The Express.
London, England, 1857-09-24 00:00:00

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LONDON, THURSDAY, iIEPT. 24.

Tee country is thoroughly alive to the real
magnitude of this Indian crisis. That portion, too, of
contemporary history whit* is written for the in-
struction of Englivl.men by the Continental Press
bears equal evidence of • just appreciation of the
real importance of the prevent emergency. It
is only Government and the supporters of Govern-
ment who affect to wake light of it. The land
is a land of mourners. The heart of this people

ia heavy within them, and their faces are cant down
by reason of their sorrow, and everywhere they give
liberally of their worldly store to alleviate the
sufferings of those who, in the heaving' of that
great social cataclysm, have been suddenly plunged
into the lowest depths of helplessness and ruin.
Everywhere there is a manly tone of generous high-
hearted piety in these meetings which may well
make him who reads proud of his country and his
kind. There is no affectation of maudlin sentiment
—no mock humanitarianism, but &cordial and heart-
felt expression of abhorrence at those unspeakable
atrocities of which our dear ones have been the
victims. And combined with this, there is a noble
sentiment of self-respecting piety and English jus-
tice which deprecates all confounding of the inno-
cent with the guilty, and declares, in a spirit
worthy of a peat and GOD-fearing nation, that
while swift and unsparing vengeance shall be
dealt out on the incarnate fiends who have
wallowed in blood, and revelled in pollution ; yet
that vengeance shall be no blind and indiscriminate
holocaust on the tomb of the slain, bat a solemn act
of national justice, inflicted with firm set lips and
unsparing arm, in silence and in solemnity, as befits
the majestic wrath of a great people, and the sub-
lime lemons of an ennob:ing faith. To teach these
cruel end crouching barbarians the steer, lesson that
blood must have blood, is an act which Justice dic-
tates and Mercy cannot gainsay. It is an act impe-
ratively demanded by a due regard to the safety in
after generations of our countrymen and country-
women in India. With all the appliances and many
of the refinements of civilisation, those who have
risen against us in India are savages in heart. The
tiger of their owe jungles is not more sleek, and not
so cruel. Mercy to the shedders of blood
among them weald be a simple mistake. It is a
mistake not likely to be committed. Ott this
point we entirely concur with the views expressed
at Bradford, at Halifax, and a: Bedford. We may
lately leave the work of vengeance to those who
accomplish the task of victory.
It is good to ere the zeal with which the work of
contribution is being carried on throughout the land.
Abroad, even in quarters the most unexpected, the
same spirit is manifesting IN If. That splendid
contribution from the Emperor of the FRENCH,
which preceded the bent-fiction of our own Sove-
reign, was an act worthy of the generosity—worthy
of the chivalrous nobility with which the great nation
across the Channel regards a people with whom her
rivalry is so ancient ; her frit ndship so recent, and
yet so firm. The donation of 1,0004 from the SuLTAX,
which is announced in our Money artiele of to-day,
le a tribute scarcely less satisfactory. It not only
shows that gratitude between States means some-
thing better than a mere anticipation of future
favours, but it has this additional value, that it will
teed to prove throaghtiut the Eastern world that the
great Chief of 'elem. the l'adishah at Stamboul, has
se sympathy with the mattneers of Delhi or the
butchers of Cawspore. Tht Scuts by this overt

set dietinetly repitdiates all countenance of the
Indian insurrection at en affair of DArew—a rising
for the faith—and evinces with kingly inneificencis
the reality of hie sympathy for the lerimples vic-
tims of Musalsm tonicity.
Amid all these gratifying sisnithetstionsottoreign
end native beneficence, it is inspousibie not to ask
why • national eharsitir is not given to this Indian
Relief Frad? Why has not the State come forward
to invest this subscription • tilt the prestige and
unction of a national act ? The People are willing
sod sager, bat a National centre and nucleus for
their beuvallemt setir ity is sti.l • desideratum. Let
the CUMIN of Lord Pitateuron lose no time is
taking the hint. Or are we waiting foe an Order in
Council .? sod does that Order itself wait on the con-
venient lessen which shall release the Court from
the solitudes Of the Highlands, and dash the plea.
sures of deerutalking with the cares of Empire ?

