The Sun.
London, England, 1851-03-05 00:00:00

THE SUN, LONDON, WEDNESDAY EVENING, MARCH 5, 1851.

Alarmists, of all people in the country, are, to our
hinking, the most appropriate objects of ridicule.
Nevertheless, we are by no means blind to the neces-
sities of vigilance in regard to the defences of a
nation, no matter how tranquil soever may be the
aspect of surrounding Governments. While, there.
fore, we are very far indeed from desiring to attach
any undue importance to the recent lucubrations on
this subject, penned by Sir FRANCIS HEAD, and
almost :simultaneously by Sir CHARLES NAPIER, we
are solicitous that proper attention should be paid to
the arguments put forward by those intelligent ob-
servers. The inquiry itself, which they have under•
taken in their respective volumes to prosecute, has been
proclaimed a most legitimate and commendable
one by one no less than the first subject of the
Crown, his Grace the Duke of WELLINGTON. We
are disposed, moreover, to watch the progress of the
investigation just now with a peculiar feeling of com-
placency—viewing the reasons advanced in its behalf
as a wholesome counterpoise to those put for ward
rather unnecessarily by the sticklers for wholesale
retrenchment. Granted, beyond all contradiction,
that the annual amount of the national expenditure
exceeds by a vast deal the sum which might
reasonably be expected to support our various
establishments ; granted, that the need of economy
is obvious and even glaring ; granted, that
the present distribution of our resources is
characterised less by judgment than by ex-
travagance. Yet, in the very teeth of these
considerations, we maintain that no necessity what-
ever exists for a large decrease of either our land or
sea forces; but that, on the contrary, it were most
advisable to re-organize upon a broad and comprehen-
sive system both our military and maritime arrange-
ments. The peace of Europe is no valid cause for
a display of parsimony in these particulars. Si via
pacenz, Para bellurn, is one of those memorable and
oracular truths we can never tire of repeating; more
especially whenever we listen to the fallacious reason-
ing employed in periods of tranquillity against
the advisability of maintaining a sufficient
number of armed forces. Not that we are
anxious to observe any lavish expenditure in
reference to army or navy—not that we would con-
tinue either upon anything like a war footing—but
that we would most indisputably insist upon the ad-
vantages accruing to a great power from a proper
regard being had at all times, and under all circum-
stances, to the magnitude and efficiency of its de-
fences. In no instance, again, is this more pecu-
liarly requisite than in regard to an insular power
like England. Exposed on all sides to the possibility
of assault, it would be nothing short of the most
reckless and unjustifiable imprudence to repose
an overweening confidence in its own ill-regulated
and unsupported prowess. History consists in the
main of narratives of the downfall of the most
puissant and gigantic races. Upon its tablets we
can trace the record of those calamities ; and in
every instance we may detect the seeds of ruin in
the rise of national arrogance. It behoves conse-
quently the mightiest empire upon earth to look well
to the efficiency of its naval and military armaments,
what though surrounding nations may regard its
power with awe, and though the epoch may to al
appearance be one of the most serene internationa
alliance.

Now-a. days reform, as a principle, has entered into
the bosom of almost every class and of almost every
establishment. People have discovered in the spread
of intelligence among the masses the absolute and
imperative necessity for setting their houses in order.
The surveillance of a press that has come at last to be
regarded as little less than actually übiquitous may
have done much, we are willing to believe, in the
way of rousing the sluggish to activity. With the
majority, however, the reason of this general aptitude
for innovation is unquestionably the universal and
perpetually increasing spread of enlightenment. What-
ever may be the mediate or immediate means of the
change, the fact of its manifestation amongst
us is altogether incontrovertible. Even the Univer-
sities are being driven, like the rest of the world, to
use the Poet Laureate's noble simile—

