The Sun.
London, England, 1850-08-30 00:00:00

will speedily be brought to a conclusion, and that
some return will at length be made to these who have
so long been sufferers from the duplicity and bad
faith of the Spanish Government. So many promises
have been made during successive years, all of which
have been violated, that we can place little confidence
in any new pledges that may be made. Every Minis-
ter of Finance has signalised his administration
by professions of anxious solicitude to remove the
stigma from the national honour, and to make some
satisfaction to the defrauded creditors for their just
claims. Terms have repeatedly been proposed which
were altogether inadmissible, inasmuch as the basis
of every arrangement consisted of the abandonment
by the bondholders of a considerable portion of their
demands, and the advance of considerable sums of
money by those, many cf whom were reduced to
poverty by the long•continued " repudiation" of the
bonds by the various Ministries.
It was bad enough to demand the relin-
quishment of any portion of the debt when no ad-
ditional security was to be given for the balance,
but it was adding insult to injury to endeavour to
extract new sums from the attenuated pockets of the
bondholders, as the condition of a recognition of any
portion of their rights. .

The terms now under consideration are not ac-
companied by such a condition. The bondholders
will be required to surrender for a time part of their
claims, and permanently to give up more. But
there is no demand for fresh advances, and

if the arrangement is not proposed for
the purpose of restoring the credit of Spein, so that it
may obtain new loans—if it be an attempt to render
justice, fur its own sake, and through a just regard
for the principles of honour and honesty, it may be
carried out. The auguries are certainly more propi-
tious than they have been for some time past. The na-
ture of the proposition is simply this—every 1001.
of the active debt with 501. arrears of interest, is to
be constituted into a capital debt of 1501., which is to
commence, bearing dividend, from the Ist of
January next, at 1 per cent. per annum,
and the dividend is to increase by ss. per
cent. every second year, until i t reaches
3 per cent. on the whole. Tile passive debt is to be
converted in like manner, every 1001. being changed
into 331. Gs. Bd. of the new stcck ; or, in other words,
each 1001. of the passive debt is to receive interest
at the rate of Gs. J. per annum from the beginning
of next year, gradually increasing by ls. Bd. every
second year, until it arrives at 11. sterling per an-
num, at which it is to remain from that time forth.
These are, it appears, the best terms which the com-
mittee have any hope of obtaining, and intelligent
persons, who have a deep interest in bringing the
question to an amicable conclusion, strongly recom-
mended their adoption to the bondholders—a recom-
mendation which was ultimately acceded to, resolu-
tions to that effect being carried by a very large
majority. We trust that the Spanish Government
will duly appreciate the sacrifices, that have been made
and the sufferings that have been so long endured by
their creditors, and that the above proposition will not
only be promptly accepted, but faithfully observed I,y

the Spanish authorities.
Circumstances may unquestionably arise in which
a nation, as well as an individual, may be unable to
meet the full extent of its liabilities. In such
cases it may be necessary to afford consider-
able indulgence, either by giving an extensicn
of time, or by the acceptance of a smaller amount ;
but in every such instance the debtor should show
himself worthy of the favour, and should use every
exertion to place his creditors in the best positi'in pos-
bible. Have the Spanish Government acted in such
a manner ? We fear that the answer must be in the
negative. The ruinous state of the national finances
may be ascribed to the erroneous principles on which
the fiscal policy has been carried out. There are
enormous taxes, created for the purposes of monopoly
and protection, the effect cf which is to produce an
organized body of smugglers,whcse entire time is occu-
pied in attempting to defraud the revenue; not only

is the country deprived of an important source of I
national wealth in the labour of those person?, but
the returns to the Exchequer are much smaller than
would be obtained if more moderate and equitable
duties were enacted, for the purpose of revenue, and
not of protection. It should, therefore, be one of the
first duties of the Cortes to enter upon a wiser and
more judicious system, that would fully develop the
great natural resources of the country, and enable
them to maintain the Castilian honour, once so justly
celebrated, intact, by satisfying every claim to the
uttermost farthing.

THE FRENCH REPUBLIC.

