The Express.
London, England, 1847-08-31 00:00:00

WlCHANdrlANifaikliti ABROAD.

111•DPIO. Atg. 14.-711.10 pm Come., 1 i - Vire per Cent..., 13 4;
Andrea, SI ; Cameos, 16 ; Dna of M. e.dbasud, 132 ; Busk tit.
1 194.—lischsage on tondo.. 49 15-100.
11b:IiYoas. AO9. li.—Our money market to am, but Na{ We ; for
the Import.. ere beam and bluenose Is seUre.—tiscbange ea //difead
has been stnuWing up.mnds Jowly . It mar be quoted taller sebum 4
to 6j. the to figure blend that onfr &waned for the WA !Went blie.

JOINT-STOCK BANNING.--it will be observed, from the
following letter, that our Scottish neighbours are quits alive
to the disorders incident to our bunking and carreney
system, as last re-organised, and not without a bitter feeling
about in. banking changes forced upon them:
Mg. U. 81r,—'flas hammenehis dialpdatris
mats et
ammarea Maids.to in Embolism. he
leaked. imempt may aws. hem
• sage* the people Ms
Mar Woad ea *ls satieet et
arai eel lime las Ism
attrlhated tits emessltiesa et the eer& et ihmaise
rallya sad Wen mai. la your goner if to
Ma the la
your massy made ea beard et mks Ptak of imisead. I lIMIL ft
worst alas te stale thet the ratimmes yea there dmiriles ft what I
have hemeldmirftal dip aims war, yams apt mmt %he elr
posed that vs la Seallasi have maw m YAP this
nave much mere ft dealt\ lift this ear rulers gh= Is de
with ha/daft is lhathad, where, ambit a Modred yen, with
things, erospang am or two very trivial tsar, have never been
hard of.—M.
SPANISH DIBT.—Sir,-1 am very glad to perceive there
exists " A lover of fair play " among those who hold other
portions of the Spanish Debt than such as consist of or re-
presentthe Old Arrears from 1823 to '34 on the Cortes Loans;
but I am suprised that giving so many strong reasons for
despising what •' Fair Play" rightly terms an " in-
vidious mode of disparaging claims proved to be
rightful," he should nevertheless have expected it
to be noticed. I, for one, have never thought this
worh while to the extent even of countercharge upon the
sorry creatures who would thus mask a question they
found themselves unable to meet in as open and honest
way ; and can only now resanare " Fax Play," who
seems honestly, but, I think, unwisely, to give im-
portance to the manteuvre, to the extent of sayleg,
that whensoever the nature and duration of is-
dividnal claims and tenures shall be made the basis
for arranging the Spanish debt he may fully rely on the
ability of those who have prominently advanced the claim to
a Three per Cent. Active thick on behalf of these
elder arrears, not only to affirm distinctly the gene-
ral falsehood of this nonsense in the manner and upon
grounds pointed out in his letter, but to prove the further
tact that they have made no additional investment
of capital in the bonds representing these elder arrears,
since the Three per Cents. were created in favour of the
newer of interests from 1836 to 1840, and the question of
undue preference and *oat exclusion thus a:rersaddest
presented itself to their minds. And here let it be eleurred,,
en peasant, in reference to another weighty and honest ob.
jection, that the question thus raised is "morel," that the
fraud upon the older interests has been complained of in every
proper quarter, and incessantly ever sinew it became revealed
by the preferential conversion of the newer interests into a
really Active Three-per-Cent Stock. Let those who urge
" novelty" in bar of " justice and right," show when and how
the complaint should or could have been preferred earlier.
But " Fair Play" may feel assured, as are those with whom
he generously sympathires, that no Spanish minister, whew.,
own impulses would lead him to deal justly by the elder
arrow from 1823 to 1834, will be deterred from carrying
out art equitable and honourable adjustment in lieu of
brokew contract of 1834 by these or any other tricky
suggestions by or on the part of those having adverse inte-
rests. If justice continues to be withheld from the old
arrears on the Anglo-Cones Loans, it will rather be because
the oonstitutional governments of Spain through their own
corruption, and at the crafty instigations politically made to
irritate England and Spain against each other, are fixed
to continue the system of ingratitude and spoliation
which has too long exhibited constitutional Spain ea en
anomaly among the other nations of Europe. With many
thanks, Sir, for your able and frank observations which do
not affect to trim an impossible balance between right and
wrong, I remain, A DUPSD CHZDITOR or SPAIN.
Aug. 26, 1847.
P.S. Will your Islington correspondent be kind enough
to name the eomposition (if any) snort of a three peewit
stock which he would have proposed to be emmennuit=
the holders of Five per Cent. pseudo Active and tis
Bonds, which represent the Cortes Loan interests Iran 126$
to 1834, and to state the rowed. upon which hi Melpata.
tions may be made ?