The Sun.
London, England, 1822-10-17 00:00:00

1.1-lent will act with greater energy, now that the territory is pro-
perly divided ; as strict orders have been communicated to the
intendants to enforce the collections with exactness, by means
of the authority vested in them .by the Cortes ; and as the Go-
verninent has remarked, and will continue to remark with seve-
rity, the neglect and want of zeal of its agents. Thus the col-
lection will be ameliorated, and in all parts of the economical
administration of the state wiihbe felt the beneficial influence
of a just rigour, applied with an equal impartiality to the chief
of a province and to the lowest of his subalterns, whenever
their conduct may deserve it. , •
Nor do the last month's receipts of the loan contractd on the
22d of November, 1821, offer an adequate resource to the
Ministry, considering how sparing was the produce of the
revenue and taxes which caine into-a public treasury. On the
7th of August there was received from that channel, according
to the adjoining statements of the Treasurer-General, the
amount of 117,613,037 reels 22 maravedis, of which sum
9,000,000 arc appropriated to the payment of the rentes of the
same loan on the half year ending last May, 600,000 reels to the
liquidation of the expenses of the furnishing of the certificates
of rents, and 3,000,000 to their redemption or extinction.—
Consequently since the 7th of August only four millions and
a half of the real proceeds of the said loan could have been
disposed of.
The resent state of this loan will be understood from the
details furnished by the director of the great book of the
public debt. The Cortes will see from them that the sum
of the rents at 5 per cent. which have been placed in the hands
of Ardouin, .Hubbard; and Co. as equivalents, amounts to
36,713,432 reels, 4 maravedis. First, 92,734,321 reels capital
at the price of the negotiation of the effects of the old loans
placed in the hands of the Government agents. Second,
134,100,000 reels produce of the monthly payments in specie
stipulated in the aforesaid negociation of the 22d November;
and third, 140,000,009 Teals corresponding to the 14,000,000
rents anticipated in conformity to the saute. Certificates of
these rents have been received, payable in London to the
amount of 27,610,800 reels, and payable in Paris to the amount
of 1,060,240 reals in all 28,671,200 reals of rent, which have
to receive, 8,042,232 reels 4 maravedis to complete the above
stated 36,713,432 reels 4 maravedis of rent. Such is the state
in which the effects of the old loans, converted into rents of
5 per cent., remain at the disposal of Government.
The conditions of the said loan being modified by an agree-
ment entered into with the aforesaid house of Ardouin, Hub.
bard, and Co. on the 14th of June last, and approved by the
Cortes on the 27th, Government has taken every necessary step
for their punctual execution, and to enable the managers of the
great book and sinking fund to fulfil their respective functions.
Te precision of the operations of the first will be seen by
the explanation I have given, and the Cortes would do well
to acknowledge them ; the second will also execute theirs with
equal punctuality, as soon as they can be made acquainted with
the mortgages executed by their agents in London and Paris.
I have before mentioned, that since I have held the office of
Minister of Finance, 3,000,000 of reels have been destined to
the extinction of rents ; which furnishes an incontestable proof
of the good faith of the Government, and of its puntuahty in
fulfilling its engagements ; and to this, as well as to the punc-
tuality with which the interests and premiums of the other loans
are made good, is undoubtedly owing to the improvement in
the price of these and of the 5 per cent. rents, which has been
manifested in the foreign markets, and has already had its
effect on the national market.
If it was urgent to give to the collection the impulse which
was so much wanting to preserve and improve our credit, it
was no less indispensable to promote that of the rents of estanco
and excise. The contraband system, pursued to an extent of
which even the most calamitous times afford no example, di-
minishes the proceeds of the latter, and almost annihilates those
of the former. The establishment of a maritime guard is one
of the means most likely to remedy so great and transcendent
an evil ; and in this undertaking the Government, with the
sanction of the Cortes, will vigilantly endeavour to obtain the
accomplishment of the good effects which are likely to result if
the shipowners fulfil their obligations with zeal arLfidelity,
or, if not, to reduce them by force to the observance of their
duty.
