The Express.
London, England, 1866-05-25 00:00:00

[STAMPED, Id. ADDITIONAL.]

to pay their proportion in the form of • tax most
easy to levy. But when it is found that all
Europe construes the measure passed by a mino-
rity of only four deputies, and against the will of
the Finance Minister, as a breach of faith, it cannot
but be abandoned.

There was a considerable improvement at the
Bourse. Rente rose 70c. for cash and 50c. for
account, closing at 64fr. 10c. and 63fr. 85c.
Italian rose 80c. ; Credit Fonder, 15fr. ; and-
Mobilier, llfr. 25c. ; Northern and Lyons rail-
ways were sfr. higher.

THE BANK OF FRANCE.
• PARIS, M& 24.

The Bank of France return for the week ending
to-day shows the following changes as compared
with the previous account :

Itraßassa.

Current accounts . . 29 1-10 millions.
Cann
Treasury balance .
Commerciid bills .
Advances . . .
Dscansss.
Notes -10 minions.

THE CITY PANIC.

(From the City Article of the Times.)
It appears that the authority to suspend the
Bank Charter Act has not allayed the panic. It oppor-
tunely produced a temporary diversion at a time when
the alarm was taking a specially dangerous direction, but
as regards the general financial circumstances of the
country the state of embarrassment at the present mo-
ment seems to have reached a much worse point. On the
day preceding the suspension of the act securities of all
kinds were still negotiable, although is a large number
of instances, only at a heavy sacrifice. But at
present there is scarcely a single form of security
in England, with the exception of Consols and first-
rate commercial bills, on which any sum of the
least importance could be raised. A fortnight back
if a solvent debtor pleaded for time it was open to his
creditor to refuse it, and to tell him that, however un-
pleasant it might be, he must sell his produce, his securi-
ties, or whatever he could make available, or at all events
borrow money upon them, no matter how onerous the
terms. To-day, ou the contrary, it is useless to use such
an argument. If a person is to sell, there must be some
one to boy, and for all practical purposes buyers have dis-
appeared. The condition thus produced may be con-
ceived if we glance at the total of those goods and securi-
ties which the ordinary public of England at all times
consider themselves entitled to look upon as avail-
able. Railway stocks and bonds alone represent over 400
millions, and the shares of old and legitimate companies
and the bonds of old foreign loans may be estimated at
400 millions more. Every holder of such securities has
always considered that in case of a disappointment in
business, or any unlooked-for call for money, be had some-
thing which he could sell or get an advance upon. All
attempts to utilise them for temporary purposes on any
material scale are now vain. When to this consideration we
add the fact that at least about 100 millionsof creditrecently
in active operation from the finance companies and spe-
culative banks has been suddenly extinguished, with
such completeness that not a shilling of tt would now
find currency, we can understand the trial that has fallen
upon us. Even this, however, is not all, for merchandise
and produce are to a considerable extent in the same
category with locked-up property. And the peculiarity is
that while the capital which is thus rendered
inert may be supposed to represent 1,000 mil-
lions sterling, the amount of credit required to
revive it would probably not be 10 or 20 millions.
Perhaps it may be assumed that not more than one per
cent. of the total invested property of the country changes
hands each day, and if that be the case, and every man
could feel certain, as in normal times, that he could have
as much as he wants, it would be found that the actual
call upon credit would be limited to 10 millions. Yet this,
it seems, cannot be put forth, and it consequently remains
to be seen to what straits the commerce of the United
Kingdom will have to be reduced and how far the evil
will proceed in interfering with tie employment of large
masses of the people. In the great crisis of 1826
the measure that restored confidence as if by magic
was simply the authority to advance three millions " upon
the deposit of goods, merchandise, and other securities,"
and according to the record of that time it was found that
the number of applications was altogether different
from what had been expected from the loudness and una-
nimity of the cries for relief. "In truth," itwaa observed,
" where the reigning misfortune is want of confidence,
such an expedient destroys in a great measure as soon as
it is taken the reasons which made it necessary to take it
at all." The recent suspension of the Charter Act was felt
by everyone at the time not to be the true remedy. To
issue notes representing gold, and which were liable to be
affected by the foreign demand for gold, was simply to
render the public a prey to fresh alarm from any Conti-
nental drain, and thus to 4ive a chronic character to the
previous anxiety, and this is precisely what is being wit-
nessed. An issue of interest-bearing credit notes at three
or six months could, on the contrary, have been made with
boldness, and the confidence thus restored would not have
been impaired by the distrust created by the nervous
anxiety with which all persons throughout the country
now watch the weekly Bank return and torment them-
selves with conjectures as to how far, and at what extraor-
dinary terms, the directors will dare even to dole out the
relief that is still scrupulously limited to unexception-
able trade bills.

