The Sun.
London, England, 1823-08-02 00:00:00

MOCK REGENCY-MOCK LOAN.

EXTRACT OF A PRIVATE LETTER DATED PARIS, JULY 29.
" On the 10th inst. was signatat Madrid, by Senor de Erro,
Minister of Finance, and Cs:* t,Achille de Joe oy, n contract
fora loan of 20(1,000,000 of rods effective for, Regency of
Spain. The following are the: terms agreed to -
" Article 1. The Regency opens, a loan for 200;000,000 of
reals:effecti‘4.'
" 2. All the revenues of the kingdom are assigned in guaran-
tee of the payment, of the interest and
_reimbursement of the
capital, according to the terms which shall be stipulated. .
" 3. Such part of the revenue as the Minister of Finance, in
concert with the contractors, may fix upon as the most certain
and easy of collection, shall be specially, and in preference,
mortgaged in favour of this loan.
" 4. The clergy engage, and the Government in their name,
to transfer to the contractors the 1(1,000,000 of reals, to be paid
annually a clerical contribution : this sum shall be applied ex-
clusively to the liquidation of the capital.
" 5. The farther annual sum of 10,000,000 of reals shall be
mortgaged in favour of the contractors, to be taken by privilege
from the produce of the Royal tithe.
‘, 6. The Government will deliver to the contractors the
bonds for the loan fifteen days before the first monthly instal-
ment.

" 7. The bonds will, for the greater convenience of capital.
bits, be on the plan of those of Naples.
•` O. The Spanish Government will allow 5 per cent. interest,
which shall be paid half yearly."
The following are the articles agreed to on the part of the
contractors :
" I. The contractors offer as security for their engagements,
the guarantee ad We of illessrs. Guibherd and Picket, bankers,
in Paris.
" 2. They will take the bonds of the loan at 60 per cent. of
their value.
" 3. They will bind themselves to pay the 200,000,000 of
reels within the space of twelve months, in the following pro.
rvens,viz.;
four ;months at 20 millions per month 80,000,000
" The eight last months at 15 millions per month 120,000,000

Total .

- 200,000,000

" 4. The contractors will pay their instalments at Madrid or
at Irun, the first frontier town of Spain, either in specie con.
sisting of gold and silver money of Spain, or in ingots of the
weight and value of these respective metals in Spain.
" 5. In case the instalment cannot be completed in Spanish
money, and is required to be made up in gold and silver coin of
France, the same shall be received according to the tariff of
Spain.
" O. The Louis d'or of 24 and 43 francs, and the crown of 3
and 0 francs, shall be received respectively, according to the
weight and value of gold and silver in Spain.

" 7. In case it should he found necessary to complete some
monthly instalments by bills on Madrid, they must fall due
eight days before the period fixed for the instalment, and be
paid in gold and silver,- as specified in articles 4,6, and 6.

" 0. If, in consequence of unforseen circumstances or acci-
dents, it should become necessary to complete the monthly in-
stalments by bills on London or Paris, they must be ;to drawn
as to fall due 30 days before the period fixed for the instalment,
and be made payable in specie.
"9. These bills shall be drawn in a manner satisfactory to
the Spanish Government, with whom the course of exchange
shell be adjusted. (Signed) "DE ERRO.
" Madrid, July 10 , " JOUFEROY."

" In the project of d►e treaty originally drawn up by M. de'
Eno, the first article contained on the part of the Regency, is
well as for themselves as for the King, an engagement not to
acknowledge any of the loans of the Cones ; but in consequence
of the representations of the parties authorized by the bankers
who have taken the loan, this clause has been withdrawn from
the public contract. Nevertheless a clause to that effect has
been inserted in the secret articles of the treaty; and in addl.
tion, a formal decision transcribed in the protocol of the deli-
berations of the Regency pronounces the annulling of the loans
of the Cortes. This decision of the Regency has received the
approbation of the Ministers of the holy Alliance at Madrid,
who immediately made their respective Courts acquainted with
it, so that it may be considered as a point quite certain, that
these loans will not be acknowledged by them at any period."