The Sun.
London, England, 1849-12-19 00:00:00

SPAIN.

Madrid journals of the 11th have arrived.
Three pritjects of law were presented to the Cham-
ber of Deputies on that day relative—first, to the
importation of iron; second, the adjustment of the
debt; and third, the electoral law.

MADRID BOMA, DEC. 11.—The money market
continued very firm, the Three per Cents. closing at
30 11-16 for paper ; the Four per Cents. at 12/ ; the
Five per Cents. at 13k; the Debt without Interest at
4k; and the Coupons at 8.
The follow, ing is the proposed law for the ar-
rangement of the national debt :
Art. 1. The public debt of Spain shall be reduced
to one sole class and denomination, which shall
bear interest, for the future, of two per cent. per
annum.

Art. 2. The payment shall take place at Madrid,
at the office of the National Debt Department, and
shall be effected every half-year, commencing with
the ht of January, 1850.
Art. 3. In the course of a year, commencing with
the publication of this law, all securities now in cir-
culation shall be presented at Madrid for conversion,
whatever be their present category or denominotion,
foreign or domestic. _

Art. 4. In return for documents thus called in,
there shall be issued nominative certificates from the
great book of the debt, in which shall be expressed
the amount of the capital, the interest due, and the
person or corporation, or establishment in whose
favour it is made.

Art. 5. The capital represented by these certifi•
cates is inviolable, and their owners shall enjoy them
with entire liberty, without being incommoded in
any way.
Art. 6. Foreigners possessing certificates of the
inscribed debt shall enjoy the privileges conferred by
the preceding article, and shall ever receive their
interest punctually, even should there be war with
the nation to which they belong.
Art. 7. Neither the capital nor the interest of the
public debt can ever be subjected to taxation, loans,
nor duties of any kind whatsoever.
Art. 8. The certificates belonging to the New Two
per Cents. shall be divided into two classes, the nego-
tiable and the unnegotiable. Into the first shall be
converted all bonds payable to bearer and other stock
which at present can be alienated. In the second, all
credits which, according to the present laws, are not
transferable.
Art. 9. The capital which shall be:transformed into
the new debt shall be in the following proportion :
Three per Cent. Stock shall bear its full value of
capital.
The Four and Five per Cents. shall be fixed at 75
per cent. and the interests due on the Four and Five
per Cents. at 50.
The debt, with interest, at 5 per cent. on paper
(a papel), 3.3} per cent.
The Provisional Debt at 25 per cent.

Unconsolidated Stock at 33i per cent.
The debt without interest 215 per cent.
The Passive Debt, 25 per cent.
The unpaid interest on the Five per Cent. (paper),
161.
Art. 10. All credits waiting for liquidation shall
alloyed in future certificates at 2 per cent, with
the proportionate reduction which the documents on
hick they are grounded would have had to submit to
according to the former system.
Art. 11. Special debts incurred by treaties with
foreign nations shall remain in their present state,
and not be affected by the decrees of the present law.
Art. 12. According to the 7811 article of thi- con.
stitution of the state, a c' wtnission con posed of three
senators and three deputies, chosen by vute in each of

their respective bodies, shall have the power of inter.
ference in all operations necessary for the purpose of
carrying this law into effect— first, taking note of all
documents presented for conversion ; secondly, making
what they shall consider the fittest arrangement, in
order that the said documents shall cease to be of value
as soon as they shall be exchanged ; thirdly, taking
part in debate and by vote with the director of the fund
and the high functionaries named by the Govern
meat for all emissions which shall be effected belong-
ing to the new debt, decreeing what they consider
most useful for carrying the present law into force ;
fourthly, one senator and one deputy signing each
of the new bonds, in which formula each of the
six individuals composing the said commission shall
take his turn,

Arta 13. The conversion treated of by the present
law is obligatory for the Three per Cent. Stock. The
holders of other descriptions of securities may choose
between the conversion and their present condition.
Art. 14. For the payment of instalments not yet
effected for the purchase of national property, if the
payments are to be made in Two per Cent. Stock, an
account shall be struck of the proportionate value of
the old credits, and the rates at which they were
converted, in order that neither the purchaser nor the
nation may sustain injury.
Art. 15. The interest of tvso per cent. is a tem-
porary measure, in order to effect a settlement of the
debt in a manner conformable with the present
capacity of the Spanish Treasury ; with respect to
wiiich tha Gcvernment shall give an account to the
Cortes in the following session of the state of the
conversion, and the sum to which the interest shall
amount, in order to effect as soon as possible the pay-
ment of three per cent., the ultimate amount to which
the public debt of Spain is intended to be raised.
(Signed) MAN urr, SANCIIFZ SILVA.
Palace of the Congress, Dec. 3; 1849.

G 11 A IN Y
AND

THE NORTHERN STATES.

AUSTRIA.
The Austrian Lloyd's says that the King of
SAXONY has granted Field-Marshal RADETZKY_! and
Field-Marshals IIAYNAu and JELLACHICII, the Grand
Gross of St. Henry. 'his order, continues the Lloyd,
was founded as a reward for the highest military
services, and such careful selection is made in its dis-
tribution that not even the KING himself is a mem-
ber; and of living contemporaries, the Duke of
WELLINGTuN is probably the only person who is at
this momtnt decorated with it.
The King of SAXONY has insulted
.the Duke of
WELLINGTON by thus conferring the order of St.
Henry on Pandours and Brigands, and we trust his
Grace will show his sense of the insult by imme-
diately transferring the Saxon decoration to Mr. CAL-
CRAFT, the brother in hemp of the hangman layziau,
and consequently the only Englishman who can now
wear it without degradation. The order of St.
Henry is the oldest in the world; the first Knight
CAIN wore its insignia on his brow that all men
might avoid him, the last Knight HAYNAU wears the
insignia on his breast for the same reason.

PRUSSIA.
Accounts have been received from Berlin to the
Is:h inst.
The Second Chamber has finished the revision of
the amendments proposed by the Upper Chamber in
the Constitution.
The motion for the exemption of the Duchy of
Posen from the election of Members to the Federal
Parliament of Erfurth has been rej'cted.