The Sun.
London, England, 1824-05-18 00:00:00

THE LONDON JOURNALS.

DAILY
Extracts from the Morning Papers, May 18.

[Tfl E TIMM].

There was a report current yesterday, that
Mr. Elliott, who has arrived in Paris from Madrid,
has brought the unqualified refusal of the Spanish
Government to entertain, in any shape whatever,
the question of a recognition of the independence
of South America. A similar statement also ap-
pears in letters from Madrid of the 6th instant,
which have been received in Paris by express.
It had the effect of depressing most of the
South American securities yesterday, as if the
holders of them could ever have committed the
absurdity of supposing such a concession possible
from the present Government of Spain, or indeed
by any Government under whose rule the country
could fall. However desperate the circumstances,
all Spaniards cling with hope to the possibility of
recovering the colonies. If these reports should
be confirmed, the stubbornness of Ferdinand on
the subject of South America will soon compel
Mr. Canning- to redeem his positive and reiterated
pledges, and to acknowledge, as perhaps It would
bave been wise to do long since, a sovereignty
which no declaration of his can henceforth se-
cure or overturn. The Foreign Secretary told
the House of Commons a few weeks ago,
that .he had made certain gracious and cour-
teous offers to Spain ; as that she would have
the first refusal of a recognitition of the American
independence—that she should have the benefit of
commercial preferences from the republics, and
so forth, to be enjoyed by her to the exclusion
of British enterprise and of the British merchant :
but if Spain should refuse these liberal, and in
flu) eye of many persons these improvident pro-
posals, that then we must take our own decided
line of policy—that is, acknowledge the Repub-
lics. The time, therefore, is come. Unless yes-
terday's accounts of Mr. Elliott's mission, and of
its purpose, should be contradicted, Mr. Canning
may lay up the " ifs" in ordinary for the next
occasion, and tell the commercial interest broadly
and plainly what it is that they have to expect.

EN ENV TT MES.I
We, have received the Etoile of Sunday. It is
entirely filled \Sith Debates in the French Cham-
bers. On the 14th instant, the Minister of the
interior presented to the Chamber of Deputies
the Septennial 13111, which is to assimilate the
lower llotne of the French Legislature to our
own: The Bill for increasing the annual quota
of Conscripts from 40,000 to 60,000 was also
presented to the Chamber. Of this latter
measure the policy seems more than question-
able. In the present state of society a stand-
ing army in time of peace is not only desirable
but absolutely essential to the security of nations.
The formation of an army now is a work of
science, and requires much instruction and ex-
perience : it therefore cannot be wholly laid
aside for years and resumed at pleasure; but the
military profession must be regularly and con-
stantly cultivated by study and preparatory ex-
ercise in peace against a time of war. Neither
must the military spirit be suffered to decay.—
But on the other hand it is dangerous to good
order and general tranquillity to multiply
soldiers beyond the actual necessity of a
wise precaution. This error seems to prevail
chiefly in Russia ; whereas England had per-
haps till very lately reduced her army some-
what below a prudent standard ; but the
latter error is the less dangerous in the pre-
sent state of the world ; and France would act
more wisely in imitating Russia than England.
These remarks however are merely of an abstract
nature. We are far from apprehending that any
serious practical results will soon ensue from the
military policy of France. War between the
Great Powers of Europe is happily distant ; and
the general aim of all their couniels is a perma-
nent peace. The French Rentes maintained on
Saturday nearly tie same elevation as they had
done for some time preceding : they were 104 :
65 for Money, and 104: 85 for Account.

[MORNING POST.]
In the House of Peers last night the Earl of
Liverpool, moved" for the appointment of a Corn.
mittee to examine the nature and extent of the
disturbances existing in the Counties subjected to
the operation of the insurrection Act in Ireland.
The Marquis of Lausdown moved an Amend-
ment tending to make the inquiry general instead
of circumscribed : hut the Earl of Liverpool sa-
tisfactorily spewed that inquiry could only be ef-
fectual when confined to a definite object, and
the original motion was carried on a division by a
majority of 50 to 20. In the House of Commons
F. Buxton moved for leave to bring in a
Pill to repeal so much of the .act of George I. as
restricts Partnerships ;Ind Societies from insuring
skips and Goods, and from lending money upon
Bottontry. The object and the effect of this Bill
would bei the Honourable Gentleman explained,
to give Joint Stock Companies the right of
making Marine Insurances in common with the
two grc t Chartered Companks, namely, Lloyd's
and the
Sun Fire Compan.%
He then en-
tered into various details to 'show the inconve-
nience and losses which occurred in conse-
quence.ina only
insurances.
great Char-
of there 0€ n
Ship nsurances.
tered Companies for The
motion was opposed on the grouud that
the Bill would destroy those Chartered Compa.."
ties, but Mr. Huskisson triumphantly shelved
that they only took four parts out of pane
dreg in the business of insurance, and that the
flinety'.`six parts were in the hands of Private
in-
dividuals, u hick rendered the reco4ry.Of:the di.
vidend iii:niany cases a source of litigation and of
loss. • ,The arguments in favour 'of the measure
being of a convincing nature, the leave asked for
was granted, and the Bill brought in- and read
a first time.

[BRITISH Pi ESS..I
• German Papers to a late date reached our of-
fice yeeterday. The Austrian Observer, of the
* sth of May, has a long article on the expedition
now preTaringby the Ottoman against the Greeks,
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