" Down the ringing grooves of change!"
As in politics, as in education, as in reference to taxa

tion and to diplomacy, so also in regard to maritime
and military regulations, the influences of improve-
ment are every day becoming more perceptible. The
writings of several distinguished ornaments of the
Royal Navy have demonstrated beyond all contradic-
tion the nature of the alterations required in that
service. Other advocates of innovation have insisted
' upon the want of equivalent modifications in the
sister profession, the armies of the United Kingdom.
Among these few have displayed more intelligence
than the writer of a pamphlet* recently published,
and dedicated by its author very significantly to the
body of Taxpayers. In the argument here most ably
put forward the pamphleteer explains a very rational
arrangement by which 7,900/. might be saved upon
cavalry, and no less than 248,0001. upon infantry •
organization—makirig a total of 255,900/, by way of I

cat out of the bag, attributing his abandonment of
authority to his indignation at certain interferences
with his official power and prerogatives. " When I
was first made Commander-in-Chief," said he, "I
thought I was to be Commander-in-Chief in truth,
but I soon found out that I was not to be Commander-
in-Chief at all, but only a sort of monster adjutant."
He intimated, in addition to this, that he had more
than once been dictated to on military matters by
" boy politicals," who knew nothing whatever of
military science. If this has actually been
the case—and Sir CHARLES NAPIER is not the man
to utter anything but words of the most scrupulous
veracity—we marvel not that his heroic nature re-
volted from a situation of affairs so ill according with
his' supposed supremacy in matters of a military
character. Our only astonishment is that sooner than
this he did not moat indignantly tender his resigna-
tion. The conqueror and ex-governor of the gigantic
province of Scinde is surely not the personage to be
unnecessarily degraded from the exercise of the mili-
tary jurisdiction properly appertaining to his (Ace,
and to be reduced to a mere subaltern by individuals
who should in reality have appeared, when compared
with himself, in a merely subordininate capacity. No
wonder, we say, that a captain so distinguished
as the victor of Meanee and Hyderabad revolted from
a position so anamolous and, in a word, so contrary
to all decency ; and that, venting at last his long-
suppressed disgust at the ill-treatment, he flung down
his sword and prepared to quit for ever the scenes of
his many splendid achievements.
Annoying as these occurrences have naturally proved
to Sir CHARLES NAPIER, we have the satisfaction, at
any rate, of thinking that they must ultimately tend
to prevent the possibility of their recurrence. What
has been shown to be so excessively reprehensible in
his instance can' never again be tolerated in regard to
any one of his future successors. The office of Com-
mander-in-Chief must henceforth, we conceive, be
placed upon a positive and satisfactory footing, and
no longer remain liable to those intermittent and most
impolitic encroachments. Otherwise the Administration
of both civil and military affairs through Hindostan
must be perpetually involved in confusion. From
the resolution recently shown upon this point by
Sir CHARLES NAPIER we are sanguine that he may
prove in this instance, as in so many others, the author
of very considerable improvement. To him have
been attributable some of the most estimable changes
that have taken place in the organization of the armies
of the east. His interference might consequently be
regarded as the most appropriate for the due regula-
tion of the supreme authority in military affairs
throughout the whole of our Oriental possessions. The
reformer of the soldiery, tha hero of Scinde, may be
thus enabled to prove himself an equally welcome
reformer in reference to the chief leader of that
soldiery in the Asiatic dominions of Greatßritain. That
he possesses the moral audacity requisite for the carrying
out of these peculiar views we may rest assured. It
is consequently with feelings of eager expectation that
we await his arrival amongst us as the man destined
to reduce existing anomalies in the administration of
affairs in Hindostan to some sort, at least, of partial
order and regularity. Sir CHARLES Narrna has de-
monstrated by his conduct, by his language, by his
resignation, the bitterness with which he has felt the
weight of these anomalies. We may therefore remain
hopeful that he may be incited by a remembrance of
his own chagrin and discomfort to demand, both by
word of mouth and by the more widely-extending
voice of the pamphleteer, the revision of the system as
at present existing in Hindostan.

4 " The Army Reform Wanted—Maximum of De
fence with Minimum of Expense." Bvo., pp. 2S. Lon.
don: J. and D. A. Darling. 1851.

THE FRENCH REPUBLIC.

