The sta'e of the money-market, of the exchanges, and of
the export and import trade of the country, and other matters connected therewith, have been discussed during the week by the Morning Chronicle, the Courier, and the Globe; the decrease of the stock of bullion, and a reso. lution of the Bank raising the rate of discount to 5 per cent, having drawn attention to these subjects. We cannot say that any original truths have been elicited by the controversy, or that old matter has Leen placed in a novel or more attractive form by our contemporaries. The established doctrines in regard to the causes of the influx and efflux of bullion have not been shaken ; and the efficacy of the usual means for preventing a drain of the precious metals seems to have been proved by the fact mentioned in the Courier of last night, that since the raising of the rate of discount at the Bank, and the consequent curtailment of discounts, the demand for bullion has been materially diminished. Of course the caution of the Bank operates far beyond its immediate sphere, by inducing reluctance in capitalists generally to speculate ; and it is probable that the warning given in so many ways, for some time prat, of an approaching commercial crisis, may have the effect, not, per- haps, of altogether warding it off, but of greatly mitigating the symptoms.
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