The Sun.
London, England, 1847-03-20 00:00:00

The debate on the Address had not concludec

MADRID BOLSA, MARCH 13.—The Three per Cents.
were done at 30i for cash ; the Five per Cents. at
19-ii-; the Debt, without interest, at 54 ; and the
Coupons at 17.

We have received the Paris papers of Thursday.
The National has the following observations on the
Convention just entered into with the Emperor of
ib le—y e was
t certain—intelligence officially
Russia by the Bank of France:—
confirmed
the
following :---f ine
" We were surprised, and we must even say confounded,
by a piece of intelligence which was rumoured about yes-
terday"
he Emperor of Russia has purchased from the
evening.
s r e
, which(i
Bank of France the greatest part of the rentes which it pos-
sessed for a sum of 50,000,000 f As soon as the fact was
known the Three per Cents. went up in half an hour If. 20c.
The details of this affair are these—M. Kisselefl; the Minister
of Nicholas, at Paris, went on March 11 to M. Guizot, and
communicated to him a dispatch of M. Nesselrode, in which,
assuming a mild and generous tone, that Minister expressed
in the Emperor's nanie a certain sympathy for the difficulty
which France might experience, obliged as she is to pur-
chase supplies at Odessa. In order to encourage the com-
mercial relations between the two countries, and to aid our
position, the Emperor offered to purchase the inscriptions of
French rente, held by the bank to the amount if 50
millions of capital, at the average price of the day on which
the dispatch should arrive at Paris. M. Guizot sent for
the Minister of Finance, whom he placed in communication
with M. Kisseleff, and afterwards with M. d'Argout. The
latter replied that he could not take anything on himself;
and in order to have the matter treated secretly it was
entrused to the members of the commission previously
charged with the negotiation with the Bank of England,
composed o! Messrs. J. Lefebvre, Hottinguer, and Pillet-
Will. These gentlemen, after having discussed all the
conditions, sold at the average price of March 11, two
millions of Five per Cents., and 145,000 f. of Three per j
Cents., which represent a capital of 50 millions. It
had been proposed that five millions should be paid
down in cash. The Emperor placed also at the disposal
of the Bank of France 25 millions in bullion, which he
offered to forward immediately. The twenty remaining mil-
lions were in bills at rather short dates. The Bank pro-
posed having the sum paid in grain from Russia, and fur
which it would draw bills. This arrangement was accepted.
When the Bank shall have repaid the twenty-five millions
borrowed from England, it will have twenty-live millions to
appropriate to the supply of corn ; and this operation, being
effected with paper only, will not augment the monetary
crisis. 'We relate the present advantages of this affair, and
in the way in which they who are its partisans represent
them. But supposing them to be ten times greater, we ap-
peal to the most simple common sense, and ask how could an
act of such blind imprudence be committed? What! in
the present state of our finances, in the general situation
of Europe, to give the Emperor of Russia so powerful
a means of action on our public funds ! To announce
officially that Nicholas can on any day he pleases
crush down our credit with the weight of fifty mil-
lions! Is it then so difficult to foresee one of these events
which may shake political order in France, throw men's
minds into perturbation and cause alarm to capitalists? Is
this difficult with a King seventy-four years of age? Ima-
gine at such a moment the Emperor Nicholas, acting on the
Bourse, and adding to the depreciation of the public funds!
Is it in favour of such a friend that an establishment like the
Bank has parted with that rente which it kept so carefully?
The hatred which he entertains for the revolution, the
haughty contempt which he professes for our institutions and
our ideas are known to every one. His insolence makes no
mystery of the matter. A few months ago he gave us a new
proof of it by the confiscation of Cracow. But at least he
could attack us only in his own possessions; he wounded us
in our sentiments for Poland—we were then out of his reach ;
at present he is introduced into the very midst of our affairs;
our money market, for who call deny the power which in a
moment of danger a man must possess who can fling on the
Paris market fifty millions of francs?"
The Debuts merely alludes to the subject as the
exclusive topic of conversation in political and finan

cial circles, " where it caused, we are bound to say,
considerable astonishment." The Commerce is the

only other paper which offers any observations on
this transaction. It considers the arrangement
highly satisfactory. It says—
"The news of the arrangement of the Bank with the
Russian Government produced last evening a great agita-
tion amongst the speculators, who meet in the Passage de
l'Opera. All kinds of suppositions wore made as to the mo-
tives which could have decided the Emperor of Russia to
this financial operation. However that may be, it will, we
believe, exercise a great influence on the situation. If frees
the Bank of France from its embarrassment, and renders
nearly all its capital disposable. We ought, therefore, to
congratulate ourselves on this event. It is not a mere tem-
porary measure, like the loan made by the Bank of England,
which only postponed the difficulty, without removing it.
The definitive sale of the recite possessed by the Bank re-
stores to it its liberty of action ; it is no longer at the mercy
of the wants, more or less considerable, of the Treasury.
The stipulated price is fixed at the average quotation of
March 11. In its balance-sheet the Bank had estimated the
value of its Five per Cents, at par; it will, therefore, have to
divide amongst the shareholders the additional sum that has
been obtained. It is to be remarked that Russia is to pay in
a great measure with the money which we have sent her for
grain."

M. ti BANES, the Deputy-Governor of the Bank,
was to leave Paris for St. Petersburg on Friday.
The Journal des Debuts has a long article in