We have received the Paris journals of yesterday.
The Assembly on Monday rejected the proposition
of M. Ducoux for the establishment of an exchange
for workmen, to which employers in want of labour
and workmen in want of employment might equally
resort.
At the conclusion of the discussion the Assembly
adjourned to Saturday.
The discussion on M. CRETON'S motion for the re-
peal of the law of exile against the Bourbons has had
the effect of rendering the differences between the
Legitimatists and the Orleanists for the present
irreconcileable. There is no probability of any fusion
taking place at present.
M. EMILE DE GIRARDIN has laid on the table of
the Assembly the following proposition :
" Henceforward are abolished all exceptional laws by
which a penalty, afflictive et infarnante, or any other
penalty IN hich it belongs alone to the judicial power to
pronounce, shall have been directly applied by the legis-
lative power, in violation of Art. 19 of the Constitution,
which declares the separation of powers the first condi-
tion of a free Government."
The intention of this proposition is thus explained
by the Presse :
‘• The object of this proposition is to rectify distorted
principles, and to put an end to the deplorable confusion
which so many events, revolutions, usurpations, and
dictatorships have introduced into ideas, habits, and
laws. Its object is to subject parties, in turn con-
querors and conquered, to the same rule of jus-
tice. Its object is to destroy that instrument of
political vengeance which the revolutions of the
past have forged for the future. Its object is, in a
word, the abolition of the Convention. The Constitu-
tion of 1848 has recognize 4 most positively the prin-
ciple of absolute justice, by gradually raising the power
of law above political power. There are the common
jury for isolated offences by private individuals, and the
extraordinary jury for crimes and plots affecting the
public safety. The law is paramount over all positions,
powers, and responsibilities, and cannot be over-ruled,
braved, or eluded by any. Why then should we have,
we, exceptional justice? Why proscriptions? Why should
not the Count of Chambord or the Prince of Joinville
be subject to a power that is superior to all danger, to
the power of common right? There is no necessity for
proscribing them; the laws of the country are quite
strong enough to suppress revolt, and punish their am-
bition. No convention! such is the cry of liberty and
equity. We repeat it as a protestation against the
past and a hope for tho future. M. de Girardin has
given a more extended bearing to M. entail's proposi-
tion. It now aims at more than the rehabilitation of
two princely families; it aims at rehabilitating a right
and a principle; at preventing new usurpations by re-
probating old ones. In a word, its aim is to abolish
the convention, and to raise between reaction and revo-
lution the only barrier which can resist them, and pre-
vent the terrible shock of their vengeance, and that bar-
rier is justice."
The election of presidents and secretaries for the
bureaux of the Assembly for the month of March
took place on Monday. In the 13th bureau M.
LEPELLETIER D'AULNAY was elected president, in
opposition to General CHANGARNIER.
The bureaux were on Monday occupied with the
Bill for granting to the Government a credit of
6,800,000 f. for the continuance of the works for the
defence of the port and roadstead of Cherbourg. Nu-
merous objections to the measure were raised, par-
ticularly on account of the form in which the Bill
has been submitted to the Assembly. Sereral mem-
bers expressed a wish that the Government had car-
ried this credit to the budget of 1852, when it would
have been examined with other sums demanded for
different works. Some were in favour of post-
poning the Bill until the finances of the country
should be in a more prosperous state. MM. MATS^
SIAT and Com.as, members of the Naval Commission,
warmly defended the Bill, and, in support of the ne-
cessity of the works proposed, alluded to the works
which the English were now carrying on, and which
were at a distance of little more than five leagues
from the coast of France. Admiral CECILLE pointed
out the immense advantage which it would be to the
navy to place Cherbourg beyond the danger of an
attack from an enemy. He was of opinion, however,
that the land defences might safely be delayed until a
more favourable moment, as, by means of railways,
troops could be readily sent for the defence of the
town, in case of need.
An unsuccessful attempt at escape has been made
by the Socialist prisoners confined in Belle Isle.
The procession of the Betty Gras, yesterday, passed
off quietly.
By an arrival at Bordeaux, accounts have been
received from Guadeloupe and Martinique to the Ist
ult. The most perfect tranquillity reigned in these
islands, and the minds of the people had been re-
stored to a state of satisfactory calm. A fire had
taken place at Basse Terre, which was supposed to
have been the work of an incendiary, the police hav-
ing discovered a box of chemical matches among a
pile of straw.

Theßourse was nearly deserted, the majority of the ha-
bitual specculators being, it was said, confined by the
prevailing ii,fluet,za. The Five per Cents. opened
at 961. 60e., and closed at 96f. 75c.; the Three pt
r
C:lits. closed at 58f. sc. ; Orleans Railroad Shares,
8771. 50a.; Rouen, 647 f. 50e.; Havre. 272 f. 50c.; Great
Northern, 475 E; Avignon, 190 f. ; Vietz in, 413 f. 75c.;
Basle, 1581. 75c.; Paris.and Strasburg, 366 E 25c.; Tours
and Nantes, 255 f.

