The Sun.
London, England, 1846-09-14 00:00:00

'G2 -

' THE LAST STROKE OF PORTU-
GUESE FINANCE.
(From Douglas Jerrold's. Weekly Newspaper.)
We have been used to every irregularity in the pay-
ment of debts owing by Spain and Portugal, and by their
descendants in the New World, till we have considered
it a mathematical impossibility for 20s. in the pound
to proceed from a nation of Peninsular race. Sus-
pension of interest for a long period of years has been a
thing of course, and it is a familiar spectacle, that of a
mob of disappointed creditors assembled at the top of
the London Tavern in the very middle of July, on pur-
pose to receive some proposition for giving them one per
cent. instead of five.

- But in all these tricks of the Spanish States, there is
something of the assumption of virtue, if the virtue itself
be wanting. It is doubtless very disagreeable to go up
the stairs of the London Tavern, and vote away four-
fifths of the interest at which you have lent your money,
but still there is something of decency in the trans-
action. The propositions may be mean— despicable—'-
fraudulent—the facts on which they are based may be
no facts at all—for who shall attempt to check an
account of the resources of New Granada or Ecuador ?
But, at all events, the bondholders are asked to consent
to them, and if they refuse, which, with all their for-
bearance, they will do sometimes, the despised terms are
sent packing across the Atlantic, there to be trimmed
into more acceptable shape.
In a word, we are used to be swindled by the
Spaniards, but when the swindle has been perpetrated,
we have always been consenting parties. We have lis-
tened to tales of woe, referring to anarchy and war, and
tales of hope, to the effect that anarchy and war would
be no more, and we have agreed to endure a dark past
when so bright a future seemed to dawn upon our vision;
generally we have grumbled and yielded • and shown a
little prudery with respect to the first Catch of terms,
that we might with more dignity embrace the second.
But Portugal comes out with a financial coup, that
strikes even the experienced Briton with surprise—so
consummate is the impudence of the measure. The
Portuguese Government, looking over its accounts, dis-
covers that it is much more convenient to pay four-fifths
than five. fifths of the interest on its foreign debt. The
old method, as we have said, would have been to convene
a meeting, and implore the creditors, in the name of
humanity and suffering virtue, to take a little less than
their due. This method, as we have also said, involves
the chance of a refusal, and therefore Portugal invents
a bolder plan. She asks no questions, but goes to the
point at once, by levying an income-tax of 20 per cent.
on the interest paid on the foreign debt.
We ask our readers to lay their hands together, and try
to conceive a greater piece of national villainy than this.
In our experience, and we have watched foreign stocks
not a little, it is the greatest. atkuait4.t .atrwar.,-ever re-
center! in the history of finance. 'even 0, 4tikbippi had
the decency to get up a trumpery doctrine, the substance
of which was, that the dishonesty of the agent who sold
the bonds articled the claim of a bond fide purchaser.
The doctrine was the merest rubbish in the ears of all
men of business, but still, just as Robert Macaire's hat,
in spite of its batteredcondition,was—encore un chapeau,
so the Mississippi excuse was an excuse of some sort,
and showed that the Governor had a notion that a state
should not commit a robbery without attempting to be
plausible.

Portugal has no decency whatever. She coolly de-
clares that she will henceforth pay the foreigners who
have advanced her their money, and who have, of
course, no voice in her Legislature, one-fifth less than
is actually their due. She does not " hope they will
agree " to the plan—but the will—will—will pay no
more.

The creditors of Portugal are going to hold a meet-
ing to express their indignation and disgust, and a grand
row," no doubt, there will be on the occasion. Indeed,
there ought to be a " row," for if the defrauded ones
search their dictionaries for all those terms of vitupera-
tion in which our language is so wealthy, and bawl thcm,
out till the walls of the London Tavern are ready tr,
crack, it will scarcely be commensurate with the great-
ness of the wrong. They have got not only to fight
their own battle, but to defend the very principle of in-
ternational credit. If a nation can borrow money of a
foreigner, and then arbitrarily reduce the rate of inte-
rest which she has contracted to pay, the word " national
security" becomes a mere mockery. If Portugal can, at
pleasure, knock off one- fifth from her liabilities, what is
to hinder her taking a legislative sponge and wiping out
the other four?

THE POST-OFFICE.— NEWS-
PAPERS.
TO THE EDITOR OF THE SUN.
SlR,—Allow me to call your attention to the follow--
ing case of the arbitrary manner in which the business
of the General Post-office is conducted, and of the unj:ast
treatment I have received. Yesterday morning I sent
three sacks of newspapers, in a cab, to the Post-ofcme, to
be forwarded by the day mail. Fleet-street, being
blocked up, they had, as usual, to work their way- through
the back streets, and on coming out of FD•fringdon-
street, to go up Ludgate-hill, they found, ur_expectedly,
that the paviours had just stopped that roa,:i, which com-
pelled them to return through Farri:az;aon-street, and
when they reached Newgate-street was impassable,
owing to the large number of cart's &c., and they were
obliged to pass through Smithfield.* In consequence of
these repeated interruptions, the.. cab did not reach the
Post-office till three minutes :rifer the time allowed for
receiving papers. My men, begged of the receivers to
allow the papers to go, explai-ning the cause of being be-
hind time, and ultima,tely got them taken in, with the
understanding that they should go by that post; but,
judge of my surprise when, at ten o'clock last night, the
enclosed letter was sent to me, by a customer at the
West-end, who had received it by the eight o'clock even-
ing delivery.

