The Sun.
London, England, 1846-11-28 00:00:00

SPANISH BONDHOLDERS.

The following letter has been received by the Com-
mittee of Spanish Bondholders in London from their
delegate, Mr. Henderson. It will be understood that
the civil expressions and promises of support to which it
refers must be taken as mere matters of course :

" Madrid, Nov. 18.
" Sir,—Mr. Bulwer returned last night from Aran
juez, and I had this morning my first interview with
him, when he gave me the most unequivocal assurance
of support, and proposed to present me to Senor Mon
to-morrow.

" I afterwards saw Count Bresson, and his promises
of co-operation were most satisfactory and cordial. I
feel certain that Mr. Bulwer and Count Bresson will
mutually lend their best aid and assistance to procure
a satisfactory settlement of the claims of the bond
holders. They had both seen Senor Mon on the sub-
ject, who had expressed to them his wish to come to
some settlement.

• " I roman yours very truly,
" JAMES HENDERSON.
" Dempster Heming, Esq., Chairman of the
Association of Spanish Bondholders."
In connexion with the above it will prove satisfactory
to the parties interested to learn that Mr. Henderson is
not empowered, so far as we are acquainted with the
nature of his instructions, to make any proposals to the
Spanish Minister. It is affirmed that the only object of
his mission is to procure some specific statement of the
views of Senor Mon. These views can then be sub-
mitted to the bondholders, and it will be for them to
deliberate on the course that should be adopted.

Whatever may be the arrangements which the Spanish
Government shall see fit to propose with regard to their
foreign debt, it is to be hoped that no new device in the
shape of a conversion will be in any way listened to by
the bondholders. That plans of this (escription origi-
nate solely as a cloak to fraui, is a fact which should
have been sufficiently impressed on the minds of English
capitalists by the experience of the last twenty years.
but recent events have shown that the lesson has not
yet been learned. The evil arises from not recognising
the difference between a debt due from an individual and
a debt due from a sovereign state. In the case of an
individual it is often prudent to agree to a conversion—
to take, for instance, new bills for long, dates and low
interest for a part of the claim, and to give a discharge
for the remainder ; but the reason which would warrant
the step in this instance would be wholly wanting if an
independent Government were the debtor. The indivi-
dual might require the conversion as a matter of pro-
tection, not only for himself but for his creditors, in
order that, after they had agreed to certain propositions,
it should not be in the power of any one of them,
who might be actuated by caprice or selfishness,
to cripple his exertions, and to break up the whole
arrangement by commencing a suit for the original
amount. But when a Government is the debtor,
the position of things is entirely different. The creditor
has no power whatever, and all that he can do is to take
what may be conceded to him. There can be no good
cause, therefore, to ask him to surrender the proof of
his full claim, and to accept a diminished bond in sub-
stitution. Whether the Government choose that his
claim shall be, active, or passive, or deferred, he is en-
tirely at their mercy, and when they wipe off 50 per
cent. of his principal, or pay him only half his dividend,

- • i
they can require no protection against any steps on his
part. The substitution of new forms must, therefore, be
intended to answer solely some private purpose of their
own, such purpose being simply to confuse the matter as
much as possible, and to obliterate from history the evi-
dences of their delir quency.
It must also be observed that the contrivance of pledg-
ing certain portions. of the national revenues as an in-
ducement to creditors to wipe off a portion of their claims,
on the ground of better security for the remainder, is no
less a delusion. The state must at all times possess the
control of the securities thus assigned, and it can sus-
tain no further disgrace in breaking this assignment than
in breaking its original bond, for the payment of which
, all its revenues are in honour alike liable. In no instance,

therefore, can anything be gained to the creditors by
these proceedings, while in those frequent cases in which
the scheme is coupled with some contrivance by which
a further contribution is exacted, the result is not merely
that they fritter away their claims without a considera-
tion, but that they actually incur deeper loss. In some
instances, also, another evil is produced. The simple
original debt having been converted into a variety of
shapes, such as " active," " deferred," &c., the various
portions afterwards change hands in the market, until at
length the holders of each begin to regard themselves
as possessing co,nfficting interests, and the energies
which should be devoted to a vigorous assertion of their
joint claims are wasted in constant bickerings with one
another. Hence it will be seen that a dishonest state
has reasons in every way to promote these proceedings,
and it would be marvellous that any person of the com-
monest business sagacity should be found to fall into
them, were it not that they are usually carried out by
firms of high standing, whose nomes appear to afford
a sanction for the soundness of the plans. Conversions
would seldom prove practicable if it were always borne
in mind that the houses in question act only as agents,
and that the prospect of a large commission is sufficient
to account for their exercise of zeal.—Times.

GLOUCESTERSHIRE AGRICULTURAL ASSOCIATION.
—GLOUCESTER, FRIDAY.—The fourteenth annual meet-
ing of this association was held yesterday. The exhi-
bition of live stock was very inferior as compared with
that of former years. In the evenemi nbgoefrt
shnefooabrnentrhut
eaßlwidaeigsntdne
ore
nnr
tookH aHall,
place,E s(l .under, M.P., o
nteh e
of the
presidencyth e
division of the county, at the King's Head Hotel.
The speeches were unusually dull and uninteresting,
and did not present a feature worthy of notice.
Draining, the present debased state of the agricul-
tural labourer, and leases, were the only topics
touched upon. Some parties were inclined to believe
that Mr. Grantley Berkeley would attend ; indeed,
a good deal of fun was expected at the Honourable
Gentleman's expense. Not one member, however, of the
house of Berkeley was present, and Earl Pucie, the
principal prop of the association, was, through indispo-
sition, absent. The health of the latter gentleman was,
however, received heartily. At the close of the meeting,
Mr, Clifford, of Frampton, near Gloucester, alluded to
the subject of leases. Some of his opinions were com-
batted, and there appeared an evident desire on the part
of several tenant farmers to speak in opposition to his
views. The chairman, however, together with the lead-
ing members present, who thought, we suppose, discre-
tion the better part of valour, vacated the chair while a
voung farmer at the bottom of the table was attempting
to address the chair. The party separated at eight o'clock.
HER MAJESTY'S BUCK-HOUNDS.—THE YALE OF
AYLESBURY.—The meet of the Royal stag-hounds, on
Wednesday, took place on the farm of Mr. It. Marks,
at Denham Hill, near Quainton, the celebrated deer,
Favorite, having been selected for the morning's sport.
After a short run under the hill, in taking a double-
railed fence, near the church, the deer fell and dislo-
cated its shoulder. The hounds were then taken back
for Aylesbury, and a second deer (Strideaway), upon
being uncarted near the town, took away in beautiful
style towards Whitechurch on to Stukely, and was taken
near Littlecoat, after a splendid run of an hour and ten
minutes.