(From the Herald.)
Desperate efforts are made to create alarm, and
it is alleged that some individuals indicate beforehand the
next class of shares to be attacked. It appears that so
persistent are the parties who encourage the downward
movement in working to accomplish their object that they
invent the most discreditable stories to create apprehen-
sion. The ruin that has been occasioned by the drop in
prices is positively awful, and the holders of many kinds of
stocks said shares have become seriously impoverished.

(From the Post.)
It is well known that the bearing of banking and
finance companies' shares on the Stock Exchange has had
much to do with the panic, and many of the Greek firms
are said to have largely profited by the fall in these secu-
rities owing to the fright with which the public has been
afflicted. Many of the respectable brokers now decline to
deal speculatively in these securities for their clients, and
it would be well if the determination could be generally
carried out.

THE EGYrristr ScocustoN.—The Levant Herald
of the 16th says :—" It is now understood that the prin-
cipal object of the Viceroy's visit to Constantinople is to
obtain the sanction of the Porte to • change in the order of
the viceregal succession in favour of his Asestablished by
the treaty of 1841, the Egyptian succession follows the same
kanottn law which regulates that to the Imperial throne,
and by this passes to the eldest surviving male descendant
of Mehemet Ali Fiche, instead of to the direct personal
heir of the Viceroy for the time being. In accordance with
this settlement Mustapha Feyzl Pache. the brother of Ismail
Pache, is the next heir, and after him comes, we believe,
his uncle Rehm Pacha. His highness offers, it is said, to
double the present tribute of 80,000 purses, and tenders—
Porte rumour adds—a further sum dawn, which would go
far to pay the coming July dividends. Our information is
that both his Majesty and • majority of the Divan are
favourable to the change, which would of course establish
• precedent of possible application elsewhere than in
Egypt. As the consent, however, of the other powers
who are equally parties to the settlement of 1841 is neces-
sary to give effect to that of the Porte, it would be prema-
ture to discuss the arguments for and against the change
till some expression of their views on the subject has been
given."
THE • FENIAN HEAD - CENTRE - GENERAL.
Stephens, the Fenian head-centre, was met on his arrival
in New York by a collection of Fenians, and by thousands
of Irishmen who were waiting anxiously for his arrival.
He proceeded from the wharf to the Metropolitan Hotel,
where he is to remain for the present. At midnight
Stephens was serenaded by the 69th Regiment of New
York State Militia, Colonel hehony. He spoke for about
ten minutes. He said he did not belong to any party, but
came there to unite all the Irish people, and he should
let no man be accused until
ex he was fairly
tried and found guilty. Party pressions had
been doing • greal deal of harm to the cause,
and he advised the sensible-minded Fenian' to refrain
from such a habit. He said he came there by invitation,
and should keep quiet fora time ; when the committee
now appointed to inquire into the matters of the Irish
republic had made their report, then he would have some-
thing to say. After expressing thanks for the serenade
and other demonstrations, he concluded his remarks by
saying the people of Ireland were prepared for • long
time,but they had been disappointed in not receiving
I supiort before this.

(TWOPENctE

PE4BODY 2118TIMONIAL.

