The Express.
London, England, 1847-03-24 00:00:00

SPANISH BONDS.

Lord BROUGHAM, in promoting the petition from the
Spanish bonitholden, st tted that the petite .a rem emoted the
feelings of a very large and formerly a very wealthy body,
though, in cask quence of being holders of these hoods they
were not new in that condition. They complained that they
had ben induced to advance their money—and he believed
the amount advanced was, in the aggregate, nearer SO than
70 teatimes—upon the security of the Spanish government,
ta secure the independent. of Spain against the aggreosions
of France, and that they were legally and strictly ereditnrs
of Spain to that extent. The great bulk of these creditors
were eubjerts of England : and if not wholly—for the indo-
mitable courage of the people of Spain no one could die
putt—it was undoubtedly in a great part by the aid
of the sooty so advanced that Spaln had been
enabled to tree herself from the Napoleon usurpa-
tins. With his knowledge of the high spirit of ho-
nour for which the Spanish character had been always re.
snarksMe, he should he most reluctant to belisee that Spain
had with regard to these her just debts adopted the novel
principle of "repudiation." (A laugh.) He never could
believe that Castilian honour had so entirely departed from
the peninsula as to make it is the least degree improbable
that these debts would he paid. Spain had sucreeded—he
would not say by our help, but certainly in association with
us—in securing her indi prudence: she was now us indepen-
dent as anv country in Europe; and surely it would be meet
unreasonable, if, having thus obtained the profit, she were to
call upon us to bear the cost It might be said that Spain
was not able ts,s+l;enl. her beribiliegr bum did not absolve
her go dm . Ms Oa boodle wort herself to
discharge these bta by instalments, or in any way she
could, and to make such arrangements as to time
and amount as should satisfy her creditors of her sincere
desire to discharge her liabilities. (Hear.) He found that
the revenue of Spain bad much increased of late, and was
still rapidly increatiing. Eleven or tat lee years ago her
annual revecue was but 6,000,000; but by the official return
for the lava tear, as made by her own finance minister, it
wan 12.000,000. There was no reason, therefore, for saying
that she was not in a condition to pay. He hoped that the
high character of the Spanish nation would be maintained
in the settlement of these claims at as early a period ea WY
' consistent with the proper menstrement of her own affairs.
The Earl of CLARENDON—His noble and learned
friend haring yi aterd iy hen good enough to show him
the mason he meant to present, he believed he could say
that the statement of the ease of the pi tthesers, as so
tains,' in that petition, was perfectly correct. He thought
therefore that the remark. of his noble and learned Mead
were fully justified. (Hear.) And indeed he did net eta-
eider that his noble and learned triend had at all exaggerated
the great injustice with which the ix titioners had been
treated, or the hardship which the neglect of the Spanish
governmert 'o discharge these claims had entailed upon
them ; fur Spain wax, in reality, not in the impoverished
condition which her ministers had, on certain occasions, as-
sumed she ems; for, under the administrative system which
now existed, her revenues (as his hon. and learned friend
had truly stated) had doubled since ISM ; and if that ad-
ministrative system were conducted with prudence and eco-
nomy, and if the attention of every succeeding minister
was not constantly distracted by f -reign intrigue on the one
hand and domsatie commotion on the other, and if their
exertions did not inconsequence tend to paralyse the industry
and retard the prosperity of the country, Spain would be
one of the richest countries in Etienne. (Hear, hear.)
He believed no people were more industrious—none more
reedy to exert themselves, if the motive for industry were
given, and if the legitimate reward for their exertions were
secured to them. There was no country in Europe, of equal
area, whose mineral and agricultural products were so greet
as those of Spain; there was no country in Europe whose
products were more in demand, or which had greater means ol
acquiring wealth, than Spain ; and if the industry of her
people, and the develepment of that wealth were encouraged
and promoted by her government, the statement of the
Finance minister, who said that the resoure.• of Spain were
equal to the payment of this debt ten times over, would he
justified. Spain, therefore, had no right to plead insolvenro
as the ground for not paying these claims. (Hear, hear.)
He was, however, bound, in justice, to say, that eke
had never adopted the new principle alluded to by
his noble and learned friend—the principle of " repudia-
tion." (Hear, hear.) She had never dewed or disputed
the debt in any way. On the contrary, he believed that the
circumstances under which the money was advanced were re-
membered and would long be remembered with feelings of
sine re grunted- by the Spanish peop:e. From time to time,
armugeinents had been mad.' for paying thus debt, but un-
fortunately it hod al says happened that before they could
be carried into effect, a mew minister hadkome in who con-
' sidered it I- is duty to set aside evi ry plan that had been pro
posed by hi. predecessor. And as the proposal. for paying
the claims of the holders of thenhoods had lx en set aside with
the others, and as the holders of these beads were principally
British subjects—many of whom, most imprudently no doubt,
had invested the tamps of their lives in this ban—very
severe suffering, and in many asses total ruin, bad
moulted. It amid not, however, be too often remembered—
so many millions of British capital having been, during the
last 26 years, lent and lost—that whtn people lent money to
a foreign government, without the sanction of their own
government, they did so on their own responsibility. (Hear.)
individuals must not suppose that this country- would incur
the danger of a wee in the prom cation of such claims, e teept
in extraordinary care, where the special guarantee of the
government had heen given. Nevertheless, her hlsjesty's
government had never hesitated to bring under the coneders.
tien of, and to press upon the government of Spain, thejwit
claims of the British holders of Spanish bonds. (Hear.)
The British mini-ter at Madrid was, et this moment, by
direction of his noble fry' nd the Secretary for Foreign Affairs,
leading his assistance to the British bondholders in the pro-
secution of their claims upon the government of Spain, and
he hoped with some prospect of success. (Hear, hear.)
The petitioners stated, he believed, that in the opinion of
some of the most eminent jurists the case of these bond-
holders constituted a tams beta. He did not wish to make
use of the language of menace—he believed that an expres-
sion of opinion on the part of their lordships would be the
moat likely means of procuring justice to the bondholders,
who, it appeared, were mast moderate in their demands, and
merely salted from tee Spanish government a guarantee for
the ultimate settlement of their claims. Such an expression
of opinion, together with the representations of the govern-
ment, would, he hoped, be successful in obtaining a speedy
and satisfactory arrangement. (Hear.)
In answer to a qua tion from Lord BROUGHAM,
The Earl of CLARENDON added, that Mr. Bulwer, our
minister at Madrid, had received instruction. (rem hit go-
vernment to give all the assistance in his power to the agents
of the bondholder. at Madrid in prow-cable- their claims.
Lord Man! orox made some observations which were
totally inaudible in the gallery.
The petition was ordered to lie on the table.
RISING OF THE HOUSE.

The Earl of WICKLOW said he had been girt n to un-
derstand that the house was to adjourn for the Londe's, to
Tuesday formisht. He would suggest to noble lords con-
nected with the gov.rnment, whether the tonvenicace of
the house would not be more consulted bj odj .urning to
Thursday, the 15th of April, instead of Tu.stley, the 13th,
so had been the usual course. . .

Earl GREY said that government would be happy to
yield to the ',Mee of the house, provided that no public
baseness of importance we* interfered with.
Their lordships adjourned at Ave minute-, past sir o'clock.

HOUSE OF COMMONS.—TuesuAN, MARCII 23.
The SPZAKRa took the chair at 4 o'clock.