The Sun.
London, England, 1838-05-18 00:00:00

NEW FINANCIAL PROJECT.

" Itentes Five per Cents. are to be issued to the amount of a capital of
of 500,000,000 reals effectual value. Supposing the nominal capital of
the loan to be 2,000,000,000 reals, the titles shall be issued as follow :
" 1,100,000,000 in shares of 500 piasters.
" 550,000,000 in shares of 250 piasters.
" 350,000,000 in shares of 125 piasters.
_ _

. .
" The interest shall be paid every six months (viz., on each ‘2 sth of
June and 25th of December) in Paris, Madrid, and other cities in Europe
which shall hereafter be indicated.

" The issuing of the Rentes will take place 'in four series of
500,000,000 each, and each of those series must produce 125,000,000
in money.

" The loan is not to be negotiated under 50 percent. The subscribers
may pay it monthly or by tenths. They may vest 50 per cent. in cash,
and the rest in bonds or titles of the active or consolidated debt hereto-
fore recognized, bearing 5 per cent. interest at the rate of 50 per cent.
of the nominal sum they represent; titles of the deferred debt which is
to be converted into active debt next year, at the rate of 25 per cent.
or the non-consolidated, and the debt negotiable at 30 per cent.
" The borrowers will deduct 2 per cent. on the sums received, for the
annual amortissentent of that debt.
" The securities fot the payment of the capital and interests are to be—
" All the revenues of the kingdom, and in particular the proceeds of
the customs to the amount of 40,000,000; the net produce of the
mines of Almaden, 20,000,000; the surplus of the revenue of the
islands of Cuba, Puerto Rico, and the Philippines, 00,000,000. Total,
120,000,000 reals.
" Property of the secular clergy to the value of 800,000,000 reals
is to be mortgaged for the amortissePient of said loan. The titles
or bonds of the present loan will be received for their entire value
us payment of said property. The holders bind themselves to advance
the Spanish Government 200,000,000 reals, by twelfths, and monthly.
" One.-third of the total amount of the loan is to be negotiated in
Spain.

" The Government pledges itself to provide by all the means in
its power for the payment of the interests of the old debt, both fo-
reign and domestic. In the mean time it offers to the holders of
those securities Treasury Bonds at 6 per cent., interest, which is to
be religiously paid.

" Should the interests of those dividends (Coupons) not be paid
when they become due, the Government promises to accept them for
their value, in payment of all taxes.
" The Government pledges itself to consolidate, in the course of the
two months, following the conclusion of the present contract, the
twelfth part of the whole of the deferred debt.
" During the issuing of the titles of their contract, the Government
cannot contract any other loan."

These terms are tight enough, considering that the capi-
talists proposing them in their address to the Government,
among other motives equally disinterested, offer the following
patriotic consideration, which they would have Spain and
Europe believe influenced them not a little in coming thus op-
portunely to the rescue of the constitutional cause :
" The houses making to your Excellency the proposals contained and
developed in the aforesaid project, are moved thereto by distinct consi-
derations, according to the position in which they are respectively
placed. Both houses, as well as their friends, are identified by their
Principles and adhesion with the cause of liberty and of the Throne;
and wish therefore to see the all-consuming civil war promptly and glo-
riously terminated. The former, as Spaniards, wish to see it happily
ended, without having recourse to foreign aid, because then the evils
afflicting us would be terminated, and the wants most urgently pressing
and demanding relief would be soon satisfied, and the whole profit of the
loan remain within the nation."

On the Bth inst. the Committee of the Cortes to whom the
Tithe Bill was referred, presented their report, or rather their
reports, to the Chamber—for, in fact, they made no fever than
three of them. One section reported in favour of continuing
the old rate of tithe ; another in support of its reduction by one-
half; and a third insisted on the necessity of its total abolition.
The ads ices from the provinces were rather favourable,
though it was feared that assistance could not reach Montalvan
in time enough to save thitt town from sharing the fate of
Calanda, as CABRERA was hourly expected before it, at the
head of 400 cavalry and 7,000 infantry. NEGRI at the head of
t2OO cavalry—the remains of his shattered .division—reached
Cetina on the 2d inst. _

