The Sun.
London, England, 1823-06-19 00:00:00

PARIS PAPERS.

(From the Monitene of Monday.)
PARIS, Jun 16.
TE LEGRA Pine DISPATCH.
A .telegraphiti dispatch from Bayonne arrived.
at Paris, JURE, 15, 18'23.
" Head-quarters, Madrid, June 13, ten o'clock A. M.
" TIIE MAJOR-GENERAL TO ins EXCELI:VNCY THE MI-'
NISTER AT WAR.
" The vanguard of Count Bordesoulle attacked, on the 9th,
at Vilehes, the remains of the'cdlumn of Placenein.
" The enemy, who mustered'about 300 davalry and 300 in-
fantry, was completely destroyed': 260 prisoners were taken,
among whom were eleven officers.
" Our advanced guard was at IJaylen on the
The Editors and Proprietors of the Courier
Francais, and the Pilote, were called upon yes-
terday to carry had execution,from that day, the
judgment of the Cour Royale, which pronounced
the sentence of suspension against those Journals
for fifteen days.
The lust number of the Pilote has been
stopped at the-post-office, and seized, fer insert-
ing, from the London papers, the treaty con-
cluded at Verona against representative govern-
ments.
Letters from Bayonne say that there have
been several arrests at Bilboa, in consequence of
correspondence seized on different persons. On
the .Bth, a heavy cannonade was heard on the side
of St, Sebastian.
Several citizens of Rouen, making part of the
National Guard, have presented to M. Mercier
an elegant musket, for the purchase of which a
subscription was opened at the rate of 10 cen-
times each person.
(From the Constitntionnel.)
The following article
,is extracted from the
Royalists Espagnot, printed at Madrid :—" It is
very painful for us to have to speak of the state
of destitution of the depot of Spanish soldiers
who have abandoned the enemy. Whence comes
this disorder in the supply of subsistence ? Is it
true that there now exists less resources at
Madrid than when the indefatigable genius of
l'Ahisbal raised millions for the equipment of his
division ? Undoubtedly a system of finance does
not yet exist; but it is certaiu that many taxes
are now received, and that there are great quanti-
ties of articles in the Royal magazines. Atten-
tion to the defenders of the country is an object
of absolute preference, and the least fault in this
respect; is inexcusable. Such is the exposition'
made by the Spanish General, and we earnestly
desire that he may. be satisfied whether we are to
share our bread with his soldiers."
[PRIVATE CORRESPONDENCE.I
PERPIGNAN, JUNE 8.--The Marshal, after
having visited Manresa, has returned to Grenolles. In the
night of the 4th, Count Curial, whose division extended from
Mataro to (Irenolles, made a movement from his left to his
right. The troops Well were at Alataro have set out for
Grenolles. The 4th, there was a talk of making arrangements
with two merchant vessels off Mataro, for carrying away our
magazines ; but whether there was not time, or the conditions
were not agreed to, the arrangement did not take place. Since
our troops have left, the people have seized the magazines, anti
all the provisions have been conveyed to Barcelona. It hi stated
that the Marshal was to return to Vich on the sth. There
was no news :it Vich from Gen. Donnadieu. On the 7th, Mina
set out from Cerdegne marching upon Ripon. We have no
certain intelligence of what he has done in Cerdagne, or of the
measures adopted by our Generals to interrupt his march. It
appears that, after alt the movements which have taken place
in Catalonia, whether On the part of our troops which are con-
centrated at Vich and Grenolles, or on the part of the Consti-
tutionalists, which have caused the arrival of Mina on our
frontiers, and in the rear of our army,—it appears, I say,
that the enemy has still projects which we shall not fail to
know. •
PAn IS, JUNE 10.—The banquet which the young students
of La Vendee, at Paris, are in the habit of giving annually,
took place yesterday at Catlran Bleu. They gave as toasts—
" Their relations and friends in La Vendee."—" M. Ma-
nuel, Deputy for their DpartmehLts_tt The Denudes, faith-
ful to their instructions.' M. Mereier."—" 'l4he speedy re.
turn of Peace."—The triumph of Constitutional Liberty."—
The banquet terminated with a subscription in favour of M.
Magallon.

