The Express.
London, England, 1866-06-25 00:00:00

JOHN BROGUES'S GOLD CHAINS by troy
weight, at realisable value, and the worknsanikip at
wholesale manufacturers' prices. The gold in the chains gua-
ranteed, and repurchased at the price charged.
" Here's the note,
How much your chain weighs to the utmost carat,
The fineness of the gold, and charge for fulgoa"
sanurautz.
widen.

lisondiebery, 16, MI

TrUICTL
_a.l, TURTLE, TIIRTI.4X.
clear, This and Invalid TURTLE SOPS always_
TAREIERRALL 1110INTETRILET.0 reedy.
WM. DONALD. PloPrietc.r.

brONDON mad have a SUPPER and MUSIC
ROOM Geatiowea —Remember, we wait for yen at
• ANC" alter the Covent Garden Opera and the Theatres

/Me OrPrefso.

To CORRESPONDENTS.
Advorlisemeate intruded for The Itproaa," Loadoa Nrealag
auwa be at the ogles, W, toartaiwatreet, by Two
jaVic ea the day of publhation.

HAYMARKET.
TRIM ErisTeo, THE rAvoarrs OP PORTEN! Mears.
lesekstose, Chippeatisle, and Bothers; Mrs. Olilossisgsk. to
--LORD DUNDREARY MARRIED AND DONE YOR. Mr.
Maim &c.—And MU OUT OR WATER. Me. Compton.

- _
CRUM.
TEM Evintioa, DOCTOR DAVY. Mr. 11. Veen.
THE
CORSICAN BROTHERS. Marra Pechter, Slam% Jordan,
Yeda, Witkikumb, Enspataiek, Qc ; Meadows Lorena, Hen
redo, and Ternan.—And UP LN THE WORLD. Mr. Widdicomb.
-

BRITANNIA.
TEM EVENNo, THE DEVIL'S PUNCHBOWL—lfiklarne
Barasden and Frank Williams. —Joe Lund.—BELNIEGOR,
THE MOUNTEBAAnK. N
BETT Mine Clara
IN kirk & ; Hasler
Z. Sudan, &e.—d Y BOLAE.

BUM WATER AT LONDON BRIDGE.
lIITO DAT —Morning, Oh. !to Afternoon, Oh. rm.
TO-110thow—Morning, Oh. 40wAfternoos, Ih. 12m.

LONDON, MONDAY, JUNE 25.

THE distrust, doubt, and suspense caused by
the late panic have been protracted for another
week. Again the Directors of the Bank of Eng-
land have refused to give that relief to commerce
which is more than compatible with the safety of
the institution they represent, by reducing the
rate of discount from the needlessly usurious
point of 10 per cent. It can hardly be supposed
that, unless for some very strong reason, a course
would be persisted in that is condemned by the
experience of the whole commercial world, and
by every independent financial authority of the
day. It is impossible, however, to discover any
adequate grounds fur the present action of the
Bank. The more the policy of the Directors is
oonidesed, the leas is it justifiable. What is the
duty of a national institution, enjoying exceptional
privileges, and supported by the credit of the
richest country in the world, in times of difficulty
and pressure Clearly to afford freely that aid
to commerce which it has been especially em-
powered to give. Yet ever since the cul-
mination of the panic in the failure of the
great company of OVEKEND, GURNEY, and Co.,
the Directors of the Bank have apparently striven
to perpetuate the mischief. The Government
letter ensured their safety, no matter what might
happen. Considering the manner in which this
concession has been used, it is almost to be re-
gretted that it was ever granted at all. Un-
luckily, we have fallen upon evil times, when the
financial affairs of the nation, as far as the
management of the Bank is concerned, have passed
into feeble and incompetent hands. It has not
always been so, as the records of 1825, 18:.d,
1847, and I 8,"i7 readily prove. The misfortune
is great that a crisis exceeding in severity any that
has been experienced for forty years should have
found us in this respect worse prepared than on
every previous occasion.

It Is the subject of general remark, that
the Bank is taking advantage of the exist-
ing pressure upon trade and of its own safe
position to exact profits from the mercantile com-
munity, which it could not otherwise hope to
obtain. The necessity of the nation is the oppor-
tunity of the Bank. It is impossible to conceive a
greater reproach to the Directors than this by nu
means unwarranted inference is certain to convey.
Apart from the loss the nation is now experiencing, and
the often insurmountable difficulties brought home
to houses of the first standing, it is no light matter
that the management of the Bank of England
should be conducted on the same sort of principle
as that ordinarily followed by a third-rate money-
lender with a needy client. Within the last week
a firm of perfect solvency has been obliged to s',:op
payment because mythic) to obtain ordinary accom-
modation. lf other instances do not occur, which
may certainly be feared, it is undeniable that the
artificial pressure caused by the present policy of
the Bank is leading to heavy losses through the
unnecessary sacri:ice of securities. Granted that
under existing circumstances the greater part of the
discountbusitiessof the country is driven to the Bank,
and that a relaxation would break down itatemporary
monopoly, this questionable device of making the
most of a season of national difficulty is not one of
which honourable men can feel proud. Surely the
directors must know that unless the miserable ex-
cuse be admitted of their desiring to make the
largest profit possible for the corporation of which
they are themselves members, the conduct of the
Bank since the crisis has been pretty nigh inde-
fensible. The question has not been one of re-
stricting speculation, but of alleviating universal,
though, perhaps, temporary distress. There is
no doubt that the unnecessary maintenance of the
Bank rate at 10 per cent. has been the chief blow
to the revival of confidence, and has caused the
deepest dissatisfaction among all classes of traders,
without any exception.
If, however, the Directors of the Bank of
England have erred, they do not stand alone.
The Committee of the Stock Exchange have per-
sued an equally timid and vacillating policy.
The leading members of their body desired to
their honour to put a stop to the scandalous
operations which have contributed to break
down some of our banks and financial insti-
tutions, and thereby to involve the ruin of
thousands of innocent proprietors. The Committee
have adopted the old course of first refusing to
do anything, then of reconsidering the matter, and
lastly of making regulations which will be of
no practical value. They have simply reduced
the time for the delivery of b..nk or other shares
which may be sold speculatively, or tarmifide, from
ten days to seven. What protection does this
half measure give to the public, and when will
the Committee of the Stock Exchange realise the
fact that their legislation should be directed, not to
suit the convenience and profit of their own mem-
bers, but to save the interests of the general com-
munity, upon whom their very existence depends!
It is vain to plead good intentions. The public
will discriminate more and more in this time
of suspicion reasonably induced by con-
startly recurring frauds. They will naturally
not believe that the Stock Exchange executive is
acting justly so long as they even appear to shield
their own members at the expense of those outside
the circle. Beyond all this remains the graver
fault, that the legislators of this body are permitted
to be personally interested in the questions brought
before them for judgment. On the other hand, •
great mistake prevails among public writers on the
subject of depreciating values, or, in other words,
"speculation for the fall." The Stock Exchange,
in this respect, suffers from much unmerited ob-
loquy. Virtually, it is the mart where all the