The Express.
London, England, 1857-06-27 00:00:00

. .
up and remitted to the Ocatiaent in exchange, a very
active demand for somummodstion is induced in all

pretty picture ; but we are allied epee to imirlirr
realities, not to me cm moue The ileet all
essential point in the pea is do treeing of the re-
quired emigrstios, and there the ahem will les Mad
wholly and entirely to break dews.
Except in the English and perhaps in the French
settlements on the West Coast of Arrive, the labour
of the coast is all more or lee Slave labser. Not
the cruel, demoralising, brutal labour of the asionies
of Christian states ; not slavery directed to on, sole
selfish purpose—the production of a single article of
large foreign demand ; but a slavery suited to the
condition and status of African society, where the
slave and the master live on terms of comparative
equality, ars of kindred tastes, habits, intelligeout
&adore occupied in the same 11TOCIIii01111. SIAM,
of this kind's in short the form of labour in Western
Africa, and although it is different in nearly
every other quality and consequence from Asia
Slavery, it has this common feature, that the SIM is
valuable to his master. Now such beteg the &se-
dition of labour in Western Africa, whence is this
free emigration to come from ?
When Mr. Bruise, of Trinidad, ten at twelve
years ago, first proposed that our West Indian
Colonies should obtain supplies of labour from West
Africa, that able man did not shirk this difficulty.
He boldly advocated that these bondsmen should be
purchased in Africa, and he justified the punchiee
there by contending that it would confer freedom on
the Africans in the West Indies. Does the deputa-
tion which lately waited on Lord Psnuesurros
adopt this suggestion of Mr. Buaene—does it pro-
pose to buy negroes in Africa in order that it may
release them in Jamaica? Let us understand what
the proposition really means and involves. Their
great advocate tells us that while " raw Africans"
are worth 1301. a-piece in Cabs, they can be had for
71. 10s. a-bead on the coast. There has then, It
would seem, been some calculation as to prior. But
if a single dollar has to be paid for emigrants on the
coast, what becomes of free emigration ?
Consider, too, where it is that the Marseilles
house seeks to thlfil its contract with the French
Government. It is at Whydah. Why, Whydah is
the port whence the King of Deuoue used to ex-
port his slaves; it was one of the greatest slave
ports on the coast ; it was a place defiled with
iniquity. 'rho old machinery is of course in the
asighbourhomt,do old spirit hovers about the place.
The Om of aggress may have fallen, but not se
I kw SS 111 lea to the free emigration el a isle
seem
Consider, too, the state generally of the West
amt. Its trade is increasing with a rapidity
deed unparalleled. Not so much in the settle.
meets of European powers, as in the old limb cl the
Stave Trade. The price of the great Afrisem eyed,
palm-oil, has risen almost es much as do yam
at sugar. The ton, which a few years back was
lordly worth 301., is now in demand at 401. 0.
these high prices the negro is prospering, is big
stimulated to greater industry at home. A larger
field is gradually opening for his labour in Africa
itself. Already the commerce of West Africa with
this country alone is worth 2,000,0001. a year ; and
its trade with the United States is also growing into
great importance.
It is this growing trade which has tended far
more then cruisers or treaties to repress the Slave
Trade ; before it the exportation of human beings in
gradually ceasing. And not one of the least /IF
midable objections to the present West Indies p►
position is that it would place in jeopardy this ad-
neatly beneficial commerce which is doing so Mei
for Western Africa. To our view the pumpaillsa
only a new phase of that West Indian wifithanas
which formerly restricted the use of saw in
England to keep up its price, and which would now
attempt to disturb Africa to augment its supply.

eg 1!. gold troporbed t■ bought

the leading markets, ter without foamy et seams
not an ounce of silver mid be trued freer its
present depository. Indeed, in oar °phase, this state
of things tarnishes the principal else ea the activity
of the current demand for money. limay pinces

are perplexed at remarking that althongl; issue-
tion in the Bank rate of discount usually
brings forward many eager lenders of money,
who are afraid of 0 losing their market," and
although there are symptoms of a lees active
state of trade in the manufacturing districts, and
in other channels, yet the demand for money at
the reduced rates now established seems almost as
urgent as ever. The activity of the trade in bullion
goes far to account for this feature; and there is
strong ground for believing that so long as the
silver drain continues thus severe, the tendency to-
wards lower rates of discount mutt be kept in check.
And here arises the question—how far will the dis-
astrous news just received from India tend to stimu-
late the efflux of silver?

