The Sun.
London, England, 1841-10-05 00:00:00

HERALD.—Nothing positive has yet transpired fur-
ther than what was known before respecting the discre-
ditable operations in Brazilian Stocks by which the credit
of that empire has been nefariously trifled with by un-
principled speculators who, by some means or other, be-
came cognisant of the fact that the funds were not
forthcoming, or were kept back from some cause or other,
for the payment of the dividends on the Ist current.
It is, however, understood that some of the habitual
dealers in Brazilian Stock on the Stock Exchange
are on the scent of the parties who were the chief
operators there, and, from the brokers employed, it
surely cannot be impossible to get at the principal
or principals, if more than one. In some quarters the
party, for some affect to believe that one party only was
concerned, is already guessed at with, it is conceived,
tolerable certainty, but whether the guess be founded on
any evidence more or less direct, or is merely presumed
from former disreputable transactions of the same kind,
and the consequently damaged character of the person,
does not appear. The various loan agents of the Bra-
zilian Government will be and are no doubt anxious to
forward the objects of inquiry, and to afford every in-
formation in their own power which may assist in arriving
at practical results, for such is not only the straightforward
course of their duty, but also it is a matter which would
seemto concern their own interest and reputation, as capita-
lists and loan-contractors, that the credit and honour of
Brazil should not be suffered :o be idly or fraudulently
sported with by any party who by chance, or from some
necessity real or imaginary, was so far admitted behind
the scenes as to become cognisa.nt of what was going on,
and therefore was aware of the probability of the non-
payment of the dividends. That the confidence of 'the
Brazilian Minister has been abused, and the embarass-
ments of his position taken advantage of in some unscru-
pulous manner, there can be no question, whilst it will
not be denied that the result is a " heavy blow and great
discouragement" to the credit of Brazil.
POST.—The Morning Chronicle has systematically
defended for some time past the injurious conversions at-
tempted to be forced by non-paying States on their fo-
reign creditors, and its countenance of such proceedings
has, we do not hesitate to say, greatly damaged the in-
terests of a vast number of British subjects who have un-
fortunately allowed themselves to be ensnared in the
toils laid for them by foreign tricktt 3rs. The Chronicle
has done its best within the last two or three
weeks to justify the alleged attempt of Senor Rull
to put the Treasury billholders of Spain upon a
footing of equality with the holders of the ordi-
nary stock. We have shown over and over again
that the special guarantees of the Treasury bill-
holders are such as to entitle their claims on the Spanish
Government to be considered apart from those of the
general mass of creditors. There are but too many in-
stances of broken faith in the. case of the ordinary claims
of foreign bondholders on record, but any lapse as re-
gards Treasury paper was unknown until Spain and Por-
tugal gave us examples. Portugal has some amount
standing over, as well as Spain, but Portugal has, at all
events, done herself the credit, and foreigners the justice,
to pay up the interest accruing upon her Treasury bills
with the strictest punctuality. bpain has paid nothing,
anti when it was given out that the Treasury bills issued
through her Ambassador and Sir Jsaac Lyon Gold-
amid were to be confounded with the interminAble
clainis of the general creditors in a three per (sent.
scheme of capitalisation, and the act was loudly com-
plained of, the Morning Chronicle gratuitously stepped
forward as an approver of the measure. What, then,
must be the mortification of the conductors of that paper
to find that Senor Rull, however much he may have laid
himself open to censure by the long silence he has ob-
served upon a subject so vitally affecting the honoUr of
his Administration, repudiates with expressions of scorn
the advocacy they have volunteered of the criminal in-
tention ascribed to him ? Senor Rull has never, it
seems, once contemplated any reduction of the amount
of the claim of the Treasury billholders.