The Express.
London, England, 1866-09-18 00:00:00

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I and. G. SAMPSON, Tailors and Outfitters,
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Summer ats its to 11e.stable for all times

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'itinteBROTITERS. —Retablithal A.D. 1810

CUELESTSof SILVER PLATE for theCOLONIES,

1 CUTLERY and SILVER PLATE' for
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BROTHERgy 223, RBGENT-
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ONE of the institutions of London is EVANS'S.
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Ehe erpreligi.

TO 001tRESPONDMITS.
flareetbenneots Intended for ..The Myles'," London Wombs
Paw, mon be at the Ottlos, 10, Notiveriestreek b Two
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lIIINC3IIIBII.
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BRITANNIA.

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HIGH WATER AT LONDON BRIDGE.
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LONDON, TUESDAY, SEPTEMBER 18.

THE resolution of the Emperor Nsroxsox to
recall the French army from Mexico, although it
was foreseen that that step must entail the downfall
of the Empire in which he had so largely staked
his credit, is often quoted as an evidence of his
high political courage. No other absolute ruler in
Europe it is said, could afford so directly to confess
a great mistake. There is a point, however, at
which even the EXPEUOIeB courage fails. Fe can
brave the attacks of the parliamentary opposition
sr -I the caustic reflections of the press, but be

_ .
fears the n4u-spoken opinion of the homely and
ri-Long people -ho have backed his enterprise
with their me iey. A receut official repcli
that there are three hundred thousand French ir-
vestorsinblexicanloans. These unfortunate specula-
tors are, for the moat part, persons of limi;:ed means,
not gifted with a superfluity of intell!gence, bat
very sensitive where their pockets are concerned.
Under the Empire this class has participated to a
greater extent than ever it did before in
the financial operations by which the public debt

of France has been increased. When it was re-

solved to Bet Up MAXIMILIAN as Emperor of

Mexico the semi-official French press announced
that this was peculiarly a personal enterprise of
the Chief of the State. His insight had discerned
the opportunity, his wisdom planned the scheme,
his sympathies, power, and prestige were pledged
to secure its success. These considerations had

immense weight when the loans necessary to the
eatablisluuent of the Empire were offered to the
acceptance of the public, and the small French in-

- .
vectors gave their money freely. Short as is the
period which has since elapsed, alarm has succeeded
to hope, and 'the time has come for considering

how the fears of Mexican bondholders are to be

tranquillised. These unlucky investors have lately.
seen the signs of the downfall of the Mexican
Empire rapidly multiplied, and it is natural for
them to apprehend that when it disappears
their securities will be worthless. The fact,

we fear, is undeniable. To meet this case
the French Government has just published a
Convention, signed in July last at the city of

Mexico, by which the Mexican Government
assigns to it ono half of the receipts of

all the maritime customs in the Empire WO
security fur payment of the interest and
principal of the loans contracted in 1864 and
1865, and for the payment of interest, at the
rate of 3 per cent., on all sums due by Mexico to
the French Treasury. And, inasmuch as the
export duties of the Custom-house on the Pacific
coast are already pledged to the extent of three-
fourths, the asaignment now made in UN our of the
French is with respect to them limited to 25 per
cent. Those of our French contemporaries who
are at liberty to exercise their intelligence on th'•
■ingular Convention, have nothing to say to it
as a moans of drawing money from Mexico,
but a great deal as to its tendencies to draw
money and soldiers from France to that country.
The clause which most fixes their attention is
that which provides that the collection of duties
shall be performed at Vera Cruz by special agents
placed under the protection of the French flag.
This article, designed to give confidence to the
bondholders, tills our contemporaries with alaru'.
Some of them are asking, since the flag is to pro-
tect the agents, who is to protect the flag 4 And
in this question they see the root of interminable
difficulties. Even with a French army in Mexico
the Emperor MAXIMILIAN cannot hold Tampico,
and how can he do it when that army has left'?
His successor will not only want the poser but
the will to execute the Convention. Nobody
imagines that the next Mexican Government is
likely to let foreign agents take away funds
which it finds indispensable to its own main-
tenance. It is perceived in France that
the execution of the project is impos-
sible, and the EMPEROR is advised to
acquiesce in the loss already incurred, because any
other course will only increase it. " What," asks
the Opinion Nationale, "do we hope for now
" from the expedition ? Nothing, is the answer.
" Let us, then, while taking away our soldiers, not
" leave our custom-house officers, and, above all,
" not our flag. It is praiseworthy, no doubt, in
" the Government to wish to protect the interests
" of French bondholders, but the mode in which
"it is proposed to do it is radically vicious. We
" would far rather at once write off our claim on
" Mexico to profit and loss. If the Government
" thinks itself bound to the creditors, let it esti-
" mate the value of their claims and make the
" State pay them. But to leave in Mexico a `tail'
" of the primitive expedition is to compromise us
" for the next twenty years, and to involve France
" in ten times the expenses she has now incurred.
" Let us have done with it. There is safety,
" wisdom, prudence, and, we will add, economy."
And the Libertf acknowledges that "to hope
" that any succeeding Government will ratify the
" Convention of July 30, and live without a
" Budget, is a dangerous chimera." All this is,
no doubt, as clear to the EMPEROR RS it is to our
' contemporaries ; only while they are at liberty to
think exclusively of the interests of France, and
advise accordingly, he has to think how much loss
of confidence and popularity it will be safe for him
to encounter at once. This Convention is
doubtless a mere temporary expedient, and