It is evident that the belief in a permanent reduc-
tion of the rate of discount below 6 per cent. is
gaining ground, but wo would point out that
the realisation of the hope of a permanently
easier money market must be contingent upon
the securing of a good harvest, the praseects
of which are at present unusually promising. To
overrate the importance of this point is scarcely pas-
sible, for it is not too much to 'ay that upon the malt
of the harvest mainly depends general prosperity or
privation, a high rate of discount or a moderate one.
Should the earnest aspirations of the flatten
in this respect be realised, it will require
a serious combination of adverse Miami=
to maintain the valve of money at the exceptionally
high point witnessed of late. Should both the
harvest prove abundant, and the drain of silver lo
the East be mitigated, it is reasonable to infer that
the money market will be materially affected. It
follows from these considerations that the public

must narrowly watch the commercial features of the
day, if they wish to arrive at a reliable idea
of what the future may bring forth. Thv must
watch the monetary &deices from the East, for
a falling off in the demand for silver would
be productive of an immediate and most favourable
effect. They must watch the progress of the
European crop of silk, as its result will greatly affect
the price of that article, and proportionately deter-
mine the extent of the remittances of silver for the
purchase of Chinese produce. The harvest must
continue a matter of paramount interest, not only
here but throughout the Continent and in the United
States, for were we blessed with abundance,
and oar neighbours attlicted with scarcity, the
prices of the necessaries of life here would
not be regulated so much by our plenty as
by their necessities. it is also requisite to keep a
vigilant eye upon the movements of joint stock spe-
culation here, and more especially on the Conti-
nent. If Europe undertake more public works
than she can readily execute, the consequence—
disturbance of the money market—is inevitable;
but more particularly, if one or two members of the
family of European stater—say England and
France—undertake to construct within a dis-
proportionately limited period an inordinately
large number of public works, whether rail-
ways, docks, or mine', or enter into any
other engagements leading to an undue diver-
sion of capital to foreign parts, especial inconve-
nience must ensue. From this brief glance it will
be obvious that several events yet in the womb of the
future must result happily, and several unfavourable
features now in existence must be materially alle-
viated, before we can look for • permanently sexy
money market. Indeed, having in view the impor-
tance of the demands, especially those of foreign
origin, which thre►ten to come upon the market
in the event of its assuming an easier appearance,
cheap money seems a luxury not to be reasonably
expected for a long time to come.

DualNo a period of more than six months the
Bank of England minimum rate of discount has
varied only from 61 to 6 per cent. During the last two
months and a half the higher rate has been current,
bat on Thursday, the 18th inst., a reduction to 6 per
amt. took place. In all mercantile circles discussions
are now going on as to the probability of a further
decline; and the opinions expressed vary con-
siderably. Now, all recent experience illustrates in
the strongest manner the folly of attempting to
peophesy respecting the future of the Money
Market. The calculations of the most sober and
clear-headed authorities have of late been repeatedly
overthrown by a series of unexpected circumstances ;
and men who used to have the reputation of
reading" the market with peculiar accuracy, now
candidly coulees that extreme caution in forming con-
dogma is the chief result to which they have as yet
attained. We disclaim any attempt to step in where
so many men of practical judgment are afraid of com-
mitting themselves. Still. however, there are certain
general deductions strongly borne out by the facts
now witnessed, and a consideration of these may
afford some guidance.
That the resources of the Bank of England are

YESTERDAY Hyde-park witnessed probably the
last ceremony designed to do honour to the soldiers
of the Crimea. This closing scene of the great war

was worthy of the exploits it commemorated and the
valourit rewarded. Though we sympathise with those
unfortunate enthusiasts who, starting at seven o'clock,
reached the ground at half-past seven, and stood
broiling upon the blank boards from that hour till
twelve, and though we think that some provision
might easily have been made in order to provide
seats for the ladies and children who crowded into
llyde-park, still no one who was present will regret
that he sacrificed yesterday morning to witness such
a spectacle. The weather, though the heat was
somewhat oppressive, was magnificent. There
was something grand in the vast open space of
green sward encircled with the 10,000 spectators in
their various costumes who filled the wooden plat-
forms ; nor was the picturesque effect diminished

• -
by the princely houses of Parit-lane crowded to the
roofs with anxious and eager tenants. It is need-
less to describe the effect of the long line—composed

