The Express.
London, England, 1866-05-12 00:00:00

LICEUhk

Tars Hyannis, A DAY AFTER THE WEDDING. Messrs
!lineman, Fitzpatrick, and Clifford ; Mrs. Horsman, an—And
HAMLET. Mesh m Yachter, Emery, Addison, Widdicomb, Yestn,
Jordan, Fitzpatrick, dr.c. ; Mesdames Ilsworthy and C. Leclerce.

BRITANNIA.

.....
rats EMIRS, THE LAST APPEAL—THE HURON CHIEF.
Mr. Junes Anderson.—To conclude with THE DARK KING OF
THE BLACK MOITITTALNS. Miss Chars St. Caw, Mrs & Less
and Muter S Sanders.

HIGH-WATER AT LONDON•BRIDOB

TRIO DAT— Zilloining, -AllernOOOT Oh. O.
To-itolhOw—Mornhlg, Oh. 2dm Afternoon, Oh. him.

LONDON, SATURDAY, MAY 12.

Iris difficult to write with composure of a species
of criminal folly which is wantonly aggravating the
crisis through which our financial establishments
of every kind are passing. As if the trials and
anxieties of our merchants and bankers were not
sufficiently severe, the haunts of commerce are in-
fested with a class of persons whose solo occupa-
tion throughout business hours is to imagine,
amplify, and retail stories of misfortune and dis-
aster. For a considerable time peat our
monetary establishments have been the prey
of speculators for a fall, and how
fatally their operations have been conducted we
now see only too plainly. These speculators had
a definite object to gaiu—they sought to enrich
themselves ; but the persons of whom we now
speak cannot offer this excuse. They are idlers,
very loosely, if at all, connected with that organi-
zation of credit which an unfortunate concurrence

OUR CONTEMPORARI/*

(THIS DAY.)

-.-.

THE SUSPENSION OF THE BANK ACT.

If anything could justify s suspension of the
Bank Charter Act, it would be, the Titus says, the panic
which yesterday swayed the City to and fro, but it was a
panic which bad no solid foundation, and if the govern-
ment had stood firm would have subsided of itself.
What after ►ll had happened' A particular course of
unsound business, " financing, " the dangers of
which had been foreseen and foretold, has broken down,
but the position of ordinary bankers and merchants whose

businesiiis of a different kind remained unaffected. Con-
fidence would have been surely and speedily restored had
the law been preserved in all its integrity, and, though
the Chancellor of the Exchequer and his colleagues pro-
bably found it impossible to resist the pressure put upon
them, we cannot but regret a step unwarranted by what
has occurred, or by the prospects which were immediately
before us. As it is, we must expect during the next few
months the revival of a controversy on the Bank Act ; but
it may be shown that were it not for the Act, thatoonfidence
in the Bank of England which is the secret of the magical
effect produced by a suspension of the law would
be impossible. The panic is the consequence of en
slum of credit practised everywhere except at the Bank
of England, which by the laws of its existence is pre-
vented from adopting the evil policy acted on elsewhere,
and is therefore able to come to the rescue with a reserve
fund of credit on which we can fall back. We recognise
the necessity of having recourse to it on this occasion,
but it is due to the Bank Charter Act that such help is
possible, and the Act is justified even though it be periodi-
cally broken. . _

Though even the creditors of Overend, Gurney, and Co.
could hardly dispute that eventually they would get both
principal and interest, and though it does not enter into
anybody's comprehension that even a stoppege of the banks
would be more than • temporary delay, yet, the
Daily News observes, as in commercial matters a
delay is fatal, and readiness is the life of credit,
the most disastrous results would follow if confi-
dence were not fully and immediately established.
At times all securities are inconvertible, and in the first
shock yesterday morning Consols for more than an hour
could not be turned into money. Unless some decided
relief then could be given, the whole trade of the country
would have been paralysed, and the government, which at
first seemed disposed to lean too much on the judgment of
the Bank directors, have wisely taken a course which will
powerfully contribute to restore public confidence, and
will be received with gratitude throughout the country.
The Post also approves of the intervention of the go-
vernment, and the Herald only reproaches them for their
tardiness. The demand, the Herald says, was not for
gold, but for Bank of England notes, and to authorise a
fresh issue would of course permit reasonable assistance to
be given where the strain was peculiarly severe. The banks,
however, stood their ground well. Every cheque presented
was promptly psicL There was no higgling, no hesitation,
no delay, no endeavour to persuade withdrawing custo-
mers to alter their minds.

