The Express.
London, England, 1848-03-20 00:00:00

MONEY MARKET.

SATURDAY EVIINIXO.
The suspension of the Bank of France makes all
th, deeper ;repression the more it is reflected on. It
cannot fail, directly and indirectly, to exercise the
most deleivions influence upon the entire frame of
European credit. The position of the Bank cannot
be improved by the mere issue of a decree that its
`nett all be legal tender; for if, on the one hand, it
is thus relieved from paying its own issues in specie,
lit is compelled on the other to receive its own paper
now circulating at an enormous rate of depreciation,
in payment of all the bills it holds, and for which
it paid twty hard money on discounting
them, or the then equivalent of hard money.
According to the statement of its affairs on the
15th inst., as published in the 2lfoniteur, the amount
of bills falling due in Paris alone then in its port-
folio, non-inclusive of bills due on that day, and bills
in the branch banks, was nearly 253 millions of
france, or say, in round numbers, above ten millions
sterling. Its notes out with the public, exclusive also
of the circulation of its branch banks, but taking into
account the post bills for two millions of francs, are
stated at nearly 266 millions of francs, or say ten
millions and a half sterling. The notes, therefore,
thus answering to the sum of the bills discounted
and held, will be purchased in the market at I
some 20 or 30 per cent. discount, or more, '
and returned upon it by its debtors as full payment
of the bills presented at maturity by the Bank
collectors. It is evident that the capital of the esta-
blishment at least will be annihilated by the destruc-
tive two-edged action of its diaconate and circulation.
How the Provisional Government of France pro-
poses to carry on the public service amidst such a
financial chaos of the crisis and its own creation, re-
mains the mystery more particularly to be solved.

The balance iu the bank to the credit of the treasury,
say the " public deposits" as here understood, stood
at the date at 421 millions of francs, or 1,690,0001.
only. According to the Marquis d' Audiffret, reputed
to be practically the most skilled financier of France,
" the daily service of all the public departments re-
quires habitually the presence (or command) of funds
to the extent of nearly 200 millions of francs," or 11
millions sterling.
Under these circumstances of the prostration of all
credit, public and private in France, wi,h the run for
specie, and the hoarding, which, as on all former oc-
casions, must be the consequence, some uneasiness
begins to be felt about the not improbable result of a
drain upon this country for metallic treasure. It is
evident that, with political derangements so preva-
lent, and credit generally so impaired abroad, con.
eumption and production, representing commercial
exchanges, must be materially affected is their
relative proportions one to the other. The indus-
trial power, the power of production, mug be very
considerably impaired whet ever the political machine
is out of order and the public mind troublrd, whilst
the capacity of consumption must in a larger ratio
still be contracted. The consumption of Europe will
be less, even if production were rateably to proceed
as before. As a necessity of the case, exports must
exceed consumable imports, the payments ou balance
for which will be drawn in hard money, since the ab-
sence of credit and the want of specie are the two
distinctive evils of the situation. A drain of specie is
not, therefore, apprehended without some reason, and
must naturally follow from the premises.
In the midst of all those tribulations abroad it is
remarkable to observe how firmly public securities
rale at home, sensitive as are geherallv the capitalists
interested in them as holders. Console left off at
401 to 1 for money and account, and scarcely varied
from those quotations all day. Exchequer June Bills,
26e. to 29a. premium; the March Bills, 22.
In foreign us in home stocks the transactions have
been without importance. Mexican were called 141
to 15. Venezuela 20 to 5. Spanish Fives, 111 t•
12 ; the Threes, 22 to 3 ; Passive 21 to 31. Por-
tuguese, 14 to 16. Dutch Two and-a-Half per Cents.,
42 to 4 ; the Fours, 61 to 4. Brazdian, 69 to 72.
Buenos Ayres, 20 to 5. Equarlor, 21 to 1.
The directors of the Est India Company have given
notice that from the present date until subsequent
notice, the rate of exchange at which they will
receive cash fur bills on Bengal and Madras will be
Is. 90. the company's rupee, and for bills on Bombay
la. 10d. the company's rupee.
irss.r.y.l! 'Trews..

. .. . —..—.,.
2 per Ct. retie. Anne.. —2O. 18.1 1 Etch. 011. 1000, 3J., June, 41.
iota Kowin. £lOlO, 11 I Mann. 2!
Bank ~t.cic. led P 1 DUG), man. June T. Yank WI
Couvls. 301 1 802 i 1
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