maravedis to complete the above stated 36,713,432 reals 4 maravedis of Rentes. Such is the state in which the produce of the old Loans, converted into Rentes of 5 per Cent., remain at the disposal of the Go vernment. The conditions of the said Loan being modified, by an Agreement entered into with the aforesaid house of Ardouin, Hubbard, and Co. on the 14th of June last, and approved by the Cortes on the 27th, Government has taken every necessary step for their punctual execution, and to enable the Managers of the Great Book and Sinking Fund to fulfil their respective obligations. The precision of the operations of the first will be seen by the explanation I have given, and the Cortes would do well to acknowledge them; the second will also execute theirs with equal punctuality, as soon as they can be made acquainted with the Mortgages executed by their Agents in London and Paris. I have before mentioned, that since I have held the Office of Minister of Finance, 3,000,000 of reals have been destined to the extinction of Rentes; which furnishes an incontestable proof of the good faith of the Government, and of its punctuality in fulfilling its engagements. And to this, as well as to the punctuality with which the interest and premium of the other Loans are made good, is undoubtedly owing the improvement in the price of these and of the 5 per Cent. Rentes, which has been manifested in the Foreign Markets, and it has already had its effect on the National Market. If it was urgent to give to the Collection the impulse which was so much wanting to preserve and improve our Credit, it was no less indispensable to promote that of the Revenues of Monopoly and Excise. The contraband system, pursued to an extent of which even the most calamitous times afford no example, diminishes the proceeds of the latter, and almost annihilates those of the former. The establishment of a Maritime Guard is one of the means most likely to remedy so great and transcendant an evil; and in this undertaking the Government, with the sanction of the Cortes, will vigilantly endeavour to obtain the accomplishment of the good effects which are likely to result, if the Shipowners fulfil their obligations with zeal and fidelity, or, if not, to compel them by force to the observance of their duty. In order that the Revenue might rise to so high an amount, the Government was obliged to resort to extraordinary means, such as negotiating various anticipations on the produce of the Lotteries and the Cruzada, and appealing to the generous patriotism of the worthy Ayuntamiento of the Capital, who, in addition to their services already rendered to publick liberty, cheerfully agreed to perform another equally important one, in the anticipation already effected of 15,000,000 of reals in Bonds and other negotiable Securities on account of the Taxes raised by that Body; a service which the Government highly va lues, and which more and more confirms the claim of the Ayuntamiento to the publick gratitude. The state of the Catalonian Provinces has required abundant assistance, and has imposed on the Ministry the duty of approving an anticipation to the Treasury amounting to 6,000,000 of reals, opened by the zealous Authorities of Barcelona, whose conduct merits the praise of the Government, and who are to transmit to the general Treasury whatever sums the anticipation may there produce. Finally, relying on the forthcoming produce of the sale of the Rentes conceded by the Cortes in the last Session to cover the deficit between the Revenue and Expenditure of the economical current Year, and on the express condition of punctual repayment, arrangements were made for transmitting to the General Treasury the Funds which exist in Paris, proceeding from the inscriptions in the Great Book of the Publick Debt of France, in favour of Spaniards, for their indemnification. I know not whether the payment has been realized, but the Government has already made arrangements for the repayment, either to the Holders of the Bills granted by the Treasury-General on that Fund, or to the Fund itself, whether it be or be not made use of; and on this point the Credit of the Nation will remain on a footing consistent with its dignity, thus affording proofs of its being enabled sacredly to fulfil its obligations. The Negotiation for the Inscriptions to the amount of 30,000,000 granted by the Cortes, and that of the extraordinary Credit of 50,000,000 of reals, for the Ministry of Marine, which belong also to the class of Rentes at 5 per Cent., may at first sight appear under a somewhat favourable aspect. The emission of the 30,000,000 was announced on the 1st of August, and the whole month was appointed for the reception of Proposals. It was necessary to await the event, while the demands of the Treasury were every moment increasing; and amidst the anxiety felt by the Government lest it should not possess the means of supplying its wants, Competitors found a conjuncture favourable to their interested views. Thus all the Propositions were more or less disadvantageous; and though circumstances authorized some sacrifice, yet the Government, circumspect in its proeeding, and anxious to conceal as far as possible the burden under which laboured, firmly rejected some Propositions, which, from their amount, well as their conditions, it would have been blameable to accept. This energetic conduct, though it occasioned a perplexity of some lays, multiplied wants, and rendered necessary the adoption of extraordinary measures to meet urgent obligations; it nevertheless placed he Government in an advantageous position with respect to those who, aware of its situation, wished to subject it to sacrifices which would have entailed on it discredit and ruin. It has already been observed, that the Government is not regardless of re-establishing its credit, in a manner as far as possible consistent with the good name of the Spanish Nation, and at the same time of concluding favourable Negociations. For this purpose 3,000,000 of Rentes were appropriated to the extinction of Rentes at 5 per Cent. which, in a great measure, restored its consideration, joined to the political events which have also exercised an advantageous influence. The result has proved as successful as could be wished, and the Government may congratulate itself on having concluded a Contract sufficiently advantageous, compared with that which preceded it, and with that which would have been obtained, had the resolution of the Government been precipitately taken. Fortunately, measures were taken with sufficient caution; and I have the pleasure of announcing to the Cortes, that to this Assembly we are indebted for an advantage of between 18,000,000 and 20,000,000. But in alluding to this subject, I must not omit an acknowledgment, which I consider as an act of justice, and without which I should not feel that I had discharged my duty. The Government, renouncing