The Express.
London, England, 1848-08-01 00:00:00

NOTICE TO ADVERTISERS.

Then;dberoi STAMPS issued by the authorities of the
Stamp-othoe, during NC, to tho
DAILY NEWS was 3.447.009

.
This, we bein.ve, is within eight per cent, of the number
issued to the Aloe:inn) Hernia, blorniny Chronick, an.l
Morning rust, ALL PVT TOOETHEA.
In addition to the above, issued to the DAILY NEWS,
Merrill.g rawer, tilers were issued tor the Evening Edition,
THE EXPRESS 778.714
Which was c ore, we believe, than were issued either to
the Globe or Ntandard. Evening Papers.

91011 '.ATE AT L 0131109 119111119.
Ts.. 113?-11orma f,ll loin. put 3; A 11•11.3.3, 33 1311. 0.0 1.
To.moasow—MornmA iY WA. pm* 3, Alleraoon, 14 twaln. past 1.

LONDON, TUESDAY, AUGUST 1.

EVENT@ have fully verified our anticipations regard-
ing the threatened outbreak in Ireland. We never
could be 1,1 rsuadcd that the mass of the community
seriously cherished the designs of the unhappy men
who boastingly paraded their disloyalty. We never
could be brought to think that they would be able in
the last resort to assemble round them any consider-
able number even of the laudless and destitute pea-
santry; and for any other section of the rural popula-
tion, we felt certain all along that they were not to
be debauched by empty promises of a new re-settle-
ment of property, in which our shrewd fellow-coun-
trymen of Leinster and Munster must foresee that a
large portion of what was to be scrambled for would
absolutely disappear.
Then, as to the inhabitants of the towns, it did seem
manifest to us that what, ver a few apprentices and
clerks might fancy were the glories of civil war, and
their several chances f turning up somebodies in a
time of centbaion, the great majority of the
people of the towns and cities would abide by their
true interes: and their manifest duty; and they have,
with few and momentary exceptions, done so. Above
all, the catholic clergy have, in almost every district,
both in country and in town, zealously, sponta-
neously, and man flatu, denounced the lunatic
crusade of O'BRIEN and his comrades, and
guarded those who are influenced by their advice
against being deceived by the vain assurances and
idle promises of these infatuated men.
It nowappears certain that the first announcement of
the vigorous measures of ga. eroment extinguished
all hope in the minds of the conspirators in Dublin.
In four fifths of the provicces no symptom of dis-
turbance has been betrayed; aed is the counties of
Kilkenny, Waterford, and Tipperary, where alone
the madmen who dreamed of insurrection obtained
anything like a following, the presence of two or
three regiments has more than sufficed to preset ye
the peace, and prevent even local pillage up to Fri-
day last. Despair has, indeed, since then led to an
abortive attempt on the part of the disaffected to dis-
arm a small and detached out-post of police. But
the miserable details of the affair, which will be
found as reported in another column, must suffice to
satisfy all reasonable doubts as to the speedy termi-
nation of the entire absurdity. Revolt, insurrection,
outbreak, cart age, revolution, or other confusion of
any sort there has happily been none, fur a
day or even for an hour. Not a public
vehicle has been stopped, or guardhouse burnt, or a
railway broken up, or a gunsmith's shop ransacked.
The harvest ripens in the field, and will be garnered
peacefully as of yore. Justice in due time will have
stern words to say to those who madly dreamed of
overturning her authority. But her ordinary forms
have never been interrupted, and the ordinary law,
with its usual appliances, will vindicate itself.
Of the unhappy victims who are said to have al-
ready fallen, we have little to say. Of one of them
we would wifiogly forbear to say a word
that might be construed into needless severity.
We allude so Mr. Dittos, who, like the
hapless leader of the too similar movement in 180:1,
was worthy of a better fate. His brief career has
attracted little notoriety beyond the local circle where
he lived, and iu which he was much beloved. But
let us hope that his early doom may not be chroticled
in vain ; aed that others who would yield to the in-
toxication political theories and of political passions
may be le to think, ere it he too late, of the ruin and
desolation that Ibrow in the train of all projects that
are founded in disregard of peace, end depend for
their accomp!ia.,,unt on the triumph of brute force.
The belief gains ground that Mr. SMITH O'BRIEN
is absolutely in a state of insanity. His costume and
arms when last seen were the most grotesque and ab-
surd. In one he is described as brandishing a pike
nine feet lung, while his belt contained no fewer than
fear pistols. Since his misguided followers were
routed at Kilcooley, he has net been heard of, but
there can be little doubt of his speedy discovery or
surrender.

