The Express.
London, England, 1866-09-24 00:00:00

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LONDON; MONDAY, SEPTEMBER 24.

TVZ Italian Government has despatched a corps
of ten thousand men to Palermo, under General
CADORNA, one of the most distinguished officers of
the old Piedmontese army, with orders to invest
the city and to make prisoners of all the male-
factors who have raised the standard of revolt.
It is to be regretted that the Cabinet of Florence
had not acted on the information it received some
weeks since, and thus prevented the scandal of
the capital of Sicily being aLandoned to an in-
surrection for several days. The insurgents,
it appears, have risen to the cry of "the Republic,"
but as all the leading men of the Republican party,
and all sections of the Liberal party, repudiate
and disavow any sympathy with these Palermitan
rebels, and the Sicilian volunteers who lately served
under GARIBALDI have even offered to waist in their
repression and capture, it is tolerably certain that this
movement in the single province of Palermo—for
all the other provinces remain tranquil, and are
sending addresses of loyalty to the governor—is
one of reactionary, and probably of priestly,
origin, and that the Republican flag is a mere
piratical device to catch the sympathies of
unwary partizans. The principal instigators of
this disgraceful affair are, it seems, the monastic
orders, who are about to be dispossessed by law
of their establishments, and of the vast properties
they hold in mortmain. At the time of GARIBALDI'S
expedition the Sicilian clergy, who enjoy particular
ecclesiastical privileges, showed a liberal spirit; but
the law for the suppression of religious corpora-
tions has exasperated them against the Govern-
ment, and, having the example of the Court of Rome
before their eyes, they have found no difficulty in
composing an irregular army of the brigands and
other lawless characters who always abound in the
island, and of the fugitive recruits, of whom
there are a considerable number, who take to bri-
gandage rather than obey the conscription, from
which Sicily was exempt under the BOURBON go-
vernment. There can be no doubt that these
combined forces of disorder will be speedily sup-
pressed by the activity and energy of General
CADORNA, and that, although the absence of in-
formation from the island since the telegraphicwires
were cut by the insurgents suggests a more alarming
state of things than any that actually exists, the
Government will seize this opportunity of laying
its hands on a number of ruffians who have been
too long left at large, and will be warned by the
crisis to take summary and sufficient measures for
reclaiming from something like barbarism an
island that should be the brightest jewel in the
crown of Italy.

Tim sudden reaction in the money market
which commenced with the reduction of the Bank
rate of discount from 10 to 8 per cent. appears to
have stopped for the present. Although the
accounts continue to improve, and the Bank has
at this moment a larger proportion of aaseis to
liabilities than was the case a year ago when the
rate stood at only 4 per cent., the directors are
doubtless disinclined to take any further action
until the question of the harvest shall have been
settled one way or tho other. Although the un-
favourable weather has, there is too good reason
to believe, seriously damaged a portion of the
crops, the loss as usual is sure to be magnified,
and may perhaps prove not so very important
after all. It does not appear, at least, that we
shall have to import corn on the enormous scale of
1846-7, or later of 1859, and such shipments
as aro sent here will not necessarily be paid for in
specie. The gap in our own supplies will, from all
accounts, be chiefly filled by Russia. That
country is habitually our debtor, and thus the
corn that she sends will but serve to redress the
balance. Exports of specie from London to
St. Petersburg or Odessa are, therefore, to say the
least, exceedingly unlikely. If the directors are
hesi'aiting on this ground, their caution appears
thrown away. Practically, however, it is of no
particular consequence what their course of action
may be. The Bank rate might be kept at 5 per
cent. for an indefinite period, but it would not
prevent money, if sufficiently abundant, from
falling to 4 per cent., 3, or 24. We have already
seen that this rule, infallible as it is when money
is cheap, is reversed when money is dear. Let
the official rate of discount be raised on
adequate cause to more than 6 per cent., and
the Bank regulates the whole monetary business
of the country. Let it fall to sor 4 pe- cent.,
and the Bank has no more power than any other
great financial establishment in the kingdom.
While the bullion at the Bank of England has
latterly been augmenting, at the Bank of France
the last two weeks have shown a decrease. The
financial distrust of the past six months has pro-
duced opposite results in London and Paris. In
the latter city everybody seems to have been
anxious to deposit his money where it would be
in safest custody, and hence the bullion of the
Bank of France kept on increasing week by
week until it amounted to nearly thirty millions