The concession granted by the government should be,
the Telegraph urges, fenced In and protected against the
possibility of abuse. It is not to bolster up reckless and
improvident gamesters that, for the third time since 1844,
authority is given to suspend the Bank Charter Act. It
is to disentangle solvent and honest bankers and merchants
from the effects of insensate fear, begotten of speculation,
but unhappily involving those whoseliusiness waslegitimate
and sound, that, through the agency of ministerial relief,
artificial confidence will be restored.

While most reflecting people, says the Star, will regard

441/. to one of fit, pod trusts it ,will noe.accesfi the
dErm, s gorernmelthwould Wallas itself W abnisden-
ing tie eV change widdh tends fin effect the purr. tel
which reform is demanded. To cling to power at Noah at
sacrifice would be ultimately to lose both power and cha-
racter.

the necessity for the step now taken as in some degree
reflecting upon the directors of the Bank of England for
the rigid and hard-fisted po',ey which they have lately,
as self-elected guardians of commercial morality,
adopted, there is little fear that the suspension
of the Act will lead, ail they are supposed to
dread, to a popular belief that they too have
been acting imprudently. Their error lies in a
contrary direction. But while the Bank of England
thoroughly maintains it high repute, it is satisfactory to
know, on the highest authority—that of the Chancellor of
the Exchequer—that the trade which the Bank Act ham-
pers is in a sound and healthy state. There is no occasion
for panic, and probably the measure of relief afforded by
government, and tho re-assuring words of Mr. Gladstone
in reference to the condition of trade, will effectually re-
fresh and rehabilitate the commercial situation.

In the opinion of the Saturday Review, when the eon•
servativee are invited to lay aside all their weapons, and
to concur amiably and peacefully in passing a reform
measure common to both aides, they are asked what it is
neither possible nor desirable that they should grant.
There may be compromises on many details, but the leading
provisions of the general scheme must be decided by one
side being stronger than the other. The conservatives
may succeed in getting a member or two more given
to groups of boroughs or to counties, or in ez.
eluding borough leaseholders and freeholders from voting
for counties. They may, probably, decide whether the
seven seats allotted to Scotland shall be given to Scotland
or kept for England. But when the question arises
whether the county franchise shall be reduced to IV. or to
201., there is nothing to be done but to divide the house,
and to see which reduction finds the stronger support.
The conservatives ought not to affer a factious or dilatory
opposition, but their position as a par 4 would have no
meaning or substance it, on a main question which largely
affects the landed interest, they do not resolutely main•
tain what they think to be the best for the countrf.
The Press professes to think that, had a change of go-
vernment ensued inconsequence of the recent vote on the Re•
form Bill, the danger of war would ere this have passed
away! The direction of public affairs would in that case
have been entrusted to statesmen who know how to make
the influence of England felt in the councils of Europe.

Vie Court.

WINDSOR CASTLE, MAT IL

The Queen, aocompanied by Princess Helena,
drove out yesterday afternoon in a carriage and four, at-
tended by Lady ChurchilL
Prince Alfred, attended by the Hon. Eliot Yorke,
arrived at the Castle.

The Durham and Princess Mazy of Cambridge and
Prince Teck, attended by Colonel Home Purves, the
Grand Duchess of Mecklenburg Strelits attended by Lay
Caroline Cush, and; the Duke of Cambridge attended by
Colonel the lion. J. Macdonald, arrived at the Castle
yesterday.
The royal family and Prince Exward of Saxe Weimar
dined with the Queen.
After dinner the Queen's private band played in the
drawing room, before Prince Alfred, Princess Helena, and
the royal visitors who arrived in the afternoon, and the
Ladies and Gentlemen in Waiting.

