers fully
shares the opinions of a certain high personage on
some points. The clericalists feel assured that M.
Dechamps, one of their devoted friends, will be
summoned to form a new administration. The Aus-
trian alliance has increased the influence at court of
that intriguing and dangerous party who make no
great secret of their intention to modify the liberal
institutions of this country.:
It appears, by an extract from a letter of the
Dutch Consul at Alexandria, that up to the 18th
ult. it was not known whether the Egyptian go-
vernment would comely with the demand of the
consuls that the prohibition of the exportation cf
grain should not be enforced till the Ist of December
next. _

The Dutch papers announce the loss of the Ameri-
can ship Hartienne, of Glasgow (such is the name
given), off the ]]elder, on the 4th inst. It was
bound from St. Domingo to Hamburg, with a valu-
able cargo of cotton and coffee. The captain, J.
Steward, and eleven of his crew, were saved by some
Dutch pilots. No portion of the cargo was got
away.
The legislative session of the grand duchy of Lux-
embourg was opened on the 4th inst., by Prince
Henry of the Netherlands, in the name of the King of
Holland, Grand Duke of Luxembourg. Ho an-
nounced that for the future the Dutch ministers at
foreign courts would again extend their protection
to natives of the duchy—a protection withdrawn in
consequence of some dissension between the grand
ducal government and that of Holland.