The Express.
London, England, 1866-05-09 00:00:00

JOHN BROODEN.

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ORIGINAL GOLD CHAIN MANUFACTORY,
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JOHNBROGDILH'S 18-carat GOLD CHAINS.
GOLD GUARD CHAINS.
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JOHN BROODER'S GOLD BROOCH CHAINS.
CIVERCOATB FOR THE RACES
lIJF and coming season are kept on band, and other irticko
of aentkonen.v
uro'a Drees made to ouvrtera.
TAI
icrill,alo4ollllll

T O-a
URTLE, TURTLE, TURTLE.
Mar TI and InvaDd IMMIX SOUPS shwa ready.
ST. JAILIEVUALL. ILNOINVITANILT, PLOW: Y.
WA. DONALD, Propeteton.

MO WEST-END DINERS. —The WELLING-
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Dinveom on tin lint floor. The subscription COMM are now
open. Terme, twelve months, Ai Ile. months. Si
Apply to D. Cameron, 4s, St Jasseesotreet.

L_
ONDON must have a SUPPER and MUSIC
ROOM for Gentlemea—Remember. we waft for you at
EVANS'," after the Covent Garden Opera and the Theatres.

gite el:PreOfi•

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HAYMAILRET.
THUD EVINIII% A ROMANTIC ATTACH/11NT. Messrs
and W. Farms ; Kis AdeCaveadish.—TT,
and TRS FAVOR/TS
OnO TTU Mears Bookitose,Chi Bothers ;
um ArlupervNßisle, the. —And A DAUGHTER TO MARRY.

PRINCLMTS.
Tins Emma, A LUCKY MT.—after which TILE STRICKIS
OF
ierILONDON. Mews. Vining, T. Mead, 11 Murray, Shore, and
; Mrs. IL Marston, sad Xhosa Z. Barnett ruad K. Rodgers.

LICETIL
TWA Evrfnia, A DAY Arm. THEn WEDDING. eems.
Roraima. Paapetriek, and Clifford : d. HOMIIIIIW, am—And
HAMLET. lieerza. Pechter, Emery, Addison, Widdioomb, Veda,
Jordan, Fitzpatrick, dm. Yeadamea Matronly and C. Leclercq.

BRITANNIA.
Tars avintnio, THE LAST APPEAL..—The &hare Emily.
—THE HURON CHIEF. Yr. lama Anderson.—To oon.
elude wild TILE DIRK KING OF THE BLACK MOUNTAINS.
Wee Clara St. Came, Mra B. Lame, and Hader E. Sanders.

HIGH-WATER AT LONDON-BRIDGE.
TIM M
DAT —Morning, gh. Mm Aftertloon, ga.
To-MmisMD—orning, M. 4 Mammon, Igh. MEL

LONDON, WEDNESDAY, MA Y 9.

Tisza can be no doubt that the speech of the
Emperor of the Faawcn at Auxerre has, not to
speak irreverently, the twang of the true Napoleonic
vocabulary. The " true genius of France" means
of course the true genius of the Emma ; and for
our own poor part, we have certainly not waited
until now to discover that the irne genius of the

Empire is not particularly favourable to liberty or
peace. Neither can we affect aatoniahment or
dismay at a NAPOLEON'S " detestation " of the
treaties of 1815. It would be somewhat more
surprising, perhaps, if the heir of the sovereign
whom those treaties dethroned, and whose family
those treaties sentenced to perpetual exclusion
from the throne of France, could speak of them in
terms of admiration or cordiality. A sentence of
dethronement and perpetual proscription is not
easily forgotten by the heir of the dethroned, who
was himself proscribed, though it may
be contemptuously forgiven by the man
who has lived to reverse it. But then the
judicious alarmists tremblingly ask, " Why talk
" about these Treaties at all? Is it not enough
"to reign and rule in defiance of them V' To this
objection we can find but one answer. The hero
of a great name has his own policy, not
yours. Personal and military government has
its exigencies ; a Napoleonic Empire has its tradi-
tions and its necessities. Those who are now the
loudest in denouncing the Emperor of the FRENCH
as a disturber, and the ruinous uncertainty of his
intentions, were also amongthe loudest in acclaiming
the destruction of public liberty in France, and have
been the blindest devotees or the most wilfuldupesof
a system of government which they now impa-
tiently and unreasonably condemn. Is it conceivable
that they accepted the Second Empire, but not
with its engagements t Those who have honoured
this journal with their confidence have not to learn
now for the first time the inexorable logic of
modern Ctesarism ; of personal, irresponsible
military government ; of a resurrectionary tradi-
tion of glory and conquest. How can we pretend
to sympathise with the worshippers of such a go-
verninent, who, after fifteen years' experience
of its profits and advantages, are now
suddenly awakened to its risks and perils
It may be that the Emperor NAPOLEON feels that
he has come to a crisis in his career ; that he must
choose between liberty at home and glory abroad ;
that the moment ham arrived when it is absolutely
indispensable to his dynastic interests to find or
create a powerful diversion to a public opinion daily
more restless and exacting ; that his army is sick of
barracks and camps, and ashamed of Mexican
expeditions ; that the gratitude of corrupted cities
is exhausted, and even the devotion of rustic igno-
rance:growing cold. It is possible that the Second
Empire is entering upon its second epoch, that the
programme of the Prisoner of Ham is about to be
republished, and the map of Europe to be re-
modelled. If the worshippers of Imperialism, who
are now ready to burn the idol they adored the other
day, and who once adored as the consummation
of human wisdom a system of government we
were atigmaised as revolutionists for detest-
ing, will take the trouble to look through
the first and the last chapters of the
second volume of the " History of Julius
" Cresar," their extraordinary shrewdness and
sagacity will, perhaps, find a key to the
speech at Auxerre which will save them some
future shocks of surprise, and from ministering
by their rabid fear to that contempt for mankind
on which Imperialism reposes.

