The Sun.
London, England, 1847-07-17 00:00:00

blemished reputation that could sustain without
damage the general indignation that would be
aroused by the transaction. New schemes, there.
fore, must be devised ,to replenish the exhausted
treasury; and what more brilliant than to extract
from the pockets of those already impoverished cre-
ditors a further contribution, on a promise hence-
forward to act more fairly than has heretofore been
the case.

But this free gift to the Spanish Government is
not all that is demanded. The Bondholders are also
to consent to a reduction of the future rate of inte-
rest on their debts of no less than 2 out of the 5 per
cent. at present promised, or at least to which they
are legally and equitably entitled. A rather modest
request this, that the parties should immediately re-
linquish 50 per cent of their just demands, should
accept a compromise of 10s. in the pound from their
debtor. This sacrifice, heavy as it is, might be sub-
mitted to, if the amount of the composition were to
be paid in cash, or even sufficiently guaranteed by
other and more solvent sureties. But let us see what
is offered in return. Nothing, literally nothing—or,
rather worse than nothing ; the payment of
the residue is, forsooth, henceforward to be secured
on the Customs exclusively, and the creditor is to
give up his demand, for the payment of which the
entire of the revenues of the State are pledged, for
half the amount secured in one branch only of that
revenue, and that the branch which, from their in-
sane commercial policy is rendered comparatively
worthless ! As well might a bankrupt or insolvent
debtor offer to his creditors that, in case they should
consent to relinquish a moiety of their claims, and
to strike off the name of every endorser from their
bills who may be liable as a security, that he will
promise to pay them at his perfect convenience the
remaining balance, they being contented with his own
security for the performance of that promise.
There is little reciprocity in this ; it would savour
strongly of what is termed by lawyers nudum pactum,
where all the advantages would be on one side, and
no corresponding benefit of any sort to the other.
Persons do not generally make large sacrifices,
abandon considerable portions of their principal
money, and release and exonerate any portion of the
securities they hold, without some sort of considera-
tion ; therefore a proposition such as we have above
described would be scouted with well-merited in-
dignation if put forward by an individual, and such
will, no doubt, be the fate of that which has just been
submitted to the Spanish Bondholders.

Madrid papers of the 20th have arrived.
The QUEEN was to leave Madrid for La Granja on
that day. The Moderadoes and Progresisstas are
busily engaged in holding electoral meetings, as a
dissolution of the Cortes is considered by no means
improbable. Money still continues very scarce, and
it is said there is no cash in the Treasury to pay the
troops what became due to them on the 10th. A
band of Carlists in Catalonia stopped the mail from
Madrid to Barcelona, burnt the coach, and took the
driver and courier prisoners.
MADRID BOLA, JULY 10.—The Three per Cents. 26
money; Five per Cents. 161 money, 17 paper ; Debt
without interest simoney, 5i- paper; Coupons 15 money.

We have received the Paris papers of Thursday.

The Court of Peers remained in secret deliberation
on the Cubieres case during the whole of Wednes-
day, and separated without coming to any decision.
They were to re-assemble the next day, when it was

supposed sentence would be pronounced, they having
already, it is said, determined upon a verdict of
guilty against all the accused. General CUBIERES
has sent to the KiziG his resignation of the dignity of
a peer, and of his commission as Lieutenant-General.

M. TESTE, since his late attempt at suicide is kept
under rigid surveillance. The Droit says—
"lt was reported yesterday that the per on who took
the pistols to M. Teste loaded tnem himself ; but being
inexperienced in the use of such weapons, and not being
aware that they were screw barrels, load d them from
the muzzles, and lett a vacuum between the powdt r and
the ball, which lessened the force of the shots. M.
Taste has, during the last two days, received numerous
visits, and is surrounded by all his late secretaries, who
never quit him."

Each day brings to light some fresh instance of
corruption on the part of the Beaurocracy of France.
The Presse says—

" It is affirmed that M. Ardit, Chief of the Bureau des
Prisons in the office of the Minister of the Interior, and
whose brother was compromised by the recent affair at
the Maison de Clairvaux, is removed from office. It is
added, that a judicial if quiry is about to take place."
Algiers papers to the 10th have been received. The
illoniteur Algerien of that date says—

