The Express.
London, England, 1866-12-17 00:00:00

Zhe OraatiSlS.

TO COREERPONDENTS.
Advertisements Intended for " The Birpreta " London PreninC
, moat be at the Mee, 10, Bouveriwetrect, by Two
=1 on the day of publication.

DRURY LANE.
TEI ITIC1111(1. D VALET. Weems. Welter Montgomery, E
rbeips. iktrrett, Weed. Hanby, end C. Webb ; lidadeek; Geller.—
And K. AIIiNAINE AND PETILUCLUO. Mr. T. Seinbourne,
blr. J. Robins, and Albs Isabel Adams.

ELAIMAILSZT.
Ting EvErtrNo, A (RILE OF SPECULATION. Messrs.
C.
Mathews, Cht vends*, Rogers Sc.; Mesdames FIMMIsm, DM,
de.—ANToli V AM) CLEOPATRA. Mesas C. Mathews, Comp-
Sou, ; Mesdames Mathews & HAL 01,7 01 WATIat.

rwraestra.
Vim Evan BAILNABY BUDGE. Mews. P. CaMum,
7. Villiers, J. O. Shore, fia ; Mn. John Wood, Slimes Amnesia
Thomson and Katherine Insigers, Mrs. 11. Vbsins, and 31'n C.
Borman. —i•reoeded by THE Or THY MLI&

STRAND.
THIS Evian*, NEIGHBOesss mews. parent, Benoit.
and )army : Mesdames Sw.asburvigh, Johnstone, and !lushes.
KEN I LWORTK. Mean. James. Thorns, di 'don ; Mesdames
Swanbo.ousa A Raynbans.-1d YAMS AT TAE SWAN.

HOLBORN.
Tins Eviormi, at 7,11 Y TURN !MT. Mr. Delmore Ruses
Foote and Lemnos.—And FLYING KIM. Mews. Nevin*, Bel-
more, Make, Vullalre, du.: diesdames F. luuephs, C. denuders,
Henke liddes, Lennox, Daymuud, Re.

BRITANNIA.
Tills Erewrso, BEAUTY AND TILE BEAST. Mr. R. Leslie
awl Min M. Tooth.—Mr. "Dancing Mad" Bryan , Mr. Uttar-
nem ; OngW&T, the Indium JuggIer.—LAIIRETTE'S BIZIDAL:
Olt, MOlth THAN MELTS TILE EYE—And BITTER COLD.

HIGH WATER AT LONDON BRIDGE
Tin DAT —Morning, 9it. 13rn Afternoon. OE 441 n.
EO.MOLiow—Mornlng, Iob. Aittruouu. UHL WO%

LONDON, MONDAY, DECEMBER 17.

1r is a characteristic of nearly all debates upon
the Currency question that the wisest resolutions
are supported by the weakest and most discursive
arguments. By some extraordinary fatality mem-
bers of the House of Commons, merchants,
bankers, and political economists are unable to see
that in judging this question the only safe ground
is that of facts. Almost invariably the latter
are summarily set aside, or perhaps only casually
alluded to, while each speaker brings forward his
pet panacea. It seems incomprehensible that men
of business should deal with a question which, iu
its practical effect, concerns them more than any
other, in a vague and desultory manner, produc-
tive of no possible good. Perhaps the explana-
tion is to be found in the fact that the currency is
so emphatically a matter of business that, owing
to the contradictions of human nature, it cannot be
treated in a business-like way. The Manchester
Chamber of Commerce afford the last illustration
of this singular tendency. They instinctively feel
that there must be something wrong in a law that
has to be superseded every nine or ten years to
mitigate a crisis, not to speak of tho many inter-
mediate losses resulting from its often hurtful
operation. Naturally they desire an inquiry
which, as they cannot help feeling, must be fol-
lowed by a change in the present system. But
why could they not say, in support of their views,
simply this :—" The Bank Charter Act was passed
" in 1844. lu 1847 there was a commercial crisis.
" The Act was suspended, and the pressure
" ceased. In 1857 there was another and severer
" crisis. The Actwas suspended, and the panic again
" ceased. In 1866 there was a crisis worse than
" either of its two predecessors, and again the Act
" was suspended, to the intense relief of the entire
co-:Tr:waits% We rely upon These fads, and
" upon them we found our request for an in-
" quiry." There is nothing more to be said. If
those facts can be contradicted, let them be
so. If not, the inquiry cannot possibly be de-
nied. Unfortunately the Manchester Chamber of
Commerce, from whatever cause, could not take a
practical view of the subject. They theorised
upon free trade in Bank notes, the fixed price of
gold, and so forth, and thus have exposed them-
selves to replies which skilfully deal with the
weak points of their discussion, and leave the real
question untouched.
The great point that strikes impartial observers
is the strange discrepancy which during the late
crisis existed between the position of the Banks of
England and France. It is so contrary to all pre-
cedent and inexplicable that for three months the
rate of discount should Fe in London 10 per
cent., and in Paris only 4, that upon this point at
least our commentators are silenced. Every now
and then elaborate disquisitions are put forth,
showing that either the joint stock banks, or the
incautious public, or the speculators for the fall
on the Stock Exchange, or the promotersof public
companies, are responsible for the collapse, but
the contrast between London and Paris is always
studiously avoided. It forms ono of those awk-
ward subjects that militate so strongly against
theory, that evidently the best thing to be done is
to let it alone. The Manchester Chamber of
Commerce might with advantage have dwelt a
little more on this subject. A speech on the
price of gold, and the expediency of buying on
occasion at a dearer rate than the Mint, which
really means that a sovereign is to be worth at
the same time 20e. and 20s. 6d., might very
satisfactorily have been spared in favour of a little
snore examination into facts. The standard value
of gold may, in an abstract point of view, be a
very interesting subject, but it has no more to do miscru.astors TOPICS.
with a financial crisis than the price of cloth. In The Times gives some account of what has been done by
reality less, for the nation might have over- Wsidoerksoffotrhethee
vpernrEfithcae tisrorkotistfimhe'shed ; Tham"on.
spoculated in cloth, while they could hardly
' tohne the uotfh
have • the north side side it is finished with the exception of the
over-:speculated in gold. The question to be con-
' portion which is connected with the Thames Embankment,
aidered would have bean the reason why the and must necessarily be executed at the same time. These
Bank of France was accumulating bullion with great drains carry the sewage of London to points at such
unprecedented rapidity with a rate of discount a distance down the river that no return of the chs-
at 4 per cent., while our Bank was barely able charge need be apprehended. The contents of the
Northern Reservoir have been bought
by a company
to maintain its stock with a rate of 10. How
for conveyance to a point on the Essex coast, where
comes it that the law of supply and demand has they will be employed in tho reclamation and
thus signally failed ? Has the Bank Charter Act f ertinsa
tion of s large area of sea sand. This bar•
had anything to do with it ? And, thirdly, why gain is complete, and a cautionary sum has been de-
has France experienced no commercial crisis during posited as a pledge for its due execution. The board tells
the last twenty years, while we have had three? ns that the Thames has been actually cleansed to an ex.
The subject is of much greater importance &an tent almost incredible, and that the purification of its
at fast sight appears. We daily hear of our own water itettested by
fithoef best.oooof widatnhessoveeso,
otwherenativoeas
trades being not only in danger, but actually °l:the element. the Tanofthe ricer formerly most
quantities to parts
superseded by foreign competition. France, Bel- polluted, while the offensive exhalations of past years are
gium, and Germany have become formidable cam- now unknown. It becomes, however, more manifest than
petitors in many branches of trade, in which no ever that to purify the Lower Thames at such extraordk

