The Sun.
London, England, 1842-01-26 00:00:00

SPAIN AND HER CREDITORS.

MADAM, JAN. 15.—The printed copies of the Mi-
nister of Finance's Report to the Cortes were this day
handed to the Senators, from which I transcribe the for-
Lowing details, that cannot but prove interesting to the
British creditors of Spain.
His Excellency gives a most melancholy description
of the state of penury in which he found the public trea-
sury, with mortgages without end on every branch of
the public revenue, thanks to MM. Gamboa and Ferrer's
doings.
. _ _

He states that he has paid the two instalments due to
the British Legion, within the year 1841, and that he
has two others, making, with some extra items, 125,0001.
sterling, to pay next June and December. There are
other claims, pending adjustment, connected with the
Legion or the hire of steam-boats, for upwards of
115,0001. sterling, though some of them are greatly ex-
aggerated, that must likewise be paid within this year.
5,637,224,33 reals, or about 59,0001. sterling, were sent
to England for the holders of the indemnity bonds, in
order to prevent the cession of Fernando Po and Anno-
bon, which the British Government insisted on, agreeing
to take on itself the settlement with those holders.

That 6,0501. were paid towards the amount of 18,1501.
due to the French Legion.
That the total amount of revenue received during the
last seven months of his administration was 538,283,015
reals (97 reals are equal to 11. sterling), including
59,177,400 reals from extra sources, whilst the outlay
was 537,412,146 reals, leaving a balance in hand, on the
31st of December, of 870,869 reals.

Of the 60 millions advance to be derived by means of
the salt and stamps revenues contract, 24,813,000 reals
had been availed of, previous to October 1 ; and there
ought to be a balance in hand of 35,187,000 reals, but for
the October rebellion, which occasioned an extraordinary
outlay of 48,532,552 reals for the army, and of 300,000
for the navy ; and his Excellency requires 'that the said
sum be again made up by means of the extra supplies he
applies for. It is perfectly evident that great waste, if
not robbery, is countenanced at the War-office, which re-
quires being very closely-sifted into ; because, although
the Minister of Finance has issued out the amounts due
for eleven of the twelve months of last year, it seems
that several corps in the army are still without their winter
clothing—the blame rests elsewhere.
Half a million of reals were paid towards making new
roads, independent of the private companies that have
lately started for constructing others.
He estimates the revenue for 1842 at 879,193,475
reals 31 ms., because, so much being tirfaTn against cubsy,.,-
Porto Rico, and the Phillipine Islands, he patinc4re(4sol?.
upon a farthing being forthcoming from the colonies,
whereas the charge for the year is 1,541,618,880 reals
Bms, leaving a deficit of 662,426,404 reels 1 lms., which,
h owe ver,incl udes the dividends on the Five per Cent. funded
debt, amounting to 264,416,111 rls. 20 ms., equal to about
2,750,0001. sterling; but taking the non-payment of the
dividend into account, as well as various reductions that
psh,i3u2iol),ioo oools reelslaods, for
on value
ae account
oo f t
n tobacco
accthoe
must be made this year, including 55 millions in the War
comingDep • ai
fromtmen the
Department, and
revenue therefrom derived, the Minister calculates that
70 millions of additional taxation, for one year only,
which he demands, together with the 180 millions of
Exchequer Bills he proposes issuing, besides another 70
millions of taxes to pay off these bills, will enable him to
, make both ends meet.

