The Express.
London, England, 1866-11-12 00:00:00

EXPItESS, IV,E.ONDAY EVENthb, NOVEMB.

stead of high interest and bad secutifeAse`
in railway property get not only ler interest ltitt
also bad security. 41:V '" . •- •
It is reported that the Go4ernment are about
to propose next session a measure which will
effectually put a stop to this irregular creation of
so-called securities. It is high time it were done,
and none,we suspect,will be more inclined to admit
it than the railway directors who have hitherto so
persistently opposed any measure of the sort. The
liberty of manipulating rail.way accounts has been
too largely made use of to be pleasant. It can be
easily understood that a board of management
having used their borrowing powers to the utmost
limit, and knowing it to be a matter of vital im-
portance to the company to keep the capital account
straight, should execute a number of debentures
in advance to meet others falling due. It is also
perfectly conceivable that, either from a temporary
pressure for money or from some other irregularity,
a portion of these debentures may get into circu-
lation. The thing has been admitted, not once,
but in several instances. Of course the intention
is to redeem the over-issue, but adverse circum-
stances occasionally happen to prevent this result.
The crisis of the present year has brought to light
the fact that the notions of railway companies
respecting financial matters, never very strict, have
become uncommonly lax, not to say dishonest.
Liberty has degenerated into license. The mone-
tary pressure of the past summer ban revealed all
the weak points, and the distrust and suspicion of
the public has been too well confirmed by the
daily revelations of individual companies.
It seems almost useless to try and convince the
public that the notorious cases that we have lately
witnessed are the exception, not the rule. The
truth that a fair and discriminate opinion ought
to be formed may be accepted, but will certainly
not be acted upon. Especially as regards in-
vestors in railway debentures faith has been so
much weakened that it will be no easy
matter to revive it. Capitalists are proverbially
timid, and this particular class perhaps the most
of all. With them a debenture is a debenture, and
they pay comparatively little attention to the cha-
racter of the company by which it is issued when
they hear of a default having taken place in a
concern, it may be, equally large. The uniform de-
cision adopted is, that as debenturesfall due it will
be better to take the money and wait a little be-
fore re-investment. The feeling is just the same
as that of the banker who, when money is at
10 per cent., prefers not to discount for the pre-
I sent, because it is impossible to know what may
happen. It is, however, of great importance to
prevent a deadlock of this sort, and the question
arises, What is to be done ?
To wait for parliamentary action is to post-
pone the subject until after the great mischief has
1, been done. The great aim of all interested is to
prevent a series of repetitions of the recently ex-
posed irregularities, and keep half the railways of
the kingdom from being brought to a financial stand-
still. We admit readily that in the great majo-
rity the want of confidence would be undeserved.
Still it is worse than useless to attempt to disguise
the fact that railway credit is at this moment at
a very low ebb. The large companies, about
whom there can be no suspicion, will of course
pass through the difficulty with no other loss than
that of money. When they renew their deben-
tures they will have to pay for them compara-
tively high rates of interest, which may not im-
possibly affect materially the next dividend on
the ordinary stock. The smaller undertak-
ings will not get off so easily. It is not
improbable that they will find extreme difficulty
in renewing their debentures at all, and be obliged
to have recourse to temporary and onerous 'oane.
It is obvious, therefore, that the companies
should unite in getting, even fo" a time, some sort
of guarantee that the debentures they offer are
legally issued.
The object can only be obtained from the
Government. If a bill should pass for the registra-
tion of railway bonds, it is clear that some govern-
mental department—the Board of Trade, for ex-
ample—would be charged with its execution.
Why not anticipate the passing of the projected
bill, and let the Department act already, as to
such railway companies as choose to come under
its survey, as if the act were in force ? It could
do no harm to anybody, and it would reassure
the quiet holders of railway stocks of the best
class more them any remedy that could be de-
vised. The details min be easily arranged. If,
however, such a course is desirable, no time is to
be lost. There are only seven weeks before the
close of the year, and what with necessary delays,
the interval will be found by no moans excessive
to obtain the desired end.

OUR CONTEMPORARIES.

(THIS DAY.)

Wm. He hes dirldived hinuntf all his We long, and it w 1
go bard if ht= sot deludeSither peg*"
the Sas nothing weld be *we been and frith
lots than Mr. Dlinteli's illtimpt to create kenthusilmas
in favour of the present Howe of Commons out giving
any pledge to maintain it as it is. Mr. Dims • " cannot
bring himsel to believe" that the opinions of reformers
will ever be favoured in the City of London ; but be b
careful not to say that he 'himself will oppose reform. He
tickled his audience by the insincere compliment that in
caoperation with the Housed Commons the City has
built up the fabric of our rights and liberties. But he did
not attempt to meet the obvious argument that the time-
honoured association of the City of London with liberalism
and often with radicalism—by which alone and always in
opposition to Mr. Disraeli's party it kw co-operated in the
establishment of liberty—pledges the City to be faithful
still to the principles which he and other tones resist.