Major-General Sir T. M. and the lion. Lady Biddnlph,
the Dean of Windsor and the Hon. Mrs. Wellesley, and
Mr. Sahl had also the honour of being invited.
The Queen, with Princess Helena, the Duchess of Cam-
bridge, and the Grand Duchess of Mecklenburg Strelita,
drove out this morning in a carriage and four. Lord Alfred
Paget attended on horseback.
Prince Alfred presided yesterday at a meeting of t' e
Executive Committee of the Central Hall of Arts and
Sciences at Kensington.

The Hon. Flora Macdonald and the Hon. Mary Laaceilea
have succeeded tho Hon. Emily Carthcart and the Hon.
Florence Seymour as Maids of Honour.

The Prince of Wales rode out on horseback yesterday
afternoon.

The Princess of Wales took a carriage drive, attended
by the Hon. Mr. A. Hanlinge.

The Prince of Wales went to the House of Lords.

In the evening their Royal Highnesses had a dinner
party. The company included the Prince of Teck, the
Austrian Ambassador and Countess Apponyi, Earl and
Countess of Dunmore, Earl and Countess of Tankerrille,
Earl and Countess Spencer, Earl and Countess of Claren.
don, Viscount and Viscountess Walden, Viscount Henri-
tan, Captain Lord John Hay, Hon. Mrs. A. 'Jardine,
Hon. H. Bourke, Hon. T. de Grey, Lieutenant-General
Sir Hope Grant, Lieutenant-General Knollys, Major Tees-
dale, Mr. Oliphant, Mr. Fisher, and Mr. Holzmann.
The band of the let Life Guards (conducted by Mr.
Waterson) was in attendance and played a selection of
music.

of circumstances gives them, altogether insignif -
cant as they are, the power to injure. These are
they who circulate rumours of imaginary runs
upon banks ; who give out that the " paper "
of some solvent house has been returned; and who
know for certain that this or that firm is on dhe
very point of stopping payment. Yesterday was
a great day for these gratuitous panic-mongers,
and the recklessness with which the falsest ru-
mours were circulated has never been surpassed.
The greatest names in English banking and
commerce were spoken trippingly by the detrac-
tors, and for a time the most baseless fabrications
circulated without let or hindrance. tl.dy those
who know and have considered how sensitive a
thing credit is, can conceive the mischief that may
thus be done without positive malevo'ence, but
through sheer folly and want of self-res.raint. It
is not right, however, that reputations more or less
necessary to the stability of our commercial life
should be at the mercy of the designing knave or the
incontinent fool, and it is time for all upright and
prudent men to make a common stand against a
practice which is in itself detestable, and may
have disastrous consequences. We understand
that in the case of one or two well-known firms,
whose reputation was most unjustly assailed yes-
terday, a legal prosecution is likely to teach cer-
tain inconsiderate people the responsibility which
attaches to the circulation of alarming false re-
ports. For an effectual check to the practice we
must, however, trust to the good sense of the public.
If these idle people only talked to one another,
comparatively little harm would be done. It is
the attention paid to them by anxious listeners
that gives them power to do mischief. At such a
time as this, the public is all eye and ear, and
thankful to any one who brings new facts for
its guidance and instruction. This is the disposi-
tion to which the rumour-mongers address them-
selves, and which they abuse. The check must
conic from those who know the value of credit, how
essential its preservation is to our commercial life, to
the working of the industrial machine, to the
safety of property and the happiness of families.
The retailer of false and idle gossip mrst be
plainly and sternly told that he is a pv olic enemy,
anti, if he has the least stake in the country, his
own enemy, and must learn that honest men will
not tolerate the circulation of dangerous sa.e-
ments, adopted without evidence and repeated
without inquiry. This is an imperious necessity
of the hour.

A deputation of railway managers consisting of Mr.
Cawkwell (London and; North-Western), Mr. Seymour
Clarke (Great Northern), Mr. Mostly (Great Eastern), Mr.
Srnithetts (Lancashire and Yorkshire), Mr. Underdown
(Manchester,Sbeffield, and Lincolnshire), had an interview
with the Right Hon. T. Milner Gibson, at the office of the
Board of Trade, yesterday, on the subject of the cattle
plague.

