The Express.
London, England, 1851-04-11 00:00:00

SPAIN.

MADRID, APRIL 5.
The debate on the motion of M. Millen Alonso
occupied the whole of yesterday's sitting in the
Chamber of Deputies, and was continued to-day.
Yesterday, after the Count de Fabraquer had spoken
in favour of .the bill, M. Bermudez de Castro, in a
long speech, opposed it. He insisted that it was dis-
advantageous to the creditors and to the country, and
that it would lead to a national insolvency. The
president of the council replied at great length.
I send you the most interesting extracts from the
speech of M. Bravo Murillo :
Looking now at the question in its economical sense, I
will review that which his occurred in this important affair.
We had a consolidated debt that in 1836 amounted
to about 200 millions of reels, the interest of which was
paid. At this epoch the payment of the interest was
suspended, because circumstances required it—because it
wus no longer possible to pay it. This interest remained
unpaid till 1840 inclusive. In Dill the government decreed
the conversion of the coupons then overdue from 1836 to
1840 into a new consolidated debt of three per cents., con-
verting the interest into principal. This debt has been
regularly paid from its creation; but the 200 and odd
millions of interest of the Five per Cent. and Four per Cent.
stock, suspended since 1836, and this debt, now remains
unpaid. In 1845 the Minister of Finance, seeing the
necessity of freeing the budget, in which annually figured
these 200 millions, although they were not paid, presented
a project to demand authority to settle the debt, and set
apart for this purpose the 40 millions of reals the excess of
the budget he had presented. The authority was conceded,
but circumstances, always more powerful than men, did
not permit it. In 1817 the ministry of M. Pacheco appointed
a committee to prepare a project fur the settlement of the
debt, this ministry seeing, as had dune all which preceded
it, the necessity of this step. In this year M. Benton de Lys,
the present Minister of Foreign Affairs, on presenting the
budgetourried to it the sum of4omillionsof reels for the debt,
smiler the implicit condition that this year the budget, as in
the preceding years, was voted by authority. In 1849 the
settlement was again talked of, and the deputies acknow-
ledged its necessity and urgency. During the session of
1840, in the committee on the budget, I was forced to in-
clude in the budget a sum destined to the payment of the
debt, arranging it as might be possible, making only a
solemn promise that a project of law should be presented on
this matter. Consequently, in the same session, u deputy
made the proposition. Interpidlations were put to the
government whether it intended to devote itself to this set-
tlement, and pressing it to do so. I was compelled, in
uccordance with my coUeuguea,to say that the government was
disputed to present, if it were possible, a project of law in
that session. The legislature was closed with these antece-
dents, with these promises made by the government, with
its word solemnly engaged to show that they were nut
illusory promises ; that the offers were intended, and the pro-
ject prepared to be presented to the Congress was published
with a view that it should be puhlicy known, and should
inform the persons interested, so that, with a full
knowledge of all circumstances, they might offer the
plans they considered the moat convenient, the most
acceptable, at the opening of the present session. Iler
Majesty deigned to notice the subject of the settlement
of the debt in her speech from the throne. It is this royal
recommendation we desire to comply with in presenting the
project of which I have funiished you with the historical
details. The following figures will enable you to appreciate
the financial situation. The budget-general of expenditure
amounts to 1,108,416,088 ros. Deducted from this sum is
1,108 millions and a half for the monthly payments of the
active class, the two for the passive clam; and the four, six,
and ten fur the passives, 75,000,000. Although the reduc-
tion in the budget amounts to 80 millions of reels, the
amount of 74 millions is taken. Consequently the ordinary
budget of 1841 of expenditure is reduced to 1,0.'3.3,219,000
reals. The budget-general of receipts amounts to
1,218,996,000 reels. If there be deducted 128,800,000 reels
ter reproductive expenses there remains to the credit of the
budget, net of receipts, 1,090,194,000 reals. The ordinary
budget of expenditure amounting to 1,03.3,219.000 reale,
there is a Surplus of receipts of 56,976,000 reals. On this sur-
plus is deducted on the budget of this year so much for the
payment of interest, as for a sinking fund, in the hypothesis
of the adoption of the law submitted to you, 36 millions of
reals. The deficit is reduced to 50,976,000 reale. There is
to he added to this the extraordinary budget of expenditure,
amounting to 242,537,000 reels. After deduction of 50 mil-
lions of the extraordinary budget, the expenditure is re-
duced to 151,570,000 reels. Such is the deficit in the budget
of 1851. This deficit may be covered in four years. The
available funds to meet these new obligations, contracted by
the state in consequence of the settlement of the debt, are
the surplus of the ordinary budget, the natural increase of
revenue, and the sums retained on the allowances of the
active and passive classes. These will amount to 100 mil-
lions. To make up 112 millions, the amount of these obli-
gations of the state, there wants 12 millions, which it will
be easy to find on the surplus of the colonies. Their pros-
perity leaves no doubt of this.
- - -

After this speech, the debate was adjourned till
to-day.
The only event of importance in the sitting of to-
day—at leu.st up to post-time—is the speech of M.
Mon, who was listened to in deep silence. Ile said :
'• I do not want the settlement to be adjourned in
the sense in which an adjournment is meant in
England, namely as a vote of disapproval. I desire
the settlement of the debt to be just and practical.
Under these conditions 1 would vote for it with the
present government or with any other, even if it were
beaded by the most advanced in opinion of
the progressist minority. For me this question is
neither a political one nor a cabinet question. The
President of the Council has not the means of settling
the debt. If we decree the payment of the debt, and
are then obliged, from want of means, to adjourn
the execution of the measure, conceive to yourselves
the reclamations to which we shall be exposed, the
embarrassments which we shall bring on the nation.
M. Bravo Nlurillo says that he has the memo., but
the possession is a secret, and if the president of the
council should quit power, currying his secret with
him—(laughter)—how will his successor be able to
comply with the obligation of the settlement." M.
Mon was left speaking when the post closed, M.
Pacheco was expected to answer him. The Pro-
gresistas were expected to vote with the govern-
ment. The party of Sartorius counted on 104 votes.
Pacheco was expected to make some home thrusts at
Pidal The greatest excitement reigns in all political
parties. If the motion of Milan Alonso be carried
the cabinet will either resign or dissolve the Cortes.

Our telegraphic despatch of yesterday has already
informed us that the government has adopted the
latter alternative. The measure of making a second

appeal to the country within so short a pi:Hod, and
amid such dissensions in the Modemdo party, is
thought exceedingly hazardous, and is of course bit-
terly deprecated by the party of Sartorius, Mon, and
Tidal, whose strength it is thus sought to diminish.
In the meanwhile, if the dissolution should be de-
creed, every effort will be made to upset the mi-
nistry through a palace intrigue, which will be aided
with all the interest which General Names can
command from Paris.