The Sun.
London, England, 1826-11-11 00:00:00

GREEK LOANS.----MESSRS. RICARDO.

TO THE EDITOR.
STR—We shall feel obliged by the insertion in your
Paper of the following letter, which we addressed some
time agoto Mr. Luriottis, and to which we have received
no reply ; we also request a place in your columns for the
observations which follow it :

Warnford-court, Nov. 2.
have hitherto refrained from noticing the extraor- •
dinary course you are pursuing, and the various lettere you have
published, making &notations, and - conveying insinuations to Our
prejudice) which you know to be totally false. We have waited
patiently-for the further details you have promised, before we
made any reply, and we should have continued silent till they ap-
peared, were we not apprehensive that you would suddenly leave
the country, conscious of your inability to face the charges which
will be brought against yen.
" The letters which you have latterly addressed to us, some of
which you have since published in the Newspapers, were so in-
sulting and offensive, that we declined any further correspondence
with you.
" You know that you were acquainted at the time with every
purchase that we made, both of the Old Bonds and Scrip, and
that regular accounts were sent you. . • •
" You know that we have vouchers for every farthing we have
expended, in orders signed, and hills accepted by yourself, and
Mr. Orlando, and that our account current was examined and
agreed to by you in January hut.
" You know that we never offered to advance any money on
the frigates in America, but that on the contrary you requested us
to. do so, which we declined.
" You know that it is false, that we ever stated, that we would
not fulfil our contract,
" You 'know how the 150,000/. which has been set aside has
been paid, and by whose directions it has been expended. •
" You know that the whole sum we stipulated to .furnish by
our contract, has been Maid without any charge or deduction what-
ever on our part.
" As you have refused to Mr. Spaniolacki, and Mr. J. Ricardo,
the aucounts which you were ordered by your Government to lay
before them, their only recourse will be to state to the public the
facts which have' come to their knowledge.
" You have made professions of courting inquiry—be assured
the strictest inquiry shall be entered into, and you shall have full
opportunity of jestifying yourself. While you have been busily
employed in screening your own misdeeds by casting reproach
spon others, we have not been idle—we have been accumulating
evidence to prove the manner in which you have rendered your
duty towards your country subservient to your own private ad-
vantage. You will be called upon to repel these accusations, and
wa gruel:, that you trill not depart from England till you have
heard and answered the charges which will be brought against you.
" We are, Sir, your obedient servants,
(Signed) " J. and S. RICARDO.

