The Sun.
London, England, 1841-11-23 00:00:00

happen to England herself, if, constantly obliged to buy
foreign grain, she should be necessitated to give in ex-
change for that article of first necessity, gold, and nothing
but gold? The result is not to be doubtcd. The Batik
would restrict its discounts and circulation ; the inte-
rest of money would rise in proportion ; the price of
goods would be depressed in an inverse ratio to that
of the funds; industry and commerce would be paralyzed,
and society itself sacrificed to this forced order of things.
To avoid these certain evils, I think, and intelligent poli-
tical economists think with me, that the salvation of the
country depends upon the sale of her national properties,
because its being certain that at present there are not
wasted less by estimate than 300,600,000 realst, and it
will fetch by sale three times the amount, namely,
10.800,000,000 t, (whilst paper ranges only at 30 per
cent.), the greatest part of the consolidated debt may
with certainty be absorbed by this mortgage, relieving
the estimatesll of the corresponding interests.
From this legitimate reduction will follow another
benefit of great importance, it being obvious that when
these properties are transferred to individuals, those will
augment the number and value of the taxes, and of those
who pay them. On the other hand, the administration
being improved with respect to its personal and material
expenses, and the taxes augmented in a direct ratio to
the national prosperity, it is highly probable that the
revenue will increase to 1,150,000,000 reals, which, sup-
posing the maintainance of our army proportioned to our
wealth and population, will be sufficient to pay the inte-
rest on a debt corresponding to the rank which Spain
ought to occupy amongst the nations which constitute
the great European family.
" These ideas, hastily expressed, appear to me to be
sufficient to enable you to form an exact opinion of our
present situation, of the future, which we look forward
to, and of the safety of our engagements after.
" I desire that this sincere and confidential explana-
tion may contribute to re-establish confidence as much as
possible, and that you, taking upon you to be the inter-
preter of my sentiments towards your worthy consti-
tuents, assure them of the zeal and efficacy with which
the Spanish Government is preparing to fulfil the promises
made, trusting that Divine Providence will bless its efforts,
which are directed to the welfare of the nation over
which it rules.
" I avail myself of this new opportunity to renew to
you the sincerity of my sentiments of esteem.
(signed) " PEDRO SURRA Y BULL."
The letter of the Spanish Finance Minister having
been read,
The CHAIRMAN said that letter was dated 31st of
August last, and it was evident that Surra y Rull con-
templated at that time carrying out the decree for the
conversion of the 3 per cent. interest on the Active
Bonds, and if it had not been for the unfortunate civil
war he did not doubt but that they would now have had
their dividends in their pocket. The character of Surra
y Rull stood so high that he (the Chairman) was con-
vinced that his Excellency would never state that
which he did not contemplate carrying into effect.
But neither his Excellency Surra y Rull, nor his High-
ness the Regent, nor the Bondholders themselves, could
contemplate the renewal of the civil war. War of every
description was most disastrous, and a civil war more
particularly so. The result of the renewal of the civil
war in Spain had been most disastrous, not only as affect-
ing the Bondholders, but as affecting Spain itself. The
country had been thrown back at least two or three years
in consequence, but he hoped better days were dawning
for them, and if the country were blessed
with peace he had no doubt but that his
Highness the Regent Espartero, and his Excellency
Surra y Rull, the Finance Minister, would do every
thing for them that it was in the power of the nation to
do, and that her resources were sufficient to do them
justice no one could dispute. He would propose
that a letter, addressed by him (the Chairman) to Lord
Aberdeen, should now be read. That letter contained
the substance of the one he had addressed to Surra y
Rull
"My Lord—l take the liberty to submit to your
Lordship copies of my letters of the 21st to his Excl-
lency Senor Don Pedro Surra y Rull, Minister of Fi-
nance of her Catholic Majesty, and to request that your
Lordship will condescend to forward the originals (se-
parately addressed) to the care of her Majesty's Minister
at Madrid.
" During the Ministry of Lord Palmerston a corre-
spondence originated between me, as Chairman of the
Committee of Spanish Bondholders, and his Excellency
Senor Surra y Rull, which was conducted through the
Foreign-office as the channel at once affording the
greatest security, most courteous to his Excellency, and
best calculated to keep the question between Spain and
her creditors, and the progress of negotiations, conti-
nually before her Majesty's Government.
" I cannot doubt that your Lordship will readily grant
the same facilities uniformly accorded by Lord Palmer-
ston, and that your Lordship will be pleased to instruct
her Majesty's Minister at Madrid to use his utmost exer-
tions in favour of the rightful claims of her Majesty's
subjects the creditors of Spain.
" In making this request, it is but fair to his High-
ness the Regent to admit that he has adopted a policy
tending eminently to ameliorate the condition of Spain—
that h has surrounded himself with just, honest, pa-
triotic, and enlightened Ministers, and that the actual
Minister of Finance is zealously and energetieally carry-
ing forward every measure tending to develop the re-
sources of his country, diminish her expenses, and in-
crease her revenues, so as both to attend fully to all
branches of the public service, and to the dividends due
in the Foreign Department.
" In consequence, the present Government of Spain
enjoys the confidence of the Committee of which I have
the honour to be Chairman, and of the Bondholders

