The British Press; or, Morning Literary Advertiser.
London, England, 1824-04-08 00:00:00

REDUCTION OF THE RENTES.

The President, M. Raves, took the chair at one.
The Minister of Finance ascended the tribune, and delivered the
following speeds :
Gentleinen,—Seveml favourable causes have raistd our rents
to the high price at which we now see them.—(After detailing the
will known causes, the Minister continued.)—Whatever are the
causes, the facts are these :--Our !trate is above par ; it is even
sold shove it under the knowledge of an approaching re-payment,
or of a reduction of the interest to four per Cent. It would have
been at 110 our 115, if the frankness of the Government had .tiot
meet its intentions known in proportion as it conceived the hopes
of realizing then,.
" Two special evils would result from this state of things; the
fiat the daily purchase by the sinking fund, that is to say—by dm'
tax-payers, of the Rester at ante above par; the second, the 001W1
tinuanee to the state of an interest of live per Cent., while the prim,
of the Reales would be such u to give purchasers only • much
lower rate. A prudent adminlstraticm should seek the means of
putting an end to these evils.
" The perpetual debt of the State amounts to 197,014,02 tram.%
of annuities (or &aka) at 5 per mut., but when we consider it
with relation to the proposed operation, we must subtract from it
about 117 millions due to the State, to establishments endowed by
the State, the possess:m of which is subject to the right of re.
mainder in the State, or of which the use is regulated by particular
laws.

_
" It would he useless, and even impossible, to comprehend the
conversion of this portion in the gereral measure. There remain
then 140 millions of b per cent. Reales, which we propose to you
to convert into 112 millions of Itentrs (nr annuities) at .1 per cent.,
or to reimburee(if they prefer it) the holders of Armies by selling to
others the 3 pee cents. which they shall have refused.
" The plan of the proposed law is conceived in the most simple
terms. It first authorises the conversion of the 3 per cents. into
per cents., either by the assent of the holders, or by selling the
3 per cents., in order to pay off the !solders of 4 per cents. It lays
'down the limits within which the Minister may act, and which he
Imuet not exceed. The first of these limits is that fur the sake of
the holders. They will all have the option between the re-imburse.
ment of their nominal capital, or the conversion of their 6 per
cents. into 3 per cents., at 76.
*. The second is also a guarantee for the holders, that the Mi.
Inieter shall negociate the 3 per cents. which they! have refused only
at the same rate of 75f., and a guarantee fur the State, that the
operation shall only take place in so far as it shall present, as a re-
sult, the reduction of a fifth of the interest on the debt converted
or paid off:
" The last limit is laid down by necessity. The benefit of the
reduction to the public Treasury shall bot be delayed beyond
January 1,1821 i.
The Minister then justified the legality and justice of the pro-
posed measure. The right of paying off the debt at par was to be
found in the ancient laws ; in the edicts by which the Rostra were
constituted ; in the titles issued in virtue of those edicts, in which
the right of repayment was for ever reserved to the State ; in the
civil code, and in all the private acts with borrowers, in which their
Heater were always entitled 5 per rents. %I' hy mention the caring!,
he observed, if nut to recognise that they were repayable at that
rate ? _ . _

The Minister the* adverted to the cai.c of the holders, who had
berm forced to accept a reduction of their stock to a third, in the
course of the Revolution. Ile had ob‘erved that such of those per.
sons as had preserved their /Irides up to the present day, were
placed, by the increased value of their capital, in a much better
state than those who, by the calamities of the times, had been
obliged to sell them, and than those whose life annuities had been
unmercifully reduced at the sane time.
Atter answering sonic other anticipated objections, the Minister
read the following
" DRAUGHT OF THE LAW.

