The Sun.
London, England, 1824-08-21 00:00:00

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cp,nsequence (should any new Loan be contracted
'with him now) will,be,,that, he must borrow on
terms disadviiiitageOtsi iti'''Pria`rortiOn.. to his past
obstinacy in knavery. The:tune too which hai
bi:en lost is of the utmost importance to the 'Spa;
Gish - Ministry. Nearly 12 months 'have'elapied
since.Catliz surrendered to the French; and dor=
in* whole of that period-the pla'n's of Feidi-
nanci'llaye prdve:d totally 'abortive, and' what-
ever moral power his thavetiltlent. might lay
claim . to, it has been ' effeatisally Paralized
;from the utte'r . want of ' tOtSifify or . credit,—
The great question lsowiTsii.itt present is, Who;
may be hoped or feat-tut from the utmost pe-
cuniary assistance which, even, on condition of
recognizing hii former debts, ;the King of Spain
may at thtS'pjtincture be able tb obtain. We con-
fess his beloved Majesty appeared to us- to have
deprived himself of all terrors in, ti pt respect.—
In the first place, he is in this agreeable dilemma
—the larger the sum he now requires the worse
terms he must subscribe to, both on the score of
interest for the money advanced, and also as to
the amount of composition for the Loans of the
Cortes which he must acknowledge. In the next
place, the demands upon the Spanish Treasury
are so numerous and heavy that a considerable
sum would not satisfy them alone—to say nothing
of a surplus sufficient to carry on, or rather
recommence with any prospect of its success-
ful continuance, the coldest with Peru and
Mexico--the only parts of South America
where the cause of independence is at all
questionable. The cost of restoring the present
state of anarchical despotism in Spain must like-
wise be paid to France, or even the ties of love,
legitimacy, and blood between Louis XVIII.

and his cousin of embroidered memory, will dis-
solve into thin air. Next, the demands of all the
needy sycophants about the Court of Madrid,
who can now neither find a farthing in the Spa-
nish Exchequer, nor extract one from the Spanish
people—they must be paid and pacified—they
cannot starve, and to beg (except at Court) they
are ashamed. After these claims are silenced,
and a share of the capital reserved to discharge
one or two half year's dividends on the New
Loan, with a portion, perhaps, of similar out-
standing charges on the old ones, what, we won-
der, will remain to re-conquer his Majesty's
" Indies ?" Nothing, in our opinion, of a very
formidable amount. Let the Gentlemen of the
Stock Exchange, therefore, and the King of the
Two Worlds, fight out their battle the best way
they can ; for we venture to predict the worst
result to this country will be the circulation of
hatever pledges Ferdinand may think proper to
issue for the future payment, or rather the future
dis„ Iwol of his just debts.

[NEW TIMES.]
Yesterday a general depression took place in
the Funded Securities, and a variety of reports
were in circulation ; the decline in the British
Funds, however, was but of a temporary dura-
tion. Consols fell from 93 to 93L ; btu in the
afternoon recovered their former price. A gene-
ral revolt in the South of Spain was spoken of,
and the consequent retiring of the French forces
was of course inferred ; but there did not up.
pear any •authentic intelligence to that effect.—
In Foreign Securities a more extensive alteration
took place; South American Securitiei Were the
most affected. Reports were in existence of
the arrival of Iturbide, and that the whole coast
of Mexico had risen in his favour ; but we be-
lieve that no accounts of his arrival, although
expected daily, have yet been received. Colom-
hien Scrip at one hour was at 8 dis.; Mexican
Bonds 50 ; the former recovered to 5f dis-
count. The New Brazilian Scrip was at 11
per Cent. discount.; and that of Buenos Ayres
at about the same. Peruvian Scrip 25 per
Cent. discount. The reports respecting Spanish
Bonds continue ; and it appears to be now gene-
rally -believed that a negotiation is going on,
which may operate in some degree on their
value. It was confidently rumoured that the
Brazilian and Portuguese Cornmissioners ap-
pointed to conclude a treaty between the two
countries held their final deliberation in Down.
ing-street some few days ago, at which Mr.
Canning and Prince Esterhazy attended. The
terms it is said received the approbation of those
distinguished Diplomatists, and were in conse
pence forwarded to Lisbon for his Most Faith
fill Majesty's consideration. We give this bow,
ever as mere report.

[MORNING If MAIM.]

t would be curious if, after all, Ferdinand
should sueteed.in raising a loan here. We ques-
tion whether the security he might offer would
net be considered by our monoy gulls as.good as
the security given by his colonies. If Ferdinand
were to acknowledge in part the loan which has
been called the Constitutional Loan, and were to
At. nut more than a million in the first instance
from England, and propOsed as security a certain
portion
,of the Church ftevenues,or Estates, which
the Cortes confiscated, or were about to, coatis
sate ; and if, at the same time, he sere to give
it out, that his A.Mba.ssadiir had instructions to
negotiate a commercial Treaty with 'F,tigland, that,
should be particularly advantageous to her;
his Ambassador, or his agent, would easily coax
from John Bull's pocket a lOan at a million,.or,
indeed, two•or three. Then after Ferdinand had
got hold of 'our manufacturers and Merchants, by
means of his Commercial Treaty, and of our
money-grubs, by a beneficial loan, on apparently,
fair at''cuiiiy'; and hod ithilattheed,tp Mr. Canning
that he had entered into a contract with his
Must Christian Majesty, that the latter'S
called the Evolutlon Squadron,, was-to convey
'filpinithiroops and ttiglish Money to South Ane-
rica; f4r the purpose of bringing to a tine .sense
of their ditty his rebellious subjects iii these
orts—: Own, we repeat, tin party at the 'FOreign
Stock Exchange, who might he the holders
of the contemplat4 new §'crip,t tons up,
their liata for joy at
,tliO, proopect ot.l er.dioaud.u.
so. cc,,,s„ Some may doubt this-=hut we; can as
sure them that such would he the fatt,.`and-move
especially were such. all allilo4llCPUleq4 to et
,op
the price of Spanish Stock,. 4,4,4 said, bat we
knoWr:ot with what truth, that some persoli*,
who not long 6iriCe Were putting forth in certain