The Sun.
London, England, 1847-10-13 00:00:00

received by the QUEEN. It was said that the
notorious General BRETON had actually been
nominated Captain - General of Catalonia, and
General RONCALI, Count DE ALCOY, of Madrid.
The QUEEN has abolished the office of private secre-
tary to her MAJESTY, vacant by the appointment of

VENTURA DE LA VEGA to the under-secretaryship
of foreign affairs.
Among the persons who visited General NARVAEZ
immediately after his appointment was the Duke DE
GLUCESBERG.

NARVAEZ was to receive the members of the
Corps Diplomatique on the 7th.

MADRID BOLSA, OCT. 6.—The Three per Cents.
were done on the sth at 27; 27, at fifty days; The
Five per Cents. at 178; the Debt without Interest,
at 51 for paper. On the 6th the Three per Cents.
had declined to 2611, for the 30th instant, and the Five
per Cents. to 178 for paper.

We have received the Paris papers of Monday.
The Moniteur announces the death of the Duke DE
GUISE, the infant son of the Duke and Duchess
D'AUMALE.
The Journal des Debats, even while it repudiates
the idea that the accession of NARVAEZ to power in
Spain was at all brought about by French intrigue,
or is even conducive to French interests, calls the
Opposition journals to account for "attempting to
lessen the success " by describing the change " not as
a great political question, but as a miserable question
of intrigue." Speaking of the manner in which this
change is viewed by the Opposition journals, it says—
"As much as it was desired to make the danger
of yesterday appear greater, is it desired to lessen
the success of to-day ; and if one must believe all
that is said and all that is invented as to the causes
of the last change of Ministry in Spain, what was
lately a great political question is now only a mise-
rable question of intrigue. We cannot allow the
character of an event which is explained by much
more serious reasons to be thus misrepresented. We
have no need to justify the policy of the French
Government, for that is not in question. It is
not the French interest, it is the national interest
which has just triumphed at Madrid. In bringing
back to power the party best adapted to assure
her repose, her liberties, and her independence, Spain
has promoted not the interest of France, but her own,
and that is only what the French Government can
desire the most. But what we cannot admit is, that
a question of national policy shall be reduced to the
proportions of a Court intrigue. The truth is that in
the struggle engaged at Madrid there - was, in pre-
sence, not such or such personal influence, but to o
systems very distinct, two policies essentially dif-
ferent. There was, on the one hand, a Ministry quite
ready to drag Spain into a career of adventure of
which it was impossible to foresee the end. The
Ministry, from its Mat, found itself in direct opposi-
tion with the Legislature, in which it was certain
only to encounter a hostile majority. Its first act
would have been to dissolve this Legislature, to com-
pose and convoke another, and to submit projects to
these Chambers of its hoice which would have
changed the fundamental laws of the kingdom. We
have already stated all that these men proposed to
themselves, all that they avowed, all that they would
have endeavoured to accomplish by all possible means ;
and they prefaced the execution of their projects by the
recal of the greatest personal enemies of the Crown.
There were, on the other hand, men and a party devoted
to the person of the Queen, to the constitution, to order,
to existing laws, who already possessed the confidence
of the Legislature, and the support of a constitutional
majority, and who had no need, in order to conduct
the affairs of the country, to throw themselves into a
path of hazard and of adventurers. Between these
two parties, between these gamesters, ready to
gamble the repose of the kingdom and the security
of the throne, and those who had always shown them-
selves the most zealous defenders of the Crown and
of national independence, the choice was perfectly
natural, and there was no need to explain it by other
reasons. The people and the Queen of Spain have
refused to enter in the revolutionary path in which
it was desired to engage them, and have not con-
sented to continue any longer this dangerous game.
Such is the veritable explanation of the return of the
Moderado party to power. The change which has
just been accomplished has therefore graver and more
profound causes than those ascribed to it by the
scribblers of letters. We are not called on, for our
part, to occupy ourselves with the part which is said
to have been performed by such or such personages.
We willingly consent to pass for being badly in-
formed,' and there are certain limits within which
we abandon all desire of competition. We now con-
fine ourselves to remarking that there is little gene-
rosity on the part of certain people in accusing us of
too much modesty; for it is a reproach which we
