The Sun.
London, England, 1840-08-31 00:00:00

ENJNG EDITION•

Y MARKET and CITY NEWS•

./t2:l - ar.
•
SATL;ii,DAY EVENING.)
....._„1
• ____ca!>' ; 7:,
i"---11 S.—A letter has been received from a respect-
\ A'4o) rm who act as the solicitors of a great number
of tl.e original holders of the Spanish " titulos," in ex-

t on that declaration es the original holder, for both
have relied on Spauish faith. If by wrongly declaring
a tiocument negotiable which by the English law is not
so, they have misled a number of persons (including
the original holders themselves, who thought they had
a marketable title), they are bound to take the conse-
quences of such an act. If the declaration of de')t
constitutes the claim of the original holder, the declara-
tion of negotiability constitutes a claim of the trans-
feree, and when the transfer is not proved to be fraudu-
hot the Spanish Government will have no right to
appeal to the English law.

HERALD.—Private letters received this morning
in the City from Paris represent political affairs in a
more encouraging point of view. France, it is observed,
will get out of the scrape in which she has been involved
by the precipitation of the Ministry by means of a corn-
binution to something like the following purport. It
will be formally laid down that Constantinople is in no
case to be occupied by any foreign power. In the next
place Mehemet Ali is not to be allowed to take such a
position as to enable him at any future period to place
in peril the independence and integrity of Turkey. And
as a means to this end that Egypt only should be con-
ceded to him with a very small if any part of Turkey.
To these conditions the French Government, it was
believed, had signified its adhesion, and would undertake
to persuade and procure the assent of the Pacha of
Egypt, or, persuasion failing, to enter into the coalition
against him, and thus convert the quadruple into a
quintuple alliance. M. niters, it is asserted, has as-
sured all his friends and habitues that everything is
settled, although not perhaps to the particular pleasure
of Russia, and it was reported that shortly there will
appear a formal declaration of all the Powers in con-
formity. It may be remarked, however, in respect of
these statements that they are of tcro favourable a colour
perhaps, since in fact France is known to have refused
accession to terms considerably better for the Pacha
than these, and assuredly neither one nor the other
would be disposed to forego advantages previously and
voluntarily offered in preference for arrangements of a
less satisfactory nature.

CHRONICLE.—The temporary improvement this
morning was occasioned by the higher quotation of the
French Renter received from Paris of Thursday, and
an expeotation that the Continental exchanges had
arrived at their lowest point of depression. The rates
are now so low, indeed more so than they have been for
sonic years, that we can scarcely anticipate that any
further decline of importance will be experienced. We
obsme some difference between the different accounts
as to yesterday's exchange in the columns of ourselves
and our contemporaries, some of whom state that the
rates showed an improvement as compared with those
of the preceding post. We stated, on the contrary,
that there was no difference on the whole ; and we think
our statement was correct. Indeed, at one period
there was an indifference exhibited to continue the
former rates, although, owing to a slight improve-
ment before the close, the quotations came at last
within a fraction of those immediately preceding.
The importance of ascertaining the true state of our
foreign exchanges at the present moment induced us
to make these remarks ; and we should observe i❑ ad-
d.tion, that notwithstanding the comparatively low price
of gold on the Continent, some considerable shipments
h tve been made within the last few days ; and, although
it may not be done on terms which bear a remunerat-
ing profit in the common way of export, yet the facili-
ties which it offers of borrowing at very low rates of
interest in the continents). cities enable those well versed
in exchange operations to turn it to account, sup-
posing that the exportation had been entirely
made on mercantile account. Be that as it may,
it is quite ascertained that a good deal of gold
has lateiy left us, and a rise took place here yesterday
ill the price both of gold and silver, The former, which
had been previously worth 3/. 17s. 9d. standard gold,
rose to 3/. 17s. 104 d. per ounce. Dcllars from 4s.
100. rose to 4s. IO d. ; and silver in bars from ss.
()Lid. advanced to 53. Op. We have yet to see what ,
effect this advance in the prices of gold and silver may
produce as a means of giving a favLurable turn to the
foreign exchanges.

