The Sun.
London, England, 1842-12-03 00:00:00

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THE PUBLIC DEBT OF SPAIN.
EXPOSITION BY SENOR CATJATRAVA.
TO THE CORTES.
At the conclusion of the last session the under-
signed Minister stated to this respectable assembly that
the Government would not forget the credit of the
State, and I now have the honour to propose to the
Cortes what it considers ought now to be done for the
purpose of upholding that credit as much as we are
able.

As the interest of the consolidated, domestic, and
foreign debt, for the periods terminating with the near
1840, has already been capitalised, it is indispensable
to do the same with respect to the corresponding
periods of 1841 and 1842, and with regard to the in-
terest which will fall due in April and May, 1843 ;
nor ought we to neglect adopting a measure which is
alike just and politic from the consideration of its
being extremely burdensome to the public revenue,
seeing that the Government is confident to be able to
support itself without difficulty during the time that
the payment will commence to take effect. The six
months' interest due prior to the Ist of May next is
comprehended in the. new capitalisation, with the
view of avoiding a single coupon remaining isolated
of the Four and Five per Cents. of the domestic debt,
which stock must of necessity be renewed.
There is no occasion to recal to the memory of the
Cortes either the origin of our public debt, or the un-
fortunately too notorious vicissitudes which have
brought the national credit to the low ebb at which it
now is ,• but it will be necessary to take a brief view
of the present situation of the debt, as also of the
mo:tgage made in favour of the creditors of the
State, according to the statements subjoined likewise.
The debt liquidated up to the end of last July
amounts to the sum of 11,915,850,034 10, from which
must be deducted, first, 300,000,000, calculated to be
due for debts owing to the secular clergy ; and, se-
cond, 1,120,000,000 assignable to the payments due,
and nearly due, for the national property sold up
to last September ; so that the former amounts to
10,495,850,034 10. Of this sum there belong to the
consolidated debt 5,821,951,063 21 ms., and the re-
mainder to the unconsolidated debt, bearing no inte-
rest; so that the annual interest of the former, inclu-
sive of the New Three per Cents, amounts to
300,954,982 19—a large figure certainly; yet not so
much so asle fail of being redeemed in a great mea-
sure by the mortgage assigned for it, or as to make us
despair of being able to cover the interest on that,
which is not so by the remaining public revenue,
when it shall no longer be wanted for the special lia-
bilities and obligations to which at present .it is al-
lotted. We may also look forward to much benefit
from the reform of our deranged economical system,
if carried out with energetic perseverance, and if all
well affected persons unite in making the glory and
happiness of the country their object; for, however
slow and tardy the results may be, the nation un-
doubtedly possesses within itself abundant elements for
rising superior to all its difficulties and dangers, under
a well regulated administration.
It appears from the schedule of the auxiliary sec-
tion of the general administration of national pro-
perty, charged with inquiring into the incomes of the
two classes of clergy, that the Treasury up to the 31st
of August last registered a capital value, arisins from
the suppressed religious communities, amounting to
1,886,677,497 reels vellon, 31 maravedies, deducting
wherefrom 836,851,434 25 (which have produced for
the purpose of funding 2,054,695,682 171) in conse-
quence of the sales up to the end of last September,
there is left a balance of 1,049,826,063 6ms., for the
property solely of the regular clergy ; and, adding
now to this sum that of 1,500,000,000, being the cal-
culated value of the property of the secular clergy,
we shall obtain a total of 2,549,826,063 reels vellon
6ms., with which we are warranted in supposing that
an equal amount and an additional moiety, at least, of
the debt will be liquidated, if we calculate according
to the proceeds of the property hitherto disposed of.
If to these resources, which will be greatly in-
creased the moment that the data obtained hitherto,
and as yet incomplete, shall be filled up and amended,
be added the very ample ones, of which we still might
avail ourselves, arising from woods and uncultivated
lands, it will be seen that the mortgage of the debt is
very inconsiderable, and that what we stand in need
of is to secure the public order in such a manner as to
remove all apprehensions of fresh commotions and re-
vulsions, in order that the great capitals now wanting
lucrative investment in foreign nations may look for
it in our country, where there is so much to do and so
much to. be turned to account, and that by means of
the speculations that would be entered upon encou-
ragement may be afforded to agriculture, trade, . and
commerce, while, at the same time, a call and value
for labour must of necessity follow.
The Government would not carry out so great a
work without a frank and decided co-operation of the
representatives of the nation, who will assuredly not
fail yielding it at all times, and on all occasions.
It is impossible to engage in favour of the creditors