His Excellency next goes on to show that the amount
of pending drafts on the three above-named colonies, on
21st of April last, was 261,772,100 reals, and that there
were since drawn about 20,267,437 reals, making together
282,039,537 reals, of which it is already known that
58,651,846 reels have been paid, leaving an outstanding
amount of 223,387,691 reals, but we suppose that it will
have been reduced, by the 31st instant, to about 193
millions—it follows that, even counting on the rapid
manner in which the Porto Rico revenues are increasing,
as well as on the promising aspect of the other islands,
they cannot become available to the mother country un-
til July, 1843, when it is expected that these sums will
have been paid off, provided, however, that no further
drafts be passed until then.
The Minister states, that with about 34,000,000 that he
had to pay, he has redeemed 36,280,000 reals of titulos,
payable to bearer; 6,000,000 reels of Treasury bills ;
81,340 reals of Havannah bills—say together 42,321,340
reels.
He gives it as his opinion, that the one month's pay
due on last year's account should be paid up to every
one, which he feels confident of being able to do, provided
the Cortes will vote him the extraordinary supplies he
has asked for.
M. Surra y Rull, then endeavours to grapple with the
question respecting the funded debt, both foreign and in-
terior, and does it in the following manner, viz.:—
" It now becomes necessary to draw the attention of
the Cortes towards our domestic and foreign debts. The
capitalisation pledge the nation had given has been an

object of the moat anxious meditation. Extraordinary ef-
forts have been made in order to realise that of the fo-
reign, which operation, only carried into effect the last
days of December, has produced the debt which appears in
the respective statements. An obligation entered into
for two given days in each year, solemnly assented to
by both natives and foreigners, cannot be abandoned
to chance, and once that the Spanish honour stands
pledged in obtaining credit for the New Three per
Cent. Stock, it would be idle to impress on the zeal of
the Cortes how much it becomes absolutely expedient
to cover and secure, with proper guarantees or mort-
gages, the punctual payment of its dividends, which
may possibly become the groundwork of public prospe-
rity, and, in a great measure, contribute to the relief of
our pressures, by tempting foreigners as well as natives
to become holders of a stock that must hold out a vast
field to speculation, and future security to all Stock Ex-
change transactions. The Government, whilst dictating
the measures already mentioned for attending to the
payment of the capitalisation, has not lost sight of some
grave incidents, which, being ultimately blended with the
course of the public bonds of the Active Debt abroad,
influence their relative value in a direct manner. One
of them was the pending account with the house of
Messrs, Ardoin and Ricardo, of London and Paris,
towards the liquidation of which they hold as mortgage
the considerable sum of 500 millions of reals, about
5,150,000 sterling, in effects, or bonds, of the Active.
Passive, and Deferred Debt of Spain, which that house
only can put into circulation, because its signature was
the only one exclusively authorised to issue them to the
public, being a remnant of those placed within its con-
trol when the conversion was made in 1834. The Go-
vernment, in virtue of the account sales it has received,
knows that they have issued and sold bonds which have
realised 29,2991. 10s. sterling money, so that the original
balance claimed by them has been reduced'to 26,8121. 15s.
6d. The Minister goes on to explain the causes why the
Provisional Regency, though it attempted it, could not
cancel and withdraw those bonds out of Messrs. Ardoin and
Ricardo's hands. Once that the overdue dividend warrants
- were being capitalised, public faith required that measures
of protection should be f`orthivith adopted, in order not to
acknowledge amounts, the origin of which might be
vicious, towards which desirable end I have been arrang-
ing that the balance claimed by that house shall forth-
with be tendered them, on condition that it will hand
back to the Spanish Government the mortgage it holds,
duly cancelled in the most solemn mariner, without pre-
judice of proceeding to the liquidation of accounts, both
parties agreeing to stand by the result of the said liqui-
dation. It is not to be expected that those houses will
decline to agree to so honourable and equitable a pro-
posal, but it it should prove otherwise, then the Go-
vernment would resort to other means, such as the cir-
cumstances of the moment might recommend. By such
means we save the inconvenience of the markets being
cendantly threatened with the improper issue of those
values, and public confidence will increase in proportion
as these just causes for inspiring fears and dread are re-
moved. The arrangement regarding the Treasury Bonds
handed, in 1836, to sundry British creditors in pay-
ment of their dividends, under the authority of a special
law, the amount of which has been energetically claimed.
These are pending various accounts with other houses,
the liquidation of which the Government feels it becomes
necessary to give a persevering impulse to, and no means
are left untried that can conduce to an object deserving
such preference, with a view to clear up affairs which
are still very dark, withdrawing the mortgages or guaran-
tees still existing, with more or less reason, in the hands
of the parties in question, or deposited in public esta-
blishments." Excellency, in this latter part, no
doubt, alludes to .pending accounts with some respecta-
ble houses in London, as well as in the former to the
one with Aguado, of Paris, who owes about half a
million sterling ; but why does not M. Surra y Rull
send a special commission to Paris, in order to bring
that individual to book, taking care that none of its
members are connected with , of Paris, or
with , formerly of London, now in Madrid ?
" I now ask every impartial person, is there a chance
that Spain can pay the five per cent. dividend on her
funded debt, in January, 1843? If any individual should
reply in the affirmative, I shall fear that he is insane.
M. Surray Rull, should he continue in power, and should
he be better supported than what he has hitherto been,
may, by means of his perseverance, economy, and re-
forming system, having then the colonial revenues free,
and an increasing trade in Spain, be able to do so some
time in 1844, not in January. Indeed, I feel confident
that he will do it, but not before. Being here on the
spot, witnessing the little sympathy that is felt for
foreign creditors of the country, I feel that it is a duty
'we owe to our countrymen to undeceive them, to caution
them against the fellows who will aim at making them
believe different things. It is better to
-tell them the
truth, and should there be cause hereafter to think more
cheeringly of matters, your correspondent will gladly en-
deavour to be the first in conveying the pleasing tidings.
The following sums that must be satisfied or paid, in
1842, are included in the annual charge of 1,541,618,880r5.
Br., namely :-
70,610,000r5. out of the 309,449,200r5. 27rs. of pend-
ing credits which have gone to the centralisation, and are
only to be paid off in equal proportions in each year:-
8,588,780r5. mortgaged on the quicksilver revenues. I
13,300,000r5. ditto brandies ditto.
4,800,000r5. ditto lotteries ditto.
6,500,000r5. ditto tobacco ditto.
5,852,722r5. 'ditto excise ditto.