" Louis, &c.
"Single Article.—The Minister of Finance is authorised to
substitute Reeler at three per cent. for those already created by the
state at live per cent., whether he effect it by exchanging the Mrs
per cents for three per cents, or by paying oil the five per cents by
means of the sale of the three per cents.
" The operation shall not be effected but in so far as--
" 1. There shall be reserved to the holders of the 6 per cents the
power of making their option between the repayment of their
nominal capital and its conversion into 3 per cents at the rate
of 761.
" 2. That it shall present, as its definitive result, a reduction of
a fifth on the interest of the debt converted or reimbursed.

..... . .
" J. That the Treasury shall enter on the enjoyment of this re-
duction of interest on the lit of January 11126, at latest.
" The Minister of Finance shall render a detailed account of
the operation in the course of the first following Session of the
Chl2lll. (Signed) "IA/UIS.
" Minister Secretary of Finance,
1" Olsen at Paris, as. April, 5. 11121. " ILLELE."

ADDRESS OF THE DEPUTIES.
The following are the principal passages of this Address:—
" SIRE—Your faithful subjects, the Deputies of the Depart-
ments, come to depose at the feet of your klajesty the homage
of their veneration.
" They recognise the hand of Providence in the memorable
events which have recently shed new lustre on your Majesty's
reign.
•• Revolution pursued and vanquished in its last refuge; a
captive King replaced upon the Tnrone ; a generous nation re-
stored to religion, to her l'rince, and to her laws; triumphs in
which humanity are always co-equal with glory—so many great
deeds have been the work of less than one year.
" Their accomplishment required that army not less admirable
fur its discipline than for its valour, and that Prince, who, in a pe.
rind of great trial, has disclosed his whole character to the country,
of which he is the pride and hope.
" Sire--Your promises are fulfilled ; a portion of the liberating
army remains in Spain, until order may there be re-established.
" It is the last set which Providence expected from generosity.
" The glory of our success is not interrupted by the necessity
of any new sacrifice. The words of your Majesty have only re.
called triumphs--have o ly announced benefits.
" After these glorious days, in which social order has been
emancipated by victory, your Majesty desires to insure the demi- '
nies of France. l'oo depend upon our patriotism to second yot.r
views. Sire, there is notion,. useful to the Throne or to your sub-
jects
that you ought not to expect from us."
We are happy to learn that everything promises us a long en-
joyment of general peace. France has proved that she thought no
sacrifice too great, when the dignity of your Crown and the safety of
the State demanded it; but she feels that an honourable peace is
the tuost precious of benefits, and we thank your Majesty for the
pains you are taking to preserve it.
" May your Royal wisdom extend afar this pacific ascendancy.
In the East, stop the effusion of blood and tears; in America, re-
concile the interests of France, the rights of humanity, and the
duties of a sound policy. And may the name of your Majesty be
hereby blessed in the two wortda.
" It our Majesty wishes to close the last wounds of the Revolu-
tion. It was for the King who has already redeemed so many evils,
that this great task was reserved.
" Religion requires, for Divine Worship. protecting laws; for
its Ministers, an existence mote worthy of them.

" I 'ntOrturiate tide ity asked matting. but your Majesty has been
mindful of tllFin„ and when ynut designs shall be accomplished,
justice will have obliterated the last tracts of our civil dissensions.
" The lb:milieu of the lepartinent will be proud to attsch their
names to an epoch happy for France, and glorious for your Ma-
jes:y. The most honourable recompense of their fidelity will be
that of having contributed to consolidate our rights and your worth,
the royal authority and the public liberties."
The King replied as follows:
" I receive, with the greatest sensibility, the Address you pre-
sent to me. Yes, Providence has protected us, and if there re-
quires a new proof, I shall tiad it in the composition of the
Chamber who are before me; you have done justice to my son.
Nothing has given me more pleasure than the assurance you give
me to reflect minutely on the laws that I am going to propose to
you; they have fur their object the welfare and repose of my
people, and to heal the wounds of that revolution which caused
so much blood lobe spilt. I rely on your assistance and your good
faith."