BUSINESS DONE IN FOREIGN RAILWAYS AT THE
LONDON STOCK EXCHANGE, MARCH 4.
Boulogne and Amiens, 91/R—East Indian, 15,4—Luxem-
bourg, 2,2—Namur and Liege, SV4—Northern of France, 15
—Paris and Rouen, 25%—Paris and Strasbourg, 10%—
Tours and Nantes, 5%.

ISPAIN.
Madrid journals of the 27th ult. have arrived.
The committee of the Chamber of Deputies on the
Bill for the regulation of the Debt had again assem-
bled, and M. LLORENTE, one of its members, moved
that the discussion should not take place until after
all the documents required should have been pro-
duced by the Government; but the majority of the
members did not concur in this proposition. The
report of the committee on the Bill for the regulation
of the Treasury Debt was presented to the Chamber
on the 27th ult.; it expressed approbation of the
principal basis of the regulation proposed by the Bill,
but recommended some modifications. The other pro-
ceedings of the Chamber up to the hour of post were
of no general interest. In answer to a question put
to him, the President of the Council said that the ec•
clesiastical authorities had requested that the ball of
mid-Lent and a burlesque ceremony which usually
takes place on that occasion should be suppressed, but
that the Government had refused. The Espana says
that it is intended to suppress the ambassadorships at
different Courts, and have only ministers-plenipoten-
tiary. M. A. A. GALIANO has been appointed
Minister at Lisbon, and the Marquis DE BENALUA at
Berlin. A letter says that the Government, though
displeased with the Duke DE SOTOMAYOR, Ambassa-
dor in Paris; for having given a grand reception to
General NARVAEZ, has not decided on recalling him,
as was rumoured.
MADRID BoLSA, FEB. 27.—The Three per Cents.
were done at 34 for time; the Four per Cents. at Li;
the Five per Cents. at 15; Debt without Interest at sg;
and the Coupons at Bi.

GE RMAN Y.
A plenary sitting of the Conference was held at
Dresden on the 28th ult., which lasted four hours.
The Frankfurter Journal contains a letter from
Dresden, of Feb. 25, which says :—" The Second
Chamber of the States accorded to-day to the Mi-
nister of the Interior a most marked vote of its confi-
dence, having resolved almost unanimously to com-
mence at once the distlussion on the Electoral Law.
It may be remembered, that not long since the majo-
rity of the First Chau fiber bad formally refused to ac-
cede to such a course.'"

The Borsenhalle of: Hamburgh has the following
from Berlin, of the 1 it :—" It is believed that the ne-
gotiations, which are to take place between Austria
and Prussia, for the regulation of the German ques-
tir,n, will not arrive at any satisfactory result,
inasmuch as if Austria were disposed to
accept the proposil;ions of Prussia on the
question of parity, •she would exact as an equiva-
lent, not only the admission into the Confedera-
tion of all her kseates, but an increase of t*

retrenchment. Out of this aggregate amount
he suggests that 192,000/. might be dedicated
to the embodiment and clothing in the course
of two years of 77,000 militia men. He would ap •
propriate the 7,900/. saved by the cavalry consolida•
tion to the furnishing of seventy-six extra horses for
the line, and two hundred and sixty•-one additional
ones for the household brigade. "The equipment,"
he observes, "of one hundred and twenty guns in
lieu of eighty will require 9,000/. more of that surplus,
and I propose that 15,000/. should be assigned for
augmenting the corps of enrolled veterans ; con-
sequently there would be an ultimate balance of
32,000/., upon the completion of this scheme." A
quarter of the balance specified he would see
added to the 4,000/. already allowed for lodging mar-
ried men out of barracks, while the residue, " after
procuring medical attendance for the pensioners and
their families, would," according to his estimate, " ade-
quately provide the extra allowances for rifle corps,
and the extra sergeants required for depots."
Without coinciding entirely in the views expressed
throughout the pamphlet, we must observe that we
have recognized in them sufficient merit to justify
our commendation of them to the attention of all
those who are i❑ any way interested in the cause of
military improvement.

number of votes of Bavaria both in the re-
stricted Council and the Plenum ; also to have the
participation of 13avaria io the executive military
Government. Prussia can scarcely accept this lAtter
condition."