rapidly increasing is evident upon the face of the
returns: the reserve of notes has now reached
6,107,8061., and the stock of coin and bullion,
11,172,8621. Owing to the position of the exchanges,
and to the diminished bullion requirements of the
Continent, there is also a prospect that the Bank
will receive a considerable portion of the gold im-
ported, from week to week, from Australia and
America. The Bank of France has likewise ac-
quired a large accession of bullion, and has thus
been enabled to reduce the premium on gold by
one-third. As yet, we have not heard of any
very serious inconvenience having resulted to
the institution from this step; although when it
ventured upon a similar measure in Alt:it last, it was
soon subjected to a serious drain. It may be reason-
ably inferred that, with every wish to promote the
views of the Government, the Council would not
have adopted their more recent resolution, reducing
the rate for commercial bills from 0 to 61 per cent.,
unless there were a fair prospect of an easier state of
things. AU these frets tend to encourage a belief
that the value of money will decline further, as was
the case at the corresponding period of last year.
The chief adverse feature at present in operation
ton the money market is undoubtedly the unpre-
'Anted proportions attained by the drain of silver
W the East. It must not be forgotten that this class
se commercial business result* in profits probably
superior to those presented in most other branches of
trade, and that its prosecution consequently involves
a satisfactory addition to the general wealth of the
nation. Even leaving out of question the stimulus
which will probably be given to trade by the accu-
mulation and diffusion of silver in India and
other commercial regions of the East, it is by
no means improbable that Great Britain may be
deriving as good a profit from her trade in silver
with the East as if she were engaged in similarly
extensive transactions is any other article of com-
merce. But that this trade has a powerful tendency
to keep up the value of money at home is undeni-
able, as any one may perceive by watching the ope-
rations of the parties who have brought the business
into its present organised state. As the silver which
Is collected in immense muses in various

of cavalry, infantry, and sailors—which stretched
across the spacious enclosure ; whilst in front of
the main line were ranged the 62 men who were
about to be decorated by the hands of the
Clyne's, and for whom, in fact, the spectacle had
been arranged. There wu something singu-
larly touching and magnificent when the guns
having announced the QUEEN'S approach, the royal
cortege advanced. The splendid uniforms—the
superb horses—and the QUEEN herself, on a roan
charger, with a scarlet jacket, her small round hat
and feathers—supported on the right by Prince

ALBERT and on the left by her future son-in-law,
FREDERICK WILLIAM of Prussia, impressed the spec-
tators with a mingled feeling of national greatness
and domestic happiness, with which it was impos-
sible not to be moved.

As a mere spectacle the ceremonial of yesterday
seemed to us hardly so interesting as the distribution
of the same Cross which took place in St. James's-
park about a year ago. Now, almost every trace of
the war has ceased. The wounded have had their
wounds healed—have retired from the service—or

have succumbed to the effects of their injuries.
Some are park-keepers, some are policemen, others
are embarked in various professions. But a year
ago it was not so. The scars of war were still'
visible. The wounds were yet bleeding. There were
men, some with haggard looks--some painfully
borne on crutches, and some, like Sir THOMAS
TaorultinGE, wheeled to the very feet of the
QuazN in Bath chairs, having lost both limbs : but
yesterday all was new and gorgeous, happy and
peaceful. There was no sense of perils escaped and
difficulties surmounted. The whole scene was

parts of Europe flow. in a continuous
stream to this country, sad thaws to this Esat, and

little more than a military Ascot. As the regi-
ments marched by her M.ut:vrr 011 horse-
back, there were no scorched and battered
shakos—no tattered coats, no grimed and toil-
worn visages, to recall the moving accidents of •
winter campaign. It was quite another scene from
that which London witnessed when the QUEEN,
from the balcony of Buckingham Palace, welcomed
home her Guards, with shouts and waving handker-
chiefs, be. the glory and the havoc of the East.

THE EXPRESS, SATURDAY E'VENIING, JUNE WT, 1857.

Still if the interest tat in the esewmeey yester-
day wu not so overwhelming, it wee by so means
iesemshisrahle. Let any man read the Gamete which
esheus the gallant exploits of those seen who have
bola emoted with the Victoria Cron for personal
velar, and he will at once acknowledge that any
way which can boast of such soldiers contains
meinials out of which the finest army in the world
ow be formed. If anything is wanting it is not
peessal bravery or physical power. Who has not
heard of Sergeant Major BEI:ETNA:O With his
hone shot under him he stopped in the field with
Captain WEBB amidst a storm of shot and shell ;
and, although told again and again by that officer to
consult his own safety and leave him, he preferred
to remain until, Sergeant Falser. coming to his
aid, he carried Captain Wens oat of the range of the
guns. Or who has not heardof Sergeant M. W n GENET,
who returning after a repulse to seek for his wounded
comrade, took him on his back, and brought him to
a place of safety under a heavy fire? This, too, was
the man who brought another wounded comrade
from under fire, and dug up a slight cover with
hiabayonet, where the two remained until dark, when
they both retired in safety. It was for such men as
these that the new Order of Valour wu created, and
such men as these are surely fit recipients of the new
reward. In this respect the British army needs no
improvement ; what the public have to insist upon
is that professional education be henceforth deemed
an essential to the officers, and made as sure a pass-
port to promotion as conspicuous gallantry now is
both to officers and men.