The Sun.
London, England, 1825-06-27 00:00:00

the State turn auctioneer, and sell them to the
highest bidder for the benefit of the bankrupt's
account ? This is the line taken by the article in
the Journal des INbats, which it is unnecessary
to give at length, as it is occupied, u► the latter
part of it, in a demonstration, only interesting to
French readers, that the experiment must fail in
that market. Our only anxiety is, that the new
stock should not establish itself here as an invest-
ment for the disposition of capital, until its me-
rits are fairly understood by those who are likely
to pursue that course ; and at all events, that
they should not become the dupes of the in-
trigues of a French Minister, for want of having
them fairly laid open to their view.

[BRITISH PRESS.i
After-all, the rights of the Spanish bondholders
will not be bartered away. The principle of
composition, on which the new loan was to have
been founded, is abandoned, and the contractors
have insisted upon the recognition of the bonds
at their full value. This is what should have been
done in the first instance. If it had, we have no
doubt that the question would have been settled
long ago. As it is, the whole subject must con-
tinue yet some time in suspense. The delay that
will take-place, whatever it may be, is decided-
ly beneficial to the bondholders. Ferdinand
must do them complete justice. We wish, how-
ever,. that the Contractors had so managed their
negociation with him, that there had been no ap-
pearance of bad faith on their part. They ought
never to have proposed a composition. The Times
states, that M. Almagro, the Spanish Commis-
sioner, had " mistaken the project, or rough
draught of a contract, for one fully ratified."—
This statement is itself a mistake—the contract
was concluded, as we have stated, on the 27th
ult., at Madrid. The King of Spain then ac-
, ceeded to Cie terms on which the Contractors
offered to furnish him with a loan. It remained
then only to issue the new bonds, for which pur.
pose M. Almagro came to London.

[TTIE PUBLIC LEDGER.?
Last night we received Brussels Papers to the
'24th. They announce a partial change of Ministry,
including the Home and Foreign Departments.—
Count Reede, who for several years conducted the
foreign interests of the Netherlands, has resigned
this post, and is succeeded by M. de Coninck, who
was Minister of the Interior. To the latter De-
partment, M. Von Gobbelschrag, Cabinet Secreta-
ry to the King, has been appointed ;, but whether a
further change is contemplated, or whether the
present will embrace measures as well as men,
we know not. We should hope, however, from
the good sense of the King, that lie has no inten-
tion of Making any violent and sudden alteration
in the external relations of his kingdom, as it
-would he inconsistent, in the first. place, with
his character of Constitutional King, and, in
the next, with the interests and wishes of his sub-'
.j(tts. We are aware that be has not an easrpart
to play at present, harassed as he is by the solici-
tations and intrigues of the floly Alliance. But
his situation would be incomparably more diffi-
cult, should he be induced to entertain designs
hostile to public liberty, as from that moment
he, would be obliged to guard his throne with fo-
reign bayonets against the machinations of his
subjects. We are sorry, in the mean -time, to see
the Prince of Orange so frequent a visitor at the
Court of St. Petersburgh ; as the lessons he re-
ceives there will not prepare him for the part he
will be probably called upon to act—a part far
more glorious, -and more acceptable to God as
well as man, than that of an arbitrary Prince.