The Sun.
London, England, 1826-10-24 00:00:00

over their application by the Greek Government. The
consequence was, that the measures which had been in-
tended with respect to naval armaments had been frus-
trated. Now, with respect to the Ara loan, he objected to
the balance of 28,0004, which had remained in the hands
of the' contractors, being paid over to the hands of Messrs.
Ricardo end Ellice. It was taking it from parties who had
a controul over it, and giving it to a quarter where no such
controul existed. He also objected to the paying over to
the same parties the subscription raised ut Calcutta, and
transmitted to England, and for the same reason; for
how highly soever he might value the exertions of the
Greeks in defence of their liberty, he was of opi-
nion that any money transmitted to them, or left
to their management, without keeping in this coun-
try: some check on its application, was like throwing
so much money into the sea.—(Hear, hear.)--415 would
now say a few words by way of comparison between the
withs. But respect to the application of the first
and n
he would first repeat whet he bed
said ssaetlacvdaoeorfpeodtrelomdaernin themselvest e melting, thatto
bttlainel
e insubscriberssl46, second
cribing tleiloan i r
money, without seeing that a proper controul existed in
some responsible quarter in this country over its applica-
tion. Another circumstance to be lamented was, that
Mr. Ricardo only looked upon himself as banker, and acted
towards the Government of Greece, which they all knew
was a revolutionary Government, as if be had been treating
with one of the old established Governments of Europe.
Now, with respect to the two loans. The first loan was
contracted for at .59 per cent.; the second, at .54, a dif-
ference of 3. per cent., which on the whole loan made a
difference of 70,0001. against Greece. In the first loan
two years' interest was kept. Front the first loan, there
was sent off to Gratee, in money,' art: smears and stores,
the sum of 312,000/., and 28,000/. were handed over to
Messrs. Ricardo, besides the '2,0004 the amount of the.
Calcutta subscription. From the second loan, only the
sum of 291,000/. In the first loan trustees were appointed
to audit the contractors' accounts ; in the second loan, the
contractors made purchases at their own discretion, and
audited their own accounts. In the first, there was only
the regular brokerage charged on the loan; in the second,
the sum of 4,8004 was paid as brokerage to Mr.
Bonfil, in addition to the sum of 60,000/.. charged by
Mr. Ricardo as his eounnission. In the first lome,
the money was left in the hoods of the contraetqrs ;
in the second, Mr. Ricardo :considered hitneei au-
thorized to pay out of his commission 7,500/. to
the Greek deputiei; so that, the interests of the
deputies were thus brought into opposition to their
duty. The deputies authorized the placing of some
of the money in the hands of merchants and bankera,
one of whom, Mr. Mavrocordato, had becorne a bank-
rupt ; another of them, Mr. %Hi, refused to place the
funds in his hands for security in the Bank of England.
What he complained of chiefly was, that in the second
loan there was no responsible party. There were three con-
tractors—three deputies, Messrs. Liiriottis Orlando, and
Spaniolachi, and three councillors, Messrs. Burdett,
house, and Ellice—but, unfortunately, among these there
was no unanimity. The contractors were absolutely in-
vulnerable—if it was objected to one of theM, that tile
`money raised by the loan was thrown away or misapplied
in any particular, he met the objection with demure looks,
lawn sleeves, and a pen stuck behind his tar, and said,
that he was not accountable ; that he merely acted as a
banker in the transaction; but if it Were urged that the
naval armament was mismanaged, he immediately altered
his demure looks, heckled on his armour, and knocked
the objection down ut once with the truncheon of autho-
rity,7-(Hear, hear.)—At the salve time, he did not mean
to cast any blame on Mr. Ricardo, With respect to the
naval armament, nothing could have been better planned,
yet nothing worse in its execution. It was proposed that.
there should be two large frigates built; but what could
be more absurd at a moment when Greece was almost
prostrate, to send off from this maritime island a Co-
lonel of Dragoons to America to senerinteed the
ing of two large vessels destined for her assistance ?
The American builder of those ships had become bankrupt.
Mr. BOWIUNO here intimated, that it Wits not SO; that
the building was suspended for want of additional funds.
STaNnoett continued—At all events he Was Unable
to go on with the building; and was it not, he would ask,
grossly absurd, at a moment when immediate assistance
was required, to apply the sum of 169,0004 to the build-
ing of two frigates, when two substantial Swedish vessels
had been offered by Mr. Goldsmith, at an expense of only
10,000/. ? After adverting to the very ineffective state ilk
which the Enterprise had left the river, and the subs,.,-
Tient failures with respect to the other steata-vessels
gallant Colonel proceededrleisepyewet
rttooo say,
t ct:telttrgli:oisetoigt:httpei:oavuifitebr:rive a
sw;sira.
f.rpychneai,:ris:eins_temyuel,ii.:tabsbiAei
members
river,proce he
asoonp thepoet, in subjectthe oftll
committeeste a
wini4etines, ev)tas
ittiteh,
y
, to
t
ae
piriodseeßdohbigi
withs T to
d fur
owwbfeeisirltieti ,:laittllbhigyoehpinatpioactkoeseniilndtlottitoeitrhioiatf,ts,(paiarionose i
the same time he must express his Lelief that Mr. Can-
ning was at least as staunch a we'd.wisher to Greek free-
doin as any Who then heard, Litn. The gallant officer,
after adverting to the present state of
.government in the
lonian Islands, proceeded to say, that it was admitted on
all hands, that the principal Mike of time present depressed
state of Greece was the misapplication of the money raised
for her use in this country. NVhat was their remedy ?
The remedy he would propose was this. The gallant
officer stated what he proposed, which he subsegueutly
embodied in the following resolutions :
Resolved, Ist —That the Greek Committee be -requested to
re-assenll,4, and appoint a sub-committee, to take into consi-
deration the means necessary to despatch a naval . armament to
Greece, and to adopt measures calculated to secure the defence of
Athena, Napoli, di Romani, and Hydra.
Ad,---That to provide for the salvation of Greece, to raise the
value of Greek scrip, and to secure the future paytEtnt thereon,
it is desimbk that the boudhohkra e,hould leu.:4 to the Greek
Government, one half of the next dividend, tuneratting tat t 5,000).
311,--That the Greek Committee be **cited to obtain Sub.
seriptiune in England, in British India, and from the Foreign
Committees.

