The Sun.
London, England, 1841-03-20 00:00:00

they consider it offensive to their feelings without being at•
tended by the slightest benefit to any one.

CHRONICLE.—The favourable impression produced by
the news received by the Columbia from America, has led to a
further improvement in the funds to-day.

Rumours arc alluded to in the Madrid letters about a new
financial project, whereby an advance of 90,000,000 reals is to
be placed at the disposal of the Treasury, 42 millions to be
applied to the payment of the interest on the capitalised
cirupons, and 42 millions besides to provide for current exigencies.
" Borrowing," as is observed by our Madrid Correspondent, " is
the panacea for all evils in money matters amongst Spanish
statesmen." We expect no permanent advantage to the bond-
holders from any scheme of that kind at present. The only
means by which Spanish credit can now be effectually restored
is by the completion of a commercial treaty with this country,
so as to admit British manufactured goods and raw iron at a
moderate duty of about 25 percent. It is acknowledged by men
of all parties who have paid attention to the subject that this
is the true remedy for the disease in Spanish finance, and that
its adoption would speedily improve the custom revenues of
that country to the extent of fully two millions sterling per
year. We have frequently entered upon arithmetical details
to prove the reasonableness of this computation, and shall not
take up space to-day by repeating them. We will not sup-
pose that it is neemary to do so, to impress the truth upon
the successor of M. Gamboa, but trust that he may be a per-
son of sufficient sense and discrimination of character to urge
its immediate importance upon the Spanish Cabinet. We
have been informed that the principle makes some pro-
gress, and if the Spanish Government find that they cannot cdo-
Cain money on the old hand-to-mouth system, there is little
d)ubt that necessity, which is a great reformer, will at length
open their eyes to the propriety of adopting a more liberal
commercial policy. If that object were once obtained the
army place I upon a peace footing, and the gross abuse and rot-
tenness extirpated which at present pervade every department
of the collection of the Spanish revenues, we should not de-
snair of seeing Spain resume its place among the na'ions of
Europe. But unless the Spanish Government have sufficient
strength and purity of purpose to grapple with corruption, and
to strike boldly at those class interests which keep their trade
and enterprise b3und down by the fetters of feudal monopolies,
it would by vain and illusory to deludc the bondholders with any
sanguine hope of an early or lasting improvement in their pre-
sent unfortunate condition.

POST.—An almost total calm prevailed at the Stock Ex-
change this morning, and the same absence of excitement con-
tinued up to the close of the day's transactions, the business
done being of very little importance.
The Committee of Spanish American bondholders, anxious
to promote to the utmost of their ability the interests of the
English claimants upon the Governments of the new world.
and to obtain for them, as they have done in the case of Chili
and Venezuela, at least a partial settlement from the neigh-
bouring republics, met again this morning. The intelligence
(
in the first instance communicated from Mexico, was considered
satisfactory. The stipulations entered into by the Government
of that State have been strictly fulfilled. The Treasury cer-
tificates being now almost entirely paid off, there is every
probability of large remittances being made, so that
the dividends may henceforth be punctually paid in
London. The news from New Granada could not be called
encouraging. The recent, and rather extensive, disorganisa-
tion has materially reduced the means of this division of Co-
lombia, and the correspondents of the Committee much ques-
tion the ability of the Government to pay more than a mere l
per cent. for three years, on the portion of the debt allotted to
it. It is to be recollected, however, that a sum of 50,0001. on
account of the Republic is understood to be already in London,
and why Senor Mosquera, the Commissioner sent over for the
purpose, does not appropriate the money is a mystery that de-
mands explanation. No late information from the Equador
has come forward. The Chairman of the Committee, E. R.
P.obinsz.n, Esq., has addressed an energetic letter to Senor
Moreno, now in London, on the subject of the debt of Buenos
Ayres, and the reply of the worshy Envoy is daily ex-
i eeted. The clrims on the Argentine State are fortu-
nately not so heavy, but that, as in the case of those on
Chili, something, in the way of reimbursement, may be
anticipated after a delay of fourteen years. Messrs. Baring,
Brothers, and Co., are not likely, it is thought. to let the
matter remain in abeyance, now that the blockade is no longer
to be pleaded as an excuse for insolvency, especially as the
late adviees"lead to the anticipation of the complete overthrow
of Lavalle and the Unitarian forces. Peru has no representa-
tive at present in London; but the c'aim on that republic will,
in common with others, be urged with all possible zeal by the
Committee. Senor Pazos might, with propriety, be made the
medium of communication with General Gamarra. He repre-
sents not individuals, but the State of Peru. It transpired
that the Government of Guatemala had transmitted to the
agents here a considerable freight (not yet arrived) of tobacco,
to be realized and appropriated to the payment of the claims of
the bondholders. On the whole, a much more cheering pro-
spect begins to open to the creditors of the South American
States than has been visible for many yeas past. '