The Express.
London, England, 1857-05-02 00:00:00

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n•TICALIZIT.
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MIIIIIINT.
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HIGH WATIA AT LONDON DREDGI.
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To.was.—Nusra NIL On.— MlNsus,lllli.

LONDON, SATURDAY, MAY 2.

Int leng-looked-for revision of the Statutes of the
Bank of France proves to be nothing more than a
thinly disguised loan to the State. The privilege is
extended to forty years from the prcbcnt date, and
the capital, instead of 3,640,0004, is to be 7,640,0001.
This additional 4,000,0001. is to be raised by four
quarterly instalments, and lent to the State on the
isicarity of Three per Cent. Rcntes, the proceeds
Wag employed in taking up a portion of the

tasting debt. We apprehend, however, that it is

not that portion which is in the hands of the public
which will be selected for extinction, and it is,
therefore, nothing more than a somewhat round-
about way of funding, and of borrowing the
Iraq of one public establishment to pay off
dait contracted with another. The only
kmaisaksbe Abet will probably be that, while the
oringinn is in programs, a temporary stringency will
orealed bon time money market. But the State has
afs infrainind dint, in addition to the above, the
Bonk aim aim it 3,200,0001., if required, on
Teamey blob t **amount now standing to the
sblit of tbs Stets in the Bank accounts (2,200,0001.)
Wag biehdled is that stun. This debt was to be
paid et by annual instalments of 200,0001. ; but
UMW the new arrangement there appears to be no
;stipulation of that kind, nor can the interest upon
it rinsed 4 per cent. The increase of capital is cer-
amist, an additional guarantee to the holders of Bank
Mimeo notes, but unfortunately the security
L of an utterly inconvertible character. The
position of the Bank as one of discount
and issue is no Iris improved, nor are
its resource* isonsed, except so far as
Its metallie 11/1/1•1/ 11, be augmented by that

portion of the new capital which may be paid in
specie. The two most interesting questions, the
solution of which hal been long looked for, are com-
pletely (nodes s.mensely, the making Bank notes
a legal tasagompalially for payments to the State i
nod the fth Bank to adjust its rate of
ilmentort Is a fixed maximum, but
essaillse to the ouniat value of money in the
folthet.

But it is one of the Napoleonic ideas to which the
present ruler of France seems to cling with mar-
vellous pertinacity, that a Oorernment can not only
regulate the price of food, but also that of loanable
capital. The resuscitated dynasty has learned
nothing, and forgotten nothing, as regards the
luancial blunders of the first Empire; he the
iisaasl failure of the -attempt to msintain
the breed of the Parisians at a " plenty* pies,
seems to be lost upon Loris NAPOLEOn. MA,
there is • Yule class of men in France who bail it
r part of their creed that in Er.sed the esker
of Baum is is its infancy, owl Ile IMP re Vein le
the dark ors of credit. TWIN& tii” She tsar
sots, in its character of a reestpt bibs. on ea
anomaly in the nineteenth century, mai aninnis
that the true basis of national prosprily is le he
sought its a return to the system of Law and of the
assignor. An extensive "shin plaster" eireddhe
is is their eyes a preen for mortary airs tai
they wait for the drat et a credit millemalem.
whys ties herb of the Cease Coggin et Pillard, le
the Wart reposed the Aeon mad Thorsen Ben.
way, shell he valid * the dloshorgii of a tame
at Vienna or he the parson et Gnowhooos dyes
at AzetargeL To tang sea of the Credit Mobilier
near of fiance, the preseat mode of solving the
Bank onsetion is a sore disappointment. In their
eyes it was the first duty of the Government to dip
the Bonn into • fountain of youth, and to permit
or compel (the words are almost interchangeable
nowadays in France) the Bank to lead the bur
millirem of new capital. on shares and bonds. A nwee
impure would hays born given to speculation. rid
prices would hays rieso—until the lucky hikes of
stack had blown the bladder to the brealike
The remedy for the inevitable conger roil
mum notes issued on the security of are hems nil
shares, and so on until it came to—oprio Mb b
Mop.
Wow it is quits intelligible how these gentry, with
nab warns of finance as they hold, should utter, week
disc week, in the public prints of Paris their ogee

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