cannot make against them. On this point the game
is not equal, and we are ready to confess our pro-
found inferiority."
The Journal des Debats is silent on the subject of
the loan, which, however, is commented on in all the
other journals. They are unanimous in their con-
demnation of the bungling financial policy of the
Government. The Frew says—
" There is no doubt that the loan will be made
under bad conditions for the Treasury, if the probable
result be compared to that which was effected, some
time ago, by M. Lacave Laplagne. If this be the
case, it will be because the Ministry has so willed it.
Condemned by the situation of our finances not to
delay this operation beyond a certain term, which
everybody knew, it has allowed itself to be driven to
the last extremity, and has, as if with pleasure, de-
prived itself of the opportunity of choosing the
favourable moment and prices. It has waited until
stock has fallen extremely low before taking a deci-
sion. It has not foreseen what the men the least
versed in affairs perfectly foresaw and loudly an-
nounced—the consequences of the English crisis !
What this long want of foresight will cost the State
may easily be calculated on the day on which the ad-
judication of the loan will be completed."
The National regards the loan as a consequence of
the pressure of the money power on the Minister, or
rather as a bribe offered by the Minister for the sup-
port of the money power. It says:—
" The Moniteur leaves us no more doubt on the sub-
ject of the loan. A royal ordinance informs us that
on the 10th of November there will be emitted a
sum of three per cent. rentes sufficient to produce a
capital of 250,000,000 f. These rentes will be in-
scribed to bear interest from the 22d December,
1847 ; the payments will be effected from 22d No-
vember, 1847, to 7th November, 1849. What we
feared is then accomplished. The Minister of Fi-
nance himself desired to defer this emission, but a
great financial influence, in a hurry to realise large
profits, has triumphed. That was necessarily the
case, for nothing can resist the aristocracy of
money, especially when the fault has been committed
by increasing its power tenfold by daily concessions,
by railways, by loans, &c. At present, in order to
realise enormous gain, it obliges the Ministry to emit
a loan at the most inopportune moment. To-morrow,
to prevent a national war, which would trouble its
sweet repose, or disquiet it as to the preservation of
its accumulated riches, it will refuse its co-operation
at the decisive moment, and when time will be
wanting to create other resources: What a shame
for a Government thus to seek support from a power
so fatal, without elevation, without dignity, without
patriotism, always ready to squeeze out the wealth
of a country which it abandons when it becomes ex-
hausted. When shall we see at the head of affairs
men who are really desirous of the future welfare of
France, and of its interests ? In the meanwhile the
following is what falls to the lot of the tax-payers, in
the loan to which we refer :—lt is contracted at a mo-
ment in which a financial crisis which cannot last
renders the emission of it most enerous, and on such
terms that it is evident that it takes place without
urgency, and in a manner to procure enormous pro-
fits to the person who obtains the adjudication. In
fact, the Three per Cents. being to-day, for the inte-
rest of 22d June •• • 75f. 25c.
and the average of the 25 payments
being 12 months or at 4 per cent... 3f.
from which must be deducted half a
year's rente, for the interest, which
will run from 22d December, 1847. 1 50 1 50

Total
it may be supposed that the adjudication will take
place at the price of from 77f. to 77f. 50c. Now, the
person taking the adjudication with the skill gene-
rally possessed by those who carry on this sort of
operations, will have no need to wait two years for
an advance in the public funds to realise his profits ;
he will discount it in advance by selling his loan very
dear in detail to a public both numerous and desirous
to speculate on an important sum of renles by dis-
bursing little money at the commencement. So that
by dividing in two the difference of 10f. which exists
between the price of the Three per Cents. of to-day,
and that which it had attained fifteen months ago,
speculation will give to the person obtaining the
adjudication an immediate , profit of more than
16,000,000 f., and, besides, an equal part of the profits,
but only in the future. Poor France !"

The Constitutionnel attributes the necessity for a
loan entirely to the fault of the Government, which
has designedly, and by a corrupt calculation, ordered
more public works than the country can execute, and
demanded in every shape larger funds than the
country has the means of supplying. " The loan,'
says the Constitutionnel, " may have a very favour-
able effect upon Change, it can have none on the
general date of the finances; it will not afford any