" To A. Luriottis, Ise."
The public are aware that the Greek Government have ap-
pointed Sir Francis Burdett, and Mr. J. Ricardo, to act in con-
junction with Mr. Spaniolacki, for the purpose of investigating
the accounts of Messrs. Orlando and Luriottis, the late Deputies,
and terminating any affair still depending. The letter addressed
to Sir Francis Burdett was immediately dispatched to him, ac-
companied by a request on our part, dust if he were unwilling to
act himself, he would nominate, in his place, two gentlemen of
undoubted respectability and high character. To. this communi-
cation we have never received any reply. Sir Francis Burdett is
travelling shroud, and we are uncertain whether it has ever
reached him. Mr. Luriottit, though directed to do so by his Go-
vernment, who have empowered two out a the three Commie-
sionerr to act, has refitted to furnish his accounts, under the
pretext of waiting till he fauns that Sir Francis Burdett, has ac-
cepted the appointment. We also have been anxious to be de-
termined on this point, being unwilling to publish any statements
connected with flee transactions of the Greek Loan, unless con-
firmed by an authority that would not admit a doubt of their
correctness. This, together with the expectation that Mr.
Luriottis might still furnish his promised details, would have
prevented us from breaking through the silence we had imposed
upon ourselves, did we not fear thet the delay is likely to' list
much-longer than we at first expected—that the public attention
so strongly excited towards the affairs of Greece is dying away,
wad will shortly be diverted itsto new channels—and that Mr.
Lteriottis, who has been so liberal end general in his accusations,
would think it expedient to depart before it woo his turn to be
placed in judgment. It was with this impression Ke addressed
to him the shove letter, that it might not he said hereafter we
neglected to reply to his charges whilst lie was bare, or brought
forward our accusations when he had departed.
We have hithertO kept ourselves aloof from any thing like public
recrimination in this eftirlr ; it is with much hesitation that we
depart from this course, and stn present ourselves before the
public; but when we see a Orson like Mr. Luriottis, who hue
played his part with the omit coneulnunste hypocrisy, and endea-
voured to shield himself by casting reprOCh ott oxhers ;. when we
see this man in some journals held up as ete only haoest man,
the only person who has not partaken of the illicit gains," while
the most malicious insinuations are thrown out against utters,
without the attempt to prove a charge against them, it. does move
our indignation, and we cannot permit that smolt false impressions
should remain on the public mind tmemstradicted.
To show that we have not suede charges undefined, and mow-
poetezt by facts, we beg to request attention to the following state-
ment', u'hich, we trust, will be sufficiently conclusive, as to what
is the real Attracter of Mr. Luriottis, and what dependance can
be placed open, reptieentations. First, as to the 7,5001.
the portion of the commission ceded by us to the Deputies. It
has been insinuated ts!sat this was given as a bribe, but the truth is
simply as follows :—Pre.7intlely to making the Contract fur the
Loan, the Deputies urged no claim whatever to any allure of the
commission. It was not till td,`:sr the negotiation was concluded
that they intimated that it was custuNery to give up something to
the agents of the Government. Ailey awne sliePuaai°" withthe parties most deeply interested, it was agreed to ellow tnem
7,500/. for this object ; a per tentage was deduct‘l front die par-
ties who partook in the advantages of the Contract.We 14411
this sun fur the private account of the Deputies, and at the Marne
time we were requested by them to reserve 14,000/. of the Scrip
for their account ; this went on. till November, when the pay-
moot' on the latter were all made, arnounting to 7,4201. IL Was
then that Mews. Orlando and Luriottis sent us two .orders,
As one to carry the bonds to the account of the' Greek Govern-
wept, arid charge it with the 7,4201., and the other, to credit it
with time 7,500/. reserved for their private account. To this er-
magma:4 we could urge no objection, for it appeared to us a al.
critic. ou thssir part of 14,000 bons, and 130!. money. But
mark the result. On the saute dated that our account current is
credited with the rf,5001. a similar amount is charged in that of
Mr. Rani, in whose Land funds have been placed by the Depu-
ties, and wisest Mr. Spaniolacki inquired what had beet) dune
wits this 7,500/. lie was told by Mr. Luriutt that it had been
paid to Messrs. Ricardo ; which assertion was false This is ra-
ther en intricate manceuvre, and we doubt if we have made it
clearly to be comprehended •, but the result is, that the Depa
th ies
got by it their 7,5001., and charged time Government for e
14,000 Bond* at 58, when the price was about 23 ; while, for a
time, with its, they enjoyed the credit of having acted with great
igeuerosity. 'Chia is the history of the 7,5001. in which Mr.
ltaariottis states he did not participate, which has travelled to
and back frosts Marseilles, and which is now said to
be in the bawls of Mr. Ralli, although Mr, denies that be
has toy money belonging to the Greek Government,
The Aair with Mr. Hutton is- of a graver cast, We had long
xuspeeted %OKI this Mod to Greece was, who had received pay-
ment of 21,000 Bond* at 54,
the price was from 20 to 26.
We were unable in comprehend Mr. Luriottitt's defiant>, in re-
fusing to name him, ~,ltbough we repeatedly required bins to de
; we were therefore anZitios to find it out without his assist-
ance, With some difficulty nrt succeeded in tracing, by the num-
bers, 15 of the 21,000 (13,000, which luul been paid by us, and
2,000, which are in the hands of ire. Bali') to Mr. Burton;
and we intimated to hint, that it was necCseery to explain to us
what be bud done with them. In justice to tl gentleman, who
has involved himself in this unfortunate affair, we beg` to remark,
that he readily came forward to give us every inforinttiou
we required—we therefore refrain from making any com-
ments upon his conduct. It *pearls from his statement, that
he pressed Mr. Luriettis to take of him 4,000 bonds which
he held for Mr. Lee, Secretary to the Deputa, at the ori.
gins? cost, Mr. Luriottis having expressed to) him tio that h e sins.
October, ,16126,
be indemnified fin- the loss—that, on the 11.5 th of
he furnished Mr. Luriottis with 5,000 bonito, who br might thesis
to us, anti for which we gave a cheque of ; this eiseque-
was changed by Mr. Burton, who received out of it 1,69.80/75/.
being` 1,595/. for 4,000 bowls paid for at shout 40,
mid
k.
for 1,000 boods, and the balance of 8251. was giien Baeaerlm
note', to Mr. Luriottis. With respect to the 10,000 bowie, th
it seems, were taken by Mr. Luriottis of Mr. Burton, on the (4th
of Noventhe for which the latter was paid 2,'7001., through' the
agency of ;Weis. Contottavlo and Co., and the cheque of
4,340/., which Wm gave to Mr. Luriottis fur 9,000 bonds only,
on the 19th of November, was, we find, received by the sante
house. These gentlest." may probably he able to throw more
light upon this transaction, Our application to them they have
declined attending to. The other 2,000 bonds appear afterivards
to have fintud their way to Mr, 118114 bi aCeollllt they are