In order that the distribution might rise to so high an amount,
the Government was obliged to resort to extraordinary means,'
such as negotiating various anticipations on the produce of the
lotteries and the crusade, and appealing to the generous patrio-
tism of the worthy Ayuntamicnto of the capital, who in addi-
tion to his services already rendered to public liberty:, cheerfully
agreed to perform another equally important one, in the anti-
cipation already effected of 15,000,000 of reels in bonds and
other negotiable effects on account of the taxes raised by this
Court ; a service which the Government highly values, and
which more and more confirms the claim of the Ayuntarniento
to public gratitude.
The state of the Catalonian provinces has required abundant
assistance, and has imposed on the Ministry the duty of ap-
proving an anticipation to the treasury amounting to 6,000,000
of reels, opened by the zealous authorities of Barcelona, whose
conduct merits the praise of the Government, and who are to
transmit to the general treasury whatever sums the anticipation
may there produce. Finally, relying on the forthcoming pro-
duce of the sale of the rents conceded by the Cortes in the last
session to cover the 'deficit between the revenue and expendi-
ture of the economical current year, and on the express condi-
tion of punctual repayment, arrangements were made for
transmitting to the General Treasury the funds which exist in
Paris proceeding from the inscriptions in the great book of the
public debt of France in favour of the Spaniard for indemnifi-
cation. I know not whether the payment has been realized,
but the Government has already made arrangements for the re-
payment either to the holders of the bills granted by the Trea-
surer-General on that fund, or to the fund itself, whether it be
or he pot made use of ; and on this point the credit of the
nation will remain on a footing correspondent with its dignity,
thus affording proofs of being enabled sacredly to fulfil its
obligations.
The negociation for the inscriptions to the amount of thirty
millions, granted by the Cortes, and that of the extraordinary
credit of 50,000,000 of reels, for the Ministry of Marine, which
belong also to the class of rents at 5 per cent., may at first sight
appear under a somewhat favourable aspect. The emission of
the 30,000,000 was announced on the Ist of August, and the
whole month was appointed for the reception of proposals. It
was necessary to await the event, while the demands of the
treasury were every moment increasing ; and amidst the anxiety
felt by the Government lest it should not possess the means of
supplying its wants, competitors found a conjuncture favour.
able to their interested views. Thus all the propositions were
more or less disadvantageous; and though circumstances au-
thorised some sacrifice, yet the Government, circumspect in its
proceeding, and anxious to conceal as far as possible the burden
under which it laboured, firmly rejected some propositions,
which, from their amount, as well as their conditions, it would
have been blameable to accept.
This energetic conduct, though it occasioned a perplexity of
some days, multiplied wants, and rendered necessary the adop-
tion of extraordinary measures to meet urgent obligations,
nevertheless placed the Government in an advantageous position
with respect to those who, aware of its situation, wished to sub-
ject it to sacrifices which would have entailed its discredit and
ruin.
It has already been observed, that the Government was not
regardless of re-establishing its credit in a way as far as possible
consistent with the good name of the Spanish nation, anti at
the same time concluding favourable negotiations. For this
purpose 3,000,000 of rentes were appropriated to the extinction
of rentes at five per cent., which, in a great measure, restored
her consideration, joined to the political events which have also
exercised an advantageous influence.
The result has prOved as successful as could be wished, and
the Government may congratulate itself on having concluded
a contract sufficiently edvantageous, compared with that which
preceded it; and with that which would have been obtained had
the resolution of the Government been precipitately taken.
Fortunately, measures were taken with sufficient caution ; and
I have the pleasure of announcing to the Cortes, that to that
assembly we are indebted for an advantage of between
18,000,000 and 20,000,000. But in alluding to this subject I
must not omit an acknowledgment which I consider as an act
of justice, and without which I should not feel that I had dis-
charged my duty. The Government, renouncing all secrecy in
this delicate affair, consulted with various individuals whose
opinions were received before any step was taken. To these in-
dividuals we are indebted for the successful issue of the opera-
tion, inasmuch as their intelligence and counsel contributed to
bring it to
,a close. In this affair they_evinced an interest truly
patriotic, and they have in every respect fulfilled the wishes of
the Government. I could here publish the names of these
Gentlemen, but the fear of offending them by so doing induces
me to pass them over in silence.
Such was the state of the public finances at the close of the
second economical year, and such it is at the present day. On
the one hand there appears a deficit of 322,000,000 in the con.