The Sun.
London, England, 1825-12-01 00:00:00

[THE PUBLIC LEDGLIt.I

The political intelligence in the Paris Papers
is destitute of all interest ; and we have in this
circemstance another proof that the present panic
in the money market has not the most distant
connection with political occurrences. Of the
.maddening effects of anarchy and misgovernment
in Spain, some'ingtances, it is true, are adduced ;
but they only excite horror, without producing
alarm ; and, besides being strictly confined to
that country, they hold out some sort of hope,
from their very excess, that they will cease either
through the agency of the. Spanish nation, or the
interference. of foreign Powers. However the
evils of the system have reached a height that must
sm.ni place against it in array whatever patriotic
energies are still left in Spain. The troops, who
have hit!)erto supported it, have of late in several
places broken out into acts of open mutiny for
want of , pay ; and there is not a dollar in the
'Treasury to meet their present wants, which
have arrived at a frightful height, much less to
pay up prrears. Despots have always made it a
rule to keep,the armed satellites of their thrones
in 'good humour, callOuS as they have often shewn
themselves to the misery or discontent of •the rest
of their subjects; and by means.of this distinction,
they have been able to defy the murmurs, and
even to stifle the sighs, of the nation. But the
Spanish ,Despot, by neglecting this diginction,
will have the army as inveterate against him, as
any" Other portion of his subjects ; and there must
be always therefore a chance of • the same
scene being plaped over again, which took place
a'few evenings since. In addition to the danger
that arises from the Oesperation of the troops,
the misery that exists- throughout the kingdom,
absolutely defies -ail' powers of description ;
whilst all the' roads are infested with armed
robbers, who commit their depredations with
perfect impunity, there being nothing to restrain

'them. We are not surprized, therefore, at the
tone of remonstrance, in which the Spanish Go-
vernment has been lately addressed by the Powers
in amity with it. France, as most disgraced by
its mad excesses, and most implicated in the con-
sequences of its viidictive proceedings, has
taken the lead, it is said, in this course of rebuke,
and recently placed in its hands a list of griev-
ances, which she insists shall be promptly redressed.
A menace to withdraw her troops, and compel
the repayment of the sums she expended in her
late unhallowed enlerprize, is said to hive ac-
companied this document. Amongst the condi.
tions, of which, it is stated, she requires the strict
and prompt fulfilment, are the publication of a
full and entire amnesty to all persons who were
promised protection by the French Authorities ;
and the recognition of the independence of her late
colonies. The last sine qua non is the promulgation
of a Constitution or Charter; and as we have stated
the penalties denounced in case of refusal, we shall
now notice the chief advantage that is held out
in the event of compliance. The French Govern-
ment binds itself in this casein concurrence with
England and Portugal, to uphold the constitu-
tional authority of the Spanish Monarch, and to
assist him with troops, should it be attacked from
any quarter. Such is the substance of the very
last private accounts from the Spanish capital,
and that it is calculated to inspire more satisfac-
tion than alarm, few, we presume, will venture
to deny.

[MORNING POST.]
We received last night by express Paris Jour-
nals to the 29th ult. and the Etoile of Tuesday.
The downfall of the French Funds had been
most rapid and had created the greatest alarm.—
" All Paris," says the Quotidienne," was at the
Bank yesterday, for the revolution taking place
in public securities has affected every interest.—
Not a little surprise has been felt to find there
crowd of Knights of St. Louis, the companions in
arms of Conde, who came to learn their fate.—

The Crier's call was listened for with anxiety,
and as the variations of price were extremely
multiplied, the fleeting and successive shades of

' l hope and fear, of pain and joy, could be traced
on every countenance. Those who have seen
the lottery drawn, or have visited a gambling-
house, can alone form an idea of the spectacle
which the Bank presented. Never was it more
deeply felt how deplorable it was that a measure
of justice and the fulfilment of a Royal intention
should have been mixed up with the dangerous
chances of stock-jobbing. What is most unfor-
tunate in our position is, that the Banks of Lon-
don and Paris have a re-action upon each other,
and thus increase their reciprocal depression."—
The Journal des Debuts says, that the Admi-
nistrators of the Parisian Bank had met to settle
questions of the greatest interest, and had
passed resolutions which were sure to conci-
liate public approbation, and especially that
of the commercial world. They had laid down
in principle that the Bank had been instituted to
assist trade, and to facilitate by its discounts the
transactions between merchants ; but they de-
cided at the same time that it could not consider
as merchants those speculations whose operations
were founded on the rise or fall of Public
Securities, and therefore that, except in cases
affecting general credit, it should abstain
from making advances on deposits of Rentes.—
They also determined not to discount 44 circula-
tion Paper," or Bills drawn by well known Houses
upon each other for mutual accommodation,
unless when it should be proved that there wa's a
real commercial transation. Notwithstanding
these efforts to support public credit, both the
fives and the three per cents., the Bank actions
and every other description of securities in the
French market continued uninterruptedly to
decline.