4,000,000r5. ditto customs ditto.
32,000,000r5. ditto bonds admissible in payment of
taxes in the province of Madrid.
3,000,000r5. to be paid the bank on account of an ad-
vance it made on security of war tax.

11,810,500 sundry drafts granted from Ist November,
1840, to May 25, 1841, the payment of which is sus-
pended. They were to the order of the Royal House-
hold, the foreign, war, navy, and home departments.
3,397,774r5. due to sundry public servants in activity,
on account of their pay from Nov. 1,1840, to June, 1841.
2,735,622r5. sundry special debts which must be paid.
2,360,635r5. various balances due to individuals, for
which they hold good security.
922,382r5. old balances for army supplies, the payment
of which has been promised.
4,638,78 lrs. balance due to coast-guard contractors and
other items. _ _ _

2,800,000r5. balance claimed by Ardouin and Ricardo.
25,000,000r5. for payment of dividends on the capita.-
lisation of foreign debt.
Making an amount of R.172,317,196-12rs.
The amount of national property still outstanding is
valued at 3,300 millions of reals—say 34 millions ster-
ling ; but as debt without interest is admitted in pay-
ment of a portion of the same, even if it obtains double
the sum on an average, when sold, the result cannot be
such as most people had expected. Yet the caso is by
no means a forlorn one ; good management, and the con-
tinuance in office of an honest man as Minister of Fi-
nance, might possibly enable Spain, at no very distant
period, to pay off her debts.
The Congress of Deputiesidid not sit this day. The dis-
cmdsulaoasyrsrritiooinniwiet.hoznedusteheeenv:rveteaelpsa.lsayenolte:ohmßathitigrseiwialoknopdtrdtohirnfeyssEjaaleodnm;armneasdepsnfeecreneotasmatboolnlre,BA2mld3oainentdo:
yesterday of apoplexy, and will be buried at noon to-
-1833, and resided during several years at the Island of
Jersey.

