The Sun.
London, England, 1824-10-22 00:00:00

disaster. If .our conjecture rest upon• good
grounds, it would remove every doubt respecting
the issue of the present campaign, and, indeed,
of this obstinate and sanguinary contest. The
Porte has strained every nerve in preparations
this year, and every succeeding effort on its part
must, according to the natural course of things,
be more languid. As to the Viceroy of Egypt,
the lesson he has received this year will probably
suffice : whereas the Greeks will be able to re-
new the contest in the ensuing year, with far
greater chances of success than they possessed at
any previous period. In fact, they appear to
have already solved the grand problem of their
independence.

[MORNING CHRONICLE.]
The French Government is now beginning to
pay the penalty of its rash interference with the
affairs of Spain. We have in this affair an ex-
emplification of the difference between cleverness
and true wisdom. Nothing could be better ma-
naged than the whole affair of the Spanish
invasion from first to last. As virtue and
high character are the result of popular con-
trod], it will uniformly be found, that in States in
which there is no popular controul, the higher
ranks are corrupt and feeble-minded. Aware
of the gross ignorance of the lower or-
ders in Spain, and of the debasement of the
higher ranks, from the cause above stated, the
French calculated on the influence of the Priests
with the one class, and of their gold with the
other, and the result but too well corresponded
to their anticipations. They divided the Spa-
niards, and gave a victory to ignorance, supersti-
tion, and corruption over what knowledge and
virtue existed in the country. But they forgot
to ask themselves the question, what they would
really gain by the restoration of the absolute Go.
comment ? In the first place, they have lost an
immense sum of money expended on this object
—in the next place, they have exposed them-
selves to the derision of Europe, by placing
themselves in a position which renders it impos-
sible for them ever to leave Spain without, by so
doing, pronouncing the severest condemnation of
their entrance into it ; for if the disorders of
Spain afforded a justification of the inva-
sion, these disorders increasing every day,
render the presence of the French more neces-
sary than ever. It seems, however, that the
French have caught the alarm, and intend with-
drawing a great part of their forces on the ex.
piratic!n of the present treaty in January. But
was all this expenditure without an object,—will
the disgrace of the complete failure in realising
the object for which Spain was entered, produce
no consequences in France itself ? Nous verrons.
If tlif.y leave one-fourth of the troops at present
in Spain on the frontiers, as it is said they will,
retaining another fourth on the frontiers, and
withdrawing the remainder, the Spaniards who,
notwithstanding appearances, cordially detest the
French, will watch the moment for their yen-
geance. In fact, the French can now neither
withdraw nor remain without danger and diffi-
culty. Many an unprincipled rogue would gladly
leave his wicked courses after a time, but he finds
it impossible to disentangle himself from the
consequences of them, and must add sin to sin,
and crime to crime, till the measure of his ini-
quity is filled, when the penalty is exacted. If
the French were to escape a severe retaliation,
after causing such atrocities in Spain, involving
that unfortunate country iu misery for half a cen-
tury perhaps, all faith in the moral order of the
universe would be at an end. The present sun-
shine in France will only serve to enhance the
gloom of the day of retribution, which most as-
suredly will arrive. Unfortunately the innocent
people suffer for the crimes of their rulers.

r MORN] NG HERALD.]
The Loan for Ferdinand seems for the present
to be blown over. He does not go the right
way to work in effecting it. He should take a
trip in Sir John Milky Doyle's steam-boat to
the river Thames, and visit the Foreign stock
Exchange for a week. He would then find out
the moie of getting into the pockets of the peo.
ple of England. Probably he does not know,
that those in England who would be most likely
to forward his views in raising a Loan are
people who, more or less, are holders of what
are called the Spanish Constitutional I3onds.
Many of them are holders originally, and
many have purchased those Bonds at a low
price on speculation, thinking it more, than
probable that Ferdinand would eventually be
compelled to have recourse to a Loan upon
the principle of acknowledging the Bonds, at a
price to be fixed, in any new contract. We
should not be surprised if some of our first-rate
monied houses had bought Spanish Constitutional
Bonds on speculation, in the expectation that
what we have stated would be the result. Now)
if Ferdinand could only gratify these patriotic
money-lenders, by taking the Bonds in part pay.
meta, we believe he might raise a Loan to a small
extent in the first instance, especially if he were
to profess to make over to them the property of the
Priests as security for the payment of the interest
and the eventful liquidation of the principal. It
would be a very pleasant speculation for those
money-dealers who might possess many thousand
pounds worth of Spanish Constitutional Bonds,
purchased at the rate of 201. for every 1001.
Bond, if they could make this sort of contract
with Ferdinand in the negotiation of a new Loan
—that for every 1001. to the advanced for every
2001. new Spanish Stock, the Constitutional Bonds
for 1001. should go in part
be called
every WO/. new Spanish Stock, to
payment—that is, for
Royal Legitimate Stock, these contractors should
at
igornenel t
Bo
ogiiivde, m
which s
hooteut l y and
d,
hec
oluosoi Ler
ear
otsi tau-
o
equivalent for the other 50/. The new Loan, there.
fore, would be advanced on this principle, that
for every 2001. debt, newly contracted, Ferdinand
would receive 501. in cash. This would be a
pleasing game for our patriotic contractors to
play ; for, by means of newspaper puffs, and
nicely written and printed prospectuses, together
with prettily printed new Bonds, with the Spa-
nish Royal arms, and a string of Spanish stir•
names and Christian names--- for the' latter
of which Spain 'is at present not a little
remarkable—~the Contractors would get rid of