Igenerally, in a degree superior to any previous Govern-
ment, ever since Spain became their debtor. It is our
firm opinion that our best interests are intimately con-
nected with the preservation of the present wise admi-
nistration of Spain, which has reduced the tariff and esta-
blished the most stringent rules and regulations against
the introduction of goods by contraband.
"I beg most respectfully to observe that while the
Custom-houses of Spain along the coast and frontier are
defrauded of their just dues, it is impossible that the
Treasury can improve as it ought to do, or that a strong,
beneficent Government can exist. Hence it becomes
our deep interest that smuggling should be discouraged
by every means within the compass of the power of
her Majesty's forces abroad ; and as every honest ho-
nourable British merchant has the same interest, I hope
that your Lordship will issue the instructions that may
appear most conducive to the laudable end sought to be
obtained by the Government of her Catholic Majesty.
" If your Lordship will deign to name a day to re-
ceive me and a deputation, upon the subject of Spanish
claims from the Committee, we will have the honour to
wait upon your Lordship accordingly.
" I have the honour to be, my Lord,
" Your Lordship's obedient servant,
(Signed) " R. THORNTON,
" Chairman of the Committee• of the Holders of
the Bonds of Spain.
":To the Most Noble the Earl of Aberdeen, her
Majesty's Secretary of State for Foreign Affairs."
The CHAIRMAN, although he had no hand in calling
the present meeting, would take that opportunity of stating
the steps which he had taken as Chairman of the Com-
inittee of holders ofSpanish Active Stock. He had felt that
he could not separate the holders of Active Stock froni the
holders of Passive and Deferred, that, in fact, they were to
be considered together; and, on that ground, he would give
the meeting an account of what he had done to forward
the interests of all the Spanish Bondholders—(Cheers)—
and he hoped they would approve of what he had done.
As far as his humble services could be available, they
should always command them ' • and he trusted that at
no distant period they would have something like
justice done to them. Surra y Rull was anxious to meet
their claims as far as the situation of Spain would
allow him. He expected that in the course of a few days
a Commission would arrive in this country from Spain
to carry out the plan for converting the dividends due

on the Spanish Active Bonds. He should, had he been

consulted on the subject, have proposed deferring the
calling of this meeting for a few days, so as to postpone
their assembling until after the arrival of the Commission.
A BONDHOLDER wished to know what the plan was
which the Spanish Government had proposed.
Mr. TAsKER said the offer of the Spanish Govern-
ment, with regard to the Active Stock, had been before
. the public for
_some time. It was to convert the.

whoh; interest of the Active Debt into a three per
cent. debt at par.. Great efforts had been made

to procure a five per cent. stock, but unfortunately they
had not succeeded.

A BONDHOLDER—I think it was a shuffling transac-
tion.

The
CHAIRMAN proposed that the resolutions be read,
and they were read according as follows :
" REEnSsOLUTIONS AT A _MEETING OF SPANISH BONDHOLD-
by the
OF THE CLASS OF STOCK TERMED 'FOREIGN
PASSIVE,'_ FIELD NOV. 22, 1841.
1836, providi
pass',•
,ellesolved,—That the holders of Spanish Foreign
injury ii, Stock have sustained great disappointment and
non-execution of the decree of Feb. 28,
np• in ex,h the
for the conversion into Active Bonds
of one-sixthamount annually, upon the basis of
s itearddoe
• - anc..e f
sive 'fifty peund.,is,
:or every one hundred pounds Pas-
Messrs.
_.y_to the public notices to holders,
Oct. 1, 1836, agreeably to
the latter to bear interest from
aZnudl u ect
oa.,and n
dEs. E. Pa
datera j a ,
jr. andulj
gi%ifveessnrsb.yJ. and -.11• j
15‘
2 R 18.
36.esolved, that this meoeftithif having confidence in,
his Excellency
the Regent
F.xeellency the the upright administration
Of Spam, and in the honour of
Mi-
nister of Finance, Senor Don Pedros
Stra y Rull,
consider that in order to obtain redress,e.iiisonEly re-
quire fairly to represent their case through
lency to the justice of the Spanish Govern Icel..
" 3. Resolved—That the Chairman is requested
ad-
dress the memorial now read to his Highness the Re-
gent of Spain, requesting his attention to the Bthe a
9th articles of the Decree of Conversion of the 16th Nnd
vernber, 1834, as affecting the Foreign Passive Bonrs
to the solemn engagement on the face of the Bonds, tO,
the two public notices above referred to, and to these
resolutions, of which a copy is to be sent to his Excellency.
"4. Resolved—That the Chair.nan is requested to trans
a copy of these resolutions to the Right Hon. the
Earl of Aberdeen ; also a copy of the memorial to his
Highness the Regent of Spain ; and to write to his Lord.
ship, begging that instructions may be sent to her Ma-
jesty's Minister at Madrid, to press on the Spanish Go-
vernment the long-neglected claims of her Majesty's
subjects, the holders of Spanish Passive Bonds."
The CHAIRMAN begged to ask, before he put the reso-
lutions, whether any gentlemen present wished to make
any remark upon them ?
Mr. TOMLINSON thought that Mr. Ricardo, the con-
tractor of these Bonds, ought to have been solicited to
attend the meeting—the man who had brought out those
Bonds, and had made a fortune by them.—(Hear.) These
who
had given these securities ought to be ready, with
the Chairman, to aid and assist the unfortunate Bond-

fi 38,250,000/. # 84,7150,0001.
II The Minister here means the annual budget would be re
lieved from the interest of the debt so cancelled.