There is a report that an army of reserve, 15,000
strong, is to be stationed in Old Castile.

The report that the Cortes are to be prorogued gains
ground. The promotion among the field officers dur-
ing the last year was one Captain-General, three Lieu-
tenant-Generals, 15 Major-Generals, and 32 Brigadier-
Generals.

During the late most severe frost the Palace sentinels
at the Punta del Diamante were relieved every quarter
of an hour.

The Marquis de Arino has shot himself at Zarragosa,
where the old patriot, so celebrated during the Penin-
sular war. Don Valentin Solariot, died the other day at
the age of 87, in comparative penury, having expended
his immense fortune in keeping up the warfare against
the French. He upon one occasion converted I,o7blbs.
weight of his own household plateinto money oneyb
tor
did thatso
purpose ; yet the nation, for whose welfare
'Tenet:, suffered him to die in want I
trh Ce ep,ityse. werepor Cents.don e oant the 14th
caats2b3,
22 at e6oTdhareyesand
22*, 21*, 21, 224, at 60 days, with two coupons ; at 34,
33*, 4, 34, 33 13-16ths, at various dates, with 10 coupons.
On the 15th the Three per Cents. sold for 21* for
cash, and 22 at 60 days ; and the Five per Cents. 33 for
cash, and 331 at 60 days, with 10 coupons ; 204 for
cash, with 2 coupons, and 22* at 60 days, and the debt
bearing no interest at 6* at 60 days.

ADULT INSTRUCTIONINSTITU-

TION.

The fourth annual meeting of the subseribers
and friends of this institution was held on Mon-
day evening, at the Wycliffe School-room, Phil-
pot-street, Commercial-road, for the purpose of
receiving the Report of the Committee, and a
statement of the accounts. The room was
crowded with elegantly dressed ladies. Amongst
the gentlemen on the platform we noticed Col.
Fox, M.P., who was received with much cheer-
ing, Hon. H. E. Bouverie, son of the Earl of
Radnor, David Wire, Esq., the Rev. Car-
lyle, Rev. E. Halliday, Dr. Hodgskin, Rev.
Rev. E. Price, Rev. J. Hyatt, Rev. J. Tyler,
J, Martineau, Esq., and J. Maitland, Esq.
Col. Fox was called to the chair, and on his
taking his seat was much cheered. He imme-
diately rose and spoke as follows :—Ladies and
Gentlemen, I must first beg to thank you for
the honour you have done me, in calling on me
to preside at this meeting upon a most interesting
occasion, and I thank you most cordially for
having so done. I assure you I feel the greatest
pleasure in coming amongst you again, and I am
very glad to see so many around me met upon
that subject upon which all mankind are united
—the advancement of general education, and for.
the purpose of advancing those powers which
God has given to mankind to be of use to them-
selves as well as to their fellow-creatures.
—(Cheers.) I think that whatever difference
there might be as to the manner and mode of
education, there will be no difference of opinion
as to its utility.—(Hear, hear.) It is not for me

