The Express.
London, England, 1856-02-20 00:00:00

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LONDON, WEDNESDAY, FEBRUARY 20.

We are surprised to perceive in several quarters
a disposition to take an unfavourable view of the
state of the national finances. All the details that
have yet transpired relative to this important sub-
ject appear to be of a peculiarly satisfactory cha-
racter. On the 6th inst. we recapitulated the results
presented by a parliamentary paper just published,
which professed to give a general view of the public
income and expenditure for the whole of 1665. Ao-
cording to this statement, Government entered upon
the present year with abalanos in band of 3,688,6001.
They retained, in addition, authority to issue Ember
qaer Bills to the extent of 3,500,0001. There was
nothing at all diecoareglng in this position of the Ex-
chequer. On the contrary, bearing in mind the
assurances put forward in ministerial quarters, that
arrears of liabilities are not permitted to accu-
mulate, we consider that the ease and regularity
with which the requirements of the war have
hitherto been met, are most encouraging. At
the commencement of the new year, however, the
pecuniary claims upon Government were heavy. The
dividends alone represented au aggregate of some six
or seven millions, to meet which the Cflaxceeun of
the Exenecieut was compelled to apply to the Bank
of England to an extent beyond the usual quarterly
advances. Au the revenue payments flowed in, Sir
G. C. Lewis has been enabled daring the last few
weeks to repay to the Bank the bulk of these tem-
porary loans. But, finding his means still rather,
straitened, be has decided upon raising 5,000,0001. in
Console, and upon reducing, by mew of a funding of
3,000,0004., the unusually heavy amount of floating
debt now outstanding. By these and other messures
he calculates that the root of the Examen Bills
afloat will be prevented from declining to a dimmest.
In this simple statement of fasts these is smaredly
so feature of a disquieting character. No one
sus doubt fora moment that the (Sty capitalists will
en Friday next gin a substantial respoess to the
. . . _

Cassenl.ox's appeal for fresh funds. Nor do we
missile in the policy of the attempt which is now
being made to produce an unsettled feeling is the
mossy market by Mysterious warnings as to the
ftture requiremesta of Goverment. No doubt Sir
0. C. Linns will want soother Ina this year
whether we have peace or war. The only pledge be
can give is that no fresh loss "ball be raised until
this 6,000,0001. be paid up—i. e., until after the 24th
April. The prawn operatic. is merely a temporary
arrangesseut, pending the dellberadone of the Paris
Coatrooms. If peace be made, the further am
required by way of loss will paddy be very
small, sad will be raised am terms man more
favourahle to the satin then those sow obtainable.
Os the other hand, if the aorta of diplomatists .to
obtain Ressies ameent to a satisfactory peace prove
abortive, the natio* will have the consolation
of knowing that the interval has bees usefully sm.
played in preparation, and that the army and
lest will eater upon the mew campaign in
a Mate of noptecedeuted efficiesay. That the
Cellist in sown@ relax the exertions necessary
for the attainment of this allaissay is all that the
nantry will snot from the... Many preens, pos.
eddy sot ameated by entirely disisterested motives,
express disappointment at the limited mount of
the loam& operation now eautemplated. But
the judicious and unbiassed declare that Miair
ter* are perfectly right in acting thus. Had
they eons forward sow for a heavy loss, based
upon the assumption that the war will continue
throughout the year, they would have laid themselves
epos to severe censure. The mossy market would
have bees materially aed—se the result of the Coa-
lmen's may, perhaps, show seedlemly de-
ranged. Were the raisin of a great war lout
immediately followed by the moclusion of
pease, Bir 0. C. Lawn, though well pro-
vided with funds, would not be equally well
provided with an answer to a tucks in Parliament
Financial Reformers would have good reason to blame
him he a wanks waste of the animal amass. In
the *vest of pesos being shortly cascaded, sad the
mistime war hunks it is to be hoped
that the military and naval expediter" of 1866
will be considerably lees than that ef 1866, and that
as sash sum as as additional einem million loss
will be needed. There will be so Sebastopol to
beings, swallowing up day by day thous's& of
ponds' worth of shot and shell. Far be It from is
to attempt to evade a recognition of tits farther
heavy eapeaditere whisk this Reselaa war, eves
if it ewe this spring, will yet entail epos
se. The satin has at so time Maned barn
the berthas, and is perfectly prepared to presents
the mated with even greater vigour if our sets's-
nee prove still rebsotory. Bat whilst strongly ap-
proviag of the determinant' of Oeveransest to omit
so measured hostile preparation, we see se seesesity
for the circulation et exaggerated estimates of oar
fleaseial liabilities. The credit and ressurese of the
sentry are =impaired j and City capitalist' are
ready to raise fends far the pat& 'orris,
to any extent, the @sly qmsdatt bola; that
of forum Should the present premed of
peace prove a men absolving view, and should a
farther great loan become nosseery, Government
may rut amend that it will be Raised with alacrity,
sod at prices that would astonish inancien of the
olden 'noel. The fast is, the anion leas yet seemly
nenises of its own finausial strength, sad of the,
immense snout of available wealth which has aces-
malted during the forty years' pens A Chancellor
of the Exchequer used sot apprehend diflicalty in
raising loan of any 'magnitude when he witness*
the remarkable avidity with which the aresied public
bee 'bullied all the stork hitherto °rested.

AT length the great Port Nicholas, with its 192
pas, in three tiers, whisk guarded the southern side
of Sebastopol herbage., has been gtterly destroyed
by our Allies. The town proper of Sebastopol
hes been completely dessolighed—mareely one steno
is sew left epos soother; nor de we despair,
of seeing the hope lees night expressed by Lord
Hemmen reelhed--the destructio• of the snakes
fleet. No doubt, whatever merged. gallaatry
gad 'sieges ma perform will he performed by
the men usage Bit EDMUND LYONS. It is always
dilleak rightly to estimate the vales of a
great achievement. The lose labour and the
terrible eserilless which have attended oar
Crimean °coquets reader the attempt to esti-
mate their vales peculiarly dilleult. But this at
least we know. Coleus the ablest Russian statesmen
have all ludicrously miscalculated, Sebastopol was the

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