The Sun.
London, England, 1823-09-17 00:00:00

Moxost proceeded to say, that he and others, as mem-
bers of the Stock Exchange, had been assailed by very. unjust
imputations; bin they had really, in the course of this matter,
been rather the dupes of communications made to the house
titan the originators of them. lie had not thought it necessary
to solieit,any person to become Chairman on this occasion, for
the chances were that lie would, have met with a refusal. He
held in his hand a string of resolutions; in the sentiments of
which it was, he thought, impossible for the meeting not to
concur. Lest, however,•they should fail to carry conviction'to
the minds of those whom he was addressing, a second- string of
resolutions had been drawn up, which were jocosely imagined
by those from whom they emanated,: as being precisely what
the contractors themselves would sanction, if they proposed a
set. of resolutions. The meeting would thus be placed in' the
dilemma either of passing by acclamation the . resolutions he
should first propose, which:were founded on state papers,- or of
agreeing to the second set,, which were drawn up as if they came
from the contractors themSehres. The...Honourable Gentleman
then. proceeded to defendhimeelf and hie friends agiiiost certain
imputations which he averred had been cast against them as mem-
bers of the titock,Excluinge, and declared thet so far from wish-
ing to disparage Colombian Stock, he attended there to show,
that if the• holders. of the bonds looked after their interest,
they would find their securities were worth something, and
that something tangible in England. He could assure the
meeting, if he did not prove that his resolutions were founded
pn undeniable state papers, he would not put them to the vote.
The 119 n. Gent. then proceeded to read a string of resolutions
to the following effect :—The first set forth, that after duly
considering the decree issued by the Colembian Senate in Con:.
gress on the 19th of June, and various passages to be found in
the publication* called the " Code of Laws of Colombia," all
tending to the same effect, and issued at different times, the
meeting were of opinion, from such a series of acts, all con-
ceived iu the same spirit, that the Celombian GoYenvieent had,
for a long time past, shown very great repugnance against ra-
tifying the Colombian Loan. The. 2cl resolution, after point-
lag put certain discrepancies between the communications made
by Mr. Jones (the agent of the contractors in South 'Anierica)
as to the certainty of the loan being ratified, and the informa-
tion subsequently received, declared that the Meeting could not
refrain from expressing their asopisbment, that the txmtrac-
tors, with agents on the spot, should have made commimico.:
tions ao much at variance with decrees emanating from the
Colombian Government. The 3d resolution set forth, that
the .contractors- for 'h this' loan having, through the negligence
or ignorance of their egents, made communications so very
different from the decrees of the Colombian- Government did
pot deserve the confidence ef the .stockluilders. The 4th reso,
lution deelared, that the-meeting having strong grounds of
apprehension, thitt. an unfavourable derive, totally withhold-
ing the repayment of the loan winch had been negotiated for
2,000,000, might-pass the Colotnbian Congress if it had not 'al,
ready, was of opinion that the bondholders ought to arrouse from
a state of supineness towards their property, and endeavoin to
create a spirit in the Goverrunent .of Colombia with respect to
that loan, which could not he looked for under the present cir-
cumstances. The nth resolution 'stated, that the meeting hay;
ing duly considered the tenacity with which the. Government
refused to- ratify this loan, - svatt of opinion,
wilsi,for Ole fundholders to ;eke their property
otiftothe bblbefits p ia had
into' their own hands, and place it under the care of trustees.—
The Pith resolution set forth, that by way Of preliminary mea-
sure.' the contractors be requested to,pay into theßank.of Eng-
land, on the 20th inst., under the direction of trustees, the sum
of 292,8921. 10s. od. sterling, and likewise to deposit in custody
M
of the same trustees, 'b4,4.1. .. W. Colombian bonds, which bonds
lutd•not been *kiwi. such amount of money and bonds appear-
ing, on the 17th of January last, by an account under the an,
thority of the contractors to be in their hands. The 7th Reso-
lution solicited the four members representing the City in Par-
liament, to undertake the said twat. The lith• directed, that a
Committee of gentlemen should be appointed to carry the pre.

•
Mr. R. Moxox, jun. observed, that whatever lie had said
in public, he had said. fearlessle ; and lie knew well, from
private sources, that whit he had advanced would be borne out
to the very letter. lie had, within the last ten minutes, learned.,
from a merchant, who was connected with the Colombian Go-
vernment, that the loan never would be ratified by that Govern-
ment. He did not want to depreciate the property.--(Laughter,
and cries of " 'name.")—He was not tit liberty to name the in-
dividual, and therefore he must refuse the challenge.
Mr. POWLES said, it seemed to him to be highly indecorous
and irregular to discuss an act of the Colombian Government,
before it was completed. The resolution was erroneous in
speaking of a decree of Congress. There was no such thing.
