Star.
London, England, 1827-01-20 00:00:00

EXCHANGES.

AIM/MOAK, IA:1;411.-4M Lomb% 10. 05. M. 11. 971.
HAnsusom. JAL 12.—0 n Loados,36. 7. sM. 36. 4.
Lunn, JAN:I.-LAM Landos. 3 M. 6. 161.
Bums JAst. 6..—0 a limb= 3 M. 6. 37j.

VIENNA; ilsc. 30.—0 n Londiio, 2 IL O. Se.

Pintas-PAN:NIA/MART Ig.-Five per Cents. 99r. toe.
440 c. 35c. 40c. Ssc. 30c. 55e. 30c. 55c. -Three per Cents. 661. 75c.
65c. 70c. 75c. 90c. 95c. 671.-Rink Stock, g,0001.-Rennes de
Naples, 75f. Sc.l -Spanish Relates, 121. - Royal Spanish Loan,
413 e, 49, 4111.- Reines Perp. crap. 40. - Exchange on London,
Por Month, 2.5 f. 4Se. paper ; 251. 50c. money. - Threat Months,
251. 40c. paper; 25f. 25c. money.-,CiaursAanleisSfue, Jaseoary 1L
N. B. Another painted list published subsequent to the Chews Ass-
thentique, gives the following prices:
Three per Cents. first price, 661. 115 e. highest price, 671. 2k.
Lamm price, 06f. 65c. last price WM We.

We have received this morning by Express, the Pails
Papers of Thursday, and the Etoile of yesterday. Their
contents, particularly the intelligence in the official and
demi•official Journal, are highly interesting; and the
reales, as we anticipated yesterday, have entirely re.
covered from their late depression. The improvement,
too, has been as rapid as the fall; and a further rise, we'
think, may be confidently anticipated. It is now certain'
that the Spanish Cabinet has so completely lowered its
toile and pretensions, as to justify a hope, that it will
give up at last all .the controverted points; and having
once satisfied the Portuguese Government for the past,
it would not surprise us, were it, for the purpose of
allaying, or rather wholly stifling, future jealousy, to
follow the example of that Power, in proclaiming the
Constitutional system. This last hypothesis, we freely
. admit, receives very little encouragement from the
character, either of the Spanish Monarch, or of his
chief advisers ; but then his fears, and his extremely
critical situation, not to speak of the wishes so decidedly
expressed by all enlightened Spaniaids, are in favour
of it ; and FiRDINAND is not the first Sovereign, who
has been obliged to sacrifice his inclinations to much
less powerful considerations than those we have men
tioned. In the meantime we may boldly affirm, that
if he does net gracefully yield, be will be forcibly com-
pelled, before the expiration too of another year, to sub-
stitute a milder rule for the insolent and almost in•
tolerable tyranny which he.exercises at present, provided
his exasperated subjects consent to leave any authority
in the hands of so faithless a depositary. At least the
problem of his being King or not, at the expiration of
another year, depends upon the degree
.of grace or rt.
luctance he may display in conferring upon his people
a Constitution conformable to the spirit of the age;
and should he resist to the last, it is probable that
he would be treated in his turn as an irreclaimable
despot, and be expelled from the throne. How.
ever, his decision mu. be prompt, if he wish that
it should have the merit of a spontaneous act; for
the Constitutionalists are already on the alert, and
probably
plobably want only the presence of a leader, in whom
they can place confidence, to make a general and simul-
taneous movement. The Spanish Government too, it is
said, is extremely alarmed at their proceedings, who,
to avoid persecution, have pretended to be &vanes, are
'blowing off the odious mask, now that circumstances
encoutage tllem to manifest their real sentiments.--
Whether this discovery has had any inil lence in wen•
ing FERDINAN'D mole tractable on the subject of the
Portuguese Constitution, is mere matter of conjecture
of course; but let the CAMe be what it will, which has
• induced so mat ked a devi dina from his usual course