We find in the Borsenhalle a letter from Vienna,
of the 27th ult., which says :—" Since his return
here, Prince DE SCHWARTZENBERG has had several
conferences with the ambassadors of the foreign powers,
to whom he has given explanations relative to the de-
sign of Austria to enter with antler states into the Ger-
manic Confederation. The report is current that the
Ambassadors of France, Spain, and Portugal have
strongly insisted on the necessity of effecting a ge•
neral revision of the treaties of 1815 ; they desire
this to be done by a European congress, to which
the claims of Austria should also be submitted.
Prince DE SCHWARTZENBERG replied, that he had no
objection to make the convocation of a congress, and
that it even appeared to him a desirable step ; hut that
such a body could not be of any value in giving an
opinion relative to the project of Austria, inasmuch
as that concerned the German Confederation only."

TEE SHARE MARKETS.

BRITISH RAILWAYS.

Paid.

Noralila! Prices.

15 to 1534

4% 4 dis. xd

13 14 0

10% - 11%

17%
100

84 -86

12}4 - 12%
:t2sy -23 y.

5
45
100

.. .
23 21 Adis.

•• .. ••

3% —3%
2% 2,.a
bh —7%,

6 -6%

,ti —4
16 Ib%
2% —3%
343 35,4
7 —S

1 1 0
50
8 6 8
25
12%
12%

tif - %

18% 18%
spy— 6%
12% 12%

43 -44

92 - 92%
2 -1% 418.
77 -79

11 13 4
47%
100

8% -9% P.
29 -3i p
59 -60

10% —lO dia.
7% s3G dig.
6 —5% dis.
16 16%

11 6 3
14

•• ••
77i •8% ad

98 -99

131% —132
6%-63gp.ad
5% 6 X p.:.d
3 —34p.ad
90 91 ad
SU. —44 die. id
4% —3% dis.ad

100
424

3% —3% dia'

35% - 36%

4 2 0
ICO
100

3M —2% (Es.'
65M —65%

100
4734
100

133 i 13%dis.
32 —34

..
6% --
63( an

5% - 514

50
25
25
22%

22 —24
14 —l3 dls,

9►% —9%
6% 6 dis.

% - %P

18% - 19
1814 - 18%
9% - 10%
7 -8

5 —4% dig,
4% —3% die,
3 2

16 —l7
8 854
12 —l3
I # die
3

17 -18
27% - 279%
35 -36

Business done
to-day.

10 15

4% %

12%
23,4, 23 3

7 ili 7

16% 16 34
[15%
35 U, %

Ig% %
63
12%

92 51%
15% 16

59% 59

4% %

16% 16

8, x.d

sii!‘ 34

3 I die.

23 i d
IFN 2.6

...
x.d
90% 90 )4 x.. 1

IN 7i %

die.
66 1( 64%x.d

21% %

6% % xn

li -,Ni

9% 'X
11% %

19%
18%
109%
7%

4% Mt
die.

3% %

• •
• •
8% —7% Ale.

4 3 d.
5 6
15% 16

- - ..
8 7%

22 - 22%

17%
47% ;ti
35 33S

3 —2% dis.

1 dia.
251 i 25% id

[7% 14

7% 8 7%
25704% m.d

WINES.

Paid. Nominal Prices.
Business don
to-day.
0110
Anglo-Mexican(is. 51. p.) 100 .. —..
•
-•••' Australian 4 3% —2%
Barossa Range ....... 113 0 3% —3%
Blaenarvon Iron and Coal 50 • • —..
Bolanos Scrip ........ • • '•-• • •
British Iron .. .... ••• • • • 13 5 ' • —• •
Brazilian Imp. (is. 5/. p.) 24% .. —• •
Do. Cocaes and Culaba 30 32% —32
De. St. John del Rey 15 14% 13%
Cobre Copper . ..... 4O 32% 34%
Copiapo ........... •• • 14 514 —6%
General 20 13% —l4
Real Del Monte, 17kreg 3i %
x.d Do. Black Debentures • • —' •
Do. Red Debentures — ..
1 Santiago de Cuba lO 7% 6
Tin Croft 7 10% —ll
United Mexican. .. •• •• 28 2 8%! 6% —5%
JOINT STOCK BANKS.
Australasia ........ •• • • 40 33 32%
British North America 50 42% —43
Colonial ........ • • 25 9% 10%
Commercial of London 20 25 25%
London Joint Stock lO 18% 17%
London and Westminster 20 27% 27%
National Provincial Eng. 35 .. ..
Do. New ........ • • lO .. —• •
1 National of Ireland ...• 22% 17% —lB
.6% Provincial of Ireland 25 42 —43
Do. New .. .. .... 10 15X —l5
Union of Australia ...• 25 34% —34
Do. New 2% 3 —3%
Union of London
Union of Madrid .. .. • 40 .. —..
NISCELLANEOUS.
Canada ••..•••. • • • • • • 32% 42% —46
Gen. Steam Navigation . 14 126% 27%
Penin. & Oriental Steam. 50 64% 72%
M Royal ail Steam

tANEOUS.
42% 46
26% 27%
63)i 72%
73 —69
he errors of the Official Lists, and
d correspondents.]