SPIRIT of the PUBLIC JOURNALS

FROM THE MORNING PAPERS OF THIS DAY.
(From the Morning Chronicle.)
The French Journals have found in the Times and in
Charles Attwood a couple of auxiliaries, of which
tWy !seem determined to make the utmost use. The
Court send Ministerial organs in Paris, indeed, feel the
of their pleading themselves and insisting in
favour of Frcuch interests—they therefore remain silent,
and wisely quote the Times, which has taken up the
gauntlet for the warlike French and for the partisans of
Mehemet Ali. The Times, in the article which all
the French Journals adopt, trgins by admitting that it
associated itself to the aim of the Treaty of the 15th
• of July, which certainly was to ensure the independence
of the Turkish empire by limiting that of Mehemet Ali.
It teed blames and anathematizes all the means by which
such aim could possibly be obtained. That it could be
coreteived, or acted on, without somewhat offending the
French, was impossible ; or that it could be attained with-
al, some concert with Russia was equally impossible.
Tti: Times condemns both of these. It must, therefore,
mean that England should attempt, single handed, to
attain its olojeet, and that it should achieve the limita-
tion of Egyptian ambition by bowing to France and
defying Russia. We should, according to the Times,
quarrel with Russia, even when it agrees with us. The
idea is absurd. The Times must either condemn the
trewy and declare its object visionary, or it must admit
some means of accomplishing it. For the Tories to
cane forward
.and say, " The treaty is wise and neces-
sary, sign it ;'• and then, when it is signed, get up and
ob,.ree, " Oh, yes ! but you must not risk war, you
t not offend the French, you must in nothing trust
or aocept her co-operation"—such conduct
r iv implies that this great question of national
interests has been regarded by the Tories as one
;.oactueive to their party purposes, and that they care
ittle for Syria being Franco-Egyptian, and for the
Tu kish Empire being reduced to a childish and helpless
.staNe tutelage in the hands of its nearest neighbours,
peo,ided they gain their only object, of getting a Whig
Alirebtry into embarrassment.
(From the Times.)
Whilst ne are awaiting the events in the E. ast whinh
rr av givo a decided turn to the policy of England,
Russia, or France, it can neither be denied nor con-
cealed that this country is placed in the most unaccount-
able and ambiguous situation which was cvlesryithoutoccu-
pied by a power of first-rate magnitude.
the slightest intention of engaging in a war, we find
ourselves exposed to a two-fold chance of hostilities.
The English Government has pledged itself, in con-
cert with three other Powers, to certain modes of
violent intervention directed against the Pacha of
Egypt' which may provoke a determined resistance
on the part of a veteran desperado, whose superstitious
obstinacy and implacable animosity to the Christian
Powers are only to be matched by his cruelty and
(oppression to his own subjects. If this scheme of in-
tervention succeeds, it can hardly be without the em-
ployment of means calculated to givo fresh grounds of
umbrage to France ; if it fails, we have to apprehend
-.the sudden and violent introduction of a Russian force,

pia nation of the recent conduct of the Spanish Govern-
ment towards the purchasers. The great point to be
explained was, how an injunction applying to one indi-
idual case only, and granted on account of the circum-
stances of that individual case, could be made to all the
purchasers collectively. It appears that, before obtain-
ing this injunction, the solicitors waited on General
Alava, and requested him, provided the Vice-Chan-
ce:ler should decide in their favour in the case which
was coming before him, to allow the decision to extend to
all cases in which fraud had likewise been practised, on
their giving him notice of these cases, and the particular
" titulos" to which they referred. Now assuming
(which is in reality too much to assume) that tlse
Spanish representative was justified in acceding to such
a request, and in suspending payment on the mere no-
tice of private individuals, still it will be observed that
the solicitors merely asked for a suspension ot payment
in particular cases, the pointing out of which they re-
served to themselves, but never asked for such a sweep-
ing determination as was declared in the advertisement
of the 20th of August, and which postponed vine die the
payment of all purchasers, even though not a hint had
been thrown out against time title under which their
certificates were held. Assuming that General Alava
thought it right to co-operate with these solicitors, who
stated the hardships that would be felt by a number of
destitute persons, were a separate injunction to be re-
qured for each, with the attendant expense, still that
is no reason for taking a measure which the solicitors
had never contemplated. The same gentlemen state,
that in many cases the grossest fraud was practised ;
that parties who knew that the Spanish Government was
going to remit some money to meet the " titulos " made
many of the unsuspecting holders believe that they would
never be paid, and thus bought at a depreciation which
they themselves had caused. Of course nothing could be
more desirable than that parties guilty of such practices
should meet with their deserts,but still the argument against
confounding the ienocent with the guilty remains as
before, and it is well known that many " titulos" are
held by honourable persons, who purchased them at a
fair price. The strongest argument urged by the soli-
el!ers is, that they do not belkye the instruments to be
risesotiable (this indeed is the legal point now at issue),
a- tt pay" is not assignable, end the " titulo" is a mere
..iration of debt, without a stamp or any other re-
quisite to put it in the position of a bill of exchange or
prianissory note. This, in the eyes of the English law,
may possibly make is case against the title of the pur-
chasers, but a decision on such principles will by no means
exonerate the Spanish Government. They have so-
l. mnly that the document is transferable, and
ti;e transferee is as much entitled to call upon them to