The Sun.
London, England, 1847-10-07 00:00:00

would be implied in the fact of an empire which
already holds such a commanding position in the
centre of Europe, and whose sway is acknowledged
And implicitly obeyed by near 40,000,000 of people,
adding to that dominion and strengthening that posi-
tion by the mighty increment of the Italian penin-
,ula, Kith its 20,000,000 of inhabitants, and all the
unrivalled advantages of its maritime position ? What
dominion that the world ever saw, except the Roman
-nnpire, which sprung up in that same Italy, and
(Dade tlil‘ Danube solong its northern boundary, could
boast of such " pomp and prodigality" of power as
would be enjoyed by this new Austrian empire, with
its sixty millions of inhabitants, and with a sea
coast whose extreme ports would be Ragusa on the
one side, and Genoa on the other; with Sicily and the
whole 41lediterranean at its feet, and with the Alps
as a perpetual frontier against the assaults of her too
liberal western neighbours? If anything were want-
ing to the compactness of this new empire, which we
may thank the firmness and foresight of Pius IX. for
nipping in the bud, we might advert to the cantons
of the SJnderbund, as certain in such an event to be
appropriated, as a comfortable addition to the Alpine
frontier. To this solution the question was approach-
ing ; and nothing puts in so stror g a light V-e mis-
fortune of the French people, and the infatuation of
their rulers, as the fact that so long as they dared
the latter took every means in their power to bring
it to pass, and to discourage the struggles which
Pius IX. was instinctively impelled to, for the
liberties not of his own country alone, but of
Europe. With or without a Pius IX., Italy could
not have remained in the anomalous position in
which her internal disunion and the pusillanimity
of her no ninal rulers had kept her so long. Had
she not fortunately found a man with genius and
resolution adequate to guide her in her new career,
she might have madly and prematurely risen
against the tyranny of Austria;_ and had she failed,
and been crushed once more, Austria would have been
placed in a position effectively to consolidate an em-
pire of the population and power which we have indi•
cated above. It must be, indeed, a fundamental
weakness and tameness of character which the en-
couragements of such a position would not devolop
into an overwhelming and aggressive strength. And
yet this mighty peril, the most sagacious sovereign in
Europe, and that statesman who was believed to have
most deeply fathomed the principles and appreciated
the lessons of history, were content, for the sake of
their own paltry personal schemes, not only to
counteract, but consciously and deliberately to
encourage. Compressing together the various con-
clusions to which the above reflections and others of a
kindred nature give rise, we may regard it as beyond
controversy that the best guarantee for the balance of
power in Europe, and the main principle of a sound
diplomacy, will henceforth be—to keep the several
nations of Italy as much as possible a homogeneous
united people, and to prevent their being made,
either in the hands of their own rulers, or in those of
foreign intriguers, an instrument of aggression or
empire. _ _ .