Gen. Steam Navigation
Penin. & Oriental Steam
Royal Mail Steam
I We cannot be answer;
will not be influenced by

able for ti
int erestec

MONEY and COMMERCIAL NEWS.
CITY, TWO O'CLOCK.
The sales of Cotton at Liverpool yesterday were esti-
mated at 5,000 bales, comprieiog 4,000 American, 300
Surat, at 4d. to 54d.; 500 Egyptian at lid. to Eid.; and
30 Sea Leland at Is. 6d. per lb: Tho market was firm,
and prices of all kiuds were fully maintained.—Reilway
Shares were in good demand, with very little change in
prices.

The Corn trade is dull, as there are large arrivals off
Falmouth, nut less than 300,00 u quarters, it is said.
As it is now presumed that Sir Charles Wood's
Budget will be thrown overboard, a strenuous attempt
is to be made to press on the Government the neces-
sity of preventing the adulteration of Coffee, in the
same way as that of Spices and Tobacco is checked ;
viz., by suing for penalties. A meeting is to be held
upon the subject, and Mr. Thomas Baring, M.P., has
consented to preside.

The zealous agent at Madrid of the Spanish Bond-
holders, M. Weisweiller, has not suffered the extraor-
dinary refusal of M. Bravo Murillo to amend his plan
for the settlement of the foreign debt, to pass without
immediate remonstrance, and deserves credit so far for
having anticipated what we doubt not are the views of
the chairman of the committee in London, Mr. James
Capel. No one can fail to observe the shallowness of M.
Murillo's pretext that the country has not the means of
offering better terms, because the small addition asked
by the bondholders involves rather a principle than an
amount. Another satisfactory circumstance is the inten-
tion of the French and Prussian ambassadors at Madrid,
acting under the orders of their respective Governments, to
co-operate strenuously with Lord Howden in pressing for a
speedy compromise. Spain will see that the time has ar-
rived when she is believed by competentjudges to possess
the means, if she has but the will, to meet the claims upon
her, and what private appeals have failed to accomplish,
diplomatic representations may possibly bring about.
The following are the interesting letters forwarded to
Mr. Capel:—

" Madrid, Feb. 24, 1851.
" Monsieur le President,—Referring to my letter of
yesterday, I have now the pleasure of forwarding you a
copy of the translation of my answer to the letter of his
Excellency Senor Bravo Murillo.
" Believe me, Monsieur le President, &c.,
" DANIEL WIESWEILLER.
" To the President of the Committee of
Spanish Bondholders, London."
(Translation.)
" THE DELEGATION OF THE ENGLISH COMMITTEE OF
SPANISH BONDHOLDERS.
" Excellent Sir,—l have had the honour of receiving
the esteemed letters of your Excellency of the 21st, in
which, in answer to mine of the 19th, and to that of
the President of the English Committee of Spanish
Bondholders of the 11th of this month, your Excel-
lency informs me that you cannot present the amend-
ment solicited in favour of the coupons overdue
and not paid, the project of law for the settlement
of the debt having been already submitted to the exa-
mination and for the deliberation of the Chambers, who
would resolve upon what they should judge to be most
suitable according to the result of the discussion. The
Constitution itself stipulating that the public debt is
under the special protection of the nation, to no better
body than the national representatives, to its great wis-
dom and enlightened judgment, could the creditors trust
the sanctity of its cause, as it cannot tail to find a host of
defenders when it is the question of a credit so sacred as
the interests of the public, debt, owing and not paid,
during eleven consecutive years.
" Your Excellency deigns to tell me that the question
ought not to rest upon the application of the principles
of equity and justice, but on the tact of the possibility
of payment, concerning which your Excellency appeals
to the experience that I have been able to acquire of
the resources of the country during my long residence
in Spain. I thank your Excellency for the honour
you do me; yet I cannot but avow that after the con-
siderable concessions consented to by the creditors, and
all the difference between the possibility and the impos-
sibility being reduced to the sum of 100,0001. during the
first five years, since no pay meat is offered for the
current year, which sum progressively increases 25,000/.
every two years, arriving after nineteen years at the
maximum of 300,000/., I cannot persuade myself that,
though the actual state of the 'treasury is not as dis-
engaged as might be desired, the abovementioned
sum could form seriously the object of an insurmountable
difficulty that a nation great and honest like Spain should
terminate with one accord a definite settlement with its
creditors of a question so highly important as that which
I have the honour to recommend to the superior con-
sideration of the Government.
" God preserve your Excellency, ae.
" The Delegate of the English Committee of
Spanish Bondholders,
"DANIEL WEISWEILLER."
" Madrid, Feb. 26, 1851.
"311 y dear Sir,—Referring to my letters of yesterday,
communicating to you the dispatches to and from the
Spanish Government, I beg to inform you that I
have just been tipprized by Lord llowden of his having
received a dispatch from Lord Palmerston, informing
him that the French and Prussian Governments have
sent instructions to their representatives here to give
his Lordship every assistance in his negotiations Kith
the Spanish Government for the settlement of the foreign
debt.