OUR CONTEMPORARIES.

(Tnis DAY.)

SUSUMU JOHNSON'S MESSAGE.
The tenacity of purpose which is shown by Pre.
sident Johnson in adhering to his former policy is scarcely
possible, observes the nets, without that unlimited self-
confidence, which hastens to a conclusion, and when once a '
conclusion is resolved upon, refuses to listen to arguments
against it. It is not so much that he will not con
descend to refute opponents, as that he never listens
to them. There is not a word in what he says
with reference to reconstruction which the most ardent
republican mi,,ht. not adopt. The point is whether the
immediate admission of members of Congress elected by
none but the whites of the South would secure an addi-
tion of " loyal members," or whether it would not bring
back into Congress a disloyal party in greater strength
than ever. The Times offers no opinion on the point, but
adds that for Mr. Johnson to pass: it by without
noticing that it is the essence of the dispute is
idle. The contradiction of principles which he shows
in dealing with the alleged depredations on Ame-
rican commerce by so willed British vessels during
the civil war and with the Fenian raid in Canada is
so startling as to be almost unintelligible. But the Tina is
not without confidence that should action ever again be
required of him he would put aside the sophiams which
are advanced in hie message, and show himself as firm a
, maintainer of neutrality as before.
According to the Post, few persons can doubt that Mr.
Johnson is morally right in hia home policy, though some
possibly question his wisdom in setting his parliament
at defiance. His language about Canada is to some
extent ambiguous, but hie government behaved so well
that it would be ungenerous to criticise it too closely.
The Maar/el-4 says that if similar language had been
used by one European power in speaking of another the
funds would fall, and a general apprehension of war
would prevail, but we have learned to apply a different
rule of interpretation to American state papers--an in-
terpretation by no means flattering to the Americans.
To the Star Mr. Johnson's message is a remarkable
manifestation of utter incapacity to adapt opinion to
circumstances. He feels that he has taken an unpopular
position ; but instead of receding from it, he endeavours
to cover it by adopting a tone towaribi foreign nations
which will, lie imagines, be nattering to the national
pride of America.

THI: RING Or ITALT'S SPEECH.

The Daily N, tea regards the speech with which the par
'lament of Italy has just been opened, under circumstances
which could only occur once in a nation's annals, as
having among other merits that of being adroit without
dissimulation, frank without indiscretion, severe without
offence, conciliatory without weakness, resolute without
rashness. In the references to Rome the language is so
prudent that it would be difficult for the most unreasoning
partisans of the temporal power to cavil at it —compro-
mising no one and committing to nothing beyond the
terms of that convention which prescribed respect of the
papal territory and the independence of the Pope. For
Italy the time is now oome to complete her independence
by developing and consolidating her internal re.
sauces, and having reached the years of discretion Italians
must hold themselves accountable to civilisati Ju and to
mankind for the manner in which they show themselves
worthy or unworthy of their extraordinary fortune.
With much praise of the King of Italy's speech, and
congratulations on the completion of Italian independence,
the Times unites some earnest counsel to the representa-
tives to address themselves to the control and regulation
of the public expenditure. It would be difficult to forgive
the Italians any remissness in their exertions arising from
a false notion that a nation has only to attain freedom to
comprehend all at once, and to their full extent, its rights
and its duties.