There was a report curren...
There was a report current yesterday, that Mr. EL- I oTrT, who has arrived in Paris from Mladrid, has brought the unqualified refusal of the Spanish Government to. en- tertain, in any shape whatever, the question of a recogni- tion of the independence of South America. A similar statement also appears in letters from Madrid of the Gth instant, which have beep received in Paris by ex- press. It had the effect of dlepressing most of the Souti American securities yesterday, as if the holders of them could ever have committed the absurdity of supposing such a concession possible from the present Government of Spain, or indeed by any Government under whose rule the country could fall. Howvever desperate the circumstances, all Spaniards cling with hope to the possibility of recover- ing the colonies. If these reports should be confirmed, the stubborn- ness of FFRDINAPD on the subject of South Ame- rica will soon compel Mr. CANNING to redeem his positive andi reiterated pledges, and to acknowledlge, as perhaps it would have been wise to do long since, a sovereignity whichl no declaration of his can hence- furth secure or overturn. Thhe Foreign Secretary told the House of Commons a few week-s ago, that he had made certain gracious and courteous offers to Spain ; as that she should have the first refusal of a recognition of the Ameri- can independence-that she should have the benefit of commercial preferences from the republics, and so forth, to be enjoyed by her to the exclusion of British enterprise and of the British inerchant; but if Spain shouild refuse these liberal, and in the eye of many persons these improvident proposals, that then iwe must take our own decided line of policy-that is, acknowledge the Republics. The time, therefore, is come. Unless yesterday's accounts of Mr. EL- ).I 1OT'S mission, and of its purpose, should be contradicted, Mlr. CANNINc. may lay up the ' ifs" in ordinary for the next occasion, and tell the commercial interest broadly and plainly what it is that they have to expect.