A SE11101:6 and sudden disaster has befallen the
hitherto smiling fortunes of the currency party.
Adroit tactics, watchful whippers-in, convenient ab-
sentees, and ingenious phraseology, procured for them
a favourable deliverance before the tribunal of the
Commons. Their efforts may have been as unremit-
ting, but their success has been lamentably less before
the committee of the house of Lord,. An attempt
was made, and not without considerable plausibility,
to obtain the sincion of the se het peers to a com-
pendious and int ogre document, which echoed the
conclusioue of the Commons very much in the tone
of the threadbare state paper which bears the title
of their First Report. The fates, however, were
not propirious ; and we have new the gratification of
congratulating the adherents of a rational and secure
system of currency upon the appearance of a report
which, whether right or wrong, is at least a composi-
tion which contains arguments as well as conclusions
and attempts to explain the rationale as well as the
provisions of the law. The document which has now
made its appearance will obtain admission by the
imp3rtance cf its contents as much probably as
by its own intrinsic excellence into the front rank of
these authoritative expositions of our monetary ar-
rangements which have now and then been issued
with the imprimatur of parliament. The
report of 1810, when IiCRNER held the pen and
TH.RNtos gave the did of hiegreat sagacity, will still
bear away the palm of a profound and comprehen-
sive phileeo; hy; and the vigorous and lucid exposition
Left pr faced the evidence on cash payments in
1529 is so far placed in no jeopardy by the manifesto
of any subsequent committee. We pass over the
comparatively unimportant report of 1826 on the
small notes of Scotland and Ireland. The Bank
Charter cieumittee ut. 1832 never found leisure to
write anything better than one advertisement
of their redly valuable investigation. The
infinite logomachy of 1810 was equally un-
fortunate, or perhaps the opposite term would best
describe the nature of the omission: for very recent
experience nes not impressed us with an exalted idea
of Sir CHARLES Woon's felicity of style or force of
reasoning in the province of currency dialectics
In 1841 the committee on banks of issue was sud-
denly envelop'd in the evil days of that memo-
rable dies Auden, which in the end left so few
things in parliament undissolved. We have now
the Lords Report of 1848; and if it can-
not blast the accuracy of HORNER, nor the
elegance of Gaesvate, it would be an untrue criti-
cism to withhold from it the praise of extensive know-
ledge of the subj et, conspicuous impartiality, and a
just apprecia. ion of most of the great discoveries
which have enriched the science from the time of Mr.
THORNTON to th latest volume of Mr. TOOKE.
,The couunitLe of the Lords have fully satisfied
emselves that, the "recent panic teas materially
egfiraraled by the operation" of the act of 1844. So
deliberate a judgment by such a judicature carries us
Ito little Way towards the amendment of the
Perniciotts statute of which the common sense
°IL Use country has so long complained.

The conflicting decision of the lower house was
announced with all the plenitude of a dogma. The
peers have been mote considerate as well as more
successful. They have a due sense of the influence of
an importation of food which exceeded all calculation
and precedent. They do not forget the railways.
They lament the dearness of cotton, and they have a
salutary suspicion of the improvident connect of
several of the large houses which have since turned
out to be the mere husks of a former substance.
These are considerations which adequately explain
why the autumn of 1816 and the spring of 1817
should be a season of depressed foreign exchange, and
should be rendered uneasy by an extensive drain
of gold ; but the committee are totally unable to un-
derstand in common, we venture to say, with nine-
tenths of the merchants and bankers in the country,
wty these general causes should have led to the sud-
den exacerbation of April or to the indiscriminate
slaughter of October. The committee have kept • heir
attention steadily directed to the facts. They raw
that in April, when the directors had been driven to
the most violent measures of self-defence, the nit tallic
reserve of the bank was still very nearly ten millions, '
and they have very naturally inquired whether it was
or was not true that with such reserve under
its former freedom and in the face of
the same contingencies, the directors would
in the first instance have pursued such a line of po-
licy as they did in point of fact pursue from
August, 1816, to March, 1847 ; and, in the second
place, whether they would have felt themselves bound
to convulse the whole city of London by refusing the
most ordinary facilities of discount. It can excite no
surprise, they looking this question fairly at the face,
that they have arrived at their present conclusion,
and the judicial weight of the }louse of Lords must now
be added to the authorities, already sufficiently im•
posing, who declare the first of the panics of 1847 to
have been the creature of that pernicious regimen
which first exonerates the Bank from responatbility,
and then deprives it of the larger half of the resources
with which it can encounter the issue of its own errors
or the national mirlintunes.

The litigated points connected with the pressure at
the end of the year are mere in number, but certainly
not more difficult of solution than the ample pheno-
mena of the spring. The drain of bullion had erased,
and had become an influx. Trade was no longer in-
flated beyond its reasonable limits by speculation.
The railways were thoroughly scotched : many of
them were killed outright. There was not the
feeblest symptom of a discredit of the bank-note, and
beyond the local alarm occasioned by the failures of
the corn dealers, there was no at'equate reason for a
return of commercial disaster. Die short and
simple judgment of the committee is the
judgment of most of those who saw and felt
the course of the actual events. The reserve
of the banking department was inadequate to permit
the exercise of an ordinary and reasonable discretion
in dealing with applications for assistance, and by a
process at first comparatively slow, but which at last
partook of the impetuosity of a tempest, the appre-
hension of not being able to obtain bank note el, or the
ample command of really capital, equivalent in its
effect to bank notes, superseded and eclipsed the
original causes of alarm. The letter of the 25th
October removed this apprehension, and, as all man-
kind are aware, instantaneously cut the difficulty in
two. This is the plain and unvarnished story of the
events, and the story which hue been adopted by the
comm ttee.

