The Express.
London, England, 1866-07-30 00:00:00

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dishearten the most reaolullVo
I
FIILD, who first took' ho -itlhe en%Ws s.
as a practical work, and who has stood firmly
by it to the present moment, must be assigned
the first place, where so many are meritorious.
When Mr. Puma first undertook to organise a com-
pany of capitalists, he did so as one who was
prepared to go into the project with the for-
tune which he had acquired among his neigh-
bours as a merchant. His example, his un-
bounded faith, and his nnceaaing devotion and
energy, which led him to cross the Atlantic
thirty-two times on the affairs of this tele-
graphite line, would have deserved to be held in
admiration, even if they had not been rewarded
with success. He was the soul of the enterprise,
even at times when some doubted whether its life
had not departed. If there is any one well en-
titled to share the credit with him it is Mr. GLAss,
of the Telegraph Construction Company, who
joined the enterprise at a later stage, and who has
directed the arrangements under which this new
line has been laid down. Mr. GLoss's
organising capacity, decision, and promptitude emi-
nently fitted him for such a work, gave unity to
the plans, and inspired all concerned in executing
them with the confidence that conduces so much to
success. The names of others, worthy to be asso-
ciated with these, will have to be mentioned when
the time conies for making up the roll of honour.
The lustre of the enterprise is sufficient to reach
all who were connected with it, and we trust it
may be increased by the continuance of the cable
as a line linking two great communities together
in bonds of friendship.

THE directors of the Bank of England appear
still a prey to the timidity which has so long
afflicted them. At the same tins* the managers of
the Bank of France have no such misgivings, and
have reduced their rate of discount to 3t per cent.,
while our Bank still enforces 10. The financial posi-
tion of the two countries, as it now stands, pre-
sents a greater anomaly than has ever been expe-
rienced. A difference of two per cent. between
the respective rates of discount was at one time
considered extreme, yet for two months past it has
been as much as six, and this week is 6i. It is
not impossible, viewing the large accumulation of
bullion in Paris, that a further reduCtion may take
place there to three per cent., while the utmost
that seems to be expected from our own bank is a
cautious and hesitating decline from 10 per cent.
to nine. Outside the Bank parlour there are not
two opinions as to the consequences of the fatal
timidity that has characterised the policy of the
directors during and after the crisis. The most
singular point appears to be that they are unable
to perceive the futility of the precautionary mea-
sures they maintain. It will only be necessary to
cite the effect of 10 per cent. on the bullion move-
ment at the Bank of England, compared with four
per cent. in Paris. On the 9th May and 26th
July of the present year the amounts held by the
two banks were as follows :

HANK OP !NOLAND.

9th May
2tith July

Increase ..

9th Msy
26th July

BASIC or lIIIUJICIL

Z 13,156,140
13,716,829

2560,689

X 0,800,000
27,580,000

Increase

26,780,000

These figures are too conclusive to require much
comment. Ten per cent. has added to the Bank I
of England stock little more than half a million, f•
while four per cent. has brought to the Bank of
France over six millions and three quarters. We I
commend this facttothedefenders of the proposition
that " money finds its level like water."
It is to be hoped that the present Government
will not attempt to refuse that inquiry into the
causes of the late crisis and the whole working of
our monetary system which is now so urgently
demanded. The question may in the usual parlia-
mentary form be put off, but it must be enter-
tained sooner or later. In the meantime a con-
tinuance of the present pressure will only entail
so much additional loss as may cause the greater
difficulty in the settlement of a matter essential to
the progress of our commerce. It is difficult to
understand from what quarter opposition can fairly
come. The late Government constructively con-
demned the Act of 1844 by the issue of their
letter on the 11th May ; the present Ministry have
virtually approved the policy of their predecessors.
It is most advisable that the inquiry should take
place, and at once, since in the interests of trade
further suspense will become intolerable.

OUR CONTEMPORARIES.

(THIS DAY.)

TEN REFORM MEETINGS TO-NIGHT.
Before the meeting at the Agricultural Hall as-
sembles tonight, the Times begs the leases to oonsider what
they are prepared to denounce. What complaint can they
have on the subject of reform? It occupied the session to
the exclusion of almost every other topic, and the nature of
the opposition was such as to excite hope for the future
rather than dissatisfaction, and as to the parks question,
putting it at the lowest and leaving out of the question
the legal view of the case, about which no lawyer whose
name hes been mentioned feels any hesitation, there can
be no doubt that the vast majority would keep the parks
for the simple purposes of amusement and recreation.
To say that there was any wantonness or cruelty on the
part of the police is simply incredible, or surely the mob
would not have allowed the rails to lie where they fell.
Let the Council be just to others as they would have others
just to them, and not dishonour their cause by accusations
which are senseless if made in good faith, and disgraceful
if merely adopted to serve a purpose.
The Post wonders why Lord Russell and Mr. Gladstone
are not advertised to be present to-night, and contends
that they are in a certain sense compromised by the re-
Oconee they have observed. The Post hopes to lease
before the seed= is concluded that the seals of the Home
°Sloe have been confided to other hands than those of Mr.
Walpole. He is no doubt a most amiable man, a person
who could jog along under the easiest circumstances with
• sort of gentlemanlike credit ; but the events of the past
week have proved that he is totally unable to faro a diffi-
culty or to represent authority with even a pretence of firm-
ness.
The Pod seems to think that the " roughs " are going
to the park again, and mentions it as another grievance
against Mr. Walpole, that though the military may be
called out the mob knows that they are not to fire. As
matters are now proceeding, the lowest classes are learn-
ing to put an undue estimate on their strength, and if they
are not at once undeoeived they will have to be taught a
painful lesson.
The Herold also deems it important that Lord Russell
and Mr. Gladstone should at once give their opinion on
the subject of the late tumultuous and unlawful demon-
etrotions. Why have they not spoken out ? Why have
they left it to be thought that Lord Granville, Sir George
Grey, and Mr. Cowper were speaking only for themselves
and not for their party? Why do they stand thus
separate and =lent ? Is it that the too powerful influence
of one imperious demagogue controls them ? Is it that
they are gagged from Birmingham?
The Tdegraph says that the existing administration is
already the most unpopular government that has existed
since Castkreagh`s—detested by the east-end of London,
laughed at by the westsnd, and only saved from prompt
dismissal by the accident of the holidays.

TiII MIXISTICL

Adverting to the danger of future complications the
Time observes that the poor of Nikoleburg, like that of