Many of the Republican journals pay graceful tri-
butes to the memory of Louis PHILIPPE.
The Presse says—
" After having borne his sceptre without ostentation
and without pride, Louis-Philippe supported his exile
without wenkness and regret. He lived for the last two
years in a corner of foreign ground, away from intrigue,
without rancour, and without bitterness,, expecting
nothing except from God, and supported in his misfor-
tunes by the devotedness of that noble lady who, after'
having been the prudence and wisdom of his reign, Was
the consolation of his adversity and the angel of his last
moment. In face of that spectacle, politics themselves
show commiseration, history adjourns the severity of her
judgments, and a great and generous nation.. like France
only allows respect and sympathy to fall from its hand.
Fortunately we are allowed at present to love liberty with-
out avenging it. We are not any longer iu that time of
trial when ja‘tice was treason aid pity a crime. Things
have resumed their real Dairies in the purification of our
morals and the grandeur of our civilization. Justice is
a duty; pity is a virtue. The first Republic was im-
placable, and delivered royal heads up to the execu-
tioner; the new Republic is impartial, and can without
weakness honour the bier of a king whose throne it over-
turned."
The following is from the Siecle:—

" This is not the moment to appreciate the statesman
for whom the tomb has just opened, and whose policy we
h .ve opposed conscientiiiusly, and with good faith. But
the whole of France will give regrets to the man, to the
father who, when on the throne tor eight( en years, gave
an example °fp ivate virtut s; it will acconany with its
respectful affection, in her exile, and in her widowhood,
that noble lady whose name is blessed by so many un-
iortunate people. It the policy of dynasties wishes that
exile be prolorged fur the living. it will not, perhaps,
think that exile is necessary fur the dead. •lhe ex-
king Louis Philippe may be laid near his eldest son, the
Duke of Orleans. It is not only the republican senti-
ment, it is the French feeling which we here express in
a few words."

The PRESIDENT arrived at Rheims on Thursday.
The accounts as to his reception are very contradic-
tory ; the official accounts state that he was received
with great enthusiasm; other accounts, however, state
that his reception was cold. The Moniteur publishes
the following telegraphic dispatches from Chalons-sur-
Marne :

CHALONS-SUR• MARNE, A JIG. 27, ITIDNIGITT.

" At eleven o'eiock this evening the President arrived
at this place, and was welcomed by the loudest acclama-
tions on the ',art of the immense crowd which was Ex-
pecting his arrival. ' Long live napoleon' were excla-
mations uttered in the most lively manner on all sides.
All the houses were illurctinated. His'reeeption at this
place has been one of the most brilliant description; in-
deed, more so than in any other part of his journey."
" CHALONS, Abu. 28, 7 A.M.

" The President yesterday arrived in my department.
"Fruni St. Menehould to this place, be was every-
where received with loud a.rl unanimous cries of ' Long
live Napoleun," Long live the President.'
" At Chalons-stir-Marne a must magnificent ball has
been given.
" This morning there will be a reception of the public
authorities ; to be followed by a review, after which the
President will set out for Rheims."
M. DE SALVANDT, who was Minister of Public
Instruction under LOUIS PHILIPPE, has gone to
Wiesbaden to join the other etres bien pensans there
assembled. He has always been suspected of a
leaning towards the clerical party. The Duke of
BOURDEAUX will leave Wiesbaden on the 30th.
The PRESIDENT arrived in Paris yesterday. The
Society of the 10th December mustered to the num-
ber of 6,000 men, dressed in white blouses, and armed
with sticks, to give him a reception on his arrivals
They raised a cry of Vice! Napoleon as soon as he
appeared, and formed a body-guard for him to the
Elysee, shouting the whole way, and amusing them-
selves by attacking and beating any one who raised
a cry of Vice la Republique, or who wore a blue
Le
blouse. The PRESIDENT leaves on the sth for Cher-
bourg.
os
ifrreo m
to Rt
he oa
extentnne o
ofthea
m2esttrhe announceT heriver a risehad
in
the LLetters
also risen at Orleans.
The Minister of War has decided that for the
future, in place of nine mails a month between
France and Algeria, there shall be only five, three
from Marseilles and two from Toulon.
present. The Five
Almost all the speculators who used to attend the
Bourse
tha voepdisappeared .
ifosro
and closed at 96f 90c.;e
d
per Cents.
the Three per ernts. closed at 58f. 35c. ; Orleans
Raitrold Sharee, 78V.; Rouen, 5911. 25c.; litiv!e,
243i'. 75c.; G:eat ) , 4651. ; A‘,ignor, 176 f.
75c.; Vierzuir, 352 t. 500. ; 118'. 7.5 e.; Paris
an Strasburg, 3431. 75c.; Tours and Nantes, 2471.
; the New Roman Loan, 78k.