of the State in the ensuing year for more than the
payment of interest on the already realised capitalisa-
tion ; but if the Cortes, as is to be hoped of their en-
lightened patriotism, would please to decree the funds
necessary for covering during next year all the pro-
posed engagements, then there will certainly be no
difficulty in paying off likewise in 1844 the amount
of the capitalisation proposed by the Government •to
be made; also of the half-yearly instalments due in
1841 and 1842 ; as well as of that becoming due in
April and May, 1843 ; seeing that the interest on the
new debt will begin to run from the Ist of July next,
in order to pay the first half-yearly instalments on the
Ist of January, 1844.
These will amount nearly to 22,000,000 of reals,
and as, provided the means above indicated be granted,
there will only remain assigned for the said year the
revenues of salt and of stamped paper, the deficit of
70,000,000 which this will produce in the estimate,
added to the above 22,009,000,, will fully be covered
by the increased income proceeding, first, from the
55,000,000 proposed is the project of the reform of
the contributions to come into operation in 1844 ;
secondly, from the augmented proceeds which may he
expected from the custom-houses over the 90,000,000
at which they are now calculated, when the tariffs
shall have been corrected and modified; thirdly, from
the improvements which, on the one hand, will be ob-
tained in all the other branches of the revenue, and
from the economy which, on the other, it will doubt-
less be possible to introduce into the estimate of expen-
diture, provided the Government always calculate
carefully the means indispensable for answering with-
out restraint all its obligations.
The differences which will be occasioned by these
last supposed alterations may well be presumed, toge-
ther with the 55,000,000 before mentioned, to supply
the 92,000,000 assumed as the augmentation of the
expenditure of 1844.
And if we pass from this year to that of 1843 (for
which the Government is of opinion that an agree-
ment should be come to with the holders of the bonds
of the Consolidated Five and Four per Cents., to in-
duce them to convert them into the New Three per
Cents., considering the many difficulties with which
the nation would for a length of time have to struggle
in order to clear off entirely the interest on the said
debt), it will not be hazardous to say, supposing al-
ways that the Government obtains the resources re •
quired for complying with the extraordinary liabili-
ties assumed in the preceding, that it will also be easy
to cover all those of that year, increased by the pay-
ment of the interest on the whole debt under the
above-mentioned supposition.
The Four and Five per. Cents., supposing this re-
duction to Three per Cents. to be effected, will
amount nearly to 160,000,000, or to three-fifths of
the 267,000,000, to which they amount at present;
and, deducting 30,000,000 for those of the same paper
which may be liquidated by the sale of landed pro-
perty in the two intermediate years, there remains
130,000,000, which, with the 92,000,000 above alluded
to fur the deficit left by the contracts for the revenue
for salt and stamped paper and the increase of capitali-
sation, would make a total of 222,000,000 to be paid
in the said year 1845, on the current and ordinary
estimate.
Let us now consider what increased income the
Treasury may have in that year for covering this aug-
mentation of expenditure. Mention has already been
made above of the increase derivable from the reform
in contributions to be effected in 1844, in consequence
of the increased rates at the Custom-houses, on the
ground of the amended and modified tariff, from the
improvement to be looked for in all other branches of
the revenue, and from the economy of which at that
time the estimate will be susceptible. For, calculating
even that the income only on these different accounts
should be increased by 100,000,000 of reals, if we add
thereto the net products arising from the islands of
Cuba and Porto Rico, which will be disengaged some
time in 1844, and which may be estimated at
80,000,000, we shall find that, in order to cover the
220,000,000, there would only have to be provided for
a deficit of 42,000,000, being a sum the furnishing of
which it would be a disgrace to think could prove very
embarrassing to the Government, supposing always
the administration to be well regulated and our credit
to be improved as much as possible.
After this succinct and true sketch of the state of
our debt, of its hypothecation, and of what the credi-
tors may really look to hereafter, the undersigned Mi-
nister, authorised by his Highness the Regent of the
kingdom, has the honour to present to the Cortes, with
the concurrence of the Council of Ministers, the fol-
lowing Project of Law.*
RAIION MARIA CALATRAVA.
Madrid, Nov. 16.
* These have been already described in The Sun.

We have much pleasure in stating that during the
past few days a great quantity of orders have been re-
ceived in this town ; and we trust there is now a pro-
spect in Birmingham, as well as other places, of a
steady revival.--Birmingham Advertiser.
The large public sales of tea which commenced on
Monday, concluded yesterday. Out of 62,000 pack-
ages effered, 21,000 were sold, establishing a reduc-
tion in price of ld. to 3d. per lb.