The Express.
London, England, 1861-10-14 00:00:00

THE EXPRESS,

cent settlement on the Paris Bourse, a single
own/ .1.../.a..•,., or stockbroker, delivered to ve-
nom, clients a total of between 1,000,000/. and
1,:,00,000/. sterling of stock of this Loan. This will
give some notion of the extent to which it has been
absorbed in France. As the instalments fall due,
they will probably be transmitted from France to
Italy in gold. There are many other transactions'
of a sinister kind still outstanding, and contributing
Ito swell the balance against the former country.
For instance, a call of 2/. has just been announced
; on the shares in the Lombardo- Venetian and South
Austrian Railway Company ; and though this may
see 111 a small matter, the call represents an aggre
gate of no less than a million and a half sterling,
much of which must be provide(' by France, where
the shares are largely held. The dividend just
declared by the company forms only a partial
set-off against this heavy draught. It may be
added that sufficient importance has hardly been
attached to the effect of the paralysis of the Ame-
rican trade in aggravating the pressure upon
France at the present difficult juncture. The
goods which France exports to America, being
chiefly of a luxurious character, are precisely
those which the latter country, herself in distress,
can most easily dispense with, while the reverse is
the case with the commodities which America has
to sell. France can no longer dispose of her pro.
ductions in America, yet is obliged to take corn to
• large amount. The exceedingly one-sided cha-
racter thus given to her American trade is operat-
ing strongly upon the exchanges, and has, we MlS-
pect, much to do with the recent fall in the New
York sterliug exchange to 107}. Payment,
fur a good deal of the corn bought in
America on French account will be arranged
through the medium of England. It
will be nothing anomalous if, owing to the defi-
ciency in the French harvest, in conjunction with
the operations entered into by the Bank of France,
the exchange at New York on London goes still
lower, and gold is shipped again from Liverpool
In enumerating the causes of the drain upon
Franco we ought not entirely to omit the stimulus
which, front the commencement of the present
month, has been given to the import+ of British
goods into that country under the new treaty.
The influx will be checked (as observed in • former
article) by the bad harvest, and by the financial
anxieties of the time, but the general effect is to
I call upon France to make increased payments
at • moment when she is much straitened.
The immediate result of these circumstances is
seen in the decline of no less than 34 millions
sterling which has occurred in the specie and
bullion in the Bank of France during the last
month, and in the exceptional arrangements just
effected, whereby that establishment obtains •
credit of 2,000,0001. on London. It is very well
to rail against this step, to denounce it as a mere
palliative, and to argue that the French Govern-
ment and Bank would do better to let the
rate of interest run up to the point
at which capital would be attracted and an effec-
tual remedy applied. Similar advice has been
given to our Government upon occasions when
the Bank Charter Act has come near suspension,
end when disinterested capitalists and their advo-
cates have clamoured that the law should be
strictly enforced, and the rate of money allowed
to go to twenty-five or fifty per cent., if necessary.
The system under which crises are encountered in
France has, it must be confessed, more elasticity
about it. It is not framed, as ours is, in a cast-
iron mould. The rate of discount is raised by easy
stages, and every expedient is resorted to in order to
keep the public mind calm, and to obviate dis-
turbance in trade. It must be owned that pallia-
tives are not out of place, when they do not
occupy too important a rank in • general scheme
of relief. Viewing the recent measures of the
Bank of France from the French point of view,
it will be admitted that they are rather cleverly
framed. Many yearn ago, when the French har-
vest was • failure, and there was • great drain of
gold to Russia, the Bank of France obtained •
large credit on St. Petersburg by mortgaging •
portion of their government securities. A
similar measure of relief has been devised
upon the present occasion. As France has bought
corn largely in England, and is otherwise indebted
to ua, she escapes her liability for the time,
through the National Bank obtaining a credit of
2,000,0001. in London. It is very well to argue,
and quite true, that the difficulty is only postponed ;
but in a crisis delay is of itself • gain. Should
the drain upon the Bank of France continue, we
shall hope to see the management, in spite of the
known repugnance of the Government to the mea-
sure, raise the rate of discount further. Provided
• policy of a sound and conservative order is ad-
hered to in the main, it may very possibly be found
that what we are pleased to call palliatives, and
questionable expedients, may facilitate the passage
of the country through a period of exceptional
trial. Meanwhile, it is necessary for us to watch
very narrowly the financial movements in France,
for they are sure to affect us closely. In the teeth
of all experience, the argument continues to be
urged, that unless we owe money to France we
cannot be made to pay her anything, or be ir•
volved in any of her embarrassments. It seem.
to be forgotten that she can make it worth our
while to lend her enough to help her through her
difficulty. This is precisely what she is doing
now, has done on former occasions, and will do
again, if need be. Should the pressure continue
in France, it will certainly have an effect upon our
money market. The consolatory feature is, that
our own resources are superabundant.

