The Sun.
London, England, 1848-09-05 00:00:00

SPAIN.

Madrid journals of the 29th ult. have arrived. The
contents are unimportant.
MADRID BOLSA, AUG. 29.—Three per Cents., 19k
paper; Five per Cents., 10i paper. Exchange on London,
46 50 paper.

THE FRENCH REPUBLIC.

We have received the French papers of yesterday
Paris continued perfectly tranquil. The journals,
with one exception, are occupied in considering the
amended project for a Constitution, and the question
as to whether having passed the Constitution, the
National Assembly should proceed to enact the
organic laws of the Republic, or whether it should
leave that task to its successors. The one exception
is the Presse, which bitterly complains of the exist-
ence of the state of siege.
The Siecle has the following article on the Bank of
France :

" The situation of the Bank of France, as set forth in
its returns made up to Thursday last, has given rise to a
renewal of the demand that it should resume its cash
payments. The metallic reserve amounts to 204,000,000,
and the bills in circulation are 317,000,000. But it has
been truly observed, that the Bank would have not only
to provide for the payment of its own notes in cash, but
its accounts current with the Treasury and with private
individuals, and its various acknowledgments and engage-
ments; and which together would make a total of more
than 500,000,000.
" Let a panic take place, and we can readily conceive
what would ensue. Would the Bank be then to blame
for what might then take place if it were to depart from
the prudent plan which it now adopts? We think not.
In order for the Bank to be open to blame for not re-
suming cash payments, it must be shown that such a
step would immediately remove all the embarrassments
of the commercial interest, by giving a signal of a re-
turn to confidence. The crisis under which we have
been labouring has many causes; business inconside-
rately entered into before the Revolution; forgetfulness
on the part of a great number of bankers of the prin-
ciple that an establishment which has engagements
which are demandable at short periods should not
invest its capital where it cannot be immediately be made
available and an exaggerated alarm at the momen-
tary successes of Socialism. But this is not all. The
crisis has been so violent; it has inflicted so many and
such cruel wounds that it has been scrupulous in press-
ing for the general liquidation, anti that has been one
of the most active causes in the stoppage of business.
Certainly honourable men of business ought not to be
executed like jobbers on the Bourse. It is nevertheless
necessary that a settlement should be come to, for with-
out it credit cannot be renewed, France has been sub-
jected to enormous losses; it is necessary that they should
be arranged, and that it should be known what re-
mains. Then a movement will take place which will
bring about confidence, with a hope of future profit.
Until this be done no real benefit can accrue, whatever
may be the merit of the propositions brought forward
for the improvement of the present state of affairs."
BUSINESS DONE IN FOREIGN RAILWAYS AT THE
LONDON STOCK-EXCHANGE, 4.
Northern of France, 7 ex int.—Orleans and Bordeaux,
1 ex int.—Paris and Lyons, 4!4.

LOUIS BLANC IN EXILE. —M. Louis Blanc hasl
Louie
addressed the following notes to the papers:—"ern
Se
persons in England, agreeing in opinion with M.
Blanc, appear disposed to offer him some public expres•
sion of their sympathy. M. Louis Blanc begs to offer
them his most sincere thanks; but at the same time he
thinks it right to state that he wishes to avoid anything
in any way likely to give offence to the English Go•
vernment. In calm study, and quiet retirement, M.
Louis Blanc has resolved to wait till brighter days dawn
on his country, and he would be deeply grieved if his
forced appeal to the hospitality of England became the
cause of even temporary agitation."
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