It is currently rumoured at Oxford that the
Prince and Princess of Wales intend to be present during
the Commemoration next month. The great reception
given three years ago to their royal highnesses is no doubt
fresh in the public memory.

The grand Caledonian ball is appointed to take
place on the 18th of the ensuing month, under the distin-
guished patronage of the Queen. Their Royal Highnesses
the Prince and Princess of Wales and a long list of the
Scottish nobility lend their names as patrons and patro-
'mutes of that grand Scottish gathering.

The Duke of Cambridge, K.G., has graciously
consented to be nominated a •ice-patron of University
College Hospital.

MEETING OF THE CONSERVATIVE PARTY.

The Earl of Malmeabury arrived in Paris on
Monday last, and intends to stay in the French capital till
after the Whitson recess. The countess remains in town.

The Marquis of Hastings has purchased the
entire lot of the Houton yearlings of Mr. R. C. Naylor for
the sum of 10,000 guineas.

The following members constitute the minority
who voted hat night for the abandonment of the Regium
Domun :—Messrs. E. Baines, T. Barnes, J. Bright, J
Candlish, E. H. Craufurd, and R. W. Crawford ; Sir F.
Crossley ; Messrs. H. Fawcett, C. Gilpin, W. Graham,
J. T. Hibbert, J. Lamont, G. Leeman, A. Lusk, D.
ISPLaren, J. R. Mills, R. Padinore, R. N. Philips, J. Platt
E. Potter, J. B. Smith, A. A. Spiers, P. A. Taylor, and
J. White. Tellers : Messrs. Hadfield and Crum-Ewing.
DEVONPORT ELECTION.—We learn by Renter's
telegram that Admiral Daeres has declined to stand for
the representation of the borough, and Lord Eliot, the
lon of Earl St. Germans, who was defeated at Crieklade at
the last general election, has been selected. His lordship
arrived here last night by the midnight express, and will
address the liberal electors to-day. Mr. Montagu Cham-
bers addressed the liberal committee last night, and was
favourably received.

THE REPRESENTATION OP DARLTNOTOR. —At a
meeting held at Darlington on Thursday night, it was
decided to send a deputation to Mr. Gladstone, to enforce
the claims of Darlington and its 25,000 inhabitants, be.
fore the second rending of the Ifethitribution of Seats

411%*
TH ItXTRESS, .fItTURDAY% MAY 12, 184 e:

*LATEST INTWALIGENCE.

THE PRESETIT ASPECT OF AFFAIRS.

The Italian Official Gazette contains the royal
decree ordering the formation of an Italian volun-
teer corps. General Garibaldi is appointed to the
command. The men must swear fidelity to
the Sing, and to the laws of the kingdom,
and are to engage themselves for a year. The
officers will receive royal commissions. The
number of battalions to be organised at present
will be 20. These are the principal provisions of
the decree, but there are several others relating to
the classes who are eligible to serve, the position
which the volunteers are to hold relatively to the
regular army, their pay, &c.
By a telegraphic despatch from Florence, dated
yesterday, we learn from the Diritto that a mes-
senger, with important despatches, has just left
that city for Caprera.
A despatch in the Provincia of Turin of the 10th

says
Trecchi has left in a war steamer for Caprera, to take
Garibaldi on board. There is immense enthusiasm in
Florence. Volunteers are arriving by the hundred from
the Neapolitan mountains. Several are also reported from
Sicily. Many of the deputies are going either with the
volunteers or the regular army. Confidence is universal.
" Viva Italia !" " Viva it Re."