ci►arged at 54 ; and as Mr. Burton solemnly avers, and professes
himself able to prove, that he only received 2,7001. for the 10,000,
Mr. L►►riattis must necessarily have received the balance between
the prices of 27 and 54, which, with the $261. above-mentioned,
n►ekes 3,525/. How the remaining 6,000 bonds, whick are in.
the hands of Mr. ltalli, were arranged, is still a mystery; the
other friend to. Greece is abroad, although it is rather unfortunate
tiir Mr. Luriottis, that a part of that friend's bonds, which were
said to he 8,000, are already accounted for. Mr. Burton still
thinking himself entitled to be indemnified for the remaining dif-
ference on Mr. Lee's stock, Laving received for it at 40, instead of
54, applied-frequently for it to Mr. Luriottis ; -latterly, he sue=
ceeded in obtaining 6101., the amount he claimed, including
interest ; 6001. on the 13th of September, on signing a letter,
which has since been destroyed by Mr. Burton ; 110/. on affixing
his name to that dated the 2d of October, which was published
by Mr. Luriottis, and which is intended to convey to the public
an impression that the writer received the fiill.price of 54 for the
13,000 bonds.
We have endeavoured to elucidate this affair in the best manner
we are able ; we have stated it as recounted to us by Mr. Burton.
Mr. Luriottis will have to give his version of the story, and it will
be for him to prove that he did not receive the 3,525/., and to
account for the remaining 6,000 bonds.

When Mr. Luriottis required as to take the 13,000 bonds on
the different occasions, stating that they were for a person who
bad rendered great services to Greece, we strongly objected to
it ; and it was only after repeated applications on his part that
we consented to pay for them, feeling that we had not the power
of withholding the money, where he determined in drawing it
from na.

Mr. Luriottis has another sum of money to account for, to
which we consider he is by no means entitled. We have learnt,
within these last few days, that he has received a large sum in
discount, from different parties, of whom he made purchases. To
these parties he gave orders on us in foil of their accounts, and
afterwards obtained the discount from them in bank-notes. We
are apprehensive, from the statements that have been made, that
sonic persons may suppose we have obtained advantages in dis-
count and commission, in shipments, or in insurances effected.—
We beg, however, to assert, and we pledge our reputation on the
fact, that, independently of the conditions in the contract, and per
cent. commission on the purchase of the old Bonds, which was
stipulated by the Deputies themselves, we have never, directly or
indirectly, obtained one penny advantage out of the expenditure of
the whole loan, although we have given up the greater portion of
our time to it, and done every thing which has been required of
us. We think we have stated sufficient to show Mr. Luriottis in
his true light to that public be has so grossly imposed upon. It
will probably be asked, why we did not hesitate in making pay-
ment* to persona so unworthy the station they occupied ? But
the truth is, we did not discover this until some time after all the
money was disposed of. We' always considered them wanting in
capacity and energy, but we never doulated their good faith, or
their good disposition, towards their country. From all that we
have stated, the fact is clear, that, if the funds of the Greek
Nation have been mismanaged, or misapplied, the chief blame rests
with its own Representatives. Had they been men of talent,
energy, and enterprise, a very different result might have been ob-
tained from the means placed at their disposal.
Before we conclude, we cannot help noticing the absurd accusa-
.

tions which have been urged against Mr. Ellice, and which we
thought too ridiculous to require contradiction. Mr. Ellice re-
ceived from us no part of the commission, and to imagine that he
recommended the building of a steam-boat, which was, in fact,
what Greece most required, for the mere purpose of retaining
10,0001. in his hands, is a supposition so gross, that it only
merits contempt. The fact is, that, although the order was
given to Mr. Ellice, on the 12th of March, he only took from
us the money when it was required, to pay for the work as it pro-
ceeded.

With regard to what had been stated, relative to the loan ne-
gociated for in Paris, we have merely to observe, that we could
not permit another loan to be in circulation there at the same mo-

'oil that we issued our own ; we therefore intimated, that

that contract were, pe►severed in, we ►nust abandon ours, as the
French one was provisional, anti for only half the amount—it
was consequently not confirmed.

We cannot call to mind the exact conditions of this contract,
although we were informed of them at the time ; we recollect,
however, that the commission was to have been 5 per cent.—
After the senseless clamour which has been raised against us, fur
accepting three per rent, this fact will excite some surprise. We
.merely state this, to show the difference between a matter of busi-
ness mul a question of philanthropy. We are fully conscious of
the generosity which has been rendered to Greece by the Cheek
Committee at Paris. Your very obedient servants,
Warnford-court, Nov. 9. J. and S. RICARDO.