4th, Resolved, That the funds for Crete, obtained in ibis
country and the appropriatiou of them, be placed under the ab-
so
olute control of five personv, who shalt be named by the bond-
hlders.

' COIOSteI STANHOPE: added, that he would have l'he
money now in the hands of Mr. Ricardo, and the )e.,,000/.
i which had been placed in his (Colonel Stanhop.4's) hands
by a foreign (we believe the
,
Genovese) (4--,tek Commit-
here he tee, for, however much he might • litrie been criticised
Nvo proud to say lie
that respectable body as the trieTio of Greehot liberty, put under the controul of the aub.committee, to be app to
eniojed the confidence of
Mr. Hume, 111 r. Ricardo, Mr.
the general tkenefit of the Greek cause. He then read Ow
name; of the gentlemen whom he would proP" asr the
committee. Among these were Sir C. korbes, Ar.
r. ,
StlefillM.P. • Mr, John Smith, my. ; Mr. T. Campbell,
Mr. J111114:8 liarnet, Mr. Bo 'illf, Lord Milton, Marquis
of Titchfield, Mr. S. Rice M. .; Mr. AldermaiLt.or
of
M.P.; Mr. T. Moore Sir R. „E'''rrill' Me4r:, month, or
I% ousieur. ...I ni_o #
Norfolk; and Monsieur lit:P"1"'
wittier of the Parte or ticookyeb
solve other distinguished :I'm by moving the resolutions.
Committem lie en,",lll„t 'though
Samuel Rogers, Mr. M in.
he had had the honour
Mr. RonnisoN saki, -
of the committee appointed to
of 1)611g
named
'lnert to the Greek bondholders, he was
make the preient;re necessity of decloring that he was
now under Or painfulrenortiest read to the meeting. in mak-
n, 0 party to the -We had no intention either to object to
rtg """!.. qf or to impugn the conduct of those who
‘tue, riciWrt itself,
He believed that there were not in Eng-
,-"",--:,a:ieidniit.re warmly attached to the cause of Greece
lath, -"." o , and upon the ground that half a lost wits
than they
up, rather than be without any. Having
rheY h'ill drawn ild now take the liberty of ;
stating to the
better thatn':+7 bread, he would support the report which
done this, lie wot
h. h had induced him
meeting the reasons wabandon
the trust icof to
i. 4
feoB rlO.l in him. The sommittce, lt in.il I