CIIAMIO;R OF PEERS—MoxnAv.

The Chancellor of France, u President, reed the Address voted
by the Chamber to the King, with the Answer of his Mak:sty, u
'allows :

•• su[—Your faithful subjects, the Peers of France, were
anxious, on this memorable circumstance, to deposit at the feet of
your 31ajesty, the homage ct their veneration, of their devotion,
and love.

" Yes, Sire—Divine Providence protects your Ittejerty, and
your august family. It takes pleasure in hkitaing the driigna
which you have conceived for the felicity and glory of your people.
" More elevated and Poore views than thuve of a vulgar ambi-
tion have decided the entering of the French troops into the Penin.
sole.

" It WaS necessary, by stifling in Its bosom, a threatening rebel.
to conquer fur F.ance, and Europe peace and arty.

" 170 triumph has ere, been that complete; never hat nth
glorious undertaking been accomplished in so short a iipase—tbs
world more benetitted--nor more honour done to humanity.
" The generous policy of your Majesty is satisfied. lie swats
the moment when be can, without danger fur Spain, withdraw he
whole army
" Your Majesityhas thought that septennial elections were better
calculated to consolidate his work and to accord the liberty of all -
with the tranquillity of the state. The Peers of France. Site, will
receive, with respect, the project of law which is to be presented in
them, and will discuss it with the calinticas becoming the examine..
tion of such important concerns.
" Every thing guarantees peace in the interior, and ecnsideration
abroad. The loyal conduct of your Majesty could but insure to
him the esteem and cnntideneeot all the cabinets of Europe.
" It is no: the spirit of conquest hut that of conciliation whirls
animate% the great Powers, and your Majesty has reason to hope.
for the common interest of all nations, that the beneficial influent:o
of these pacific diapu,itions will be equally felt in the Eau and in
the New World.

•"l'he Chamber of Peers confides in the provident solicitude of
your !Ilaicsity in adopting a financial plan, the success of which
would afford the mean. of realising the dearest wishes of your pa.
temal heart, that of allevinting the harden of taxes, and of healing
[ the last *minds of a Revolution which has so deeply injured
society.
" Your Moiesty relies on the cooperation of the Chamber of
Peers: you will not be deceived in your expectations."
The King answered—
" I am sensible of the sentiments expressed by the Chamber of
Peers i 3 the Address it has presented to me. Yes, Divine Pro.
vidence has been pleseed to second our derigns ! bet us return our
thanks for it. l have recompensed my army by calling to the
Chamber of Peers *even,' of the Generals who hove so well se.
conded my son. I rely, fientlenien, on your assistance; it is in.
dispensable to me, in order to attain my aim, which will always be
to insure the peace and prosperity of France."
I From the doormat des IleGats.l
11,Volioare, Maacff TS.
A British gen-twig arrived here to-clay, in eight days from
Algiers. The Slgertnes will not listen to any propositions of
peace, and hostilities continue. The I fey has doubled the foetid.
MIMI of his capital since the last bombardment. Five British
fill:ate' blockade Algiers, and two others lions.
the family of the Emperor Iturbide set out the day before yes.
to day for Ungland. Ihe French Minister at Florence having
refused the . ti required for going through France, they toot
another mad I'his family has often attended the balls given by
our merchants daring the last winter.
:*vend travellers lately arrive./ from Egypt state, that the Paella
Mehmet has been charged by the Grand Seirptior with tie care of
reducing the Greeks of the Mores, and that he will embark 30,00.
of his black troop. for that purpose.
FRFXCH Frans—Pants, Arum 11.—Five per Cents. 10? f.
Alt.—Loan of 1013, IN.—Bank Stock, ',War —Neapolitan Five
per Cents. in ducats hti, in franca 100 f. 25c.--llentes dig=
4.—Royal Spanish Loan of MA fitl.—Exchange on
one month, tat. 4dc; three months, 24f. 31k.—Cones Authentic:a.