Trir Money Market for core weeks past has been
very steady, bat daring the last fortnight rather
more stringency has been experienced. In Loin
bard-street and elsewhere only the best paper can
be disooanted at se p. r cent.; is bet, the lead-
ing bill brokers are not minion, to take even the best
bills at this rate ; acid although they am cempraml
to do so foe such of their custom= as ocean a list
class position in point of credit, they not mfrs
gangly carry such bills themselves to the Bank,
obtaining mosey there at the moo rate. By thia
means they keep op their relations with their high
elms customers, although mating little or no profit
upon this desorption of paper. For all bills even a
shade below the beat more than 61 per cent. is charged
and this somewhat km choice kind of paper is
that upon which the bill brokers at present realise
their chief profits, and which they consequently
prefer. This state of the market cannot be consi-
dered unfavourable to the operations of the legitimate
trader, for, although the mime of mom is firmly
maintained, the requisite accommodation is readily
prorarable, and confidence in the general stability of
commercial affairs remains strong. It is not high
rates of discount so mach as hesitation on the part of
lenders that clogs trade and renders the column
city anxious, and of such hesitation there is at pre-
sent
no sign whatever. The general commerce of

the country is not only progressing stesally, but has
attained au unprecedented increase; aid this is a
feature of no small significance at a dee when sack
great exertions are rendered necessary by the exte*
sion of the Indian revolt, and when the nation is
at length alive to the fact that a large portion of oar
immense Indian territories will have to be absolutely
reeouquered from a numerous enemy consisting chiefly
of troops carefully trained and equipped by our-
selves.

But whilst the steadiness of trade, and of the
Money Market, in face of the financial and other
demands arising out of the Indian rebellion, is thus
satisfactory, it may be as well to point out several
hatues which tend to discourage the hope of au
easier State of monetary affairs. Scarcely a doubt
flaw be entertained that the rates of discount would
bays been considerably lower at the present season
bet for the outbreak in India ; whether the reduc-
tion would have been permanent is more dubious.
But, taking affairs as they are, it seems clear
that for some weeks to come—arid no one
whose opinion is worth having, pretends now-
a-days to look beyond a few weeks into the future
of the Money Market--those persons who based
their hopes of case upon the securing of an unde-
niably fine harvest, must be content to abandon
them. That money will continue in good demand
until the payment of the dividends, which will take
place on the 14th Oct., is certain ; for when trade is
brisk there is always on active demand during the
few weeks preceding that date. This is the inevi-
table malt of the influx into the Bank of a large
amount of Treasury deposits, by which the general
circulation of the country is proportionately con-
tracted. At the same time, we must not lose sight
of the fact that the "other securities" held
by the Bank reach already a very large
amount. In the last return, extending to the
12th instant, it was stated at 18,664,0321. ;
and the return for the week ending last Saturday
will doubtless exhibit a large addition under this
bead. The total, in fact, reaches a point which, so
far as our observation goes, is quite incompatible
with any relaxation in the market. With the re-
lease of the dividends some temporary ease may be
experienced ; but it will probably be found that an
unusually large proportion of these funds will at
once flow beck to the Bank, in repayment of ad-
vances. In this way mach of the dividend money
will be absorbed.

There are many persons of judgment who adhere
to the opinion that, as the nation will need compa-
ratively small supplies of foreign grain until next
harvest, gold will accumulate in the Bank, leading
gradually to an improvement in the Money Market.
In the more remote future this view may perhaps
be realised, but hitherto the absorption by the
Continent of our extensive imports of gold has
formed one of the malt remarkable features of
the time. Even during the last ten days close upon
a million sterling in gold has come to hand from
Australia alone, besides some considerable arrivals
from other quarters ; yet nearly the whole of
this has been, or will be, sent away. More
than a million is known to bo still en rota* from
Australis, and the subsidence of the monetary panic
in New York will probably be followed by a resump-
tion of specie shipments to this country ; but, look-
ing at the activity of the Continental demand, at the
somparative flatness of the exchanges, which are
almost low enough to admit of the transmission of li
gold to the Continent as an ordinary exchange ope-
ration, and at the difficulty which the Bank of
France experiences in keeping up its stock of bal-
lion, there is scarcely ground for the expectation that
the promised accumulation in our Bank will commence
yet. The value of money on the Continent, instead
of falling, is rising, and this influence, acting on the
exchanges, still draws from this country all the gold
it can spare. Indeed, the recollection of the mone-
tary disturbance which set in on the Continent
about this date, in the years 1t55,5 and IKiti, is suffi-
cient to warrant caution, for a comparatively slight
upward movement of the Continental markets would
probably raise the rate of discount here to G per
cent.

It is somewhat remarkable that the increased de-
mand for gold on the Continent is contem-
poraneous with a positive decrees° in our im-
ports of silver from that quarter. In the
present month—viz , by the packets of the
4th and 20th inst.—the shipments of specie and
bullion from Southampton to the Fast have been
1,159,0111.—a large eum,eertsinly; but in August the
amount was 1,790,9771. As there is reason to ap.
prebend that the shipments in October will equal, if
not exceed, those of the present month, we can
scarcely hope that the remittances of gold to the
Continent will speedily slacken. These various
considerations all tend to induce a belief that, what-
ever may be the course of the Nioney Market months
►ence, the rates of discount will be maintained at
filly their present level for some weeks to come.