The Express.
London, England, 1866-05-28 00:00:00

~..I•im11101

TOEN BROODEN'S GOLD CHAINS by tzoy
Iv weight, at realisable value, and the workmanship at
wholesale manufacturers' prima The gold tn the chains gua-
ranteed. sod repurchased at the price charged.
' Here's the note,
How much your chain weighs to the utmost clink
The fineness of the gold, and charge for bahion."
8111WRIA111.
Corent-garden, London.

manufactory, 16, Ho

MIIRTLE, TURTLE, TURTLE.
JL Caw Thek. and Invalid TIMMS SOUPS alwkw lasd.l%
or. Jthicersaw., szawrziurr, PICCADELL T.
WM. DONALD. Protestor.

T° WEST-END MMES.—The WELLTNG-
TON, St Jamee'solveol, Ileatdilly. ladies* Saloon
Diablg-room on the Bret Door. The subscription rooms are now
open. Terms, twelve months, Al Ila a; six mooths. LI ls.—
A9Pip to D. Cameron. 49, 84. Janierfootreet.

LSONDON must have a SUPPER and MUSIC
-S.d BOOK for Cieettereett —ltetoember, we wait for yeit at
" MUM" attar the Caveat Gerdes Opera sod the Theatres.

efte erprtfso.

TO 00111tERPONDENTS.
Adverliaeonenta intsnded for "The Browns," London Evesins
Bayer, mud be at the Office, 10, livar's-street, by Two
o'clock on the day of publication.

HATMAREXT.
Me Symms, A ROMANTIC ATTACHMENT. Mr. W.
Parma. MW Ada Cavendish, day
—THZ FAVORITI OF FOR-
SUNK Means. Reickstone, , and &Ahern ; Kra.
Cldppendate, dc.--And TURNING THE TABLES. Mr. Compton.

PMINC2BBII.
Tins Bruns°, A LUCKY HlT.—Afew which KINKY Tin.
Cardinal Woiaer, Mr. Charles Kean ; @can Katherine. Mrs.
tikerlis Kean.

LI Milt
EirsNrsa, SIMPSON AND CO. Mr. Emery and Mies
1l worthy—And THE CORSICAN BROTHERS. Mears. Feeb-
ler, Jordan, Emery, Veda, Wlddicomb, Moreland, dr Fitzpatrick:
Mesdames Lavenn, Duverney, Remade, and Ternan.

BRITANNIA.
Tan Hymnals, RICH AND POOL—Dancing by Mdlle. C. Ste-
phan and Miss Morton. The Hungarian Danoers.—To
conclude with THE CORPORAL'S DAUGHTER. Masora Rey-
nold; Cranford, & Blgwood ; linsClara fit. Cane & Mrs. & Lava

HIGH-WATER AT LONDON-BRIDGE.
Tins DAY —Morning, lb. 21m Afternoon, lh. 40m.
To-Mossow—Morning, Ili. folto Afternoon, 2h. 15m.

LONDON, MONDAY, MAY 28.

DIMINO the last forty years occasions have rarely
happened when the management of the Bank of
Bagland has been more fairly open to hostile
criticism. Minor points of detail have provoked

some difference of opinion, but on all material

queetions the public have been agreed. It has
been reserved, however, for the present year to
show that corporations as well as individuals are

liable to occasional wealmese, and that even among
the most eminent British traders incapacity may

yet be found. It is the common opinion, there is
no necessity for disguising the fact, that the pre-

sent authorities of the Bank are manifestly un-

equal to deal with the exigencies of the present
situation. In fair weather times, no doubt, they
would get through their duty with the credit that
1s ordinarily given to painstaking mediocrities ;
but on occasions when courage and sagacity be-
come prominently needed, their unfitness for the
responsibility becomes painfully apparent. The
contrast between the management of the Bank in
1857 and that of the presentdaywouldbeludicrous
were it not in its results simply lamentable. It
is no light matter that the governors of the
greatest monetary institution of the world should
be pursuing a lino of policy the most calculated
to perpetuate the evils they are specially em-
powered to allay. It seems nearly incredible that
men who ought to be thoroughly conversant with
the practical conduct of commerce should be in-
fluenced by considerations familiar enough to the
mere theorist, but of no value whatever in the
eyes of the ordinary trader. Ever since the
issue of the Government letter the aim of
the directors of the Bank appears to have been
to neutralize the effect of the relief thus granted.
Nothing is more common than to find fault with
the routine and red tape system of the Govern-
ment, and to draw humiliating comparisons be-
tween their dilatory and uncertain action and the
more enlightened views of the mercantile com-
munity. The tables are quite turned now. The
CHANCELLOR of the EXCHEQUER saw the evil, and,
perhaps against his own previous convictions, at
once applied the remedy. The directors of the
Bank, choten from our most eminent merchants,
on the other hand hesitate, deliberate when deli-
beration is worse than useless, adhere with bigotry
to an obsolete principle, and would thus ruin the
whole commerce of the country to preserve anti-
quated crotchets.
It may be admitted that the present action of
the Bank has tinconsciously been of some service.
Another proof has been afforded, in addition to the
many already i❑ existence, of the necessity of
adapting our currency regulations to the altered
circumstances of the age. When Mr. GLADSTONE
announced that a suspension of the Act of 1844
had been sanctioned by the Government, the public
naturally believed that the provision was not to be
nugatory. The country• is not in the same posi-
tion as in 1817, when the simple announcement of
the abrogation of the measure adopted only three
years before sufficed to dispel the panic. Ten
years later, in 1857, it was necessary to make use
of the indulgence. This year the necessity has
become more than ever apparent. The diffe-

rence between the demand for the circula-
tion, consequent upon increased trade, and
that which formerly prevailed, is clearly '
proved by the memorable Bank return of the 16th
of May. The augmentation in one week of more
than ten millions in the private securities is not
only unprecedented, but has never even been
approached. It is therefore clear that the supply
of currency, adequate as it may have been in
former years, is not sufficient now. As experience
has repeatedly shown, the slightest appearance of
difficulty involves at once a demand upon the re-
sources of the Bank of England which, from the
existing restrictions, it is unable to supply. Minor
seasons of trouble are tided over in some way,
although not without the infliction of much general
suffering, I;ntil at last comes the supreme crash of
a panic, wh•n an arbitrary change is forthwith
effected. In their present policy, the direc-
tors of the Bank illustrate that the main-
tenance of the old law leads to both needless
pressure ar d tension. The wonder is that they
should cont.que to act in a course which from
the lessons .f multiplied experience cannot possibly
do good, hit ►ctually produces serious evil. While
the traderi of England are suffering from the
working of an arbitrary money system, France
enjoys api rod immunity. Tho immediate con-
tingency of :! European war, in which there is no'
prospect of ..or becoming entangled, disturbs the'
Paris mark• ti far less than mere domestic difficul-
ties affect I,.indon. The Bank of France rate of
discount la mains calmly at 4 per cent., at a time
when even our first merchants find it no easy
matter to g• t accommodation at 10. The " flow of
" gold" the •iy also receives a final refutation in
the fact tint whilst the bullion at our own Bank
fell off last week by 466,0001., the stock at the
Bank of Ft :nice has increased by 880,0001. These
damaging facts are attributed without any but the
smallest rt.:l'4oll to the confusion supposed to be
created in c..utinental minds by the suspension of
the Bank Clutter Act with the suspension of cash