all secrecy in this delicate affair, consulted with various Individuals, whose opinions were received before any step was taken. To these Individuals we are indebted for the successful issue of the operation, inasmuch as their intelligence and counsel contributed to bring it to a close. In this affair they evinced an interest truly patriotic, and they have in every respect fulfilled the wishes of the Government. I could here publish the names of those Gentlemen, but the fear of offending them, by so doing, induces me to pass them over in silence. Such was the state of the Publick Finances at the close of the second economical Year, and such it continues at the present day. On the one hand there appears a deficit of 322,000,000 in the contributions voted by the Cortes for the said second economical Year; on the other hand, there is an arrear in the Estimates of the second Year of the sum of 191,000,000, which must be made up from the Imposts decreed for the third economical Year. Unfortunately, in the Taxes which have been levied during the last Year, considerable difficulty occurred in the collection; as contraband trade greatly diminishes the most productive Taxes; and as the Insurrection, in the Provinces in which it exists, opposes the execution of the administrative provisions, impedes the levying of contributions, and renders null the produce of the Taxes, owing to the vast expense of maintaining the Armed Force necessary for putting down the Rebellion. The Ministers, in order to fix the demand of Supplies for their Departments, which, among other things, is the object of the Convocation of the present Extraordinary Cortes, have drawn up and [1821-22.] 3 L addressed to me Estimates, in addition to those already submitted to the Ordinary Cortes. In these Estimates, are required : For the Ministry of State, according to the additional For the Ministry of the Interior, according to the additional Estimate ... ... Reals. Mar. 47,395,000 ... 87,392 15 4,257,169 3 For the Ultra Marine Ministry, according to the additional Estimate ... ... For the Ministry of Grace and Justice, according to ... ... ... the additional Estimate For the Ministry of War, according to the Estimate, 325,000,000 For the Ministry of Marine, according to the Esti And the Ministry of Finance also solicits, for the payment of the 13,000,000 of Rentes already negociated, as well as for the Sinking Fund attached to them ... The sum which the Government considers it necessary should be raised, is 664,813,324 reals and 19 maravedis, granted by the Cortes, on the General Estimate of Expenses, decreed the 28th of June, and augmented by 191,255,313 reals and 1 maravedi, with which the Ministry of my Department settles the deficit, liquidatel at the end of the second economical Year; the calculated value of the Revenues of the State being compared with the real value pr duced; and there being also an augmentation of 160,933,332 rea's and 11 maravedis, to meet the diminution which probably may arise on the Revenues decreed by the Cortes in the last Session. FrE the subjoined Account it would appear necessary that the Cortes should make a grant of 784,896,957 reals, and 30 maravedis, & order that all the Engagements for the Publick Service, both pas and current, may be fulfilled with that regularity which is proper and indispensable. Punctuality in the payments will perhaps be found one of th political measures which will most contribute to conciliate minds and restore publick tranquillity. Meritorious Officers who now belong to the inactive class of the Army, because their age or infirmities do not permit them to join the Army; Magistrates who administer justice. Civil Officers of all kinds, whom preceding regulations have placed in the retired class; unfortunate widows and orphans, so worthy of prtection-all call for payments which have been for months due, and the want of which has been the cause of much inconvenience and dis tress. They daily present themselves to implore, as a favour, that which is justly their due; and melancholy is the situation of a Government which recognizes the title by which its protection is demanded, and which knows its duty, and yet possesses no means of exercising the one, or fulfilling the other. I repeat, that to meet all demands upon us, will, at the present moment, be a political measure of great influence, in the termination of the Insurrection which at present unfortunately exists in some Provinces, and for enabling the Spanish Nation to appear in the eyes of Foreigners under that imposing attitude, which is indispensable to command the respect of Enemies of every description. The Government well knows the nature and extent of the sacrifices which it is necessary to demand of the Nation; but being placed under the necessity of procuring for it, at any expense, the enjoyment of internal tranquillity, and of preserving it from being menaced externally under any motive or pretext; and feeling that these necessities are so peremptory and urgent as to require abundant and important measures, without giving rise to new imposts or surcharges on those which already exist, on account of the slow progress of such a collection, His Majesty has thought fit to propose to the Cortes, in order to meet the sum of 784,896,957 reals 30 maravedis, which are considered indispensable towards the end of June, 1823, the inscription in the Great Book of the Publick Debt of 65,000,000 reals of Rentes, at 5 per cent., which may be employed by the Government, whenever it may be found necessary, and in the manner most convenient to the National Treasury. But this measure, though it is preferable from the promptitude with which it is carried into effect, leaves a Debt in perspective which it will be proper to meet opportunely, particularly as this Loan, which is necessarily very extensive, has been preceded by others of considerable amount, which, combined with it, will form a respectable sum as well in interest as in capital. Debts of this amount must sink the publick credit if they are not guaranteed by suitable pledges, and it is proper to designate them, in order to ensure the success of the emissions, and to enable them to be made with greater advantages and smaller risks. Government will consider this point as soon as the concession of the Rentes which it requires is realized, if the Cortes should think proper to grant them. For the present it must confine itself to the demonstration of the necessity of granting the supply, and of granting it immediately; for, as I have before said, if the demands are instantaneous, the supplies must be instantaneous also: the extent of its engagements leaves otherwise no hope of being able to meet them; and it is indispensable that the remedy which may be applied should be as prompt as the circumstances require, in order that its tardiness may not render it useless, or delay increase the evil, and carry along with it |