The rise in the Bank rate of discount seems to
have excited a feeling of surprise.in most quarters,
yet had been foreseen by many observers. It
did not escape notice, and was duly recorded in
these columns, that on Thursday last, when the
Bank rate was raised from 6 to 7 per cent., the
reserve was nearly two millions leis than that
held on the last occasion (the 28th December)
when a similar movement was made. Moreover,
comparing the reserve, as last officially stated,
with that held on the 15th of March, when a re-
duction from 7 to 6 per cent. took place, the fall-
ing off is no less than 3,168,1731. It is, therefore,
mainly to the deficiency of reserve, as developed
under the Act of 1844, that the present advance
in the value of money is due. The bullion current
presents no features of a distinctly adverse charac-
ter, and the demand at the Bank discount-office yes-
terday was not exceptionally heavy, but the fact is
that the reserve has been reduced to a point below
whichthe directors do not consider themselves justi-
fied in allowing it to sink without applying strong
measures of correction. The rising tendency of the
value of money on the Continent, the absence of
recovery in the exchanges, and the undiminished

desire shown by Continental capi
securities to this country for wise
doubtless contributed to y the
more especially as at the mom t
tainty prevails with regard to the extent of the
damage that may be inflicted upon the financial
companies by the monetary dam 11, however,
the drain which the Bank directors are combating
is less active ,than ib boa beenon similar occasions
within easy recollection, the probability becomes
the greater of a cure being soon effected. Al two
points of some importance, it is satisfactory to re-
mark that the demand for silver for India has en-
tirely ceased, and that the inquiry for gold for ex-
port to the Continent has already slackened, thus
inducing a pry:l6l*ot tkat the Bank will receive a
good portion of the gold now awaiting disposal.
It has already been remarked that the extraor-
dinary, and indeed unprecedented fall, which has
been going on for weeks past in public securities, is
largely owing to the heavy sales which have been
pressed here by capitalists on the continent,
who have been quick to discover that this is
virtually the only market in Europe in which
they can obtain the requisite supplies of ready
money. In explanation of these sales it
must be borne in mind that the existing
crisis in foreign affairs embraces a far wider scope
than we have been accustomed to for a long series
of years. All Germany, as well as Italy, and,
probably, France, are directly involved in the
anticipated conflict, and, considering the hundreds
of millions of securities held in those countries,
surprise cannot be felt at the sudden pressure of
sales here. The consequence is a fine opportunity
for such of the English monied public as are not
disposed to have dust thrown into their eyes by
the efforts of the panic-mongers, and who are alive
to the tempting nature of the investments now
offered to them. So far as regards the panic in the
shares of the finance companies, it appears to
be chiefly attributable to the uncertainty felt by
the public as to the nature and extent of
their commitments, and as to the amount of the
calls that may be needed to enable them to tide
over the crisis. The pressing question as regards
these companies is, what is the amount of their
immediate liabilities to the general public, includ-
ing depositors, &c., as distinguished from those to
their shareholders. By this test the financial com-
panies must stand or fall. And though there can
be no doubt that at the present moment the diffi-
culties of these concerns have the moat important
bearing upon the general financial situation, it does
not necessarily follow that, because one or two of
them have made mistakes, they are all to forfeit
their position. With respect to these as to other
securities, the present is a time when investors are
called upon in an especial degree to exercise dis-
crimination.