INTERNATIONAL EXHIBITION, 1862.—1 t is under-
stood that the menial arrangements for the opening of the
Exhibition, on the Ist at May next, are as follows :—Four
new works will be given, each by a different composer, re-
presenting the most sansital actions in Europe. Id. Meyer.
beer will represent Oermsuty ; M. Anber, Ricans ; Rime
Verdi, Rely; and Professor Sterndale Bennett, England.
It is said that the words for the English composition will be
tarnished by the Poet Laureate. These works will be er.
ended with aU the means neceeeary to give them the
greatest possible effect.

An offer has been made by a poetic Frenchman
to arrange the whole of the catalogue of the International
Exhibition of 1862 in rhyme. He thinks that in this style
it will be mash more attractive to the general reader. The
air has beim declined with drake, but the poet conceives
himself an injured man, sad, in • subsequent communica-
tion, has endeavoured to Won the commiseioners to roma-
elder their decision, sad, like sensible and practical men of
brims, to disregard the prosaic tons, and hare a catalogue
dzee is poetry.

In addition to the names which we (Obsereer)'
pOlished last week of the noblemen and gentlemen com-
paring the suite of the Earl of Clarendon at the coronation
of the King of Prussia, we bare now to add that of the Earl
of Dudley, who will be present in the same official capacity.
Mr. Henry Knight, whose IlalllU has been so
familiar to the noblemen and gentlemen of Etoo College for
the last half century, first in the household of the late Dr.
K este, and subsequently as the boat of the " Chris-
topher," died at his residence at Eton, on the 4th instant,
in the 81st year of his age.
At a committee meeting held on Friday in the
Edinburgh Vouncibehanabers, the Lord Provost primed*,
the proposal that the volunteers should line the Queen's
Park, carrying lighted torches, on the °ceasing al the
gesea's departure for the South on Wedoesday evening,
was terminably entertained, and will probably be carried
out, although the matter is not yet fully determined.

LATEST INTELLIGENCE.

AMERICA.