AMERICA AND THE renun PRISONERS.
The Times dwells upon the aggravated offence of which
the Fenian conspirators, who have been condemned to
death in Canada, have been guilty. No criminals, it says,
ever deserved capital punishment more richly. There is
no passage in American history so often quoted and with so
much pride as the episode of the umforlinnate Major Andre,
and cannot the American government imagine th►t the
people of Canada may be animated by somewhat of the
same feeling? The American civil war is not the least
parallel to the Fenian invasion of Canada. The case
most like it is the invasion of Cuba by Lopes
and his band, who were ignominiously shot or
garotted. After, however, stating the case against
granting the request of Mr. Seward, the Times proceeds
to add that there is great allowance to be made out of con-
sideration for the American government, especially for
Mr. Johnson, whose popularity most have suffered by his
honourable and straightforward conduct in preventing the
Fenian invasion. We owe it to him that Canada has not
been made the scene of bloodshed and outrage of every
kind, and he asks for the lives of the obscure wretches
who are now under sentence of death. It is not for the
Times to say what answer should be given to such a
request, but our contemporary confesses it would regard
the granting it with satisfaction, more especially as the
President would be hardly likely to renew his intercession
, in the case of a second Fenian invasion.
, The Post shows what modifications have taken place in

modern times in the punishment of high treason,—men
perceiving that it is inconsistent to admit an abstract
right as resident in an entire people, and yet account as
the most flagitious of crimes an unsuccessful attempt to
exercise it. In 1818 the lives of Smith O'Brien and his
associates were spared, and a similar course has
been pursued with political prisoners ever since ;
while the American government has not yet pro-
secuted a single Southerner for rebellion. Under these
circumstances, the Post thinks it is not surprising
that the government at Washink,rton should represent to
the Canadian executive the expediency of sparing the lives
of those who have been convicted of taking part in the
recent raid.

The Star cannot help thinking that the practical request
Mr. Seward had to make might have been made more
effectually and satisfactorily without any addition in the
shape of a lecture on England's duties towards convicted
raiders. But we have certainly not kept ourselves in a
position to take offence even at such remonstrances.
Meanwhile no one can doubt that every possible conside-
ration will be given to the GM) of the two wretched men
lying under sentence of death in Canada. Without any
reminder from Mr. Seward of what we owe to humanity—
and we might, perhaps, say, notwithstanding any such re-
minder— the people of this country will assuredly have no
wish to hear next Christmas Day that the two miserable
Fenians in Canada have expiated their crime on the gibbet.
The T legraph continues to support Mr. Johnson and to
enlarge ou the probabilities of further disturbances, and
oil the prediction that we are likely to have painful news
from America before the close of the year.

LATEST .INTELLIGENT

THILJAIKAICA OUTRAGE )V -
THE INDICTMENMARSHAL RAMSAYT AGAINST PROVOST
.

The Jamaica papers, which arrived at South-
wmptou thiamorning bytheWost Indianansteamer
Atrato, state that the grand jury of St. Thomas
in the East have ignored the bills of indictment
preferred against Mr. Ramsay.

FRIGHTFUL STATE OF SPAIN.
Our correspondents in Spain, says the Temps,
draw a deplorable picture of the condition of that
country. With Narvaez, whose advent to power
was so admirably prepared by the fusillades of
O'Donnell, a merciless reaction has come upon
that unhappy country. At this moment the
peninsula is a prey to the frightful orgies
of obscurantism, violence, and despotism.
The so-called moderados who have acquired
power are effecting the ruin, exhaustion, and
demoralisation of the Spanish people. Proscription
has struck, or is on the eve of striking, all that is
elevated amongst the liberal party in arms, in lite-
rature, and in public life. Spies and informers are
everywhere ; the monks aremasters, and education
is to be received at the confessional. A sign from
Father Claret or Sister Patrocinio, who have more
influence than ever over the Queen, begets a
mighty stir. The treasury is empty ; the taxes
must be paid in advance ; but whilst the contractors
of public works remain unpaid, convents are built in
the royal residences with the money squeezed from
the tax-payers. The municipal elections have been
held throughout the country, and the government
party are chanting the victory they have won ; but
a little inquiry shows that not one elector in ten
has voted, and that those who voted are either per-
sons in government offices or persons belonging to
the church. Commerce and trade are at their last gasp,
no one knowsto-day what to-morrow may bringforth.
Indignation is so general and despair so profound
that everybody, except those who profit by the
extravagance of the existing state of things, is ex-
pecting an immediate catastrophe. Such, in a few
words, is the position of Spain, and it is in the
midst of these terrible symptoms of disorganisation
that Narvaez and his colleagues are piously agi-
tating, in order to save the Pope's temporal power,
or at least to induce the Pope to come to them if
he should abandon Rome. The Roman question
is that which troubles these conservatives in deli-
rium, who do not see the chasm yawning at their
own feet.

