The Sun.
London, England, 1855-07-17 00:00:00

I 1

vice in his day—that he was once the vigorous
and energetic champion of much-required reforms.
The senile twaddling of one who had once
commanded the attention of an admiring Senate
occasioned melancholy reflections ; and there
would have been deep pathos in his allusion to
those feeble friends who owed their positions to
his patronage and influence had it not been for
the asperity with which it was mingled. It
would have been far better had he avoided speak-
ing of the contempt which he felt for the time-
servers. Still, every allowance must be made for
the natural irritation of the man—•

—" Deserted at his utmost need,
By those his former bounty fed,"
and as yet unconscious of the decadence of the
qualities that previously commanded their sup-
port. The Archbishop cf Toledo did not receive ,
in good part the well-meant hint of GIL BLAB.
He thought the composition that provoked the
unwelcome criticism one of the most eloquent
and able in every respect he had ever
framed. So Lord JOHN considered his
dodging at Vienna, and since Mg return,
peculiarly clever, and was therefore doubly irri-
tated with poor " GIL BOUTERIE," who undertook
the invidious task of telling unwelcome truths—
and showing how different was the opinion enter-
tained by the community from that which the
ex-Plenipotentiary hugged himself in retaining.

We confess that we cannot reconcile to our-
selves the withdrawal of the motion, without the
views and sentiments of Srri G. GREY, Sir C.
LEWIS, and Sir C. WOOD having previously been
elicited. Right or wrong, there is a very general
impression abroad that these Right Honourable
Barts. are intent on obtaining peace at any price
—and that they fully concurred with Lord JOHN
RUSSELL in urging the specious and obnoxious
principle of " counterpoise" on the Cabinet.
Through the course adopted by the Opposi-
tion, they have, for the present, escaped.
But Mr. ROEBUCK wants "to know the traitors
in the Cabinet ;" and we fancy that he will make
a determined effort to lift the flimsy veil with
which these Right Honourable Gentlemen have
thought proper to disguise their opinions. The
Home Secretary declined to answer the interro-
gatory pointedly addressed to him ; but we hope
and believe that it will be repeated this evening
in terms that will compel the parties expressly
named to respond fully and completely. The
country demands it ; and, however their refusal
may pass cuvrent within the walls of Parliament,
they may rest assured that it will not improve
their position with the country.
This evening Mr. ROEBUCK will brine, forward
his mode n ! A touchstone will be supplied to
test the sterling character of the professions of
Honour:Able Gentlemen, a matter that will be
particu].arly useful when the appeal to the coun-
try, which cannot long be deferred, at length
arrives, and they are called upon to render the
accoun is of their respective stewardships, and to
ask a. renewal of confidence from their consti-
tuent 3.

Notwithstanding the energetic and efficient
exer Lions of the Committee of South American
Bondholders nothing satisfactory has yet been
crincluded in reference to Buenos Ayres Bonds, or
t,,) render to the aggrieved bondholders the satis-
faction which their fraudulent debtors can, if they
think proper, easily afford. If, as we sometime
since stated, the Republic was still involved in
difficulties so great that it could not meet its just
liabilities, every indulgence would be accorded by
those whose confidence in its solvency and integ-
rity was so great, that they paid the high Price
of 85 per cent. for the all but repudiated bonds.
But such is not the case. It is not the ability,
but the will that is wanting. The money
has been had and expended, and the recipients
now find it more convenient to make futile pro-
, positions of compromise than to make an honour-
able and manly effort to redeem the character
already seriously compromised.
This disgraceful conduct, of course, excites the
indignation as well as the disgust of every fair-
dealing man of business in any degree connected
with the affair. If Buenos Ayres is to become
bankrupt, its assets should be honestly surrend-
ered and equitably divided amongst its bona
fide creditors. But it will not do to show the
means of payment—to boast of a surplus revenue,
and then to require those who have patiently
waited for thirty-one years not only to relin-
quish a considerable portion of their just
demands, but to let all interest even
on the original debt entirely terminate, and to
accept, in payment of the principle, sums that
would about meet the accruing interest, without
any provision for the enormous arrears, far ex-
ceeding in amount the first liability. This, we
say, will not do. It may appear very smart to
the transatlantic repudiators, but it will be re-
garded in this country, and by every right-
minded and honourable man all over the world,
as equivalent to a national act of bankruptcy ; or,
still worse, of repudiation—from which the
Republic can never by any possibility re-
cover, even though permitted by the Eng-
lish Government to continue its discreditable
course. The representatives of the Province
of Buenos Ayres may rest assured that, amongst
states as among private individuals, " honesty is
the best policy," and that those who collectively
struggle hard to maintain their integrity will, in
the long run, be far better off, and in the enjoy-
ment not only of credit and consideration, but of
greater national wealth than their neighbours,
are seduced into the flowery but deceptive paths

of repudiation.
The example of the neighbouring State of Chili
might lead the authorities of Buenos Ayres into a
better course. For a time the Chilian Govern-
ment was unable to meet the claims made on it,
but it did not therefore relinquish the task. The
arrears of interest were converted into a
Three per Cent. Stock, on which interest
was punctually paid, as well as 6 per cent. on
the original loan. Nor was this all : a consider-
able sum was annually transmitted as a sinking
fund to provide for the gradual liquidation of the
whole. What has been the result ? Chili is
looked on with regard and respect. Its credit
stands deservedly high. The Chilian 6 per Cents.
were yesterday quoted on the Stock Exchange
103, while the 3 per Cents. are about 68 to 70.
Thus for the Chilian liability of 1001., for which
we believe only 70 was originally paid, with 14
years' arrears, are worth 172 ; while that of Buenos
Ayres, for which 85 was given, only fetches, with
31 years' arrears of interest, about 60, or little
more than one-third of the amount.
" Look on this picture and on that, the coun-
terfeit presentment of two brothers."
Let the men of Buenos Ayres consider the in-
vidious light in which they must be regarded dur-
ing the existence of such a state of affairs, and for
very shame's sake they must make an effort at
improvement.
It is said that the Minister of Finance, Senor
DE LA RIESTRA, is a man of ability, and, what is
f'tr more imPertant, of integrity—that he has: been
taught in an English school, having been for some
time partner in an eminent mercantile firm. It
is 130(1104
~to flay_ that, undez euch, cirgunr