London, Monday, March 29,...
We received last night the Paris papers of Friday. It Is an. nounced in the Journal des Debats, that on the 13th inst. the Du. chess Of LJUCCA, formerly Queen of ETRURIA, Infanta of SPA121, and sister of the reigning King Fx:RnIANn, died at Rome. Her Royal Highness has left a son, married to the daughter of the late Yig of SARDINIA. By the treaty of Vienna, this son wil become Grand Duke of PARmA on the death of the Archduchess MARIA LouisA. The Mfoniteuir contains a long article under the head of Finance, on the redemption of the French 5 per cents., or the reduc- tion of the interest on such part as may not be redeemed. The follo-iring are the principal arguments employed on the subject:_ "As soon as the public funds are above par, this fact alone is equivalent to a public notice given to the Government that it may immediately borrow money at a lower rate of interest than it pays its present creditors. Such a notice cannot be neglected by an enlightened Govemment, whose duty it is to lessen, whenever it is possibie, t6e burdens of those who contribute to pay the interest of the national debt. This is also the mode adopted by private persons, when their credit improves. The Government has an additional motive for such a step, since it is no. torious, that had not something of the kind been expected, even before it was formally announced in the King's speech, the renter, which were at 104, would be now 108, and woould not haye Stopp ed there. Such a progressive rise above par would fetter the opera. tions of the sinking fund, since, with a given sum, it would redeem a smaller araount ef rentes; and this excess would be the more to be regretted, as the State never received the whole capital for which it reoogr.izes itself a debtor. In fact, in the most advantageous loans, it never received above 88 francs, and in others it was forced to ac- cept 50 francs only, for 100 inscribed. " It may be objected that the Government could suppres or sus- petil the sinking fund, erase from theGrand Livre the33 millions of rentes which have been already redeemed, subtract from the budget the 40 millions assigned to that fund, and there wiU be at once a reduction of 73 millions in the burdens of the state. Such a notion is more specious than solid. First, most of the loans were contracted under laws which enact the an- nual redemption: the lenders reckoned on this, and a change of system would be deceiving them. Secondly, the daily purchasers, by the siNking-fund, afford a market for those fundbolders who are desirous of selling, and without this the market might be at times exposed to a sudden and daangerous depreciation." The article then proceeds to infer that the sinking fund mnust not be touched; that it is the corner-stone of public credit, on which the edifice of the financial prosperity of the kingdom reposes. To the objection that the proposed measure is not legal, a single line of the civil code completely refutes it.-Article 1911 says, " La re-te con.t.tiu& en pcerpetuel esrt eisentielicrnent rach7 eable." The Chamber of Deputies was occupied on Thursday in hearing the reports of committees appointed to inquire into the circumstances and validity of the election returns The discussions which took place on this subject are of course of a local interest, and, to be properly understood, would require more explanation than we can find room for. The qualification of General Foy became a subject of dispute, from the mode in which that part of his contribution is| paid which does not arise froma land. His half-pay, composing a part of his income, pays a csntribution which was formerly deducted from it before it came into his hand. For the two last years the xode of levying this contribution kas been altered, and the contribution it- self has actually been neglected. The General, however, it still en. titled to the pay, and being willing to pay the contribution, insists that he is eligible though it hos not been demanded. The point is not yet decided. In various instances the liberal party, through M. GERARDi-n, M. MECainx, and other members, complaRined of the mode in which the returning officers had refused votes which were legal when in favour of the liberal candidates, and allowed peons to vote who had no legal title to appear in the electoral college. The reporters of the comtmissions, however, alwavs eucceeded against these complaints and remonttrances. FRENCH FUNDS, PARIS, Mfarch 2G.-Five per Cents, opened at 103. 10.; closed at 103. 20.; Neapolitan 6 per Cents., Si6an du. cats; in francs, 102: Rente d'Espagne, 24. Exchange oin Lon- don, one month, 25 50,; tbree months, 25 35.-Cours Azeth.tiyue. LONDON, MONDAY, MARC}I 29, 1824.