The Sun.
London, England, 1853-01-08 00:00:00

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[PRICE SD.

SPANISH DEBT.

The following, relative to the Spanish Uncon-
veited Coupons, is translated from the Heraldo
of the 29th ult. :
" The reduction of 50 per cent. made on the capital of
the Coupons was an evident mistake, in consequence of
an injustice which destroyed the favourable effect pro-
duced abroad to the advantage of Spanish credit, by the
regulation of the public debt.
" It is well known that the interest due by the titles
of the debt is payable in ready money at the end of the
six months. The Coupon is neither more nor less than a
bill of exchange, which had run out its time, and pay-
ment of which is punctually demanded. As regards
public-funds, capital is not reclaimable ; it is transferred
at the will of the bearer, but he has not the right to pre-
sent himself, for example, to the Government, and de-
mand one hundred thousand reals in cash for titles of 3
per Cents. It is, however, the contrary as regards in-
terest. The Exchequer is bound to deliver up, in money,
the amount of the Coupons representing the interest
due on the debt.
" Besides, the actual titles of the 3 per Cents. arise
from the conversion of the Coupons of 4 and 5 per cent.
verified in 1841, although the number of the Threes was
augmented by the conversion of the floating debt, which
took place in 1845, so that the Coupons existing in 1851
have the same origin as those converted into titles of
3 ; they were, so to speak, own brothers, and there
was no possibility of disputing the right which awaited
them of incurring the same fate as that which had at-
tended the others. This did not, however, occur, and
it would be futile to seek out 'reasons to explain such
a deviation. If we consider the question under the
aspect of right, what concerns the interest would have
the advantage over the titles from whence it springs,
because it is payable in cash ; if we turn to precedents,
we soon discover those which hold in the matter ; and if,
finally, we hunt about for a possible excuse for so singu-
lar a reduction, the reply is obviously to no purpose, for,
admitting the penury of the Treasury, the reduction
should have been made proportionably in all classes of
the debt, and not have chosen that one which, even
in this case, ought to have been treated with special pre-
dilection, What motive was there to recognise in all
integrity, the capital of the Fives, the Fours, the Notes,
the Debt without Interest, and reduce to one half that of
the Coupons ? On what principle of justice or utility
could so strange a difference be founded ? Was there
sufficient to keep all intact or not ? In the first case,
the Coupons enjoyed the same rights and privileges con-
ceded to the other debts ; in the latter, common justice
required that all should be treated in the same way.
Why not reduce them all, if there were no other course
left open I
"No one can, with impunity, sin against the duties of
morality ; no one can, without prejudice to public con-
veniency, deny the principles of economy. Credit is
confidence, and confidence is inspired by good faith and
the solidity of the debtor. It is not enough that an in-
dividual, or a nation, arrange a certain debt, in order to
recover commercial position : it is indispensable that
such arrangement be general and equitable—that all
connected with it should bear evidence that regard has
been had to loyalty and uprightness. What opinion can
be formed of the man who, owing to many, should treat
some with caprice, and ignore others.
"And the worst of theanatter is, that in this unfortu-
nate business the Government has acted as if it really
had proposed to demonstrate that its want of power was
the mere excuse of an angry debtor, or the vagary of an
eccentric litigant ; for after having sanctioned the
arrangements, many other debts that nobody claimed
were also arranged, just as if, on a sudden, a very
shower of gold had fallen from the sky, and that, not
knowing what to do with such a plethora of riches, we
had lost no time in paying even the debts probably con-
tracted by Pelays beyond the Asturias Mountains, in
order to put an end to the contention just terminated
with the Moors by the taking of Granada. What must
foreigners thinks of us ? What can be said of proverbial
Spanish honour ? What they so think and say, those
who read the London and Paris papers know too well,
those who more than once have had to blush on seeing
how we were treated at the meetings, and swell with
indignation against Necker, who, in an evil hour, took
upon himself to do what was beyond the reach of his
understanding, and what required broader views and
greater firmness of will than it had pleased Heaven to
concede to him.
"The irritation, however, rose to its height with the
decree of the 13th October last. What ! was then the
exclamation in foreign countries ; it was not possible to
increase by ten millions of reals, the sum intended in the
former one, for the payment of the interest of the debt
regulated on the let of August ; and now, without the
slightest solicitation, the same ten millions are added, in
order to convert into consolidated a part of the Deferred
Debt.
"It must be a hoax or a mockery, an insult cast on
those who were weak enough to lend money to the
Spaniard, and the odium and resentment arose with
greater fury than ever ; they heaped reproaches on us,
loaded us with names that for the whole world we ought
not to have laid ourselves open to bear. The committee
which regulates the Exchange at London, determined
that the titles of the Threes arising from the conversion
of the four hundred millions of Deferred Debt, should
not be quoted. The same occurred in Paris, and the
Minister who was the author of the measure had oppor-
tunity practically to learn that justice cannot be turned
into a mockery, and that there is no means of escape
from the law which Providence has imposed upon all sin
ful actions

"The reduction of one-half of the capital of the Cou-
pons has rendered nugatory, and will continue to do so,
until a repairing hand shall have amended the mischief,
the effects of the regulation of the public debt, with the
sacrifice of burdening former liabilities with the pay-
ments of new interest, the wish was to recover Spanish
credit, whilst the very contrary has fallen out. The Go-
vernment intended, or ought to have done so, to wipe off
the record of errors, committed rather in consequence
of the calamities of which the Peninsular has been the
victim, since the beginning of the century, than from
any other cause of a reprehensible nature ; and it has,
instead, by its mistakes, and rash engagement, to resist
the clamours of the public conscience, rendered it more
indelible.

