The Sun.
London, England, 1849-10-15 00:00:00

SPANISH LIABILITIES—FRANCE
AND BUENOS AYRES.
TO THE EDITOR OF THE SUN.
SlR,—The rebuke given in the City article of your
estimable journal, the 11th instant, to an evident
mischievous, if not culpable abuse of the invaluable
privilege allowed by the British press of free expres-
sion of the humblest claimants for justice from power-
ful delinquents, confirms the high; opinion univer-
sally entertained of your disinterestedness and
impartiality. It must be admitted that without
these features the all-powerful press would be but
" sounding brass or a tinkling symbol ;" and it
behoves not only those who are directly
benefited by its honest advocacy, but the
whole world, loudly to pay honour where honour
is due. Thus much for the recent attempt to cajole
the public with visionary and false notions of Buenos
Ayres obligations ; but other subjects equally striking
imperatively require notice.
Among your extensive readers, "several holders of
Spanish bonds in Plymouth," in January this year,
solicited attention to their position, as creditors of
Spain, daily assailed with the unintelligible and selfish
interference of speculative holders of the inferior and
lowest class of Spanish liabilities, requiring to place
their ware in the same category as one of the
deficient dividends, which, in the hands of a few
unscrupulous collectors of November, 18116, with
the collusion of a Spanish Minister, Carrasco, received
payment of the same in 1843, at the rate of 2111. 13s.
4d. per cent., while the primary claim (the active
debt, with arrears of coupons) received but 4s. per
cent., and that alone to 1840! A correspondent, "A
Creditor of Spain," in your paper of the 14th Jan.
last, alludes to this uncalled for concession, which
having been allowed without remonstrance, had sub-
jected bona fide creditors to indefinite evasion, and the
probability of being eventually cheated by a repetition
of a similar fraud to that already effected. The
indignation universally felt cannot be more
forcibly expressed than by a short conversa-
tion in the French Chamber of Deputies, recorded
in the Siècle 26th of May, 1845, between
M. Manguin and M. Guizot, on this astounding topic,
and which may, in fact, palliate the unjust invective
levelled by MM. against England.
" M. Manguin dimande A M. le Ministre des Affaires
Etrangeres si l'Espagne paie les interets de la dette
de 80 millions qu'elle a contractee envers la France.
"M. Guizot—Le capital de cette dette est de 98
millions; les interets ont ete pages jus-qu'a la fin de
1834.
" M. Manguin—L'Angleterre avoit sur l'Espagne
une creance de 900,0001. sterling. Elle a obtenu
pour cette creance un interet de 6 per cent.
pendant que la France n'a plus que 3 per cent.
Qu'un Anglois suit l'objet de quelque persecution
aussitot le representant de son pays eleve la voix, et
justice est rendre et des indemnit‘s sont accordees
pendant que les Francois qui risident ou qui voyagent
en Espagne sont en butte it des vexations eta de
mauvais traitemens de la part de l'autorite.
"R&lament ils ?—ou he les icoute pas. S'adrassent
ils i notre Ambassadeur pour se faire, rendre la jus-
tice ils sont iconduits.
" M. Guzot—Quant a notre dette elle ne peut e:re
contertie. Les finances Espagnolles sont en ce
moment aux mains d'un homme honnete qua la
France doit aiders dans ses prejets d'amelioration."
Let me, then, Sir, as I trust an honest cosmopolite,
entreat my fellow-countrymen in England not to be
led astray by hopes of illicit gain.
To deserve justice we must act justly, and as it is
requisite for the well-being of the world that Spain
should be a free and independent state, let all further
attempts to weedle her statesmen to iniquitous and
ruinous concessions cease, and the real obligations of
her public debt be alone attended to for the instant
relief of her credulous and confiding creditors.
I am, Sir, with esteem,
A FOREIGN BONDHOLDER,
And Advocate for fair Dealing.
London, Oct. 13. 1849.