The Sun.
London, England, 1824-03-27 00:00:00

benefit of all the rise, from the price of 75, of
which it is susceptible, in common with those
persons who subscribe the funds, at that price,
for paying off such of the holders of the 5 p'r
cents. as choose to be paid off at par.
It is not, then, surprising, that, after a moment's
hesitation, ocoasioned by a natural anxiety on the
part of those who did not know what terms were
to be offered to them, the rentes should have
risen from 100 f. 80c. to 102 f., since in effect, for
the 5 per Cents. the holders will receive 3 per
Cents.; and, in the intervals before the creation
of the latter fund, it is natural that the rise, of
which it is judged susceptible, should be taken
into account in purchasing that Stock by means
of which it is sure to be obtained.

Now, what are the chances' of rise upon the
intended 3 per Cents ? Our duty is to declare it,
without consideration for private interests, for
our duty is to explain all matters which interest
the public.

The three great Capitali,ts, who have taken
the contract for as/much Stock, at 75, as may be
required for paying off at par those holders of 5
per Cents. who will not accept the terms offer-
ed to them, are Messrs. LAriTTe, BARING, and
ROTHSCHILD. The point of comparison of
the 3 per Cent. French Stock, which will come
into the possession of every holder of 5 per cents.,
at the price of 75, is the English 3 per cents.,
and they are now at 95.-5,000 francs of 5 per
cent. Renter, which have cost 100,000 francs,
will produce 4,000 francs of Renter in the 3 per
cent. Stock, which at 75, will still be of the value
of 100,000 francs.
The same 5,000 of aestes, bought at 102,000,
will also produce, in the same manner, 4,000 of
Rentes in the 3 per cents, which at 78 will be
worth 104,000 francs.

If the 3 per Cents. get up to 80, the 5 per
Cents. ought to be worth at least 106 ; and if
they should rise to 85, the 5 per Cents. would be
worth at least 113, and so on in proportion.
In case
of a fall of the 3 per Cents., which
might arise from
political causes, or from the
efforts of speculators, the 5 per Cents. would de-
cline in the same proportion; but always with
this important limit to the decline of the latter,
that they cannot fall lower than par, because the
Government have, with the Contractors for the
new Stock, guaranteed that price,
eyen although
the 3 per Cents. should decline below 75.
Such is the mechanism of the transactions to
which the determination of the Minister is about
to give existence, even before they are formed
into a law ; for, even supposing that the law
should be rejected, the 5 per Cents. will, never-
theless, continue to be paid; and it is for the
public to judge what should be the value of the
Stock, as well in the event of the 5 per Cents.
being paid off now, as in that of the paying off
being adjourned.
It is not our practice, in general, to give any
opinion upon the rise or fall of the public funds.
Every one ought to judge for himself upon a sub-
ject which we never attempt to influence. We
have limited ourselves, in the present article, to
explain the great financial operation which occu-
pies the public attention ; and our only object in
doing so has been to elucidate, to that. important
class (the fundholders), who are the most inte-
rested, the true nature of his measure.

We shall resume the consideration of the con-
sequences of this great event ; and of the new
era which it opens for the industry and the agri-
culture of France.

CHAMBER OF PEERS.—SITTING or MAncu 24.
The Chamber assembled at noon under the
presidency of the Chancellor M. the Count
&ESC A RS.

After the reading of the proses verbal of the
Royal Sitting, the Chancellor deposited upon the
bureau five ordinances of the King relative to the
nomination of Peers.

The Afarshal Count Molitor, the Count Borde-
soulle, the Count Guilleminot, the Count Bourck,
and the Baron de Dames, created Peers by the
Ordonnance of the 9th of October last, took
their seats, and after some business of form, the
Chamber adjourned.

It is reported at St. Petersburgh that a note of
the Sublime Porte is about to make its appear-
ance, ordering the Pacha of SILISTRIA to evacuate
Wallachia and Moldavia.

[From the Journal des Debar• of Thursday.]
We received yesterday news from "Madrid of
the 16th. The military armistice was secretly
prepared in the Council of Ministers : it has been
more than a month in preparation. It is to be
hoped that this military armistice will soon be
followed by a civil armistice.
PETERSBURGH, MARCH 25.—Since these four
days our beloved Monarch has appeared in
public, and is entirely recovered from his late
indisposition. The Grand Duke Constantine
left to-day for Warsaw.
It is reported that a new organization will
take place iu several Governments of the In-
terior.

We have heard from our intelligent Corre-
spondent at Paris, in a Letter dated the 23d inst.
that information had been received there, im-