ADVERTISER.--It is always matter of sterling
interest for creditors to observe and listen to the
plans and proposals of a deeply involved debtor,
whereby he endeavours to secure, at leas, an approach
to an honest and honourable settlement of his obliga-
tions. It is much in the same spirit (though its
ardour of expectation may be somewhat damped by
the failure of previous arrangements), that the Eng-
lish holders of Spanish Bonds regard the schemesjust
propounded at Madrid by the Minister of Finance,
relative to the debt of that nation. Great and per-
severing efforts have long been made to obtain some
satisfactory recognition of the heavy money-debt due
from Spain, to the interests in this country in par-
ticular. Those efforts have, however, gene•
rally been not only fruitless, but hopeless, such
were the difficulties and impediments that
seemed to lie in the way of any settlement of
the just and peculiarly strong claims of the foreign
=editors of Spain. Still, latterly, there have arisen
certain grateful indications of some scheme being in
a forthcoming state ; and at length some royal de-
crees have been issued, which afford ground for at
least a slight anticipation of approaching improve-
ment in the condition of the long despairing and
oppressed bondholders. It will be seen that we are
cautious in our manner of expressing the nature of
the hopes that may be justified by these official do-
cuments. We are so, because it is too late in the
day to place entire reliance on the accomplishment of
all that is thus promisA ; and it is far better to mode-
rate the extent of the anticipations aroused by such
a cause, than afterwards to have to lament the bitter
dikappointment of sanguine and confiding expecta-
tions. Certainly, M. le Ministre de Finances, Jose
de Salamanca, commences the preamble to the first
decree with an assertion that it is truly delightful to
hopes proceeds from the heart as well as the pen of
the writer. It is a recognised axiom (he observes)
that credit constitutes the greatest element in the
strength and power of modern nations. It is, there-
fore, devoutly to be wished that, by adopting such
an axiom, and by pursuing an entirely new and dif-
ferent course in its financial policy, Spain may
rapidly restore to herself the valuable blessing—
Credit—and thereby secure what Don Jose de Sala-
manca so properly estimates as the greatest element
in. the power of modern nations. The Eng-
ghsh creditors of Spain will, asiuredly, not grudge
her the utmost amount of power and influence she
may obtain from such a source. We can easily
imagine that they will fervently pray that she may
become a very Colossus in might—a Peninsular
fiercules in vigour—a true Atlas in bearing and
sustaining qualities. Certainly the more " interest "
she devotes to England, the more will she become a
sure and proper subject of interest, not only to the
bondholders, but to the whole people of this country.
But, to return to the important documents above
mentioned. The first Royal Decree was " given at
the Palace, and signed by the Queen's hand, on the
24th September, 1847;" and its purport may be thus
briefly described. The produce of all the national
property, of the Almaden, Almadenejos, and other
quicksilver mines of the kingdom, and " the excess
of all the coffers beyond the seas," are to be " applied
to the general direction of the public debt, in order
to devote them to the payment of the-interest on the
Three per Cent. internal and external debt, conform-
ably to the provisions of the fifty-first article of the
Royal Organic Decree of the llth June last." The
directing Junta of the Public Debt is to draw
up a projected contract with the San Fernando
Bank, " whereby that establishment shall engage
for the period of ten years to keep at the disposal of
the direction of the public debt, on the 30th June
and 31st December of each of those years, the
amount of the half-year's interest, conformably to
the budget approved of by the Cortes." The decree
' of which the above statement gives the leading pro-
visions appeared in the Madrid Gazette of the 26th
ult: On the following day the same official organ
contained two more financial decrees, the first dated
Sept. 23, and the second Sept. 25. The former re-
peals "the suspension of the selling of property be-
longing to the brotherhoods, hermitages, and chapels,
ordered by the royal decree of the 26th July, 1844."
The selling of the dues is to take place after Ist
January, 1848 ; but they may meanwhile be redeemed
by the owners of the property charged with the said
dues paying a sum equal to the capital in Three per
Cent. titles. The second decree authorises the sale of
the property called proprios (excepting some parts of
it), and sets forth the proportion of the proceeds that
is to be allotted to the redemption of the public debt.
We have directed this marked attention to the
question, because it is one in which a largo class in
this country is somewhat deeply interested; and,
also, because the steps en the part of the Spanish
Government which have just been described, afford
some ground for believing that earnest and honour-
able efforts are really about to be made to discharge
the just obligations incurred by Spain towards her
foreign as well as domestic creditors. It is gratifying,
likewise, to observe the improving prospects of that
country, as set forth in the preamble to the first
decree. The Minister therein states that the effects
of peace have not been fruitless, and that the Trea-
sury is daily discharging its obligations as the collec-
tion of the taxes becomes easier. That he will soon
be able to submit " a project for the general regula-
tion of the public debt, which will consolidate estab-
lished rights, satisfy just hopes, dispel apprehensions
calculated to distrust the expectation of security, and
restore the confidence on which the credit of the
State's paper is founded." These statements sound
well ; and we trust, equally for the sake of the bond-
holders and of Spain herself, that the anticipation
therein held forth may be fully and faithfully realised.
Locke has defined credit as "nothing but the expec-
tation of money within a limited time." If Don Jose
de Salamanca wishes to restore to Spain her credit
among nations, let him make every effort to secure
that "expectation of money (so long due
toh England's
er)
within a limited time ' may not be dis•
appointed.

BOOKS FOlt THE BRITISH MUSEUM.—A parcel of
books, intended for deposit in the British Museum, has
arrived by one of the steamers from Havre, and the
Lords of the Treasury have given directions for the de-
livery of the package duty free for that purpose.
" Come down this instant !" said the boatswain to
a naisobievous Son of Erin ; " come down, I say, and
I'll alve you a good dozen, you rascal !" " Troth, sir,
an' I Wo4lcm't pome dont if rive me two dozen."