" General Post-office, Sept. 12, 1846.
" Sir,--I beg to inform you, that nearly two thousand
newspapers, from the office of Mr. Wild, Catherine-
street, Strand, arrived here this morning too late' to be
forwarded by the day mails. Same of them, from their
superscription, appear to have been sent from your office;
if, therefore, any complaints are received by you of delay
of papers posted for the morning mails of this day, you
will at once be enabled to ascribe their detention to the
proper cause.—l am, Sir, your obedient servant,
" JOHN RAMSEY.

" Mr. Houghton, 162, New Bond-street."
Now, what I complain of is—first, the arbitrary con-
duct, well knowing, as they do, of the interruption of the
thoroughfares, in allowing two thousand subscribers to
be disappointed of their papers for so trifling an. excess
of time, the more especially as they had not sent all
those up to the sorting-room that were received before,
as the men were busily engaged sending them up, and
mine were put along with them for that purpose. Se-
condly, I complain of their writing to others about the
papers being too late, and yet sent me no intimation of
the fact, who certainly ought to have been the first to
hear from them, and have had an opportunity of writing
by last night's post, and explaining the cause to some of
the disappointed parties. Thirdly, I consider myself un-
justly treated by their taking in the papers and then not
letting them go, because had they come back to me,
there were a very many I could have sent by railway,
coach, &c., and the agents and others would have re-
ceived them the same morning, the expense of which,
would have been nothing compared with the vexation
and loss of papers rendered useless through not reaching
their destination in proper time. Should you thinit the
statement worthy a place in your paper, it will perhaps
be the means of preventing a repetition of such unfair
conduct.—l remain, Sir, your obedient servant,

L. l3, Catherine-street, Strand, Sept. 13, 1846 .WILD.

CRISKETTING IN HYDE PARK.—On Friday even-
ing, the Foot Guards quartered at the powder magazine,
Hyde Park, proceeded, according to custom, to play
cricket on a piece of ground in the park, adje,king the
magazine. But they had scarcely pitched their wickets
when they were ordered off by one of the constables, who
said he would not allow them to play there. The
soldiers remonstrated, and assured the constable they
were in the habit of playing there without any molesta-
tion. A crowd that had assem.'oled, seeing that the
constable was determined to prevent the soldiers having
a game, commenced hooting rAnd pelting him, when the
soldiers, dreading that wo,:cse results might follow, very
prudently withdrew,
.assuring the constable that they
would lay the matter before their commanding officer.
INTERMENTS IN CHURCHYARDS. ST. Ames.
WESTMINSTER.—Yesterday, the following requisition,
signed by thirty-three inhabitants to the churchwarden%
of St. Ann's, Westminster, was posted on the church
doors,
with a notice from the churchwardens, that they
will lay it before the next vestry:—" We, the under-
signed rate-payers, deeply impressed with the necessity,
from the state of the burial-ground and the churchyard,
for preventing any more interments therein, as injurious
to the health of the neighbouring inhabitants, respect-
fully request you to convene a public meeting of the in-
habitants, to consider of the propriety of closing the
burial-ground, or to take such other steps as may be
in
habitants.
To necessary for the well-being of the
, To the churchwardens of the parish of St. Ann's, West-
-1 minster." The churchyard abuts on Rupert-street, and;
the vicinity is closely populated.
THE PENINSULAR AND ORIENTAL STEAM NAVI-
GATION COMPANY'S NEW STEAM-SIIIP POTTINGRR.—
This fine vessel proceeded down the river yes'.erday
afternoon for another trial, her trim having been cor-
rected by as alteration in the stowage. Her
in perform-
ance was the highest degree satisfactory in every re-
spect, not only to her owners, but also the numerous
scientific gentlemen who were on board, including the
Admiralty surveyors, by whom she was approved for her
Majesty's mail service. The Pottinger has gone round
to Southampton, whence she will start on the 20th inst.
with the mails and passengers for India.
DEARTH OF SHIFIsiNG.—The prevalence of easterly
winds for a e'Asiderable time past has prevented the
homeward bound fleet, which have arrived in the chops
of the Channel from the East and West Indies and other
distant parts of the globe, from rounding the coast, and
arriving at their respective destinations. The conse-
quance is, that the great dock establishments are at the
present time unusually slack, and devoid of import busi-
ness and commercial bustle, the few arrivals that daily
take place consisting principally of steam-ships from the
Continent, and other vessels from the adjacent ports of
Exrope.
DOVER, SEPT. 134,--A most disastrous fire took
place yesterday afternoon at Tower Hamlets, about a
mile from On place, consuming eight stacks of corn and
three of straw, of the value of about 9001. The above
were the property of Messrs. Going and S. Finnis,
merchants of Dover, and were insured to about half the
value only. It is understood that the conflagration was
caused, as is too often the case, by some boys at play
near the stacks igniting some lucifer matchets by
'the de-
' cident. Every endeavour was made to
vteoruirailns,galellwemasenoti„
nbouatvaifrir
undthe o
both
hry cornna nature of
straw
we
totally consumed. werein a"