(REUTERS TELEG RAMS.)
FRANCE.

PARIS, Nov. 12.
During the last few days no case of cholera lias
been reported in this city.
The Onoititutionact denies the assertions of the
Memorial Diplomatique relative to the language of
Mr. 04.10 Russell during his passage through Paris.
Mr. Russell did not enter upon the hypothesis of
the withdrawal of the Polo from Rome, nor did
ho state that ho was authorised by the British
government to offer hospitality to his Holiness.

SPAIN.
BARCELONA, Nov. 12.
The rumour of an insurrection in Catalonia is
false ; complete tranquillity prevails throughout
the district.

THE CANDIAN INSURRECTION.

CONSTANTINOPLE, Nun•. 10.

Intelligence received here from Camila states
that on the submission of the Candian insurgents,
Mustapha Paella proclaimed a general amnesty,
and gave notice that the rebel leaders and
foreigners were at liberty to quit the island.

TILE BOMBAY MAILS.

SOUTHAMPTON, Nov. 12.

The Peninsular and Oriental Company's steam-
ship Delta, Captain Kelluck, with the above mails,
28 passengers, 4,11i1i1. in specie, and a general
cargo arrived this morning.

GIBRALTAR, Nov. 6,

The cutter Sybil, from Falmouth; schooner
Sarah, from Swansea ; steamcrMessina, from Glas-
gow ; steamer Poonah, from Southampton ; steamer
William Cory, from Cardiff ; Calpe, from Liver-
pool ; Peninsular, from London ; and schooner
Princess Royal, from Middlesborough.
The Spanish ship Nuero Apoli fell in with the
English brig Carmelite on the 21st September,
dismasted and sinking. She saved the crew, and
landed them at Vigo Lazaretto.
Exchange on London, 90 days date, 49! ; Paris,
sfr. 24c. ; Marseilles, sfr. 25c. ; Madrid, 8 days'
sight, 1 dis. ; Cadiz (pay in gold), par ; Seville,
par ; Malaga, is die. Premium on Five Franc
pieces, 11 of a dollar per cent.

ARRIVAL OF THE ATRATO.
SERIOUS OUTBREAK OF YELLOW FEVER
ON BOARD.
SOUTHAMPTON, Nov. 12.

The Royal Mail steamship Atrato, from the
West Indies, has arrived at her anchorage off'
Netley Hospital. The ship and passengers have
been placed in quarantine by Dr. Weblin, the me-
dical superintendent of this port. Yellow fever
having broke out on board just before leaving St.
Thomas, the case was sent ashore to the hospital
there. Since sailing from St. Thomas there have
been 35 cases, an average of three cases daily ; of
this number 14 have proved fatal, the last seizure
which occurred yesterday being the captain's sec-

vent.
A steam tender has been sent down to the
Atrato with instructions for the mails, ships' papers,
and despatches to be thoroughly fumigated before
they are allowed to be brought ashore. It is ex-
pected that the ship and passengers will be kept in
quarantine for six days, but that will depend upon
the instructions which Dr. Weblin may receive
from the council in London.

A telegram from our Southampton correspondent
states that the Atrato brings 60 passengers. The
deaths have all been amongst the crew. The mails
have been fumigated, and mere to be despatched to
London by special train at 1 p.m.

A correspondent of the Birmingham Post says :
" Lord Derby is a great classical scholar, and if any one
used Homer as he uses Shakspeare, he would smite him
with a classical quotation. 'As Mrs. Malaprop says,
' comparisons are odorous.' Who is answerable for
having first put this into Mrs. Malaprop's mouth? It is
not Sheridan's wit at all, but Snakspeare's. Does not Lord
Derby remember that comparisons are odorous' is to be
found in one of Dogberry's sententious speeches' (Much
Ado About Nothing, Act 111., s. 5."
PRISON FARE PREFERRED TO PRINCESS'S FARE.—
The Indipersdance ,B,lon relates the following :—" M. A.
de Girardin, who as a witness of the duel in which M.
Duvernois was principal, was sentenced to a month's im-
pzisonment, having been informed on Friday last that he
was free and had the honour of being invited to dine with
the Princess Matilda, replied by requesting to be per.
mitted to dine with his brother culprit M. Duvernois."
ROYAL FREE HOSPITAL, GRAY'S-LNE-ROAD.—
The number of patients relieved at this hospital during the
week ending Nov. 10 was 3,241, of which 1,039 were new
sues.