The Indipendauce, after alluding to the report
of the negotiations which are said to be going on
between Austria and France, says
One combination alone could realise these rumours and
secure peace—the renunciation of Venetia by Austria.
This would be an act of high and able policy, and the Em-
peror Francis-Joseph could the more readily execute it as
Venetia is not an hereditaryprovinoe attachedto the crown
by the ties of reciprocal affection, but • province newly
acquired by the chances of war, and which never has been
consolidated with the empire either by his predecessors or
himself. All possible circumstances plead in favour of
this renunciation, but we dare not hope that ineffectual as
they have hitherto proved to bring about this result, they
will now get the better of the passions which oppose and the
considerations of a secondary order which militate against
the adoptionof so radical a remedy. The only doubtful point
in our opinion is not whether war will break out, but how
it will break out, who will take the apparent responsibility
of beginning it; for the real responsibility—the result of
long premeditation —is no longer doubtful. In
Italy everything is ready ; in Germany they are
leas prepared, and the deliberations of the Diet seem to
have no other view than that of defining the exact posi-
tion of Prussia towards the members of the Confederation
who, with Saxony, will make common cause with Austria.
But while waiting for some solution of the question all the
states of Germany are arming as fast as possible.

(szuria's TELEG &LIM )
AUSTRIA, PRUSSIA, AND ITALY.

BERLIN, MAY 12.

Hopes are still entertained in some quarters for
the maintenance of peace, probably on the ground
that Austria will make some concessions.

Yesterday afternoon above 200 political friends
of the Earl of Derby, and those identifying themselves
with his policy, assembled by appointment at the Marquis
of Salisbury's house in Arlington-street, Piccadilly. The
Earl of Derby arrived at a quarter past 2 o'clock, Mr.
Disraeli and many of the prominent members of the con-
servative party in the House of Commons having previously
arrived. We have various accounts of the proceedings•
The Times says that after considerable discussion " the
meeting came to a resolution expressing implicit con-
fidence in their leaders." The Herald informs us that a
lengthened discussion took place upon the question of
the RedistribuLion of Seats Bill, and that ultimately
it was resolved no opposition should be offered
to the iecond reading, and that bill should be
allowed to go into committee. The Star hears that
the opposition would be willing to accept the 71. borough
franchise, provided the government consented to raise the
proposed county franchise to 201., and the Adrerliatr con•
tains something like a report of the discussion. According
to the latter authority, 170 members answered to the muster
roll, and 112 representatives sent either their cards
or letters of apology, so that the entire strength
of the opposition was accounted for by the whips. The
principal speakers were Lord Derby, General Peel, Mr.
Disraeli, Lord Stanley, and Mr. Henley. Lord Derby's
address was even more that characteristically earnest and
spirited. Commencing with a cheerful allusion to the bold
front presented by the " Conservative Commoners" on the
i second reading of the Franchise Bill, and congratulating
the party on toe almost unprecedented circumstance that
there had been from the entire body, in that great
political conflict, but one solitary seceder ; he an-
nounced that as soon as the government measure
for redistributing seats had been laid upon the table of the
House of Commons by the Chancellor of the Exchequer—
himself and some intimate triends, to the number of
14 or 15, who might be considered in some degree as a
representative council, considered all the proposed arrange-
' ments and schedules not only independently of but in con-
nexion with the Representation of the People Bill. They
carefully examined the position in which the Seats Bill
was likely to place the conservative party, and they came
to the conclusion that it would not be advisable, or in the
interest of the great muse which they all had at heart, to
offer opposition to the second reading, fixed for Monday
next. Both branches of the reform scheme woe!' then stand
on the favourite pari paßsu footing. While Lord Derby
counselled this course of moderation and forbearance, he
stated that the conservatives of the House of Commons
might rely that their leader would take the earliest oppor-
tune moment for offering to the Seats Bill the most deter,
mined opposition, an announcement that elicited some hearty
cheering. When the house went into committee on the bill
certain resolutions already carefully drafted and partly con-
sidered would be submitted to the legislature ; but at
the present moment tke conservative chief thought it on.
necessary to refer more particularly to these substantive
amendments. The meeting seemed unanimous in rapport-
ing the view taken by Lord Derby and his representative
council friends. There will therefore be no party tight at
the next stage of the seats measure, but in committee an
ingenious flank-charge may be expected, and the support
of the Adullsmites, it is said, ham been assured.

It is believed that no formal treaty has yet been
concluded between Prussia and Italy.

AUSTRIA.

VIENNA, MAT 12.