The British and North American Royal Mail
steamship Europa, Anderson commander, arrived
at Liverpool yesterday, about noon, with advice"
from Beaton to the 2nd, and Halifax to the 3rd
instant. She brought eighty passengers. The
Europa was intercepted off Cape Race on the sth,
and received telegram..
On the night of the Dith it wax discovered that
' the Confederates hail retired from Muuson's Hill.
It is stated that General litl`Clellan never had a
t bought that such a retreat WWI cuuteuiplatod, anddid
not know that it had taken place until several hours
after the last Confederate pickets had strolled away ;
and, as it appear., not until the main force had been
gone for two days. Early on the 29th the pickets
from General Smith's division advanced, and mem-
pied Fella Church. The works of the enemy at
the pleas" they had evacuated were in a military
view almost worthies'', being nothing more than
rifle-pits of very common construction. The peel-
time, at Munson'', and Murray's Hills afforded the
Confederates an unobstructed view of all the forti-
fications and ether defences. The appearance of
the ground deserted by them indicated that they
wore deficient in those arrangements which serve
to make a camp life comfortable, having no tents,
but merely shelters rudely constructed. There
were no signs to show that they ever mounted any
guns. What bad appeared from the Federal line
to he guns turned out to bo pointed logs of
wood, and a stove pipe. The advance of General
Smith on Falls Church from the chain-
bridge was accompanied by events of the most de-
plorable character. Having primed Vauderwerkeu's
and Vanderberg's homes on their way to the former
place, and when about half-a-mile from it, by
some unaccountable blunder Colonel Owen's (Irish)
Philadelphia Regiment, in the darkness of the night,
mistaking for rebels Captain Mutt's battery, which
was in the advance, sustained by General Baker's
California Regiment, Baxter's Philadelphia &tierce,
and Colonel Friedman's Cavalry, fired a full volley
into the troops last mentioned, killing and wound-
ing a large number. The California regimeut, not
knowing whence the firing came, returned it with
marked effect. The horses attached to Mutt's bat-
tery became unmanageable, and the tongues of
the caissons were broken owing to the nar-
rowness of the road. Lieutenant Bryant, having
connuaud of the first section, ordered the guns to
be loaded with grape and canister, and soon had
them iu range to take the supposed enemy, when
word was sent to him that he was in the company
of friends. All was excitement, and a long time
elapsed before the actual condition of affairs was
ascertained and confidence ro-established. At Great
Falls, on the 30th, the Confederates showed a front
of a battery of six pieces of artillery, supported by
a few companies of infantry. The artillery threw
a few shuts across the river at the Federals with-
out effect. General M'Call sent an addition of
two companies to resist the enemy iu case they
attempted a passage of the river, no response
being made. The rebels then appeared with
eight regiments of infantry to support their
artillery. General M'Csll then despatched two
guns and a column of infantry to the scene
of action. On the appearance of this force
the Confederates dispersed, about one half
of their force going up the river and the remainder
going down. The Federal pickets were extended
two miles beyond Mason's Hill, which is situated
nearly two miles west of Bailey's Cross Roads, and
the picket form was pushed west from Alexandria
on the line of the Orange Railroad as far as Esdell's
Hill, eight miles distant, the Coufederates retiring
before the Federals as they advanced. A company
also marched down as far as Mount Vernon, and
mixed on the estate of John A. Washington
(recently killed in Virginia) eight hundred bushels
of wheet, five hundred bushels of oats, and seventy-
five barrels of fish—all of which were couveyed to
Alexandria. A similar success attended the expedition
to Edsall's Hill Gen. Franklin's lines extended from
the southernmost limit to Mason's Hill. A portion Of
Gen. Rich ardaon's command occupied Munson's, and
General McDowell's lines extended from Perkins'
Hill to Falls Church. The Confederates were
throwing up new earthworks on a position com-
manding Falls Church, and about a mile and a half
distant. Up to the Ist, the Confederate troops
occupied thelower end of the village of Falls Church
on the line of the railroad. Lewisville was unoc-
cupied by either of the belligerents. The Federal
pickets extended out to Langley from Chain-bridge.
The Confederate encampment near Springville had
been abandoned, and their troops were not visible.
The Confederate line, it is stated, extended from
Occoquau and Manassas to Fairfax Court-house,
amasses evidently being their basis of operations.
The inhabitants near Munson's Hill state that the
Confederates when there were poorly clad and fed.

Onr miscellaneous advice* mention that Captain
Coppinger, an English officer, late in the Papal
service, had been animism:tuned captain in the
volunteer service, ou the recommendation of the
Pope.

Dr. Magill, of Washington county, Maryland,
had been sent to Fort Henry a prisoner. A tlftt of
thirteen schooners left Fortress Munroe on the
29th for Hatteras Inlet. The Federal' had thrown
up batteries at the mouth of the Mississippi and
re-lighted the lighthouses. The blockade of Peu-
stool& was rigidly enforced. A powerful Federal
squadron was blockading Freestone Point and
Occoquan Creek, and a number of stouneni were
near Again Creek. A Federal boat expedition, on
the 14th, destroyed the Confederate steamer Lade
Davie (or Judith) in Pensacola harbour. The
Federal' lost three men killed and fifteen
wounded.

There had been no firing from the Confederates
on the Potomac slow the 2Gth.

The Cherokees had agreed to join the Confede-
rates ou the condition that their regular annuities
should be paid. The Creeks have raised 1,000 men
for service in the Confederate army, and the Che-
rokees have formed a home guard of 1,200 strong.
A number of volunteers are said to have left
Hamilton, Canada, on the 30th, to join Colonel
Rankin's regiment of Lancers in Detroit. It is re-
ported that a bounty was paid at Toronto, and also
fare provided by railway to Detroit.

.
From Missouri, under date Sept. 30, we learn
that General Fremont was actively engaged in or-
ganiaiug for the approaching engagement. In-
creasing interest was felt in the approaching battle,
as it was supposed it would decide the fate of
Missouri. General Price's pickets (Confederate)
extended from Lexington to within eight
miles of George-town. The main body of
General Price's force was still at Lexington.
The number of troops wider his command was
reported at 35,000, and additions were expected
from Hardee of 8,000 to 9,000, and from McCulloch
of 10,000, making a total force of about 54,000.
Ten thousand troops were said to have crossed the
river at Lexington on the 20th with an intention of
attacking General Lane. The seal and records of