—The members of the'administration were not members of the
Congress; and though the decree in question had gone through
one branch of - the' legislature, it had still to be sanctioned be
two others. That decree might be greatly modified ; and,
what was of 'ninth importance, it gave to the executive
Government complete power to liquidate this loan, with a
due regard to. the rights of all parties. The bond-holders
had to wait until the measure was completed by the Colom-
bian Government, and then, and not till then, could they
judge of the intentions of that Government. If they looked
to the decree, they would ad the line chalked, •by which
the business could be satisfactorily arranged ; because it
expressly' said.; that the existing obligations might be allow-
ed in any new loan which might be agreed on. There
were many different parties connected with this loan.—
' Ist, The Colombian Government% 2d, the Minister who
negociated it; ad, the Contractors; and, 4th, the Bond-,
holders. Each of these had distinct rights and functions ; and
they could not be mixed up with each other without producing
the utmost confusion. The decree, qs he said before, might
be modified ; or, as was; expected, an act might be passed with
reference to a new loan, and thus the question between the Co-
lombian Government and the bond-holders. would be put an
endio. The Hon. Gentleman then proceeded to show, by
extracts from a letter of Mr. Jones, the agent, that the con-
tractors had acted in the most cautious manner. The whole of
that letter he would not read. If communications with the
Colombian Ministers and Senate wore to be divulged, and it'
names were to be published, it would be impoesible for 'tirir
agent to procure Information.' Mr.- Jones wrote, that on
the 29th of April lie was informed by the Colombian Mi-
nisters that " the ratification was proceeding slowly, but
that it would be.concluded before the end of the sitting of
Congress." Now, if Ministers had told Mr. Jones this, what
better information could the contractors have laid before the
bond-holders ? lie now begged leave to say a few words on the
part of a gentleman Who could no longer answer for himself.
Ile meant Mr. Zee. This he was not called to do, with re-
ference to the situation in which they stood us to the loan. For
if Mr. Zen was the most profligate of Ministers, their contract
would remain as good as if he were the most virtuous. If he
ran away with the money and converted it to his own use, still
their claim on the Government remained. To show the ful-
'TIM of Mr. Zea's powers—powers that never were withdrawn
from him to the day of his death—he would read a few dneu-.
meats. Here the Hon. Gentleman:Tad an extract from a de-
cree issued at Angostura, on the 10th of January, 1820, by
which Mr. Zen was authorized to undertake any project that
appeared likely to benefit the republic.] The next document,
he was sure, lied not been laid before the Colombian Congress';
because no public body could meet tostate knowingly that which
was not true, and the docurneitt in
mate
was opposed to
certain statements that bed been made in Congress. To ac-
count for its not having been produced; it was only necessary to ,
observe, that, in 1819 and 1820, tire meat of Governmeot was at
Angostura, that. the seat of the capital at present is 9,000 miles
from that place ; this removal, together' with the want of or-
ganization, most probably prevented the document from being
eubmitted to Congress. Another unfortunate circumstance
was, that the Ministers, Bolivar 'and Itavenga, were totally
absent front Congress. The document in question was dated
Angostura, Dec. 24, 1810; and was addressed to Mr. Zea. It
set forth, that though the republic Was in a flourishing condi-
tion it stood in need of certain supplies. It went on to say,
" the advances for,those articles may be sought for from the
.loverrtnients most favourable towards us, or from capitalists
who will advance money for those supplies, orfor what you may
want for your own expences. For such advances the. Gover-
nment will give 10 per cent. per annum, secured on all the lands
of the Itepublic."—( Fleur )—This was explicit. And he would
repeat, whether Mr.. Zea went beyond his instructions or
noPate,ttli tiettl nditifhlers had nothing to do
with it. It was a
qtiestion entirely between the Government and himself. The
Honourable Gentleman then took a review of the instructions
Feven to 31r. Zea with respect to his intercourse with England,
rance, Denmark, Rc., antLvointeti out the mode he took when
he came to this country to liquidate the debts previously con-
tracted by his Government, and thus to rescue her credit from
suspicion. The interception of his dispatches was the greatest
passible Misfortune : for, in their absence, the worst rumours
were circulated to...his • disadvantage,' Ile said thus much to
show, that this was throughout a bona fidetransaction. Mr.
and, from that period
Zea's powers, he contended, were never withdrawn, so far as
4.3Mira.cizeci4n vii.aslaree;htiplowed negociating
this loan was concerned. The Colombian Congress said, first,
that he had applied his powers to that which was nevexintended;
and next, that the constitution was a virtual repeal of those
. do
away powers which were given in
Ptouwd:ers.dayirolifishisimtlenaw4
the first place, not a word was
nulment of his powers by
a great constitutional
important treaties. How could it be saidy that a constitu-
thai could at once
the, face of the wozrleda.
opthe
an
ever stated to' Mr.
It was sug_
reaking• an alteration in Mr.
the Ccinatitution. Rot it it did annul them h. ~
, -ow too tt auect
them ? He bad taken the opinion of
‘l,esaiteyedr,rifSteirT J4mienssL.A.Allagitiinntr
th,atoeit Vosori eabteloP•
well if• he were .
asked whither a constitunou,
Zeti's powers, would aireci. the fund-holder? And he was
of
opinion that it.would not; because the parties were not bound
to know that the Coustitution. would revoke those powere
This was quite Clear • for you never could treat with the rep.re-
sentative of a distant Government, if a change the _4.4)r
copikitution of his country, ;pending the riegociatioZ,-
had been entered into; and
41: as to
deetioy his powers. What: mattered. it to the fund-holders if
the constitution were changed, when the original. powers re.
ohs afterwards. Under all
rnained, and were as full as they court be given to any person
the circtunstance*,
He. would say, that the .consUtution never cants before Con-
grass until long after the cootraet
lee did not read It until two
adjourn the
Meeting.
when bear a very different
L0tr0.4134.
olbiegetuirvedvitte,
tilhaditienf9uindtla•ylisoltidieerctiotniunibiun
stock
had fluctuated no less that 145 per cent.
billl:lrir.lit;tociviAtotweooutild,argued, that the documents referred to
interpretation. It wicgtote clear_ that the instructions of Mr.
to be laid out in procuring supplies, which were particularly
Z'A were limited, mom' he was authorized to raise was