The warlike preparations of Austria still con-
tinue. Field-Marshal von Benedek is expected
here shortly. The necessity for the visa of pass-
ports ha s been extended to travellers within the
interior of Venetia.
Count Mensdortf has addressed a letter to Count
von Bismarck, congratulating him upon his escape
from the hand of the assassin.

THE QUESTION OF THE DUCHIES.

BERLIN, MAY 12.

The reply of Prussia to the Austrian note of the
26th inst. upon the question of the Duchies was
presented yesterday in Vienna to Count Mensdorff.
The settlement proposed by Austria is declined.
Prussia makes no other proposals, but intimates
that she may do so.

THE FEDERAL DIET.

FRANKFORT-ON-THE-MAINE, MAT 12.

At tho nest sitting of the Federal Diet a propo-
sition will be made, and is likely to be accepted,
that Federal military contingents should be sta-
tioned at certain points for the protection of
German States threatened by any member of the
Confederation.

PRUSSIA AND FEDERAL REFORM.
FRANKFORT-ON-THE-MAINE, MAY 12.
The first sitting of the committee of nine in
the Federal Diet was held yesterday.
The majority of the members will report in favour
of the principle of reform, but will demand that
Prussia shall make known the details of her pro-
posals, and particularly the electoral law for the
constitution of a German parliament.

HUNGARY.
PESTH, MAT 12.
Th► Emperor of Austria has declined to accede
to the zepresentationa made to him by the Saxon
inhabitants of Transylvania against the union of
that province with Hungary.
The discussions of the committee composed of
Hungarian and Croatian deputies for the union of
the two provinces continue, and promise a satisfac-
tory result.

PARLIAMENTARY BUSINESS FOR THE
ENSUING WEEK.

The following notices of motions and orders of
the day stand in the order-book of the House of Commons
for the ensuing week :
MONDAY, MAY 14.
ORDERS or THE DAY.
Redistribution of Seats Bill—second reading ; Represen-
tation of the People (Scotland) Bill—second reading ; Re-
presentation of the People (Ireland) Bill—second reading ;
Representation of the People Bill—committee (motions by
Mr. Bouverie, Mr. Kinglake, Mr. Martin, Mr. Grant, Mr.
Darby Griffith, Sir R. Knightley, Mr. Sandford, Sir W.
Hutt, Icc.) ; Supply—report ; Customs and Inland Revenue
Bill—second trading ; Crown Land' Bill—third reading ;
Supply--oommittee ; Ways and Means—committee
Tenure and Improvement of Land (Ireland) Bill—second
reading ; Merchant Shipping Act (1854) Amendment Bill
-second reading ; Railways Clauses Bill—committee,.
Waterworks Bill—committee ; Naval Savings Banks Bill
—committee ; Companies' Act (1862) Amendment Bill—
second reading ; Indian Prize Money Bill—second read-
ing ; Pier and Harbour Orders Confirmation Bill—second
reading ; Commons (Metropolis) Bill—second reading ;
Convicts' Property Bill—third reading ; Rateable Pro-
perty (Ireland) Bill—second reading ; Common Law Courts
(Ireland) Bill—second reading ; Court of Chancery (Ire-
land) Bill—adjourned debate on amendment on second
reading ; Fishery Piers and Harbours (Ireland) Bill
—committee ; Life Insurances (Ireland) ;
Landed Property Improvement (Ireland) Bill—third read-
ing ; Poor-law Officers Superannuation (Scotland) Bill—
committee ; Bfilicitor to the Treasury Bill—committee ;
Divorce and Matrimonial Causes Bill—third reading ; Sale
of Land by Auction Bill—second reading; Salmon Fisheries
(Scotland) Bill—second reading ; Railway Debentnres,&c.,
Regigny Bill—committee ; Grand Juries Presentment
(Ireland) Bill—third reading; Transubstantiation, &c.,
Declaration Abolition Bill—committee ; Common Law
Procedure Amendment Acts (Ireland) Bill--second read-
ing ; Poor Persons' Burial (Ireland) Bill—consideration of
Lords' amendments Hop Trade Bill—third reading.