" I remain, my dear sir, yours most faithfully,
" D. WEISWEILLER.
" James Capel, Ecq., Chairman of the Committee
of Sp inish Bondholders, London."
The quotations for Bills of Exchange yesterday
afternoon were well supported upon tell the principal
Continental cities, and there appears to be a strong
opinion that this will continue. The dividends upon
various Foreign Securities fall due this month. In this
list we may include Russian, French, and Danish Stocks,
and Cuba and Chilian Bonds.
Not the slightest alteration has occurred in the quota-
tions for the English Funds, and business is slack.
Consols have been quoted 96i i for Transfer and Ac-
count. The New Three-and-a Quarter per Cents. have
been 9S to 99, and the Three per Cents. 97i to . Bank
Stock has been steady at 2151. Exchequer-bills have
been at 515., and India Bonds at 575. premium. Long
Annuities have been quoted 74 to 11-16.
Foreign Stocks are as dull as the English Funds.
Spanish Five per Cents. have been 191 and the Three
per Cents 38. Buenos Ayres Bonds nee 54 to 1. Mexi-
can Stock is worth 34 to 34i Peruvian Four-and-a
Half per Cents. have been at 824, and the Deferred at
37. Russian Four-and-a-Half per Cents, are 97 k.
Belgium Four-and-a- Half per Cents. are 911.
Railway Shares are rather flatter, but no serious
change has occurred. Aberdeen, Great Northern, South-
Western, Oxford and Wolverhamton, and South-Eastern
are merely the turn lower ; Midland, however, have
receded to some extent, and also South Wales, being
most susceptible, owing to the previous considerable rise.
Brighton are cheaper. Boulogne and Amiens have advanced
Account
CoD tntsoo lAs
BRITISH FUNDS TIIIS DAY AT •ONE O'CLOCIi.
(From the Official List.)
flank 5t0ck...... 21514
8 per Cent. Reduced Annuities 97141/8
per Cent. Consols Anna
New 3M per Cent. Antis. ...... 9834 99
Long Annuities, Exp. Jan. sth, 1860... 7;1,i 7 11-16
Do. 30 Years, Expire Jan. 5, 18E0... 71/2
India Stock
Do. Bonds, 10001 57 p
Ditto under 1.000/
Consols for Account
Exchequer Bills. I%d. 2d.
March. June.
1,05D1....<..,.........<.,..., , 51 p
Nmal 1 45 p
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Buenos Ayres Bonds. 6 per Cent. ... 54!,2
Danish Bonds 1825, 3 per Cent....
Ditto, 5 per Cent lOl
Mexican 80nt15,1846,5 per Cent., Coupons
Ditto Ex Jan. Coupons
Ditto for the Account ..•
Peruvian Bonds, 4,/a per Cent —
Ditto Account
Do. Deferred
Russian Bonds, 1822, 5 per Cent —
Ditto 41A per Cent. .............. 97 )I',
Spanish Bonds, 5 per Cent
Ditto Account ...
Ditto, Coupons .................. 9
Spanish Bonus, 3 per Cent,lB4o
Ditto for the Account
PiVideLliEl oa tin lAboye payAblo iza London.