The Sun.
London, England, 1857-04-16 00:00:00

P_ERUVIAN BONDS.

The following letter relats to a new attempt
likely to be made to obtain the introduction on the
London market of those psrtiois of the home debt
of Perri which have long been celebrated for their
qucstionalde origin. The temptation to be offend
is said to be an increase of 2 percent. on the sinking
fund of the :English debt; but the prec?dent would
be 'bad, and should be resisted. If the existing
Perri vi an Governmen t,notwithsti nding their former
determination to the contraty, choose now, for
reasons known to themselves, to recogni,e then
liabilities, they can do so, and pay the proper ra-e
of intere-t upon them at home. The fact of ih it
having them repreented;)y st't ling bonds shows
that' the object is to get rid of thin here—a rozult
which wouti operate on oar market just as if the
amount were raised by a new loan :

"Sir,--z-The last advices from Lima state that General
Castilla bad signed a decree acknoaledaing the iniqu-
tons increase of the internal debt under E,_Menique, and
the conversion of 11,000,000 dollars of that debt into
2,200,0001. of sterling .bonds.
"It was to oppose the introduction of these bonds,
which the Government and agents.of Peru had so treach-
erou_sly converted, and were endeavouring to put on this
marl:et, to our greatinjury; and to take such other mea-
sures as might be deemed nec:,,sary, that a committee
was appointed on the 11th of January. 1854, of which
Mr. Ricliard Thornton is chairman. Ti the viglance
and strennous exertions of that committee we owe the
defeat of the various,attempts first made with those ir-
teral bonds, as well as the incn'ased sinking fund we
have on our own, and if the committee had been pro-
perly supported by us no doubt our 19ga1 right of five-
eighths of the proceeds of guano sold in this kingdom'
(which by this time would have liquidated more than half
the debt owing us) could have been obtained'; and the
payment of the interest and purchases fir the sinking
fund, as also some minor points, placed on a more satis-
factory footing than they now appear to be to the genera
body of the boridholders. But instead of giving those
representatives the support they deserved, we suffered
them to he insulted at a meeting notoriously packed by
parties well known to have. for their sole objectthe circu-
lation of the intrusive bonde, and who, after the .adjourn-
went of that meeting, constituted a committee of their
number,•whiclr obtained the name of the ' New Com:
mittee.' . _

"Annoyed as the Old Committee must have been at
our culpable neglect in not supporting them against the
machinations of a cabal opposed to our interests, they
deserve much praise.fOr not having thrown up our cause,
and for resisting the two attempts which the New Com-
mittee Made to obtain an official quotation of the
noxious bonds. Nor among our obligations to them can
he forgotten their opportune Protest in our behalf against
the acts of the New Committee, thus maintaining our
right to five-eighths of the guano proceeds, which wool!
otherwise have been lost through the suicidal resolution
passed at a meeting hell by the New Committee, accept-
ing the present sinking fund as final.
"Our actual position is most unsatisfactory, as well
as dangerous. No one can doubt that renewed efforts
will now be made to circulate the spurious bonds in this
'Market, and it is essential to our interests and to that
of the British public.that such attempts he opposed, no
matter by whom made, or however plausible the pretext
or bait offered; for we need no new lessons, in Spanish-
American faith. Nor should we forget that our- present
sinking- fund has not yet received the sanction of any
Peruvian Congress.
"Our old friends have-evidently continued to watch
over our interests ; but I understand that, tired of the
unthankful task they accepted, as well as of the expen-
diture of their time and money, they have long wished
to resign, and it is not to be wondered at.
"As. we have no right to expect the Old Committee
to persevere in our behalf after the treatment they
have received it behoves us to lose no time in ap-
pointing men of efficiency, knowledge, and fidelity to
enforce our legal 'rights -and 'confront the imminent
danger we are exposed to. An internal debt of some
27 or '2B millions of dollars, an external one of
about 4f millions of &Mars, 'and our own debt of
nearly 4,000,0001. sterling (no trifling total for a popula-
tion of less than two millions, two-thirds Indians), a
costly naval force, without native seamen to man it, and
of but little utility, a staff of military officers sufficient
for an army of 150,000 men, the chief industry of the
country (mining) in decadence; an internecine warfare
wasting its resources, and which, if now put down, may
again soon spring up when there are so many greedy of
the spoils of the State, and a rapid diminution of the
deposits of guano,
.which are in the hands of an insur- ,
gent force—such is a sketch of the actual position of
Peru, and let us, old bondholders, beware lest, before
our debt is extinguished, we learn that a few bare rocks
alone remain to show where our principal, and probably
only, security was.
" London, 'April 15." AN OLD BONDHOLDER.