The Express.
London, England, 1860-12-03 00:00:00

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LONDON, MONDAY, DEC. 3.

Noevrtram•smso the experience gained in the
year 1857, it has been the fashion latterly to
speak lightly of the probable effect upon our
market of the political and financial convul-
sion in America, of which we now are wit-
nesses. The movements at present witneseed
are sufficiently important to hawses us with •
jueter perception of the intimate relation which has
been established between one mercantile commu-
nity and another by the ramifications of modern

commerce. It is very instructive to trace the com-
mercial effects of the 'session agitation in the
United States. The delicate system of credit has
been instantly dislocated. One of the most pro-
minent ems of credit is to adjust immediate be-
tween distant points by • mere paper ac-
knowledgment which precludes the necessity
of transmiltieg either specie or any other form of
currency. A great blow having been struck at
public confidence by the threatened disruption of
the Amesis n confederacy, the whole bill-market
is thrown out of joint, holders of money hesitate
to part with it, the rates of discount have
advanced considerably, and specie is largely'
absorbed as a medium of remittance in lieu of the
far more economical medium ordinarily furnished
by balls of exchange. This being the position of
affairs as between the Northern and the Southern
States, to say nothing of the Western, it quickly
becomes the position as between the
United States and lumps. The natural
effect of the excessive stringency in the
Americas mope), market is to &tired specie
to its relief from this country. Saturday'. steamer
from Liverpool for New York, accordingly, took
108,6001. in gokl, and more is expected to fobs,.
There are several considerations which promote
this drain. In the first place, as already men-
tioned, at periods of uncertainty sod 'term, our
elaborate machinery of paper interchanges is very
apt to slip away from us, and to fling us bark
upon the snore primitive plan of discharging our
debts in hard cash. At these periods no trader
wishes to put his name to • single bit of paper
more than is absolutely necessary, for, in the first
place, the free circulation and convertibility of thel
instrument are materially impaired, and, in the
neat place, he may find himself reeposaiible for
other people's liabilities. mos apish booms in
this country, seeing the storm in Asiatics.
may think it very friendly to amis. t their Amnion.

connexions with remittineen la ills peceberfp
acceptable form of gold. The segoinent has been
used that, as houses which are segeged in exchange
tra•sactions will reckon it hanudous to send out
gold unites the exchange falls so much further as
to promise • considerably increased margin of pro-
fit, we need not fear that any remittances
of importance will be made at present.
But this view is corrected by the very
fact that gold is now being shipped,
and that it is sent not as an subsets
operation. We have seen reference made to
the experience of 1857, when gold which was
sent to America was returned in the same boxes,
which had not even been opened. But if the
temporary possession of a specie remittance
strengthened the position and consolidated the
credit of houses in America, who can say that the
operation did not fulfil its object I Again, specie
may be sent as the best medium of paying for
securities or produce, which are excessively de-
preciated in the United States. At a time of
general confusion and slum, it is easy to perceive
the advantage possessed by the buyer who steps,
cash in hand, into • group of eager because woes-
aitous sellers. For example, our City article bee
drawn attention to the fact that Illinois Centre/
Railway share% which are quoted here about
60 dots. per share, were parchaseable at New
York, when the steamer Atlantic left, at a price
equal to 35, or even less, showing • difference of
16 per cent. A time of panic is a time to
buy, if you have money, not to sell ; and the
greater the panic the greater the chance of picking
up bargains. Nor must we overlook the rather
remarkable statistics of the trade of the port of
New York for the fur* ten month' of the present
year, which show, compared with last year, an in-
citing. of 6,100,0001. sterling in the erports, •
decrees. of 2,000,0001. in the imports, and a de-
crease of 3,660,0001. in the exports of specie.
The balance would appear to be still largely in
favour of America.

We do not wish to endorse any exagger►ted ap-
prehensions respecting the probable flow of gold
to the United States, since it is not to be doubted
for a moment that a subsidence of the political
agitation would be quickly followed by a revival
of confidence in commercial channels ; bet the few
considerations which we have thrown together wal
show that the specie shipmate new oesnmeneed
do not possess the hezardoue ohmmeter which has
been attributed to them. They awe sagacity
and providence, not a speculation upon the turn
of the exchange.
The accounts of the state of trade in the mane•
factoring districts cautious to report great general
steadiness. There are, however, symptoms of
diminished activity in several branches. Some
effect has been produced by the uncertainty of the
money market ; and business in connexion with
America has naturally been checked by the dis-
quieting character of the advises from that quarter.
At Birmingham. and Wolverhampton business in
the hardware Wades has decidedly fallen off. The
iron trade remains heavy, and complaints of dul-
ness motions to be received from the lace and
some other departments. The cotton maw:trac-
t4l.4lg interest, however, continues to display great I