The Sun.
London, England, 1824-02-20 00:00:00

absolutely annulled ; and] where they declare that the whole of '
their debts to British subjects, for goods and money furnished,
do not exceed 15 or 20 per Cent. of the amount of such pretend-
ed loan—which debts they resolve, after a due investigation now
about to be entered upon, shall be honourably and liberally dis-
charged—in this case, I say, instead of finding the papers called
bonds,in theproportion of Spanish, standing at one half of the rate
of money actually paid, they bear a price, at this moment, not
less than three times the amount of the sum ever received from
all classes of persons in this country, by the Colombian Go-
vernment.
If a Capitalist in this country wished to employ a large sum
of money in the purchase of Exchequer Bills, or upon
mortgage or security of landed or other property, common pru-
dence would urge him to ascertain that the securities were the
genuine issue of the Government,—or, that the Estates, or ra-
ther property, were unincumbered, the titles good, and that
they were not only not actually clogged with suits at Law or
in Equity, but that such suits were not even to be dreaded.—
Leaving all actual difficulties out of the question, the existence
of doubt, or the apprehension of difficulty, in either one or the
other case, would probably deter him from parting with his
money. In the case of the Spanish Bonds this doubt or dread
o' difficulty does properly deter Capitalists from advancing mo-
ney upon them, even at 2.s—and the man who should do it,
would be set down for a madman. What, then, can be said of
that man, who, being offered what is described as an Exchequer
Bill, but which the Government have publicly declared to the
world, is an imposture, and that they have cancelled, and will
not pay it, having passed an Act of Parliament to that effect ;
or, being presented with the title deeds of an estate, from which
the seals and signature are torn off—should still freely advance
his money to the amount of one half, or more, of the nominal va-
lue of such defective security ? Yet, strange to say, there are men
in the City of London (whom I could name), Bankers, Mem-
ben of that body, proverbial for their caution, who, for the
sake of a little more than the current rate of interest of the
day, have advanced mosey, and largely too, (I believe I may
say hundreds of thousands of pounds), at the rate of 50 per
cant. and upwards, on the security of those pieces of paper
called Colombian Bonds ! But I may be mistaken. It is, per
haps, on the personal security of those who have pawned them,
rather than on a deposit of such valuable property, that their
own funds, or those of their customers, aro thus beneficially
employed ! What, I would ask, will be the position of this
Host of Pawnees, if another fall in the price of this commo-
dity, such as that of the 29th and 31st August, and many pre-
ceding ones, should take place ? Between the 29th and 31st
August, the price fell from 68 to 44. Do those Gentlemen
think, that, if a panic take place, they will be able to realise
10, or 50, or even 40, for the enormous amounts so held ? Let
them not deceive themselves on this head. It may be well for
them to reflect upon the matter before it be too late.
Much has been said of the effect that will be produced upon
the value of all the Stocks of South America and Mexico,
by the recognition of the independence of those coun-
tries. Persons were even found so little versed in diplo-
macy and state management, as to suppose that the
late Speech from the Throne was to announce this for-
' mal recognition. Such persons will doubtless have experienced
a disappointment proportioned to their ignorance of the prat-
tics on those occasions. But, supposing the fact to have been
' so, and that so great a departure from the policy hitherto pur-
sued with regard to those countries had taken place, as
it was believed, or affected to be believed, would be the
case, what reference could that have to the papers called
Colombian Bonds ? It could not be the want of a formal
recognition of Independence that has led to the reduction
in their price; else Chilean Bonds would be just as low ;
and the paying a premium on the Mexican Loan would
' be an act of egregious folly. And, by a parity of reasoning,
• Spanish Bonds would bear a high value, since nobody enter-
tains a doubt of the Legitimacy of the Spanish Government.
To sum up : Spain has received 45 to 50 per cent. of her
Loans—but there is a dread of her anullinf them, and there-
fore they are at 25. Colombia has received 15 or 20 per cent.
of the amount of a pretended Loan charged against her—she
has absolutely annulled that transaction, and therefore the
value is 70 !
Ye men of Poyais ! Let not your spirits fail ;
Your case is not so des 'rate as ye think.
London, Feb. 19, 1824. SCRUTATOR.

PRICE OF STOCKS
THIS DAY tT TWO O'CLOCK.
India Stock .................. 277
India Bonds .................. 795.
South Sea Stock .......... 103 i
Old Annuities ............... 92
Ex. Bills ..................... 44 49
Ditto Small ...................
Bank for Act. Act................
India for Con. Acct.......—
Cons. for Act. 91jiii

Rank Stock 237i 238#
3 per Cent. Red 921 91i 92;
3 per Cent. Cons. 9lai#
3# per Cent 1001 101
4 per Cont. i Old lo2k
t New lo6li
5 per Cents. 1797
Bank Long Ann.. 221 9-16tha
Imp. 3 per Cants. 91a

PRICE or FOREIGN STOCKS ix LONDON, FEB. 20,

AT ONE o'cLocx.
French c Fire per Cents. 99/.
I Scrip, Hi pm.
Six per Cents. 00.
Five per Cents.,(Metallic) 00.
Ditto New 94i.
Five per Cent. Bonds, 84.
Scrip, 9i prem.
Fire per Cent. Bonds, 1820, 00.
Spanish Ditto 1821,24 f.
Ditto 1823, 181.
( Five per Cent. Bonds, 95i.
1 Prussian Ditto New, 94
Danish Five per Cent. Bonds, 00.
Partucuom 94
Peruvian New Loan, 00.
Chili 80k.
Colombian Six per Cent. Bonds, 69i.
Maxima Loan, 7i prem.
Poyais f 00.

Russian

Nenpolitan
Austrian

New, 3i.
Hallett'►., i prem.
Anglo, 8 prem.
Bank Shares £23 10s.-114.
Seven per Cent. 94-95.
Six per Cent. 94-101.
Five per Cent. 00-000.
.Three per Cent. 76A 77.
—.........
PRICE OF IRISH STOCK, FEB. 17.
Bank Stock 2591 Grand Canal Loan, 6 p.ct. 68
Gov. Deb. 3i per cent. — Ditto 4 per cent.... 44i
Stock, 3 per ct. 98i DittoStock —
Gov. Deb. 4 per cent. Royal Canal Stock 26i
Got. Deb. 5 per cent. -
-Stock, 4 per cent. - Do. Deb. with Gov. Sec.... -
-New
Treasury Bills, 5 per cent — Do. 6 per cent.
City Debentures, 5 per ct — Ballast Office Govt. Sec.
Lying in Hospital 4 per ct — 4 per cent.
Exchange on London, Feb. 16, 84.

Milligan Miss

American

HIGH WATER AT LONDON BRIDGE TO-MORROW.
Morning. 40 minutes after 6. 1 Evening, 7 minutes after 7.