Yesterday afternoon a public meeting of mess
chants and citizens of London, called by the Lord BOLO:
hinthallec7hEsion.nenclooftuna ;regthuile Rightion;Rwousn.htheeld at
Lo thean 4iPhicrotalaiin
The object for which the meeting was called, as stated is.
the requisition, was, to promote the erection of a stall*
in some
George pcoesnbszdicyneusterlot t:ltheietysisotituLzdzawgditi
towards this disagnished testimony of
merchant by this
citizens of London and the public at large, for his noble
act of more than prinvely munificence, by which he hfip
sought to relieve the wants of the poorer class residin#
ondon.
The meeting was well attended, and among the gentle.
men on the' platform were • Sir M. Montefiore, Alderman
Lawrence, M.P., Mr. Sheriff Figgins, Alderman Witerlow,
Alderman atone, Messrs. R. N. Fowler, C. Reid, J.
Finlay, T. B. Simpson, M. Grimslade, W. Webster, C.
Bully, W. B. Fitzwilliam, lirGeorge, Jones Lloyd, T.
Lintott, Russell Sturges, he.
The Loan IdAzon in opening the proceedings, stated
that he had great pleasure m complying with the requisi.
tion of his fellow-citizens, and a meeting upon •
subject of such universal interest as the consideration of hi
what way they could best recognise the benevolence of a
most generous benefactor.
Mr. Fowimi then proceeded to move the following reso-
lution :—" That, in testimony of the gratitude enter:
tamed by the citizens of London and the public at large to
George Peabody, Fag., for his magnificent benefaction of
250,000 i. for the benefit of the industrious poor of London,
a pnblie statue la his honour be erected in some eons*
owns spot in the City of London."
Sir M. Idowreriour seconded the resolution.

Mr. R. W. Mutate° expressed some doubt as to whether
the election of a statue was the best way of noognising
the noble services rendered by Mr. Peabody to the cause
of humanity. Ho suggested that subscriptions should be
limited to if., and that the money so raised should be
appropriated to the building of a Peabody Hospital, and
that statues of him should be placed in various parts of
that institution, so as constantly to remind Ithe poor of
their great benefactor.
The resolution was then put and carried unanimously.
Mr. Alderman LAWRENCE then moved the following :
" That for the purpose of promoting the above object a
subscription be opened, that the preliminary committee be
appointed the committee, with power to add to their
number, and that the Right Hon. the Lord Mayor be
requested to act as treasurer to the fund."
Mr. RUBRELL STUMM, of the firm of Baring and Co.,
seconded the resolution, which was also carried unani-
mously.
Mr. Alderman WATERLOW moved a vote of thanks to the
Lord Mayor. . . .

Mr. Sheriff FIGGINB seoonded the resolution.
Mr. B. FILLINGIIAX, a working carpenter, said that he
believed be spoke the feelings of the working men and the
poor in London, when he said that they were most anxious,
by means of a penny subscription, to raise an asylum foe
destitute Americans to take refuge in when they came to
this country and fell into distress, instead of their being
obliged to have recourse, as they had had, to the union
workhouses and casual wards. He believed that every
poor man and woman in the country would cheerfully sub-
scribe their penny, and that even the children would gladly
forego the penny they would spend in sweets for such • pur-
pose. Such • building would be • lasting mark of the
gratitude of the working people towards Mr. Peabody.
(Cheers.)
The motion was carried by acclamation.
The LORD MAYOR having expressed the pleasure which
it gave him to preside at the meeting, said that the
suggestions which had been made evidently proceedni
from large beartedness. He was particularly pleased to
listen to the remarks of Mr. Fillingham, who evidently
spoke on behalf of the chum of which he was • representa-
tive, and he could only say that he should be happy to be
the treasurer of • penny subscription raised for such a pur-
pose. (Hear, hear.)
The proceedings then terminated.

THE VICTORIA INSTITUTE.

