The Sun.
London, England, 1823-12-10 00:00:00

surplus capital, the consequence of which is, that
Exchequer Bills have reached 51i. premium, and
Consols continue obeys 85. In the course .of
yesterday thejr.had declined to 85 for the Ac-
count, but closed at 85t buyers. The demand
for Government Securities daily increases ; and
there is a prevalent opinion that this must pro.-
duce an advance of prices before the Books open
for the public investments. Many persons too be-
gin to speculate on the reduction of the Four per
Cent. Stocks to Threes. No doubt as a general
principle the lower the interest of money is the
more active may the industry of a nation be ex-
pected to be and therefore we may be well
assured that his,lgajesty's Ministers will keep a
steady eye toward the practicability of the re-
duction mentioned.' At the same time care must
be taken not to anticipate the natural decline of
interest ; for any attempt to precipitate' the ac-
tion of causes operating toward such a decline
would prove injurious, by forcing capital abroad.
Even now we see many evil consequences result-
ing from the eager desire of individuals to obtain
the high interest offered in many foreign Funds
and other undertakings. The. Spanish Bonds of
1821 closed yesterday at : there is still
a hope, and only a hope, that they . will ul-
timately be recognised ; but our last advises
from Paris assure us that King Ferdinand turns
a deaf ear to all the exhortations of the French
Government on this head; and seems determined
rather to try what can
,be done by economy,
than to listen to any terms for a new loan
connected with a recognition of the former,---
A Gentleman has tome over from Peru, it
seems, 44 fully authorised " to borrow a few
millions : the Mexicans, too, would rather put
their hands into John Bull's pocket than into their
own gold •and silver mines. On an average of
ten yettrs, from 1795 to 1804, the annual coinage
of silver in Mexico was upwards of twenty-one
millions of dollars. And yet now they come to
us for money ! Nor is it only the Mexican Go-
vernment that. solicits the aid of our capitalists,
but. there was yesterday circulated at the Fo-
reign' Stock Exchange a plan for the formation
of a Joint Stock Company, to be called the
Franco-Mexican Company, for workitig the gold
and silver mines of Mexico. We have elsewhere
given the substance of the plan, which, like
alt other plans of the kind, is abundantly .plau-
j sible, and premises interest and profits iu flat 7
tering abundance ; but we must again and again
press on our Readers the much greater public
benefit and private security to be found in the
:employment of our own capital in our own' court-
try. We have mines• far richer than those of
Mexico, namely, the Fisheries which surround
our Islands. The reclaiming of the Irish bogs,
and the extension of the growth of Ilex in that
country, would pay us far better and moreeer-,
tainly than the working of all the gold and sil-
ver mines of Spanish America.

[MORNING CHRONICLE.]
The Courier has been the first to communicate*
what is undoubtedly correct—the raising of new
regiments of the line. But in SO doing it snatch-
ed a grace beyond the fact, by pretending to fix
the limit, and explain the object of the augment-
ation. These regimesits, with certain alterations
in the veteran battalions, arc said to be sufficient
to replace the force lately dispatched to the Co-
lollies, and the matter is mentioned in a manlier
as if it scarcely concerned the public to know it.
But what will The. Courier say, when it an-
nounces (as it will shortly have to do) a still
more considerable addition to our Military Esta-
blishments ? When the regiments of the line
shall again require three figures to express their
number ? The arrangements for the West
Indies are admitted to be sufficient now. What
is to be the next plea ? Alarming and wretched,
as is the state of unhappy Ireland, a force of
from twenty-five to thirty thousand men, already
there, displays a full and melancholy attention to
what the danger requires. England and Scot-
land enjoy profound tranquillity. Are the
Army and Navy to be increased, merely to
indulge the visions of a modern race, who,
with little or no qualification, go to the ex-
tent of judging of the greatness and prosperity
of the country. by the lavish amount of its Ex-
penditure ? This is not to be supposed. Are
the Ministers, encouraged by the gleam of pro-
sperity which the revolving of eight or nine years
of peace is shedding on the land, to seek again for
the fruits of an extensive Patronage I We
think better of their ugderstendings than to believe
it. What then is the danger they see or foresee?
As long.as the French had military employment
in Spain, not a breath, of preparation was heard.
Naw 11.114 activity. LAM Liverpool, in particular,
declared in the first ~instance, that the conic.
quences of .the invasion of Spain, and the prin.
ciples which led to it, were likely to extend
far beyond the termination of the contest. The
Ministers are constantly dwelling on the ca-
pacity of this country for war, and the neces-
sity for our being prepared. The preparations
now making are exactly such as men of the
character of the present Ministers might be
expected to make for an occasion, not immediate
perhaps, hut so probable as to leave them
no excuse if they should fail to guard against it.
All this is attempted to be disguised,and the pre-
sent deceitful calm in the political horizon fa-
yours their purposes. A little while, however,
and the inferences to which these remarks are
intended to lead, will be fully illustrated and
justified.
"'she Chronicle is mistaken in this assertion. The intended
increase of the Army was first announced in the 5un,...-and was
contradicted by the Courier and other. Journals, which have:
since acknowledged that our information on this subject was
correct.

[MORNING lIERALD.I
The returned "heroes of the 'I rocadeto," as
the French Army of Spain is styled, do not wear
their laurels with, humility or moderation on
their return to Paris.. A. serious outrage has
been committed bya party of Officers upon the
owner and company of a coffee-house in the Po-
lak Royal—but particularly on the former. It
appears that after having dined together in cele-
bration of their victories, they visited the' Valais
Royal, entered the Cafe Lemblin, and called for
punch. They naturally toasted their owb
'achievements and political principles, insisting