160] ANNUAL REGISTER, 1818 



consider the radical vice of the 

 Vales, that of serving for stock- 

 jobbing speculations; and by 

 way of a remedy, he said he had 

 deliberated on a plan for bringing 

 a part of them into active and 

 useful circulation. For this pur- 

 pose, witliout prejudice to the 

 means adopted, and which will 

 soonbe published for the intended 

 consolidation of the general credit 

 of the state, he judged it right to 

 resolve as follows: — 



Article 1. The Royal vales, 

 whose holders wish to avail them- 

 selves of the proposed advan- 

 tages, shall be converted into 

 two classes, viz. consolidated 

 vales, and non-consolidated vales. 



Art. 2. The consolidated vales 

 shall be formed of the third part 

 of each vale which maybe offered; 

 and the non-consolidated, of the 

 remaining two -thirds ; so that a 

 vale of 150 pieces fmay be re- 

 duced or exchanged for a con- 

 solidated vale of 50, and a non- 

 consolidated vale of 100. The 

 same thing will take place with 

 the vales of 300 and 600 pieces 

 respectively. 



Art. 3. The consolidated vales 

 will bear an interest of 4 per cent 

 per annum in specie, from the 1 st 

 January, 1st March, and 1st of 

 September, of the present year, 

 according to tlieir respective 

 creations. 



Art. 4, 5, 6, &c. regulate the 

 payment of the interest, &c. One 

 fifth of the produce of the custom 

 duties is mortgaged for that pur- 

 pose. It is also provided, that 

 the consolidated vales shall be 

 received for the full value they 

 represent in payment of the 

 ctistom duties, royal contribu- 

 tions, &c. Debts due by towns 



to the year 1814, noay be paid in 

 non-consolidated vales, which 

 bear no interest, but are allowed 

 to be paid in discharge of the 

 fifth of the custom duties, at the 

 rate of discount at which they 

 may be in the market. The vales 

 which may not be exchanged by 

 their holders for the above men- 

 tioned kinds of consolidated and 

 non-consolidated, are to be called 

 " common vales,'' and will con- 

 tinue their present form, the in- 

 terest being paid as the state of 

 public credit and obligations con- 

 tracted by the state may permit. 



The 13th and last article directs 

 the manner in which the holders 

 must apply to have their existing 

 paper converted into consolidated 

 and non-consolidated. 



On March 30th, the king of 

 Spain issued a royal decree, 

 addressed as before, to Don 

 Martin de Garay, for the pur- 

 pose of establishing ports of 

 deposit in the Peninsula. In his 

 introduction he says, that he con- 

 siders the establishment of ports 

 of deposit a means of commercial 

 encouragement, because it affords 

 to native and foreign speculators 

 a year's relief from the payment 

 of duties, and a general warehouse 

 wherein their goods may be de- 

 posited with full security, accord- 

 nig to the attention and respect 

 which the laws dispense to mdi- 

 vidual property. If (said he) the 

 consequences of these establish- 

 nieiits correspond with my hopes, 

 as I confidently promise myself 

 they will, I am determined farther 

 to improve the advantage, and to 

 make other ports, consistently 

 with their local and commercial 

 circumstances, participate in the 

 same favour. With this view, 



and 