to enter into a lecture on the benefits of edit.
cation. I think that will be acknowledged all
over the world, and carried nem. dis , not only all
over England, but over Europe as well. lam
very glad to see that this Institution has ad-
vanced, and is still adVancing; and I shall do all
in my-power towards its further advancement
and success.—(Cheers.) I cannot help taking
this opportunity of saying—and it rejoices me to
say it—that it is within my own recollec-
tion that education has advanced so rapidly
in this country. It is still gradually progressing,
though more gradually than in other countries.
We ought to be grateful to those men who have
given this subject an impetus by their exertions.
There is the name oi' Clarkson—a name known
to ail; and although we differ in many points, I
must say, and it must be allowed, that Lord •
Brougham was the man in our time who gave
the great impetus to the advancement in educa-
tion.—(Hear, hear.) He gave the great powers
of his 'mind to this subject, and 1 think it greatly
owing to him the stride it has taken for the last
fifteen or twenty years. I will not detain you
Institution for the past year.—(Loud cheers.)
anySe e r el toanrgye,
Mr. T. HART, then read the Report, which
r,mfur.r ei•
Hart, htaonr
et oa
dctai 11 le oßneopuorr
twoofr worthy
detailed the progress of the Institution, and its
beneficial results. Many of the pupils (adults)
who, on their first admission to the school, could
neither read nor write,- were now able to read
anything presented to theni, and write a fair
hand. Since the last Report, 108 additional
scholars had been admitted into the female school.
The Ladies' Committee had come to the deter-
mination of imparting other information besides
that of reading, writing, andari thinetic, beneficial
and desirable for all to be acquainted with. One
hundred and forty-five men had attended the
writing and other classes. Lectures had been
delivered on various subjects. The Report con-
cluded with a beautiful and touching appeal to all
present to contribute and assist in the desirable
objects of the Institution.
The Hon. Mr. BOUVERIE said he had been
requested to move the following resolution :
That the Report now read be received and printed
for circulation under the direction of the. Committee ;
and that this meeting, regarding with pleasure the con-
tinued and growing usefulness of this Institution, would
desire to express their gratitude to th© Greif Author of
Benevolence for his distinguishing goodness to them-
selves; and feeling it a duty incumbent on them to impart
to their destitute fellow creatures a portion of those bless-
' iugs they have so liberally received, hereby pledge them-
selves to renewed exertions in this sphece of philanthro-
pic labour. _

- It gave him great pleasure to move this reso-
lution. He was a stranger in that part of Lon-
don. He agreed with the Gallant Colonel in
saying this was a most important subject ; it was
one of the most important that could occupy the
mind of a great and free people.—(Cheers.) It
was not one which merely affected one portion
or class, it was one which affected them all,
great and poor, labourer and tradesman; nor
did it affect the present generation only, it would
affect the generation to come. There was
charge brought against them, but which he
thought a most fallacious one, which was this,
" that those who are educated amongst the lower
orders, will become conceited and vain of their
acquirements." Now he did not think so; it
might be where there was but one man educated
out of a number, as they all felt conceited when
they possessed that which others did not ; but
this would not he the case it' they educated all.
The Rev. EBENEZER HALLIDAY sesnded the
resolution in a most eloquent speech, which was
put and carried unanimously.
Davln WinF., Esq., rose to propose the next
resolution. It had been said that it was too late
to debate the question of education, and that the
arguments had been urged over and over again
in favour of it, and that very little remained to
be done but actually to educate the people. He
believed that; but still he felt quite satisfied tlhst
they had there a great number of arguments that
had never been touched upon. He thought he
could see seventy or eighty living arguments in
favour of the benefit of education. Ask any one
in that room if they would like to go back to a
state of profound ignorance. If there was one,
let him see him. He thought that every one of
them was convinced of the benefits of education,
d wouldehi theredre
and had come-there that night with a determi-
nation to advance its blessings amongst the poor
and ignorant. Suppose they were on a Sabbath
da
y to walk alone; the streets of that City, and go
eyan
see
iff
an into
neslsmeirleilif)ly of
chapel, and
some few very learned, others with only a por-
tion of learning, but all attentively engaged in
the worship of the Creator ; they would there
see the benefit of education—education combined
with religion. But suppose, on the other hand,
they were walking in the week, and happened to
conic to a large building with very high walls—
with strong doors, with something like chains, in-
dicating slavery, over it, and suppose they went in,
they would see miserable men not allowed to walk,
but for exercise. Let them contrast the two--
the inhabitant of a prison and the occupant of a
church or chapel, and what further argument
need we bring before them to prove the blessings
that result from the one, and the misery entailed
upon the other ? He had great pleasure in pro-
posing the following resolution :
That this meeting, under a deep conviction of the pre-
sent disastrous character of the times, operating with
upon
umpueicenumdl,pi alleruayvseeidnrgehruhiiutlyrms
elsee,
but erypt
to contemplate
inn:
gae
ldatbey unhingingdhuoripiei,gahhniidss
daily accumulating distress, while they strongly sym-
pathise with his condition, are of opinion that institu,
tions like the present are eminently -.Calculated to ,e.idrt
a useful and beneficial influence, by furnishine thd.
mind with suitable food for thought, and thus preventing
the ingress of those influences which disgrace the cha-
racter and degrade the man.

