The British Press; or, Morning Literary Advertiser.
London, England, 1824-05-21 00:00:00

the aowreiguty." The fact is, the only plot against
the deluded Monarch was by his own wife and son,
who planned the depriving him of his clown, and
probably of his life, if they saw it necessary to
their views. Lisbon, it appears, was illuminated, to ce-
lebrate Don Miguel's triumph; and on the Ist of May
the King ant! the Inrantas appeared together in public, and
proceeded from the Palace of Beinpesta to the " Royal
I church of Our Lady," everywhere receiving (according
to the LiAlfiaa f;a7:,lle) the most unequivocal and liv,iy
testimonies of the love of all classes and of the people, who
crowded to hail his Majesty, exulting to see his august
person, all th Roynl Family, and the nation, delivered from
the dark machinations of the irreconcileable enemies of the
Throne and the Altar. These statements arc not worth a'
moment's attention. Had Don Miguel failed in influencing
the troops, and been defeated, with his mother, in their
unwarrantable attempts, the Lisixot Gaticite would have
bad a different language, just as ready as the hollow itlu-
lotion it now pcurs out on this profligate Prince and his
ambitious mother. The French Ambassador, Hyde de
Nenville, is said to have expressed himself to Don Miguel
in marked terms, conveying the strongest disapprobation
of his conduct; in fact, any check existing on him and his
partisans must have proceeded from the Foreign Ministers
alone. Despatches from the Foreign Office, we under-
stand, were forwarded to Falmouth on Wetlnestlay night,
in answer to the important communications last recoived,
with orders for a packet to sail with them to Lisbon im-
mediately. It is said that Ministers would not approve of
Lord Beresfortfs taking the command of the Portuguese
troops, under existing circumstances, lest it might com-
promise this country ; but that the Noble Lord's mediation,
from his influence, would be considered as well applied,
and likely to be most useful. It is not likely that lion
Miguel would resign the command of the troops, in which
all his pre-Rent power consists, without a desperate struggle ;
and Lord Beresford individually, unless some important
political changes were made, could, we fear, effect very
link. Things, however, cannot remain at Lisbon in
their present alarming state; we look on it u utterly im-
possible.

Many persons saw, in the Chancellor of the Exchequer's
recent measure for paying off the dissentient Four per
Cent. Stockholders, nothing short of a violation of the
Sinking Fund, and an alarming injury to public credit.
It was the privilege of a few to view it in its true light,
and to perceive in it one of the ablest financial measures ;
it was cnly to be regretted that it would not operate upon a
11scale of greater extent. In our opinion, so far from vio-
lating the Sinking Fund, it actually effects a redemption
of debt by the most faithful application of that fund ; it
actually redeems debt, to the utmost extent of the money
applied, and upon the most advantageous terms for the
public. The seven millions of money, in paying off./oar
per cents, at par—that is, in discharging an annuity of 41.
by means of 1001. paid, actually in practical effect dis-
charges an annuity of 31. by means of 75/. paid ; there-
fore, in truth, the seven millions will, as it were, buy up
per cents. at 75/. per cent. instead;of buying them in the
market (as would be the case it' the measure were not
adopted) at 96 per cent. and at still higher prices, according
to the advance in the price of 3 per cents. to par, which is
expected soon by all intelligent persons in the city. Seven
millions of money will thus discharge an annuity of
Y 30,000/.; but if the seven millions were to be laid out in
3 per cents. in the market in the eighteen months succeed-
, ing October next, the very laying out of such money in the
market would certainly raise the 3 per cents. to par ; the
7.000,000/. would only, in such case, discharge an annuity of
210,000 f. Thus a saving is accomplished of 70,0001. per
annum. As to its injuring public credit, those who, not rer-
ceiving the efficacy of the measure, thought proper to sell
stock on speculation, and who actually occasioned a fall
of a fraction per cent., if they sold to any extent, will
by their icsscs experience an incontestible Fool' of the un-
shaken stability of public credit. A gradual advance must
take place in the English Funds (political circumstances
remaining the same), both on account of the mass of
capital that will be disengaged by the very measure in ques-
tion, which, after casting about in vain for more secure
investment, will again take shelter in the best of all securi-
ties, the English National Debt; and on account of the
increasing ratio in which capital improves and is ac-
cumulated in this opulent and commercial country. The
evidence of the astonishing increase of capital in this
country was seen in the latter years of the war. In
1811 the gross receipt of money into the Exchequer was
about 90 millions; in 181.5, an interval of only four years,
it had reached 131 millions ; we have since seen every
Foreign State contract loans by means of English capital:
nevertheless, we see public works and new companies
absorbing masses of the same capital ; our merchants ex-
tending their enterprises to the most distant regions; and
yet such is the progress of accumulation, that the public
funds are still the favourite resource of investment,
although yielding little more than 3 per cent. for money.
Under these circumstances, we have read with peculiar
satisfaction a financial paper, recently submitted to the at-
tention of his Majesty's Government, and to public men,
by Mr. Reid:wood, the design of which is to take advan-
tage of this redundant capital, and to encourage its
being employed in objects of domestic, rather than
foreign, investment; and at the same time to carry
into execution other important sugotstions. The Stock-
holders are deeply dnterested in Arr. Brickwoocl's views,
because he contends against any further reduction of
interest, and as it is rumoured that the 3 per cents.
are to be reduced to per cents., he rec 'intends
the creation of s new stock, to be secured against reduction
fur a long term of years. He proposes that the 3 per cents.
should be transferred into such new stock, and that an an-
nual funding and re-issue of Exchequer Bills should take
place. He suggests that by such means nearly two hundred
millions or debt would be redeemed, thus counteracting the
less sustained by paying 100/. for 3 per cents., for which
the State r..ceivetl only 59/. during the war ; then, on ac-
count of this vast redemption of debt, lie proposes to super-
-1,..de the operations of the Sinking Fund in the stock market,
and consequently (among other objects) to repeal imme-
diately between seven and rigid millions of annual taxes.
If this measure should be found practicable, the immense
advantage to accrue front it are manifest, and would he felt
by all classcP. It certainly carries weight enough with it
to demand the most mature consideration.

IT t: nal t 'on rier of last night contains the fol-
lowing parag,raph :—" We adverted yesterday to one of the
rumours connected with the enterprise of Inn-hide, rather
for the sake of discrediting than of countenancing it, that
he had gone out vs an agent of the Spanish I iovenunent,
We can now state, upon competent authority, that it is not
true, nor any thing like the truth, that he has gone out as
the agent of either Spain or France, or that he has any un-
derstanding whatever with either of these Powers. The
independence of Mexico is the basis of his reputation both
as a soldier and a statesman. Ile is a native of the
country, and has repeatedly declared he would sooner
sacrifice his family with his own hand, than see them
again the subj.. eta of Spain. It is net improbable, how-
, ever' that propositions may have he‘n made to him by
sonic of the Continental Powers, who would not be un-
pethaps, to avail themselves of his popularity in •
Mexico, fur the purpose of bringing back that important
portion of the colonies to the rule of Ferdinand. But
such propositions, if they were ever made, we are per-
suaded never received from Iturbide the most remote en-
cum awinent. I :pm) the sulject being casually mentioned
to him very shortly before he sailed. I mad& emphatically
"It I were placed in circumstances in which it
would he necessary fur me to choose 61%1'01 Spain on one
side and the.fi.t.ca (the gibbet) on the other, I should pre..
thef,eea."