The Express.
London, England, 1866-08-21 00:00:00

Tffi CIIRMICT.

Discussing with owe of its correspondents—Mr.
&away Price—the subiect of the currency, the Daily
News holds the opinion that what is wanting in times of
commercial pressure is money—the legal tender to fulfil
pecuniary liabilities—and not "commodities—food, cloth-
ing, and tools," to carry on indortrial operations, as con-
tended for by Mr. Price. Applying the criterion of rise
or fall of price to determine the question, the Daily Nen
proceeds to show that a fall in the price of commo-
'

dales has acoompanied every important commercial
crisis on record, and that a fall in the price
of commodities is but another expression for a rise in the
value of money. What sort of commodity, it asks, would
have satisfied the demand in Lombard-street on the Fri-
day which followed the suspension of Overend and Gur-
ney! Replying to the argument mooted in the question—
why there is no premium on sovereigns, and why bank
notes are not issued if it is gold and notes that are wanted
during times of pressure—the Daily News supposes that
the raison for there being no premium on sovereigns is
because bank notes are by law convertible on demand into
sovereigns containing certain prescribed weights of metal,
though what the bearing of this question is on the contro-
versy it fails to perceive. In reply to the question, why
are not bank notes lamed? the answer is that they have
been issued, and to a very remarkable extent. Has Mr.
Price, asks the Daily Nem, attended so little to the facts
of the recent crisis as not to know that for three months
the active circulation of the Bank of England has been
fully three millions sterling in excess of its ordinary amount!
It is not correct to assert that the act of 1944 has been
" absolutely abrogated for the moment." The Bank was
only at liberty to disregard the act so long as it maintained
alO per cent. rate of discount, and yet because under
these circumstances the issue of notes has not exceeded
the limit set by the Act of 1944, Mr. Price ends in this
conclusive proof that notes have not been in extraordinary
demand. With similar logic he might preys that the
people of Ireland were not in want of food when they
were starving dui:lig the fawn.

WEATHER TELEGRAPHY.

Reviewing the ail

under which the lame of

" Storm Warnings " and " Daily Forecasts " of the
weather became a prominent feature of the business of the
Meteorological Department, and under which a committee,
jointly nominated by the Board of Trade, the Admiralty,
end the Royal Society was appointed to consider the whole
question on the death of Admiral Fitzroy, the Times
refers to their report, the chief results of which are a re-
commendation that meteorological observations at sea, die-
continued by Admiral Fitzroy, should be resumed end car-
ried out in the manner first indicated by the Royal
Society, and a decided, though qualified, condemna-
tion of " Weather Telegraphy," as hitherto prac-
tised. Forecasts founded on telegraphic intelligence
have been of material services to sea captains, and are
more and more appreciated by seafaring men. After com-
paring the predictions with facts recorded by the Meteoro-
logical Department, as well as with facts reported to the
Wreck Department, the committee arrive at the conclusion
that warnings are oftener wrong than right as to the direc-
tion of wind,though somewhat more trustworthy as to force
of wind. The returns of the Meteorological Department for
a period exceeding three years give an approximate result of
75per cent. right to 25 wrong so far as relates to force alone,
and of 38 per cent. right to 62 wrong so far as relates to
direction and force combined. The returns of the Wreck
Department are less favourable, showing that (allures have,
on the whole, been more numerous than successes even as
to foroe, while as to direction combined with force failures
have exceeded successes in the proportion of 78 to 22.
There is, however, " an improvement in the later over the
earlier warnings," and, in spite of these discouraging figures,
the committee are of opinion that, with more precise rules
and more careful registration of ell the requisite data, the

system might be rendered tolerably efficient. The daily
forecasts, on the other hand, they regard es worse than
uaeleu, and recommend their abandonment for the pre-
tent. Forecasts are frequently made on two succeeding
days for the day following, as, for example, on Tuesday
and Wednesday for Thursday, and in those cases disagree-
ment L the rule, agreement the exception. Nothing but
* considerable degree of probability can justify their being
issued by the authority of a public department, whereas,
to judge by the result, the oracles of the weather-office,
Ince delusive visions of the night, must proceed from the
ivory gates of dreamland.

RZSULT9 OF TRENCH POLICY.

Though probably without intending it, the unity of Ger- interest was shown in respect to the house in'All Saints-
many and of Italy I. due, says the Herald, to the Empe. street, in which Sir Cloudealey Shovel is said to have been
course of the day a paper was reed by Mr.
TOT of the French. So far as Germany is concerned, the biatrdl,othieen,- M.A., on St limy., collegiate Church, hi
Herald usumee, the Emperor will not endeavour to undo Meet. Castle ; one by Mr. M. A. Lower, M.A., on the
the work of his hands ; but, making a virtue of nessuld47. Battle-field of Hastings ; one by Mr. W. J. Grant, on
continue to preserve the mast cordial relations with Pros. Hastings thistle ; and one by Mr. T.H. Cole, M.A., on the
sin, and rather aid her than attempt to embarrass her in antiquities. of the town generally. In the evening the
ben dined together at the Castle HoteL This morn-
the difficult task of reorgsnising Northern Germany. With m-- they palpeee making an eat -ea to Rye and
Win.
regard to Italy, it recommends the Emperor to withdraw chebea:the antiquities of which will be explained by Mr.
the French troops from Rome. The Pope will be safe S. Butler and Mr. C. B. Stileman.
enough; the Italian government will be but too glad to HAIRDRMERS' EARLY CLOSING MOVEMENT. —A
come to an arrangement with him, crowded meeting of muter and journeymen hairdressers
Within the pest few days, writes the Post, the lie has nr* t St. James's-hell, in furtherance of
the Saturdayheld
dlat
Early at
Movement. 'Mr. J. Marsh, of
been given 1;.1 the predictions so universally expressed re- Piccadilly, 'lly, large employer, occupied the chair. A reso-
mpeeting the policy of France. The war is at an end, one lotion was allied with acclamation, propelling to the mi-
d the belligerent powers has been a great gainer, bet players that they should close their establithments on the
nevertheless France has not claimed a share of the spoil. tinturdey at 5 o'clock, on and after September lit. Mr.
Truefitt (of Burlington Arcade) end as a large employer
Thus it has happened that events have run counter in of labour,
he had much pimento in Leing
able to respond
▪ instance to the anticipations which were formed. It in the affirmative to the proposal of the journeymen. He
L human to err, and those who looked for different re. hoped, if the arrangement were carried out, there would
suits may at least console themselves with the reflection i be no backsliding amot the employers, but that having
that what hasactuary taken place was not foreseen by any once closed at 5 o'clockthey would continue to do so.
hymen being, not even by Count von Bismarck himself. (Hear.) He would therefore move : "That the master
hairdressers of London hereby agree to clue their estab-
lishments at 5 o'clock on the Saturday, on and after the
NATIONAL DENTS AND TAXATION. 4 Ist of September next." Mr. Douglas (of Bond-street,
The amount of our national debt, says the Star, Is employer) seconded the resolution. He thought it the
808,289,398/., or 271. 16s. per head of the population. The roe ofim
whomerpployers to attend to the moderato request of
much of theirsuceer in life was due. Mears.
United States, whose debt before the recent war wail in. Bead, Romeo, Prior, and other employers supported the
significant, now owes 558,873,5461., or 171.155. sd. per head repolutian, sad it was carried unanimously. • vote el
of the population. But the debt of America is in prune thanks to the chairman concluded the proceedings.