The Sun.
London, England, 1847-10-04 00:00:00

cm,
2. t...., .7,6 c-et OC. -*---t....
. _ .
. ,
.. . ,
. .
• , -.:'-' : . --- - o
. _
-....,,,,Ni r, ...,,-
~
1 cp -, lc
-E....1
__
..,
-1:: '
.„
.ct_._4.-.2'Cir. 1 :.41.):404.\,* , . .
,
'7746..i.'it:- :.' • 'lv:6 ,r," ir„- '
ie.
,\'4.;,`.;.'.414.';'.t*.%_ • .7-,.., • . -,. ,
........1 Th e ft)
ter
•. ir,. ~r
__:_..
,„..,,,,,.
4 - ..,,, •,, Zvi ,
1 74
:•:•-,.
In InCa, th!
• ...,,,tt i
1.4: •
• I • ... ~,, ~ .4, ....,-,.._,D• • , ,
;:..1
..,,I ,
,':*,
). , • i-. - '4'.. 1 +
j . ft, , •-, 7: • .
~,
; : , 1/4, ~.
1
-..lkt,- , • . - ) 1i: ',,,- -
1
~,,,,i_.;,....„...._ kJ. . eit' . t,. ..r. , - -1, 7,,,, 4,.9.-J *----- ~,, •
". "al '..- ' t. tt - -
'. ...N-_ : '. \...,,V • : t: ; t
4:' ;46,1}, ^G. ~, , . ,
‘,10:, , ~ . , . . t.}lo.„...,a____• , .../..e„
;.t
1, 7_,,..,,,,. ~,,:,
_..,.:,,
~.,:,.
_.....,,,,
-.„ ~,,..,,- . -f",. "1---- ' *c.' -7. 1 eri.
• _,. 1 •
:•::,..,,,r.t..:r,,-' • , , A .1.,
iSsppauinchastli:
---:".'''''''/LH4N,'

ISH DEBT AND PI CANOES..
)11ovting memorial from Don Jose Sala-
Le- Alini.ter of Finances, to the Queen of
id the royal decree tbuncled on that memorial,
ied in the Gageta of Madrid of Sept. 26 :

"TO THE QUEEN.

" Madame,—lt .is an acknowledged axiom that
credit constitutes the greatest element of strength
and power of modern nations. In order to consoli-
date it, all the nations of Europe have made enormous-
and costly sacrifices, considering credit as an inex-
haustible source of wealth which increases capital in
the exorbitant proportion of interest, the payment of
which can be easily realised. Unfortunately, the posi-
tion of credit in Spain does not correspond to the efforts
made to consolidate and increase it. The wars of this
and preceding centuries have imposed on us burdens
that can be borne but in peace and at the cost of
enormous sacrifices, but that have become unbear-
able, since a civil war and a revolution have com-
pelled us to go to expenses wholly disproportionate
to the resources of the budget. Those fatal cir-
cumstances led to the suspension of payment of
the interest on the consolidated debt, and that
suspension has inflicted on our credit so deep a
wound, that six years of religiously effected pad merits
of.the portions of that debt to which our offers had
amounted (and they were the only ones then within
the limits of possibility) have been inadequate to
healing it. Happily, Madam, the undersigned Minis-
ter has the satisfaction to inform your Majesty that
the effects of peace have not been fruitless, and that
the Treasury is daily discharging its obligations as the
collection of the taxes becomes easier. Thanks to the
reforms accomplished by my predecessors, to those I
have the honour to propose to your Majesty, to other
measures I shall hereafter submit to you, and also to
the immense profit which must be the result of the
amortization, I am quite convinced that I shall be
able soon to submit to your royal 'approbation a pro-
ject for the general regulation of the public debt,
which will consolidate established rights, satisfy just
hopes, dispel aprehensions calculated to distrust the ex-
pectation of security, and restore the confidence on
which the credit of the State's paper is founded. In the
meantime we have to fulfil an,imperious duty, namely,
the realisation of a part of the decree of the 11th June
last. It was provided, by the 50th Article of that
decree, that a contract entered into with the first esta-
blishment of credit in Spain, should secure, for ten
years to come, the payment of the interest on the
Three per Cent. Stock. Your Government, Madam,
not content with authorising a respectable Junta,
consisting of the first functionaries of the State
in the finance department, to dispose with entire
independence of the money exclusively destined to the
siTred object of paving the intere,t on the debt,
wished, moreover, that an independent institution, in
close connexion with Spanish trade, should also in-
terfere as security for the payment. Now, to realise
this intention recorded in the aforesaid decree of June,
last, your Government began by designating certain
guarantee proceeds of easy collection, without the
interposition of the Treasury, in order to provide tor
an obligation which ought to be of the first rate. The
article which includes the public debt amounts in the
budget to 92,000,000, and the Government has
taken care to apply to that object interest exceeding
it. The proceeds °fall the national property, already
designated by the aforesaid royal decree; the produce
of the Almaden and Almadenejos mines, which the
direction of the debt received ; and the net proceeds
of all the coffers beyond the seas, now conceded to
that establishment, form a sum superior to the part of
the budget relative to the public debt. By means of
such well-secured resources, the Junta will proceed
to the regulation of its contract with the Spanish
San Fernando Bank, in order that that establishment
give, with all possible security, the means of reli-
giously satisfying such sacred obligations. Thus the
State's creditors will have before them a period of
ten years, during which the combination of the most
respectable guarantees and of the securest means
places beyond a doubt the safety of the collection of
the revenue. In order to obtain a result so advan-
tageous to the prospects of the country, I have the
honour to submit to your Majesty's approbation the
following