The witnesses on the other side raise up a host of
collateral point+ in defence of their main position.
They have a good deal to 2.y about the quanthy and
the efficiency of the circulation; they expend con-
siderable dexterity upon the paradox which places a
foreign and a domestic drain under the same rule of
treatment ; they boldly affirm that the Batik was in
no danger of exhaustion in October, because there
was always the Stock Exchange at e back door to
which they could have rushed with a million or two
millions of the funded debt; and they perpetually
affirm that the new law preserved us drum a
discredit of the Bank-note at a period when
the peril of inconvertibility never occurred
to any living mortals except themselves, and
even to them not as a Act, but only as a contingent
speculation. These ingenious extenuations are the
characteristic weapons of a system which was alwa)
held in esteem, the nectces of a subtle argumen
tation. _ _

Ihe practical portions of the report, and the spe-
cific recommendations, will, in all likelihood, come
before ua through the medium of an early debate.

TIIE Germans have evinced such skill, patience, end
good fortune, in extricatiug themselves from what
appeared to be the very depth of anarchy and embar-
rassment, that one has . very reason to put faith in the
success of their future endeavours. The degree of con-
fidence and order which they have recovered, bas not
been due to violence or military reaction, but simply
to the higher powers trusting to the good sense of the
people, and to the middle class recovering its influ-
ence over the lower, without the use of grapeshot or
bayonet. The prevalente of the burgher guard, the
establishment of a polio:., the dissolution of the clubs,
the curbing of the press—all this has been attained
throughout Germany without the violent means found
indispensable in Paris.
M. BUNSEN boasted the other day at the German
dinner, that there was no hostility or disagreement
between princes and people—no rivalry between class
and class. Not regarding things too strictly, and in
comparison with other countries, there is some truth
iu this. Both princes and; nobility have bowed their
heads before the popular storm, admitted the justice
of popular demands, and, we trot, will come to inir
terms with them. _

Nowhere was democracy more formidable than in
Berlin. After having eonqucred,in the streets, it
seemed to prevail in the iiatienal assembly too, where
every sitting displayed the noise and nullity of the
Paris chamber. By degrees order and good sense
have triumphed. And the committee of this as-
sembly has produced a constitution well calculated to
satisfy every popular grief, and content every just
conservative desire. Universal suffrage has
been the danger of the German revolution,
returning, as it has done, members of the most
ignorant class. The committee of the constitution
apply the sole effectual remedy in the present state of
things—the substitution of indirect for direct election.
In countries little civilised or developed this is the
only feasiblb mode of election, and, where no intimi-
dation is practise'', it is known to be highly conserva-
tive. A contemporary scouts this constitution as
democratic, because it abolish( a hereditary noblesse.
But the fact is, that an hereditary nobility does not
exist in Prussia, except in a few regions. The aris-
tocracy of Prussia is a functional y one. And fur this
the framers of the constitution have wisely substituted
an elective upper chamber. And we will be bound
to say that ti to elected bendy, the result of three
degrees of election, will be the hue noblesse of the
country after all, and, far from destroying the aristo-
cratic spirit and influence, will, on the coutrary, re-
establisn them on a natural and legitimate basis.
Whilst the Berlin assembly is thus emerging into
an atmosphere of good sense and order, its Frankfort
sister is augmenting thecharacter which it had already
attained fur eloquence and political ability. We have
seldom read a more profound mid nobly sustained
debate than that which has just taken place on the
subject of split nationalities, apropos of the subject of
Posen. Far from any narrowness of view, the
largest principles of philanthropy were announced by
the Frankton orators. Hatred of Russia, of the
Sclavons, or of the Italians was disowned. And
when liens declared that he was for Italian freedom,
and for desiring to see RAnetrzet withdraw within
German limits, the sentiment was loudly applauded.
From such an assembly as this, surely a -ettlement
of German differences with Italy, as well as with
Denmark, may confidently be expected. Hurst) with
Denmark are indeed serious. The mistake of the
mediators was, not to have seen that the conclusion of
an armistice was much more difficult th n the conclu-
sion of a peace, the terms as complicated, and the
Schleswigers ten times more unmanageable. There
are but two conditions on which to make peace, either
to divide Schleswig into a German and a Danish
portion, or to unite Schleswig and Holstein in one
government and constitution under the King of DEN-
MARK, though not under the Danes. In either case
the Schleswig Provisional Government cannot hope to
retain power; and in neither case will they be con-
'tented. This Provisional Government of Schleswig
has already, ye see, hastened to declare war, an
office for wh'eh they have neither right nor authority,
unless General WRANGEL has sanctioned it. When-
ever a treaty is made, coercion must be used to make
them accept it, and that coereon bad far better be to
establish the conditions of a peace than those merely
of a truce.