We went in search of credit, and we have fallen in
discredit, as the terminus of our unfortunate and
concerted voyage. The Deferred Debt—instead of
sing, went down, in consequence of the decree of the
d of October, because, if in the few days
blowing the publication of such a measure in
;he Gaceta, there was some tendency to a rise on the Ma-
lrid Exchange, the London letters and papers, within
brief space, brought over the news of the agreement
there come to, and the hopes of speculators here vanished
like the smoke before the wind.
" It must be inferred from all this that the regulation
so extolled, that the laurel with which, among other
laurels the brows of the Minister of Finance will have
to be adorned, has been one of those matters which may
be reckoned among the worst conceived within memory.
So ill conceived, indeed, that however much favoured
by circumstances, we shall not succeed in obtaining the
end proposed, viz., the procuring of credit until this
ugly blot shall have disappeared, until accomplishing
what utility and justice both equally ordained, we shall
have acceded to the well-founded claims of those who
have suffered a diminution of one-half their capital by
the arbitrary decision of a man who had no right to
deprive theni of what did not belong to him.
"We will at another time dwell upon the rise which
these values have hind since the regulation, in order to
demonstrate that this phenomenon is explicable by causes
which have nothing whatever to do with the wisdom
and acuteness of the Minister, who, rather than have
resorted to such a measure, should have been content to
undergo every inconvenience."

CHILD MURDER.—On the sth inst., Margaret Bell
was brought up before Lord Cockburn, accused of the
crime of child murder. From the evidence, it appeared
that the prisoner, who had been in service, left her em-
ployment, and was delivered of a female child in the
house of a woman named M'Guire, in Paisley. She
left about a fortnight afterwards, taking the child along
with hers whieli was in perfect health at the time. On
the following morning—viz., the 17th of November, the
body of the child was found in the pond or dam, at
Crofthead Bleachfield, in the parish of Neilston. The
woman had been previously observed in the neighbour-
hood. There was a string or piece of muslin tight round
the infant's throat. When apprehended by the officer,
she admitted that she had drowned the child. The jury
brought in a verdict finding the prisoner guilty of mur-
der, but recommended her to mercy on account of her
destitute condition. Lord Cockburn sentenced the pri-
The
sonerprisoner is 30 to be hanged at Paisle
years of age.y, on the 26th of January.
THE ANCIENT GERMANIC OR HOLY ROMAN Emplll 1
—The A liaanaelt Imperial for 1853, published at V'
contains the new appointments to the household, of the,
young Emperor, and also the " granges charges of the
Imperial Court. Among the families who held of the
ancient Germanic or Holy Roman Eirmi appear the
names of the following British subjects:)f :--Duke
Francois Augustus Charles Eina Albert
and Gotha naterali;:ed in (;teatl
nu'el
0..t.h vi
axe.Co. burg
1810. 1\ ];aril rarl
ille-nbigh.; :s'•alliadri)4;
to descend from a branch
of t11,4e. .t i,,
iiaiHouse of Haps-
burg ; Count of the
date nor patent extant Holyel7
Iri 1 oßenni
oa
it . nriupni rdee neither
i
All
Arundell do War(lour : a Count of the Holy, Roman
Empire : date of Patent 1601. John, Count De La
Feld. naturalized in Austria ; descends from the ancient
Counts of that name in Alsace ; his ancestor created a
Cr ount of the Holy Roman Em pire after the battle Of
enta : date of patent 1697. George Churchill, Duke
of Tilarlborough ; his ancestor created a Prince of the
Holy Roman Empire, by the title of Prince of Mindeol:
helm, in &tibia, after the battle of Blenheim date .
Patent 1708. Jerome, Count de Salis, "atutrsaliozfe ithrt
England ; descends from the ancient Counts
Count of
Peter
name in the Grisons ; his ancestor created74.B.
the Holy Roman Empire : date of
Cowper
.1
his ancestor
Leopold Louis Cowper, Earl
anEm'pire : date of
created a Count of the Holy
Viscountl!stria ; created a
date of patent
patent 1758. 'Francois Taafe,l
kingdom of. Ireland.
Count of the Holy Homan P-;
onin Taiife, in the
1784. . natura iz
_mipuirAo u;