The Express.
London, England, 1867-10-21 00:00:00

THE EXPRESS, MONDAY EVENING, OCTOBER 21, 1867.

a week as lately at the Bank of France, or, thanks
to our Bark Charter Act, we should run a great
risk of seeing the minimum rate put up once
more to 10 per cent. And yet the Bank is strictly
speaking in a stronger position. In France the
National Bank circulates nearly 46,000,000/.
against 36,040,0001. of specie. Yet if a million
' or two more went out it would be little cared for.
Our foreign rivals are spared from the contempla-
tion of that unfortunate item, the " Reserve,"
' which has practically done more mischief to our own
commerce than any currency theory that has been
ever devised. Everybody dreads the effect that
the least movement of specie may have upon the
Reserve, and sets to work to guard against dangers
which perhaps would never occur but for the pre-
cautions he takes against them.
It is strange to note the different opinion
which is entertained in London or Paris, as the
case may be, respecting a reduction in the bullion
at the Bank. In the former city a rise in the rate
of discount is uniformly anticipated as the con-
sequence of so unfavourable a circumstance. In

the latter there ie nothing but congratulation on
the improvement and increased activity of com-
merce. The ordinary set of arguments used by
the suppol Mrs of our own system appear strangely
out of place when applied abroad. They are, in
fact, of much the same value as that enunciated
by the present CHANCELLOR of the EXCHEQUER to
the deputation of bankers in August last year.
They remonstrated against the Bank rate being
needlessly maintained at 10 per cent., as it had
been for more than three months, since all that
was required to alleviate the pressure was simply
a temporary expansion of the currency. Mr.
DISRAELI thought that "it was not currency re-
quired, but capital." Within a few weeks the
rate of discount had fallen from 10 to 5 per cent.,
so that if the CHANCELLOR of the EXCHEQUER were
right England had just doubled her available
capital within that period. Statesmen, how-
ever, in general, and Conservatives in particular,
are prone to error in monetary matters.

It is said that any proposition can be proved by
statistics. Thus, ou the one hand it is asserted
that commerce is gradually reviving. The Board
of Trade Returns are adduced as a proof. These,
however, refer only to our foreign transactions,
and give no evidence, as in fact they could not do,
respecting our home trade. The best evidence
whether merchants are doing as good business as
usual is to be found in the amount of money in
actual employment. Large deposits in banks may
perhaps be the evidence of considerable profits
realised, or on the other hand of capital for which
there is no adequate use. Better reliance can be
placed upon the item of " other securities" (chiefly
conunercial bills) in the Bank of England accounts.
The total to the past week is subjoined, together,
with the corresponding sums in the three years
preceding, and the rates of discount :

Minimum
Other Securities. per cent.
1864
1865 21,447,28:1 7
1866 21,244,986 43
1867 16,951,047 2

Business cannot be carried on without money,
and money is apparently little wanted. This is
easily understood considering the low rates pre-
vailing in the general discount market. Trade
will, doubtless, revive in time, but in a better
period than the present. Political as well as
commercial difficulties prevent an immediate im-
provement, but at the worst the change is only
defei:ed.

OUR CONTEMPORARIES.
(THIS DAY.)

able to study the" &momenta in their own words.
The spirt with which these provocations evince
is one we cannot afford to despise. Had Ireland •
class removed from the evil influences of partisanship and
capable of feeling those of genuine public spirit, the Irish
people might be convinced of the hopeless futility of
Fenian aspirations. They would then realise that while
there is absolutely nothing consistent with reason and
justice which England would not do to promote the wel-
fare and win the confidence of Ireland, there is no effort
which she would not make to maintain the integrity of
the union. A geographical as well as a political necessity
has linked our destinies with those of the sister island,
and a struggle for the possession of Ireland would be •
struggle for our national existence. A separation, were it
possible, would be disastrous indeed to us, but it would
be utterly ruinous to Ireland. There is not on the face
of the earth • count's or a race so ill qualified for inde-
pendence, and history would justly bold us responsible
for the anarchy that world inevitably ensue upon the
proclamation of an Irish republic.

towards the weak—who roues in the state—they know
it well—no other strength than that which is given to
them.

(REUTER'S TZLIMEAI(B.)
FLORENCE, Ocr. 20, 9.5 P.N.
The resignation of the ministry has up to the
present not been accepted.
General Cialdini has been summoned by tele-
graph to Florence.
The Roman Legion effected a jr-action last night
with Monotti Garibaldi.

PARI/3, Oct. 21.

The Mouiteur publishes the following news from
Rome to the 19th, evening :-140 Garibaldians
were captured by the Papal trope at Nero's. On
their approach the Garibaldians evacuated Otte
and Tei racine, and the result is that at the present
moment no point of the Papal territory is occu-
pied by the insurgents.
Peifect tranquillity continues to prevail at
Rome.