SPANISH LOANS 



188 



banishment, victims and dupes of his delusive theories and eloquence, 

 were begging their bread in the streets of London, and would have pe- 

 rished of hunger in any other land save that of British hospitality. 



We shall close this part of our subject with a comparative view of 

 the Constitutional and Royal Loans a review which in its results, 

 even if admitted with due allowance for the exaggerations and pre- 

 dilections of a partizan, does infinite credit to the skill and masterly 

 combinations of Aquado. The balance is thus struck by our author : 



CORTES LOANS. 



Reales. 



Nominal capital 

 of the loans issued 

 by theGovernment 

 of the Cortes in 

 33 months .... 2,098,961,875 



Proceeds in ac- 

 tual money .... 507,404,084 



Average rate of 

 the loans, 24 and 

 one-sixth percent. 



Difference be- 

 tween the capital 

 of the debt and its 

 proceeds, or loss to 

 the Spanish go- 

 vernment in these 

 transactions. . . . 1,591,557,791 



ROYAL LOANS. 



Nominal capital 

 of the loans issued 

 by theGovernment 

 of Ferdinand in 10 

 years 



Proceeds in ac- 

 tual money .... 



Average rate of 

 the loans, 42 and a 

 half per cent. 



Difference be- 

 tween the capital 

 of the debt and its 

 proceeds, or loss to 

 the Spanish go- 

 vernment in these 

 transactions . 



Reales. 



1,745,890,666 

 739,595,106 



1,006,295,560 



Let it be further observed, that the last half year's interest paid 

 being that due November 1st 1823, there are due up to November 

 1st 1834, eleven years' interest, amounting to 1,141,284,760 r. v. ; 

 we then arrive at this result that the Spanish Government is now 

 debtor to a capital of 3,240,246,635 r. v., for which it has received 

 only 507,404,084 r. v , that is to say, about ONE-SIXTH of the said 

 capital. 



" So that the conditions of the loans contracted under the two 

 Governments are to each other as 24 to 42, or about 5 to 9 ; that 

 is to say, that WITHIN ONE-FIFTH, THE ROYAL LOANS HAVE YIELDED, 



IN PROPORTION TO THE NOMINAL CAPITAL, DOUBLE THE PROCEEDS 



OF THE CORTES LOANS. 



" It should, moreover, be observed, that upwards of one-third of 

 the total amount of the loans concluded by the absolute Government, 

 only burdens the State with an interest of three per cent.; wh 1st 

 those of the Cortes were saddled with an interest of five per cent. 

 Nor should it be overlooked, that the greater part of the Cortes loans 

 were negociated at the time when the constitutional Government 

 was in its highest power, and had with it the sympathies of nearly all 

 Europe ; while the Royal loans were brought forward, either at a 

 period of distress, or when the liberal press had stimulated public 

 censure, and excited the distrust of the bankers of the principal trad- 

 ing towns." 



