The Sun.
London, England, 1825-12-17 00:00:00

,of the most urgent is the condition of the silk
trade. It embraces a variety of considerations,
each of which, if pursued to all its consequences,
leads into a wide field of remark. We can touch
only at present on the most important. We would
lay it down as a fundamental axiom in the philo-
sophy of Government that the object of deepest
interest to the nation, and therefore the object
to be first attended to by those who preside over
its interests—is, to provide for the comfortable
subsistence of its population. Every scheme of po-
licy, and every principle of trade, which has not—
'so far as legislation is concerned, this great pursuit
for its basis, can add nothing solid to the aggre-
gate of public wealth, nor any thing substantial
to the means of mercantile prosperity. This we
hold to be among the leading truths of political
economy. Let us make what advancement we
may in that valuable science, its utility must ever
be proportionate to its tendency to better the
condition of society. All theories, however
plausible, that have not this result, are,—
we may rely upon it,—pernicious and de-
ceptive. if we were anxious to inform our-
selves as to the sound policy of removing the
prohibition on foreign wrought silks, and ad-
mitting them on an ad valorem duty, our first
inquiry would be—will it furnish additional sub-
sistence to the populationj or will it not ? Will
►t give employment to new hands,. or will it corn-
' pel you to turn off the old ? According as these
questions were answered, we should decide as to
its being a wise measure or an impolitic one, and
that it would be either in the degree in which it
produced the one result or the other. The most
elaborate reasoning is worth nothing if contra-
dicted by experience and matter of fact. While
you are expatiating on the evils of the prohibi-
tory system, and the advantages of free trade, you
are answered by the clamours of 100.000 work-
men, whom your liberality has reduced to ruin,
and your theory has thrown out of bread! Thus it
will be assuredly with the silk trade. And where
will the weight of evil fall ? On the land, which
will be burdened with their maintenance. Those
who doubt this have only to look at the differ-
ence between the poor-rates of Coventry in the
seasons when- looms are thrown idle and when
they are in active work. They fluctuate between
eighteen shillings in the pound and three shil-
lings ! This amount is levied on the land in the
first instance, but eventually it finds its way into
the price of corn and of all agricultural produce.

[MORNING conoxrcLE.J
A private letter, dated 34 instant, and received
yesterday by the post from Madrid, mentions,
'that in order to cover the deficit resulting from
the estimates laid before the Government for the
expences of the ensuing year, by virtue of the
Decree we published the other day, it has been
determined to inscribe on the Great Book, 20 mil-
lions of rials (200,0001. sterling) in rentes, at 5
per cent., and among the debts which are to he
paid out of the proceeds of the above inscrip-
tions, are the claims due to England by Spain, by
virtue of the Treaty made by Mr. Canning with
M. San Miguel in 1823, at that time Constitu-
tional Minister, and afterwarts approved by Fer-
dinand, in the character of an absolute King. The
settlement of these claims has, for the last two
years, been in charge of a mixed Commission sitting
in London. The Commissioners on the part of Spain
have been changed three times. The claims chiefly
relate to captures from 1804. The Madrid Cor-
respondent, writing on the above subject says,
that the wily Marquess de Almenara, at one
time Minister of the Interior during the reign of
Joseph Napoleon in Spain, and at present the
known Mentor of the Finance Minister of King
Ferdinand, has suggested the idea of appropria-
ting a small portion of the proceeds of the said
rentes to the payment of British claims, for the
purpose of introducing into our market the nego-
ciation of the whole sum, as above inscribed on
the Great Book, without acknowledging the bonds
of the Cortes, of which the British Public are
such extensive holders. We cannot help smiling
at the ingenuity of the intended trick ; but we
trust the City people will be on their guard.
If these rentes were negociated in England, it
would be the same as lending King Ferdinand
40, with a view to obtain the payment of 4.
It ought not also to he forgotten, that 40 millions
of rials, or about 200,0001. sterling in rentes, are
equal to a nominal capital of four millions ster-
ling, which, supposing they are negociated at 50
per cent. for example, would leave two millions
sterling, of which, according to the writer of the
letter above alluded to, the Spanish Government
intent appropriating 200,0001. sterling to the
payment of British claims.