The first general meeting of the members and
associates of the Victoria Institute, or Philosophical Society
of Great Britain, was held yesterday, at i 2, Sackville-
street. A report was read that the society was formed in
June, 1865, "for the purpose of defending revealed truth
from unwarranted attacks made upon it in the name of
science." The members and associates numbered 192, and
the balance sheet showed 3921. in favour of the society.
This report having been adopted unanimously, the Rev.
W. Mitchell, of Queen's College, Cambridge, and for-
merly lecturer on natural philosophy at the medical
school of St. Bartholomew'. Hospital, Vice-president
of the Institute, delivered an inaugural address.
He observed at the outset that it could not be denied
that the opinion that science and revelation were
directly opposed to each other was spreading with fearful
rapidity, and that the confession of the Saturday Berkey
—" If say new proposition conies with the authority of an
established professor of the science, we accept it with the
confidence with which a Roman catholic might take the
decision of the infallible church "—was a fair expression of
the practioe of most of our non-scientific countrymen, and
also of those who were mere dilettanti cultivators of science.
The dictum of scientific men of a certain position, that
science and Scripture were irreconcileable, was, therefore,
at once received. But the foundation of the Victoria In-
stitute was in itself a caution to the unscientific world to
pause in the acceptance of such propositions without care-
ful investigation. The reverend gentleman, after defend-
ing the formation of the Victoria Institute, observed
that the supposed opposition between science and
revelation might be divided into two great divisions—an
opposition of principles, and an opposition of facts. He
then passed in review the theories of Darwin, Huxley,
Tyndall, Buchner, and others, expressing his belief that,
so far as they were ,inconsistent with Scripture, they had
no scientific basis. A hearty vote of thanks was given to
Mr. Mitchell for his valuable and exhaustive paper.
A public dinner took place in the evening, at Willis's
Rooms, the Earl of Sitarreancity in the chair. The noble
earl proposed the preliminary Masts, and General Lawrence
responded in behalf of the army, and Atlinird Halsted for
the navy. The toast of " The Progress of Christianity at
Home and Abroad" was given by Mr. W. BPArthur, and
acknowledged at great length by the Rev. Dr. Irons and
the Rev. Dr. Boyce. The noble Chairman gave the toast
of the evening, " Prosperity to the Victoria Institute,"
and said, under God's blessing, there could be very little
doubt of the prosperity of the institute, if they were to
have a series of papers such as that read in the afternoon
by Mr. Mitchell. He did not hesitate to say that
the institute would then be provided with such an
armoury of every kind, containing weapons both for
attack and defence, as would leave them and the great
truths of Christianity unharmed in any day of trouble,
rebuke, or blasphemy. (Cheers.) This toast was acknow-
ledged by Mr. A. M'Arthur, who pointed out the uses of
the society, argued in favour of its establishment, narrated
its history, expressed a hope that the in.,titute would
never be conducted in hostility to any other existing
literary or scientific society, and stated that one of the
objects of the society was to translate scientific works in
the light of Christianity. Captain Fishbourne, R.N., also
returned thanks, congratulating the members upon their
auspicious opening meeting. Mr. Fowler pm
Lord Shaftesbury's health, and the noble ear in
response said the purposes sought to be accom-
plished by the institute were of signal value to
all who were engaged in non-scientific pursuits.
The society would be of great assistance to all who had not
the means of ready access to the answers and replies given
to the deleterious nonsense published in all parts of the
kingdom, and at every period of the year ; and it would
fill a gap which it was of the highest importance to fill.
Men of science, principle, and intelligence would watch the
various publications as they came out, some conceived in
malignity, some in ignorance, and some in mistaken no-
tions that they were adding to the general science of man-
kind, and they would point out where mistakes
arose, put facts in their true light, and at anyrate
enable people to pause before they pronounced a
judgment upon the alleged discovery of anything that
seemed opposed to the Divine word. The mental activity
of the day was so great that men were constantly endea-
vouring to find out something new, and non-professional
men bad hardly time to look around them. So great was
the impatience for novelty that when men fancied they
had discovered something new they dressed it up into an
Armstrong or Whitworth gun, and aimed it against Divine
truth. It was the duty of the institute to ascertain what
were facts, what ought to be at once rejected, and what
ought to be put into quarantine for a time until the truth
were discovered. Above all, the society must watch against
such a dishonest wed scientific statements as had appeared
in several works of celebrity ; they must criticise science,
even as they allowed the Bible to be criticised. Science
after all was as open to criticism as anything else ; it was
in a perpetual state of development ; that which was& fact
to-day was not a fact to-n.orrow. What was wanted was
a free trade in science. Let this society be • refuge for
all the Cassandra* of science—of those men who were
never believed although they always spoke the truth. He
could not help saying that revealed religion had sometimes
suffered as much from its defenders as its foes. Often
when Christian men heard of • bone, or a flint, or the tail
of a jackdaw being picked up on the sea shore, they were
so nervously sensitive that they tried to distort re-
velation to meet the facts of the discovery. It
might turn out that the bone was not a bone,
nor the flint a flint, but the reflection remained that
revelation was twisted about to meet every new dis-
covery, and that science was the great thing to which
religion was to be pressed. He hoped nothing would
induce the members of the institute to depart from their
; I belief in the plain, simple, and dignified truths of Holy
; Writ. (Loud cheers.)
Other toasts were given.