The Rev.'J . CARLYLE, in seconding tha,'resolu-
tion, said that bad he had the framing of thareso-
lution, he should have worded the last sentence
differently. If that conveyed the meaning of the
framer rightly, that' the industrious and ne-
glected, the sadly and sinfully -neglected poor,
should have their minds diverted from their dis-
tress, sooner than second that resolution, he
would say in sincerity he would put his right-
hand into the flames.—(Loud cheers.) No, they
should teach them that they had natural rights
and they ought to have power to exercise those
rights, by which they might be raised from that
state of degradation into which class legislation
had brought them. They should teach them to
feel and act as intelligent and immortal men.
But would they teach them to obtain their
rights by physical force—by violence ? Perish
the thought. No, by some fair and constitu-
tional means, and by entirely acting with the
spirit and genius of the Constitution.—(Hear.)
He did not doubt but the intention of the framer
of the resolution was good, and he therefore had
great pleasure in seconding the resolution.
Mr. MAITLAND spoke to the resolution in a
long and eloquent speech, and the resolution
having been put, was carried unanimously..
The Rev. E. PRICE moved the next resolution—

That the thanks of this meeting be presented to
W. M. Higgins, Esq., by whose liberal co-operation, the
Institution has been so greatly supported, and to those
other gentlemen who have kindly delivered Lectures ;
also to those friends engaged in teaching, for.their
mitted exertions.
Mr. W. M. Iliciams returned thanks, ia an
able speech.
The SECIIETA RV here announced that he had
received 51. ss. from Colonel Fox, M.P., which
announcement was received with loud cheers.

The Rev. Mr. TAYLOR moved, and the Rev.
Mr. SAUNDERS, seconded the following resolu-
tion :

That Mr. John Smither and Mr. Thomas Hart be
requested to continue their official services, and that the
following gentlemen be chosen in place of those who
retire from the Committee—viz., Messrs. Edwards, Fry,
Hart, Talbot, and Stone,

Which was put and carried.
Mr. MARTINEAU proposed the thanks of the
meeting to the Chairman. He believed that
was the first occasion since he (the Chairman) had
had the honour of being elected as their represen-
tative on which he had presided at any of their
meetings, and he (Mr. M.) could only hope it would
not be the last. He must take that opportunity of
saying a word as to the Institution. About a
fortnight ago he was perfectly unacquainted with
it, and he came there by accident, and he was an
eye-witness and an ear-witness of the beneficial
results to be expected. He spent two or three
hours there, and examined an adult-class; there
were twenty-three adults, not one of whom
could not read, not one who could not
write, nor one who could not spell. If any
of those adults were then present he would give
this advice, never to be ashamed of their want of
instruction. He understood there were not suf-
ficient funds to employ a master for the adult
school, and, therefore, their worthy Secretary
had undertaken the task, and he (Mr. Mar-
tineau) could assure them it was no easy one.
Mr. CRELLIN seconded the motion, which was
carried amidst loud applause.
The CIIAIRIVAN said he sincerely thanked
them for the - kindness with which they ha
passed that resolution. lie could only says ET;
if any thanks were due, they Were on his
if
part, and not on theirs. He could assure, b
he had been highly gratified that
n the discus.
hearing so many eloquent speeches.t..ubjeet. Re
sion of' that great and import: I 3
goning the
could not not sit down without
a sailorebveeinnigngablYe
eumstance of a person in
who turned to ridi-
would not mention namesor
his"olvten profession—he
cule the idea of a soldier