In the capital itself the aspect of affairs was gradually
brightening ; while it was generally reported that Don
CARLOS was involved in difficulties, personal and pecu-
niary, from which lie would find it impossible to extri-
cate himself. The letters receiwd this morning from the
North of Spain are confirmatory of the truth of these
reports. Don CARLOS has been compelled to change his
headquarters and his Cabinet—to order VILLAREAL from
confinement, and entrust him with the War Department, and
to place the Infante Don SEBASTIAN at the head of all his
forces, in consequence of mutinies at Aoiz, at Estella, and at
Manera, en the 3d, 6th, and 7th inst. In fact, the bulk of
the Carlists, officers and men, are weary of the war, and insist
upon either abandoning it altogether, or pursuing it effen-
sively. Don SEBASTIAN, VILLAREAL, and CABRERA are for
the latter course; whereas Don CARLOS and GUERGITE are for
continuing the present system, in the hope of wearying out
the QUEEN'S Generals, and exhausting the resources of the
Constitutionalists. But this would require constant subsidies ;
and the mischief of it is, as regards the Carlists, that the
King of SARDINIA has already exhausted the funds placed at
his disposal by the Holy Alliance, for the use of the Pretender.

The Paris papers of 'Wednesday have all been received.
We copy from the Charte the following official announcement
from Spain :
" BAYONNE, MAY 15.—According to reports from various points of
the frontier, this day received, a great defection is taking plus in the
Carlist hands. Don Carlos is stated to have left Estella in consevence
of serious disturbances, and proceeded towards Onate."

In the preceding article on the news from Madrid, received
this morning, we have given the particulars of the "defection"
in the Carlist bands referred to in the above dispatch.
Prince TALLEYRAND was so dangerously ill on Wednesday
that his life was despaired of. The shock of his brother's
death is said to be the remote came of his illness.

Nothing occurred in the Chambers on Tuesday of any im-
portance.
The Bayonne journals of the. 12th arc filled with details relative to

_S

the meeting of several Carlist battalions. The seem , 04siii - ----7,,,,...
verre mutinied on the 3rd at Aoiz, the fifth at Es ikl t. 400--;
~„..:: 0
the third at Manera on the 7th. Insubordination ,is 'k-
,eailing so' rt-1:11::'Ai 1
pidly that if it is not soon checked the army of el receriacr, lir rt :..:_ r.'l,
t
danger of complete dissolution. The soldiers de A' - , pit pay Wiil:-/,,./
arms in their hands ; the officers refuse to serve un gitikko.nni4nrof-i-,N'
Gnerque, and some persons affirm that cries of " Mi&agi.fiC_`6r ifri.,W.`"i
have been heard.
The Ex-Carlist General, Segestihelza, has been Kieti t'l3lSiAt 7.1 S 7
cion of being c mcerned in the affair of Munagorri.
' Count Negri and the heads of his stafrhave received orders from Don
Carlos to repair to the Castle of Sm Gregorio de Sorlada.
Pe:sons arrived from Santander announce that Zabala, who was at
Ne,;ri's expedition, has been taken in the environs of Ereviesca.

The telegraphic dispatch, published by the Ministerial journals, con.
firms the news in the journals of the frontier. Other accounts of the
event at Estella have been received. A letter from Saragossa says, in a
P.S.—lt is aMrined that 2,000 men of the Catalonian faction presented
themselves on the Bth and 9th in the town below mentioned, and laid
down their arms ; at Cerbera, 500 men ; at Fraga, the whole band ; at
Lerida, 700 men. This desertion is ascribed to the confusion produced
by the active pursuit of Baron de Meer.—Le Commerce.
FEENCH FUNDS.—PArtrs, MAY 15.
LATEST PRICES.
Five per Cents. 1091. Pc.
Three per Cents., Slf.
Bank Actions, 2,710 f.
Romans, 101.
Belgian Loan, 103
Belgian Bank, 1,440 f.
Portuguese Three per Cents., 25
Spanish Actives, 22T;,.
Spanish Passives, 5

THE MARKETS.-(THIS DAY).

CORN EXCHANGE.

Mae are moderate arrivals of grain and flour reported this week,
except of Wheat, the quality of which is good. The trade for Wheat
since Monday has been heavy, but prices are not lower. Barley, Beans,
and Pease remain as last reported. The Oat trade is firm at the
terms of Monday. The sales of Flour have this week been limited at
former rates.

ARRIVALS.
Wheat. Barley. Oats. Flour
Eqsr,ush
Irish - 6,890
Forelga -