The Sun.
London, England, 1834-09-25 00:00:00

nisters :

" The Minister of Finance, before entering on any other
part, spoke of recognising the foreign debt as an operation
which ought to precede every other, because we cannot have
recourse to any extraordinary means in the matter of which we
are treating, nor lay hands on foreigners, and on that account
it was necessary to see what was to be done with the foreign
debt. It is known that the Exchange of London is one
of the principal markets, and it has hitherto been closed to
us : that of Paris is full of Spanish funds; consequently,
without treating for the former debt, it would be impossible to
make any operation, or to realise any loan. Hence the Minis-
ter began here ; but the gentlemen of the Commission have
begun by proposing that so much shall be given to the Minis-
ter, and afterwards they are to liquidate the foreign debt. It
is known tharthe debt of the Cortes exceeds, by eighty mil-
lions, that of the State, and that the remainder would exceed
300; consequently the 200 millions given would not even be
sufficient fiir this. flow can the Government, if it has to
carry-on this operation, attend to all the demands of the mo-
ment with the 200 millions offered to it?"

It is not sought that Spain should do more than she
has the power of doing in a moment. The creditors
are not impatient for their money. They will be con-
tent whether the principal or interest, or both, be left
unpaid for a time, provided the Spanish Government
will guarantee the payment as soon as it has the
power of doing so.. Nay,. there would be no difficulty
in raising another loan, even supposing that there
was not a penny of the old debt paid, provided
foreigners saw a disposition to. act honestly on the part
of Spain. But where is the church property which
has been confiscated for the benefit of the State ?
Where is the immense wealth of the Holy Inquisitors ?
And what hinders the disposal of the Royal domains ?
The answer to these questions is partially given by
TOREN°, and we request the public to pay attention
to it :

I only know, Gentlemen, three means of supplying the
Treasury—by contributions, or by the sale of national pro-
perty, or by loans. As to contributions--is there any Procu-
rador who would now burden the people, I do not say with
three or two hundred millions, but even with one hundred mil
lions ? Would it be possible to raise such a sum- without its
producing the most fatal consequences ? As to national pro-
perty. In the first place this is destined to a very sacred ob-
ject, namely, the interior debt, which has been much neglected,
and which deserves the greatest respect. But even sup-
poing that we would withdraw it from so interest-
ing an object, and that it was as extensive as it
may be conceived in imagination, can it be imme-
diately realized ? Who would purchase such property at a
high price ? No one ; because whatever abounds in the
market is depreciated. Thus the second means would produce
no result, and it would be attacking one of the interior burdens
to which the attention of the Chamber is due. As to a loan,
the Marquis de Montevirgen said that there are other means,
but he has not indicated them, nor is it possible by any la-
boured calculation to discover them. As to the system of Pn-
ticipating, it leads to great disorders, which the Government
has endeavoured to avoid. The present Government frankly
declares that it will always oppose such a method."

Here the foreigner is let into the great state secret.
Spain has resources, but they are sacred to the pay-
ment of—herself ! All must be kept sacred to that
first and greatest object. The crown property—the
church and abbey lands—the gold and silver plate
which enriched the shrines of the Dominican saints—
the jewelled ornaments of overthrown altars—the
paintings—the sculpture—the statuary—the every
thing convertible into money, must be kept for home
consumption ; while the lamentations, regrets, and
state acts of contrition are exported for the benefit
of the duped foreigner. This is the real point after all.
The truth has slipped out, and the world may now see
of what stuff Spanish honour, honesty, and principle,
are made.

With respect to the two other means of raising
money here spoken of—namely, increasing the public
burdens, or mortgaging the revenue—we have nothing
to do with them, and of course leave Ministers to
shape their course after their own fashion. It is quite
early enough to talk of them, however, after the
second means has been tried and found wanting. But
will the people pay any regard to ToßENo's statement
of the inadequacy of the Crown and Church property to
meet all the demands made on the country? Can he tell
what price the property will bring before a proposal
has been made for disposing of it ? The fact is, the
whole has very much the appearance of a swindling
transaction, and will terminate disgracefully to Spain,
unless she adopt a very different course. Before
foreigners are told they will not be paid, let the public
property pass under the hammer, and then England
and France will know the precise data on which
the Madrid Cabinet grounds its future proceedings.

It is curious that TORENO himself should admit
the principle upon Which this reasoning is based, at
the very moment he avows his determination to act in
opposition to it. He is by no means blind to the
dangers which threaten a breach of public faith, nor
dead to the feelings which should invigorate a great
people on such an occasion. He says :
" Let us undeceive ourselves, gentlemen. It is impossible
not to perceive that if we decide according to the recommen-
dation of the Commission, we shall give a terrible blow to our
credit. England would necessarily say, Spain is in a crisis,
because, if we must speak with frankness, if the party who now
holds the reins of the nation should be obliged to succumb,
would its acts be recognized by that which would succeed it ?
There are some who would answer no ; and, in that case, how
would our credit stand ? I say then that the nation ought
never to come to decisions of such a nature till driven to them
by necessity."

Here he admits .z he. danger which stares him in the
face, and while he condemns the report of those who
advocate a system of national swindling, why has he
not the honesty to declare at once for the recognition
of the whole debt ? Why talk of compromising
public faith at all, when thus sensible of the appalling
consequences of wholesale bankruptcy ?
`We have some other observations to make on this
debate, which we reserve till the entire report reach us.
What the results will be we cannot tell, but in all pro-
bability the Ministers will be again beaten. The re-
cognition of the Cortes Bonds we think may be re-
garded as certain, and perhaps a per centage of twenty
to forty allowed on the French Royal loans, including
the whole of the Rentes Perpetuelles and Guebhard
Stock. This seems evident from the declaration of
Toren° :

" The Government, therefore, after having examined the
three parts of which the opinion of the Commission is com-
posed, can only repeat that it will oppose coming to a vote,
unless it be previously decided that the foreign debt be taken
into consideration. The Government must also say that it is
necessarily bound to reject the opinion of the majority ; and it
will add, that it adopts that of the minority in its first article."

This skimming betwee❑ wind and water will never
do. If the Government would be honest and consis-
tent, and base its proceedings on principle, let it adopt
the recommendation of the minority not in the first
Article only, but altogether. This the world will un-
derstand, and appreciate.

The whole of the Paris Papers of Tuesday have
been received by express. Their contents are not im-
portant, being principally taken up with detailing the
afflictions of Don CARLOS, in consequence of the
death of his wife. Reports speal.: of the deceased