The Sun.
London, England, 1825-11-04 00:00:00

[NEW TIMES.]

The letter of Mr. Canning to M. de -Los Rios
is a master-piece of argument. We consider it
to be one of the most unanswerable papers that
ever issued from the boreal' of a Minister. The
arguments, deduced- front the acknowledgment of
the independence .of Holland and Portugal by
Spain in former times are so directly adhominein,
that it will pu;zle M. Zea,
.or his successor in
office,' very much hOw to reply to them.=We
think,* however, that the Secretary might have
urged one point against the Spanish Diplomatist
which he has omitted. The game that, the
South 'American Colonies have now played against.
Spain,. some 'fifty years 'ago, our North Ame-
ticatr'ColonieS 'played against us. History will
bear us out in the assertion that the North
1.•
Arneric-qa COlOniks could not then have suc-
ceedectin throwing off our -yoke, had it not been
for the assistance,'. blindly and mistakenly givens
to them; bY the house of Bourbon, which, .aetti:-
ated by a paltry and spiteful desire of injuring
us, paves by that measure the way for their own
destruction. Spain in this contest took a very
active part against us. She did not wait until we
had not a foot of ground or a fortress in the coun-
try, to declare its. independence ; she acknow-
ledged it when we had almost all its strong holds,
and our Irrtnies were defeating every force
brought 'against them in the field—she did not
stay fifteen years froth' the commencement of the
war ; she hastened to throw her weight against
us in 'thit third year'. She' did not content her-
self. with :merely acknowledging the United
States by a commercial treaty ; on the con-
trary, she sent her fieetS and armies against
us on the most trumpery pretexts possible.—
New,eur conduct has been the reverse of all
this---4e did not acknowledge the indeudence.
of. South America until the Spaniards had
been beaten out —we waited fifteen years,
before, we ficknowledged it at all, and we never
cornmitted.an act hostile to Spain. In the Spa-
nish Manifesto published at Madrid, in 1779, a
stWipapet, couched in the most insulting lan-
gunge, the Spanish .Court,=.now so nice on the
point of recognising revolted Colonies, proposes
itself as mediator between the British and Ameri-
cams,.and insists that " in the mean time the
Colonies Shall be treated:as independentin acting".
--ii proposal- which, flagrante bello, was of course
fi;setog,nition of independence ; and then proceeds
at once to argue, that our having made, in the
course of our,military operations, a truce of any
kir4entered into a capitulation, or sent a COViliniS'.
sienertiluring the whole course: of the war, " were
true .signs of the independence of our Colo-
nies:o'; 'lf so, there is no lark 'of these true
,signs
on the part Spaniards.in their contest. Perhaps
it would have been only irritating if Mr. Canning
had felereed to.this par(of the conduct, of Spain,
but to, us it appears completely a case in point.
At *lt:eventi, it would be strange dealing if the
`SPftt.ti.,i;cdg' were to, think themselves justified in
waging-war. on.u.s to 'deprive us of Colonies which
weressessed,,. 011ie we should be 'stopped from
trad4ta:Colenies which they have lost.

`4 ~.

; . [l44ourripro.nEnAr.n.]
A political State Paper of some interest has
been 'madd public. It is the reply of Mr. Can-
ning to a Remonstrance of M. Zea Bermudez,

the Spanish Minister who has been recently dis-
missed, in which'the latter remonstrated against
the disposition shown, and the steps taken by the
British Government, to recognise the South-Ame-
rican States. This document, though dated as
far back as March, is not without political inte-
rest ; and though weakened and distorted by
passing through two languages, French and
Spanish, from the latter of which it is translated
back into English, has yet the leading traits of
the Foreign Secretary's State Papers—his pointed
style a►►d expert dialectics. Some people will
be startled by the liberalisms which have escaped,
or been studiously expressed by the Right Hon.
Secretary. Not only King Ferdinand, but
the Governments of France and the other powers
of the Continent, treat the Constitutional regime
of /820, as an illegitimate factious usurpation
forced upon the Sovereign. Mr. Canning, on
the other hand, adverts to its acts—particu-
larly its proposal to negociate with the Spanish
Colonies on the basis of independence—as acts
of the regular Government of Spain. It is, how-
ever, in reference to the war with France that
the principle of what is termed legitimacy is most
explicitly disavowed. The Spanish Minister
urged the war against France for the restoration
of the Bourbons, as binding, by analogy, the
British Government, against forming relations of
amity with the " rebellious subjects" of his Spa-
nish Majesty in America. Mr. Canning replies,
that (so far was the French war from a war of
legitimacy) the Government of this country ac-
knowledged and treated with the Directory—
made peace with the Consulate, and again ac-
knowledged and treated with the Imperial Go-
vernment—that Buonaparte was dethroned solely
for his restless and inordinate ambition, in-
compatible with the peace of Europe—and (so
far was the restoration of the Bourbons from
being an object of the war) that after the
abdication of Buonaparte, it was a question with
the great powers, whether a Prince, not of the
house of Bourbon, should not be placed on the
throne of France—a fact which the Bourbons
would willingly forget—and the repetition of
which will tingle ❑ot very agreeably in the ears
of Charles the Liberal. Mr. Canning has, ob-
viously;the best of the argument, but he had the
right side of the question. Since the date of this
document the Spanish Government has relaxed
in resolution against the independence of the co-
lonies, but proposed to barter it for a large sum
of money—a proposal which the British Govern-
ment declined '
sanctioning as mediator —and
which, no doubt, would be scorned by the new
states, especially that of Colombia. The dismis-
sal of M. Zea Bermudez must have been sudden
and unexpected.—A letter of the 21st, from Ma-
drid, and from a quarter not ill inforned, de-
scribes him as in high favour—and as having just
returned to the Escurial, after passing a few
hours only at Madrid, to attend the King per-
sonally—as he had done constantly for some time.

[Barrtsli PR I,:SS]
Consols opened very heavily yesterday morning
at 871-4 for the November Account, and the
transactions were on a very narrow scale.
'Towards the middle of the day this Slock.rallied
in a very trifling degree, and bargains were done
at -1, which price was maintained to the ClOse of
.the market, the business, however, 'cOlitinuing
extremely !United. Exchequer Bills were ls.2s.
premium.—The Foreign Market generally was
in a state of severe depression, particularly South
American Stocks, which, in an unaccountable
manner, have lately lost favour with speculators.
,When these countries were endangered and dis-
tracted by civil war and internal anarchy, English
capitalists considered themselves fortunate in ohr
taining a portion of these Securities ; but now
that " assurance is doubly sure" as to-the stabs
of the new States, almost every one on -the:
Stock Exchange 'iipp*s,. t6"use a jobbing phrase,
anxious to " get oue:of them" as rapidly as they
can, ,and at any sacrifice; but the mysteries of
the Stock. Exchange psi human understand
•ing. Colombian Bonds were 794, Mexican. Scrip,.
948 discount, Guatemala 51 discount. Greek
Bonds, also, without any just reason, have suffered
a serious decline, having been done yesterday at
234 44. Danish dittd were 66 ; Old Spanish
ditto, 174 ; apd Brazilian Scrip, 9 84.—A few
bargains were done:early in the morning in the
Anglo-Mexican Shares at 274; in Bolivar ditto,
at 18 ; and in those of the Pasco- Peruvian Com-
pany, at 34 4. Real del Monte Shares were
selling at 140 and 130.—The. Colonial Market
still continues .in a languid state. Our reports
from the manttfacitirim,,districts all tend to show
that the combination system is giving way ; but
the receflt failures have shaken confidence, and
bUsiness is not brisk.,