The Sun.
London, England, 1838-04-05 00:00:00

it is of importance to the holders of French stock, we give
the substance of it :
" Article 1. The Minister of Finance is authorised to sub-
stitute for,the Five per Cent. Rentes inscribed in the great
book of the public debt other inscriptions at a lower rate of
interest, whether he effect it by issuing a new stock or merely
by a change in the inscription. The operation cannot be
effected unless the holders of the old stock shall have the
liberty of choosing between the receipt of 100,francs for every
five francs of interest, and the conversion of their Rentes into
a new stock.

" That as a definitive result a diminution of 70 centimes must
be obtained on every five francs interest, and that the nominal
capital given in exchange shall not show an augmentation of
more than 23 per cent, on the reimbursed sum.
" 2. The holders of Five per Cents. shall have the faculty
of enjoying their present amount of interest during six years
after the half-year following their declaration. In that case
the Finance Minister is empowered to convert their Renter,
so that a diminution of at least one franc on every five francs
interest shall be attained. The new inscription shall set forth
the temporary supplement to which they shall be entitled, and
which will be paid them, together with the half-yearly divi-
dends.

" 3. The reimbursement of the 5 per Cents., for which
the conversion has not been accepted, may be effected by in-
stalments (series) and shall be binding on the State only to the
amount of the capital of the series called in.
" Royal ordinances, published at the request of the Minis-
ter of Finance, and inserted in the Bulletin des Lois, shall re-
gulate within the provisions of the present law the mode, form,
and delays in which the reimbursement and conversion shall
take place.
" Every holder of Rentes 5 per Cent. who should not have
made known his choice before the expiration of the fixed de-
lay, will be liable to reimbursement.

" 4. Independently of the faculty granted by the Ist Arti-
cle, the Minister of Finance is authorised, in order to effect
the reimbursement of the 5 per Cents., to issue Treasury
Bonds, and to dispose of the reserved fund owned by the
sinking fund.
" 5. The portion of the sinking fund affected to the five
per cent. Rentes, reimbursed or converted, shall be transferred
to the Rentes substituted for them from the date of the in-
scription of these new Rentes on the great book of the public
debt.

" The transfer, conformably with the Ist article of the
law of the 10th of June, 1833, shall separately indicate the
amount of the dotations, and that of the redeemed Rentes.
"6. The Minister of Finance shall furnish a detailed ac-
count of the execution of the present law during the two first
months which shall follow the opening of the next session of
the Chamber."

After M. Pansy had concluded, the House decided that the
discussion of the proposed measure should be fixed for Mon-
day the 16th inst.

It is expected thz,t Ministers, without openly declaring
against the adoption of this scheme, will take measures se-
cretly to defeat it. We have little doubt but that they
will be supported by a majority of the Chamber. The
holders of Hentes are a numerous and influential body, and
they will not fail to raise a great outcry against a project
which threatens gradually to relieve the nation from a debt
which they have a direct interest in perpetuating. The
debate on the Report is fixed for Monday week.
The Conslitutionnel quotes the following extract from a
letter of the 21st ult. from Warsaw. Russia is gradually
abolishing every trace of the nationality of Poland :
" In a few months•a new law will be put in execution which
has just been sent from St. Petersburg. The following are
the principal heads :-1. the boundaries between the Govern-
ments of the kingdoms of Poland and those of Lithuania,
anciently incorporated with Russia, have ceased to exist. The
inhabitants can pass freely from one country to the other,
without asking for passports at Warsaw or St. Petersburgh ;
there are to be no more Custom-houses between the Govern-
ments of Russia and those of Poland. 9. The term of mili-
tary service for the Polish recruits is to be twenty-three years,
as in Russia. The children of married soldiers are to belong
to the Government, and are to be placed in its „military
schools. 3. The liberty which the Polish peasants enjoy of
changing their domicile is abolished; they are to submit to
the same rules as Russian peasants. The paper securities
issued by Government in January last have fallen from 500
to 490 florins, while the securities issued by the Constitutional
Government previous to 1830 increase in value every day."
Annexed are extracts
Ben Arach, the Envoy of Abd-el-Kader, arrived at Paris
yesterday."
Extract from the Report of the Commandant of the Coast
of Cantabria

General Latre gives the assurance that he will arrive in
the capital of the Asturias before the enemy should attempt to
march to that city, and that the Count de Luchana is march-
ing against the enemy with nine battalions."
FRENCH FUNDS. -Pam, APRIL 3.
Fire per (eats. hlbf. sc. 10e. 30c. 41c.
Four and a Half ner Cents. 103 f, .Oc.
Four per Cents., lOU f. 75c,
l'hre, per Cents., 80f. Be. 55c. 40c.
Bank Actions, 2,060£,
'cote ile Naples, 99f. 7i c. 55c. 75c. 70c.
Roman Fire per Cents., 102 1,4% 102.
Spanish Actives, 23• X 24 23N34%714,.
Spanish Passives, 5.
Spanish Differes, S.
Eklgian Loan, Five yer Cents, 104\i„
Belgian Bank, 1,44 if. 50c. 1,445 f. 1,440 f.
Portuguese Loan, Threw per Cents. CI.
Hay pan Loan, 480 f. 445 f.
ILXCYI/1 NOR ON LONDON.
One MCITIth, paper, 25f. 50c ; money, 55r. 4714 c.
Three months, paper, :25f. 3754 e. ; money, 251. 35c.
LAST PRICES.
Five pm' Cents. 103 f. 7cc.
Three per Cents. SOf. 70c.
Bank Actions, 2,660 f.
Romans, 102.
Belgian Loan, 10414.
Belgian Bank, 1,440 f.
Portuguese Three per Cents., 21.
Hayti.in Loan, 4551.
Spanish Actives, 23A.
Spanish Passives, 5.
Spanish Differes, 8.