THE VRENCH LOAN.
tigrornthe Journal de _Mats.]
In spite of tile observations of some journals,
on the unseasonableness of the emission of twenty-three mil-
panies are associating at Paris, and
even in foreign states. A Journal yesterday enumerated the
lions of renies, several coin
names of the French hankers who have declared their intention
to bid for the loan, and.adds, that it was also a question that two
English houses would participate in the loan. Doubtless the jour-
nal in question was not aware that this was answering his own ob-
servations, and that the facts thus stated ttally destroy and con-
demn the system of its editors respecting the want of competition.
It is true, perhaps, that the said journal did not conceive that
six companies could offer a setious competition; but we are
inclined to think differently on this point, and_we do not hesi-
tate to affirm, that the competition will produce all the results
which could reasonably be expected, when it shall be este-
Wished, between a certain number of the most considerable
houses in'Europe. Consequently we can dispense with answer-
ing the various articles which were opposed to that in which
we attempted to justify the emission ordained by the Govern-
ment. It still, however, appears to us useful to rectify some of
the arguments of our adversaries.
!Chas been affirmed, for instance, that the day fixed for the
sale was too nigh at hand, and that the capitalists would not
have time to participate in it. On what data is this argument
established ? We are Ignorant: but here is our answer.
The first 'loan which Was negotiated in France by.public
announcement and competition was that of twelve millions,
raised by M. Roy, in 3821. Now, on turning to the Montteur, we find that the. negociation was authorised by an ordi-
nance of the Nth of July; and that the announcement appeared
in the Monitenr of the Oth. The adjudication took place on
the oth of August foll Owing. Consequently;the , bidders had
only one month to, form their lists.
Now, we do not know that the Minister of Finance at that
period was ever reproached with having been' too precipitate„
and yet he who' is now so severely criticised affortls the capi-
talists five days more.
Neither was the former 'rroached with not having permitted a
sufficiently numerous competition, although at that period four
houses only tendered. But perhaps there are reasons of cen-
sure drawn from views which have no reference whatever to
the affair in question it has been said, that in the present day
to Polit.ique Interferes in every thing : the same may be said of
the spirit of opposition. However this may be, since one month
wacsufficient in 11121 to inform the bankers of Frankfort and
Amsterdam, and eventhe.Reeeivers.Genentl thro' the kingdom,
we think it ought to suffice in 1823, for the means of commu-
nication continue the same and have not become more tardy.
With regard to what has been said of the time required by
commercial men to concert together and realize their means,
we can easily answer by appealing to all those who have any
idea of the operations of the Bank ; or rather, who does not
know the promptitude arid facility with which in the present
day immense capitals are united ?
This leads us to refute one of the arguments on-which our
adversaries particularly pique themselves. They say—by afford-
ing a more considerable interval between the day of announce-
ment and that of adjudication, but especially by dividing the
operation, you would have had more bidders (compagaits tom-
misslonalres).
This is an error. The houses Who can bid for 12, can
equally do so for 23,000,000; for none of them operate with
their own capitals but with those of their subscribers. Now,
it is known that there is no lack of subscribers. Capitals abound
in all the Exchanges of Europe : the only reason which could
keep back purchasers, would be the fear of an operation which,
combining itself with theirs, would thus have rendered the
results more uncertain, and on this point we voluntarily in-
voke the testimony of whoever is conversant in Stock Exchange
affairs. _ _

It is probable that the journal in question itself felt all the
force of this reasoning; for in its last article it pretended not
to have understood us respecting the motives alleged againit
the division of the recites in two lots of equal amount, and in
two successive adjudications.
We have said that two operations of this nature, especially
taking place at the interval of one month, as that Journal (lc.