" After having completed the pacification of the
mountains between Collo, Milah, and the sea coast, the
expeditionary column of Lip utenaot General Bedeau
was dissolved on the 30th ult. That of Bona, under
the orders of Colonel Senilhes, will continue until the
15th inst. its operations against the turbulent tribes of
the frontier. More detailed accounts from Morocco,
without contradicting the news already given by us, per
mit us to view it in a more favourable light. It appears
that Muley Abderrahman is decided this time to avenge
the insult he has received. The troops united
under the command of his son, Muley Mohammed,
are marching against the Emir, and the latter appears to
be very uneasy. No tribe has proclaimed him Sultan,
nor does ally tribe, even in the Riff, seem disposed to
throw off the very light yoke of the old Emperor to im-
pose on itself in all the dangers of a revolution that of
the Emir, to whom is attached besides all the weight
of an eternal contest with us. In this position, Abd-
el-Kader endeavours to calm Abderrahman by very sig-
nificant acts of respect. He delares that he has no hos-
tile intention towards him, and ascribes his attack upon
the camp of El Hamar to the provocation and menaces
that he has received. If his excuses are not received,
everything tends to show that at this moment the advan-
tages are on the side of legitimate power. Thus the
events which at fist occasioned us serious uneasiness
would lead to the most satisfactory and most unexpected
solution."

The Akbar of the 9th states that a great part of
the harvest in Algeria has been destroyed by locusts.
The Chamber of Deputies on Wednesday con-
cluded the discussion on the budget of expenses for
1848. The sitting was marked by a short explana-
tion from M. GUIZOT on the new arrangement
entered into by the French and English Governments
relative to certain islands of Oceania. An attempt
was made to have the discussion on the Lyons and
the Avignon Railway Bills postponed to next session,
but the Chamber decided that they should be disposed
of at once.

The Paris Bourse of Thursday was remarkable for
a considerable fall in prices that took place towards
the close of the market. Northern shares (ex divi-
dend) reached 5734, which, with the dividend (or
interest of 4f.) would indicate 5774, and they closed
at 565, being a fall from the highest price of 84f.
This decline was the more remarkable because the
returns of the receipts for the week ending Friday
last showed an increase of nearly 30,000 f., the gross
amount being 320,496 f.

The shares of all the other lines fell more or less,
but Government stock remained unaltered.
.The Three per Cents. closed on the Paris Bourse on
Thursday at 77f. 65c., the Five per Cents. at 1181150 c.;
the Orleans Railroad Shares, 1,2721. 50c.; Rouen, 9621, 50c. ;
Havre, 686 f. lac. ; Great Northern, 565 f. ; Avignon, 623 t.
75c. ; Vierzon, 587 f. 50c. ; Bordeaux, 480 f. ; Boulogne, 392 f.
50c.; Basle, 18.3 f. 75c. ; Paris and Strasburg, 420 f. ; Tours and
Nantes, 395 f.; Paris and Lyons, 427 f. 50c.; Lyons and
Avignon, 4301. ; Bordeaux and Cette, 4601. Spanish Three
per Cents., 32%; Ditto, Passives, 4%.
BUSINESS DONE IN FOREIGN RAILWAYS AT THE
LONDON STOCK EXCHANGE,Jurx 16.
Boulogne and Amiens, 151/2—East Indian, j—Great
Western Canada, 31/2—Luxembourg, IYR—Northern of
esxl4—ivint—esOtrElplaannsderz and Bordeaux, 6541—Rouen
Fanandr Havre,
12
a vret 2

netslsvNettnAdLers
of DINNER.—That
~.;:tp
useTfunlEclasNsEoWf
BsocvE,eNt7tnhse'
partook of their annual dinner on Thursday,m
Hinton's, Highbury Barn Tavern, Islington, about two
o clock. Nearly three hundred boys sat down to a most
excellent dinner, and who seemed highly delighted with
the festive scene. About seven o'clock nearly two
hundred men and their wives also sat down to a most
sumptuous dinner. Great praise is due to the stewards,
Messrs. Spilling, Wild, Violet, and Fielding, for the
able manner in which they conducted the dinner. About
ten o'clock the ball-room was thrown open, and dancing
olMr.i
s,
was kept up till three o'clock in the morning. The
company departed highly gratified with the day's
amusement.
FATAL ACCIDENT ON THE EASTERN COUNTIES
RAILWAY.--A fatal accident occurred on this line yes-
terday to Robert Parker, an engine-driver. It appears
that the deceased was driving a train of "empties," and
as he approached Mwaser Bridge, which is a " trussed"
one, he fancied that the feed pipe of the engine lied
engine
ohonoreut
.r I
signalneatwe
become disconnected. He accordingly leant over the
engine to see, when he unfortunately struck against the
bridge, and was thrown from it on to the line. The
stokerf being engaged at the time, did not miss the un-
fortunate
when .he immediately reversed the engine
amso
faa net
the
:nu' the train arrived close to the fl,rt-
and went lookteotc,k er w
afsorobhsiemn..ed,At
hteraaisnhf-rptann Bo
frot
hxe-
very close behind the "empties," and before
gine struck the unfortunate man, who was lying dis-
abled on tha line, 4I id caused his immediate death.