The Sun.
London, England, 1848-07-26 00:00:00

SPAIN.

Madrid journals of the 20th have been received.
A telegraphic dispatch waa received from La
Granja, at four o'clock in the afternoon of that day,
announcing that the QUEEN had miscarried.

It is stated in one of these papers that CABRERA had
captured a whole battalion of Government troops, and
had ordered all the officers belonging to the Conven-
tion of Bergara to be shot. The Espana, on the
other hand, states that the Carlists have been every-
where defeated.
MADRID Bor.sik, JULY 20.—The Three per Cents.
were done at 20 cash, but were lower after the close,
being quoted at 194;buyers, sellers; Five per Cents.,
10 to Passive Debt, 31,- to 4, and the Foreign

; Bank Shares, 70; Discount on Notes, 412- to
per cent.

THE FRENCH REPUBLIC.

We have received the Paris papers of yesterday.
They are loud in their praises of the financial policy
of M. GOUDCHAUX, which bids fair to be as success-
ful in the re-establishment of confidence as the energy
of General CAVAIGNAC has been in the ref.establish-
ment of order. The Journal des Debats thus speaks
of the new loan :
"The most:striking novelty in the financial programme
of M. Goudchaux is the news of a loan certain to find
subscribers. That is an evident proof of a notable pro-
gress. The national loan of M. Gamier Pages did not
produce a centime, for the name of subscription must
not be given to the offer made by some persons of Bons
du Tr4ser, which were unnegotiable. Without wishing
to run down M. Duc'ere, it may be affirmed that if
he had made an appeal to credit, no person
would have responded. This time the Minister,
it is true, turns to account the desire evinced
by the subscribers to the loan of 250 millions, negotiated
in 1847, not to lose purely and simply the instalments
which they had paid. But it appears certain that
this condition, even whilst ensuring to the loan
a more numerous body of subsciibers, was not indis-
pensable to success. It must, consequently, be admitted
that the loan is an unequivocal sign that confidence is
beginning to revive. The success of the loan will in its
turn re-act on confidence itself and develop it. In the
same way as distrust is catching, so confidence is ex-
ceedingly communicative. There is at present a strong
reason why the loan, contracted on conditions relatively
satisfactory, tends with a certain power to raise up com-
mercial credit. As long as the Treasury was seen to be
in an extreme embarrassment it was impossible that
business could revive, for business cannot improve except
by the aid of credit. But as long as the distress of the
Treasury was flagrant, the capitalist is justified in
dreading the return of assignats, and no person consents
to lend capital if there is reason to believe that, at the
moment of reimbursement, in three or six months, de-
preciated paper is to be received in place of hard cash."
The Constitutionnel thus comments on the plans
proposed by M. GOUDCHAUX :
" The Minister of Finance, in presenting his Bill for a
loan, certainly must have regretted not having been
more firm on the question of the reimbursement of the
Treasury Bonds. On the eve of making an appeal to
capitalists it was desirable to show a scrupulous fidelity
to the existing engagements of the State. By paying in
full the creditors of the Treasury, he would give, to use
the expression of M. Latitte, a pledge to the return of
those principles which are the foundation of all credit.
There is no doubt that if the upward movement of the
funds had continued, the loan would have been con-
tracted on more advantageous terms, and that private
credit would have participated in the improvement of
public credit. It is more particularly in matters of
credit that the old maxim is applicable—' He who pays
his debts enriches himself.' There is in these few words
more of financial science than can be found in a dozen
treatises on the subject."
The Constitutionnel then expresses its approbation
of the operation proposed by the Minister, and con-

tinues—
" The Bill gives to the holders of the old loan of 250
millions the facility of using the certificates of the two
first instalments which formed their guarantee fund, and
which was annulled, in payment of the first instalment of
the new loan; these certificates, representing 7f. 52ic.,
in Three per Cents., will be taken for the same value
in Five per Cents.; but let us not be misunderstood on
this point, it is not a restitution that is thus made
them; for they had no right to it; it is simply an ad-
vantage offered in exchange for a service demanded.
We, moreover, believe that M. Goinlchaux has acted
wisely in making the loan in Five per Cents., and for two
reasons. The first is, that stock not only suits capitalists
for speculation but for investment, and it causes a less
considerable increase in the nominal capital of the
public debt. The important point, however, is the rate
at which the loan is issued. It may be remembered that
the Minister, when he presented the Bill, left the price
in blank, in order to prevent any stock-jobbing, and
when the discussion came on no price was mentioned
until the articles had been adopted; and it was not until
after the Bourse had been closed that he named the
price, 75f. 25c., the same as!: at fixed by the law of
1847 for the loan in the Three er Cents. This rate of
75f. 25c. does not, however, as the Minister frankly
avowed, represent the real figure of the loan. There must
be deducted from it the 7f. 254 c. of which the holders of

-- -- -- -
the old loan will benefit, and ►,here must also be deducted

about 2f. 50c., in consequence of the joetissance allowed
to begin from the 22d of May of that year, which brings
the real price down to 65f. 25c. This price was objected
to by several members, as being too low ; and there
is no doubt, had not the fault been committed with
regard to the Treasury Bonds and the savings'
banks deposits, as we remarked above, better terms
might have been obtained; but things must now be
taken as they are; it was better to make a little sacrifice
than fail in the operation, for a check of that kind would
have been attended with disastrous consequences for
public credit and for business in general. There are,
however, some of the creditors of the State who may
perhaps have some right to complain; we allude to the
holders of Treasury Bonds and the depositors in the
savings' banks, who have been respectively reimbursed
in Threes at 55f. and in Fives at 80f., while a loan has
now been contracted at 66f. 25c. The price sets forth
an act of injustice committed towards them. The receipts
arising from this loan will be about 170 millions, and the
undivided attention of the Government should be directed
to availing itself of this resource to get rid of the em-
barrassments of the present state of things."
It is intended to abandon the proposition of M.
DUCLERC for the imposition of a duty on legacies and
successions.

The account of the importations for the first six
months of 1848, as compared with the corresp'nding
period of 1848 and 1847, shows a frightful falling off.
The receipts for the first month of 1846 amounted to
74,676,750 E; in 1847 to 65,956,67 M.; and in 1848
to only 38,150,854 f. In the month of June only
the falling off is equally remarkable, the receipts for
June, 1846, having been 12,612,579 f.; June, 1847,
11,186,163 f.; and June, 1848, 5,890,632 f.

Great apprehensions were entertained on Monday
for the life of General BEDEAU, whose wound is
going on very unfavourably. The 3-it,cle states that
he was somewhat better yesterday, although not out
of danger.

There arrived yesterday in Paris an envoy from
the King of SARDINIA. His mission is to thank the
Republic for having withdrawn the army of the
Alps from the frontiers of Piedmont.
The sequestration on M. EMILE DE GIRARDIN'S
paper, the Presse, has been removed, on the under-
standing that the paper shall not be published until
after the National Assembly shall have determined
on the Bill for regulating the press. The Committee
appointed to examine the Bill met again on Monday.
The majority is in favour of a deposit of caution
money. M. SENARD, the Minister of the Interior,
in answer to a question from M. PASCAL DUPRAT,
said that perhaps it would be as well to demand a
deposit of caution money from the clubs also.
M. BINCEUR has been appointed by the Finance
Committee reporter on the Budget.