sired, would mutually destroy ea: i otht.r ; and, in fact, is it
not evident that the capitalists (placed between two loans, hesi-
tating as to which of the operations they would participate in,
and moreover perceiving; hi the second sale, a means of advan-
tageously employing their capitals, if they retain them) would
not offer to the first adjudication terms so high as they would
if they were without hope of a new sale ? On the other hand,
it is notenough that the Government has negociated its renter,
the contractors must also be able to circulate them. Now,
will they feel secure attx)ut the rate at which they will succeed
in negociating them, if they apprehend, or if they know, that
another emission will take place, which also putttng renter at
the disposal of other capitalists, will establish an opposition
which will necessarily produce a decline in the value of what
they are the proprietors of, and subject them to the grievous
chances of an undue competition, which would perhaps depre-
ciate them by false calculations, or inconsiderate combinations ?
The Government ought to promote' competition, and it.does
not injure capitalists, whilst the operation remains to he effected;
but it would injure itself, were Government to obstruct the
capitalists in their course; for, as soon as the contract is
taken, its interest is confounded with their interests, to the end.
that it may be realised with exactitude, and consequently with
profit to the purchasers.
Another Journal has expressed its fear, that by a subsequent
decision, the operation would be rebuilt!, or adjourned.
We will observe, that no such thing is to be feared,—
The adjudication is announced, and henceforth will only de.
pend upon the price which shall be offered by the proposL.t.t
parties. The Minister has tied up his hands, with the reserve
under all cases of a mit:in/um, and this is the only positive
condition that we can we will not say, admit, but conceive.—
How, in fact, can it be imagined, after so solemn an announce-
ment, that the Minister would postpone an operation which
involves so many interests, and which is become the cause of
such extensive transactions? _ _

Lastly, and not to leave any objection unanswered, it is
affirmed that the time fioi selling is ill chosen. We have al-
ready said, thisobjection would have had some weight two or
three months ago; but, since that our valiant army has passed,
the frontiers—has been hailed with- enthusiasm by the popula-
tion weary of the yoke of the Cortes—in what mind does there
remain any real doubts of the issue of the expedition in Spain?
The Revolution has received its death-blow, and a few days,
sooner or later, legitimacy, reseated on its throne, will restore
order and prosperity in the Peninsula.
We shall see, moreover,'Whether this is a general opinion, or
only a particular idea ; but speculators are at present too much
occupied to judge of events, and too enlightened with regard to
their own interests for us to conceive the slightest disquietude.
Resides, the question which divides us, will be decided by the
act of adjudicition, and we venture to hope that the foresight
and prudence of the litivernment will be triumphantly avenged
for the attacks which have been made upon them. Already
we learn dint the Constitution of Portugal is abolished, and that
the Revolution has fallen without even a struggle. It is
also known that on the sth inst. King Ferdinand had not left
Seville, and that Our troops were rapidly advancing towards the
capital of Andalusia.
We are, however, only at the ltith of June and twenty-five
days have yet to elapse ere the day of the sale of the twenty-
three millions. Let our adversaries wait for the 10th of July,
when they will be .better able to say whether the sale of recta
took place too soon, and the war too late.

SPAIN.

MADRID EXTRAORDINARY GAZETTE.
'• KtiEsi?•Y, JUNE 10.

" OFFICIAL ARTICLE.

_
" Don Antonio Maria Segovia, Royal Commissioner for the
four kingdoms of Andalusia, communicated to his Excellency
the Secretary of State for the administration of justice the fol.
lowing facts, dated the 9th instant:—
" Most Excellent Sir—At nine o'clock on the night of the
7th General the Duke de Dino sallied out with the division
tinder his command from this place, and succeeded in surpris-
ing in Santa Cruz de Aludela and Viso, all the forces which
occupied the heights, capturing from them two pieces (the
only ones they possessed), without the slightest loss on his part.
lie brought the prisoners, amounting to 200 men, to Carolina,
where he entered yesterday, the Bth.
" The General-in-Chief has passed, with the rest of his di.
vision, and will be in Carolina this day.
" The lirigadierMeneral Plasencia, who, with a column of
300 cavalry and 100 infantry, had marched on Almagro, with
the intention of attacking the Royalist commander, El Loch°,
as soon as he learned that the other part of his forces had been
made prisoners in the'before-named 'daces, directed his march
across the mountains by the route of La Plata.
" This glorious.actiim, which will accelerate the release of
our Xing from his captivity, has filled the inhabitants of the
province with the greatest joy.
" May God preserve your Excellency
" Vuldepenas, June 9, 1823." •