16 SEPTEMBER 1848, Page 11

The Madrid Gazette of the 10th contains Seiler Mon's expected

measure for reconstructing the Bank of San Fernando. The establishment is re- modelled somewhat on the form of the Bank of England; with a separate department of issue, endowed with "real and effective values" sufficient to redeem its notes on demand. The circulation is to be limited to 100,000,000 reals (one million sterling). The measure is well received by the commercial world; the notes having gone up to a rate within one or two per cent of par.