The Sun.
London, England, 1846-10-21 00:00:00

Tampico Custom-houses, the same export duties on
silver from the Pacific, and the same 117,708 dollars
monthly from the tobacco revenue, with the advantage
to the Government in reference to the period at which
the interest should commence, as already explained.
" Finally, my instructions authorise me to consent to
the augmentation of the redemption fund of the Active
Bonds to 250,000 dollars per annum, secured on the to
bacco revenue (the only point which is not strictly
within the limits of the decree of the sth of March), but
this augmentation, as it has been already seen, did not
exceed the sum of 87,000 dollars per annum, and was
compensated for to a certain extent by the advantage
secured on the interest account. Before leaving this
point, it is well worthy of remark that the dispatch of
the Minister of Foreign Affairs, to which I have before
alluded, owing to an error in underrating the annual in-
terest of the Active Debt by 97,913 f dollars, actually
states the amount left free for the redemption fund
of the Active Stock at 260,000 dollars; so that, in
point of fact, I did not provide a larger redemption fund
for the whole debt than was clearly contemplated by
the Government. , It is therefore clearly and absolutely
proved that the arrangement adopted by the creditors,
and carried into execution, is nothing else-but the same
decree of the sth of March in another form (securing the
advantage already alluded to relative to interest, and also
that very important one, of having in circulation but one
class of paper); and that, as well for adopting such new
form as fcr the augmentation of the redemption fund, I ,
was fully and amply authorised. That I, then, have not
in any way transgressed the powers I held from the
former Government, and that the conversion of the
Mexican debt has been accomplished in strict accordance
both in fact and principle with the decree of the sth of
March, is a thing beyond controversy. Such being the
case on one hand, and it being also unquestionable on the
other, that no Government, legitimate or not, can destroy
the acts of the preceding:Government involving contracts
or agreements; that the conversion is really and incon-
testably of transcendent advantage to the nation; that it
is now consummated, the greater part :of the Lizardi
paper having been already converted and cancelled; that
to restore that paper again and recal the new bonds is
now a physical impossibility, even although the right of
doing so existed; that the creditors of the nation cannot
be made the sport of our constantly recurringrevolutions
and changes; that, even bad I exceeded my powers, this
would have been a matter for which I should be per-
sonally answerable to my Government, but could not set
aside the rights of the bondholders, especially as there is
no correctness in what is alleged in the dispatch I am
replying to—namely, that by the publication of the de-
cree of the sth of March they knew the extent of my
powers, because those were comprised in a separate do-
cument, which has never been published ; that these
things all tend to lower my country more and more in
the estimation of the world ;—for all these grave and
well-founded reasons I had deemed it necessary, as
stated at the commencement of this dispatch, to abstain
from publishing the measures which have been adopted
with a view to annul the conversion, in order that by so
doing an opportunity might be afforded to the Finance
Department for a further and more attentive considera-
tion of the subject, which would no doubt lead to a re-
vocation of measures adopted in my opinion too precipi-
tately. But as another party, to whom by a most strange
proceeding a copy has been furnished of the communi-
cations addressed to me as the Minister of Mexico, has,
without any known official character, caused the same
to be published, I, who have an unsullied character to
maintain, especially in a country where I have resided so
long, and where I have received se many marks of dis-
tinction,—l, who am unjustly accused of having trans-
gressed my powers, of having set aside the cardinal
points of the decree of the sth of March, and of having
consented to an arrangement which considerably preju-
dices the interests of the republic, whereas its effect is to
reduce the foreign debt by nearly five millions, the in-
terior debt by full five millions more, and to give to
Mexico 1,600,000 dollars, in money,-2I shall, although
with deep reluctance, publish this very communication
which I now address to the Finance Department, because
such a course is what justice and my own rights demand.
" I do not dwell on the contents in general of the com-
munications I am replying to, but I shall make a few
short observations theron. Neither in my dispatch of
the Ist of June, nor anywhere else, have I made those
calculations about a reduction of 50 per cent. which are
gratuitously attributed to me. The calculations to be
made, as much on the decree of the sth of March as on
the arrangements actually accepted by the hondholders
and with reference to the amount of Lisardi's debt, are
of a very different description.
" Those calculations would, in either ease, show a re-
duction of 27 and a fraction per eent. As I said before,
my powers did net contain the restriction mentioned in
that dispatch under reply. So far from the object of
the former Government being to introduce restrictions, it
was their view to enable me to settle the business at once,
to as to avoid the necessity of my sending it back a
third time to Mexico, as I had done on two previous
occasions, in consequence of my fear of doing what
perhaps I might not be strictly authorised to do.
" I shall make one more observation on this business.
The removal of a Minister Plenipotentiary is not an at-
tribute of the Department of Finance. I cannot, there-
fore, see the object of mixing up this measnre with the
others concerning the conversion.
"In conclusion, although a humble individual, I will
take the liberty of giving advice to those who may be at
the head of the Government of my country. Let this
extravagant measure be revoked, and let the engage-
ments entered into with the creditors be fulfilled, inas-
much, at least, as may be within human possibility under
existing circumstances. Thus, and by a similar conduct
in all the other affairs of the republic, a proof will be
given to the world that the object of the last revolution
is really and sincerely to enter upon a new order 'of
things which would be regular, just, decorous, and
worthy of respect.
"Let this be assiduously and uprightly sought for,—
there are elements in the country which will make the
task easy, but it might be a bad beginning if the rulers
suffer themselves to be deceived and influenced by false
representations and perfidious counsels.
" I have the honour to be, &c.,
"THOMAS MURPHY."_