The Sun.
London, England, 1827-09-24 00:00:00

GREEK LOAN AND STEAMBOATS.

(From the Times.)
The Greek loan, and the Greek steam-boat
expedition, which have long been looked upon
by respeetable persons as equally ruinous to
Greece and, disgraceful to England, have received
within these few days additional elucidation from
a pamphlet published by desire of M. Andreas
Luriottis, who, with M. Orlando and another
personage, well-known by the name of Spaniolacki,
had acted as Commissioners from the Republic
to the friends, or supposed friends, of Greece in
this 'country.. We can, in truth, hardly trust
ourselves with the subject:of such iniquitous and
abominable transactions as it is the avowed !pur-
pose of this little book to disclose. The most
despicable shUffling, put into
.action apparently
for no object but to screen the'.basest- treachery,
or a series of the most rapacious &mid's, ii,exhi-
bited in page after page of. the correspondence
here inserted. If Great Britain were not an
island so-pre-eminently legal, that the worst man
in society finds from our. tribunals 'the' readiest
means of tormenting private individuals who may
but presume to echo the universal sentence of
hatred or contempt which exposed rascality pro-
vokes from an entire' nation, we might,, perhaps,
feel more willing to specify the parties who in the
present instance have been so triumphantly shown
up ; but to call men in a newspaper by the same
names which their actions ever so richly earn for
them in society, would be a romantic sacrifice to
truth, while a lai; exists like that of libel, and is
from day to day expounded with such versatile
and fatal dexterity.

The public are already aware that the Messrs.
Ricardo were, on'the 7th February, 1825, con-
tractors for, the Greek loan. The terms of this
contract were, that for each 100/. of stock to be
created, 551. 10s. in money should be paid to,
or on account of, the Greek Government—that
is to say, that for two millions of bonds,
.1,110,000/. sterling should be forthcoming.
Oia the sth of March, 1825, 10,0001. of the
proceeds was, by authority of the Deputies,
lodged in:the hands of Nr. Edward Ellice, to
be employed by him in the construction of a
steam-boat fbr the Greek service. Mr. Ellice
gave orders to Mr. Brent to build the vessel,
and to Mr. Galloway to construct the machi-
nery, under an engagement, as the Deputies
were ilformed, that the vessel should be in
every respect equipped and ready for sea by the
following month of August—viz. August, 1825.
An engagement or contract, where a party for
whom any work is to be dOne has at heart its
punctual and effectual accomplishment, implies
a penalty on the undertaker for non-performance,
does it not ? But let us follow the dates.
In the month of July, 1825, Lord Cochrane
retutned from South America, and soon after-
wards the Deputies were recommended by various
parties, among whom were Sir F. Burdett, Mr.
Hobhouse, Mr. Ellice, and the Messrs. Ricardo,
to appropriate part of the loan to the fitting out
a flotilla of steam-boats, to be placed under his
Lordship's command.
In the sequel, 150,000/, was set apart, and
lodged in the hands,of Messrs. Ricardo for that
'purpose ; and through Sir F. Burdett, Messrs.
Hobhouse and Ellice, an engagement was effect-
ed between Lord Cochrane and the Deputies,by
virtue of which, amongst other stipulations, the
Greek Deputies were to furnish " six steam-ves-
sels, which shall sail froth this country for
. Greece, with his Lordship, in two mouths, or
too months and a half at the latest," from the
date of the agreement, which was signed on the
16th of August, 1825. The whole armament
of six steam-vessels was therefore to be ready for
Lord Cochrane by the end of October, 1825, at
the latest. It appears, then, that Sir F. Burdett,
&c. were parties to na other for Mal agreement
than that which bound Lord Cochrane to take
the command of the steam flotilla, if it should
be ready for him by the period 'referred to. It
does not appear that Sir Francis or Mr. Hob-
house had any thing to do with the contracts of
the'eng:tieers; and certainly it does not appear,
from the ponphlet, that any contract between
Mr. Ellice anu Galloway ever was produced.—
LordCochrane went immediately to Scotland:
for two or three weeks on his private affairs,
%. stating that " he would take.. Liverpool and
Glasgow in his way, and ascertain if there
were any steam-vessels .to be purchased at
either of those places ; and he promised to com-
municate to the Deputies the result of his in-
quiries, and give sueh directions, as might, in
consequence, become necessary." For three
weeks the Deputies heard nothing of his Lord-
' ship, and on die Bth of September wrote to Mr.
.1-I;4bhotise, expressing that they had no infor-
'nation from Lord Cochrane, and that they
.‘ were ignorant f any measures had been
• taken to expedite the equipment of the Greek
flotilla." They likewise urged, in the most
earnest and anxious language, the necessity of
despatch, soliciting to know if " Lord Cochrane
would be soon in London, and if they might. eel,
culate on seeing the armament ready at the time
fixed in the contract" with his Lordship.
On the 14th of September, 4r. Hobbouse
answered this letter from Cirencester, stating that
Lord' COchrane had already more than ,once
written to Sir F. Burdett, declaring his readi-
ness and eagetnese to fulfil his part of the en,.
gagenont, and coinplaining of the apparent
llegtigenc; (if those who lame undertaken to con-
dad the prep.tratione for the eitiie4ition."
Here, then, Are three parties loft in obvious
ignorance of what had been done for getting for-
ward the steam-boat (16tilla,—Lord Cochrane,
Sir Francis Burdett, &c., ;Intl the Deputies
themselves.
But there are documents which 6%. another
party with a proceeding of the highest i.w-
portance, namely, a formal contract for the ma-
, • chinery of four steam-vessels, viz. the Enter-
vrise and Irresistible,-aech 150 feet long, ena
25 feet beam, and two others of 100 feet long,
and If; beam ; the larger machines were to cost
altogether, between constructing and fixing,
8,8001,, and the smaller 4,900/., making a gross
charge of nearly 14,0001. This contract was
- between Mews. Jacob and Sampson Ricardo
on one side, an 4 Mr. Alexander Galloway on
the other ; .the latter person binding himself to
• deliver the first pair of engines by the 25th of
October, 1825 ; the second pair by the 25th o
November ; and each pair to. be faxed 451 set to
'work within eighteen days after their deliyery.
The two pair of engines for the smaller vessels
were to be delivered on the 18th of October and
the ,
Stu of November; 1825, respectively, ant to
be
, fixed within a fortnight afterwaras : this was
tne
contract.
How was it verform,ed, and what
penalties were
iwfa inflicted for its extraordinary
xnoost
failed
dep
in )loratle
violation ? 'Was the engineer
his engagement oven refused any
large sums to which its faithful Ass,
!chart ofarge those large
have alone entitled Lim ? The
slate of this agreement, to which there were no
parties but lessrs. Ricardo and Mr. Alex-
ander Galloway, w •
Seas signed on the 27th

of August, witholit the knowledge, as ap-
pears from the correspondence of the Greek De-
puties who represented the, Government, of the
Greek Admiral who was to command the ,fleet,
or of the English gentlemen who had engaged
his Lordship in the service of the Republic. We
here insert the contract :

" Memorandum of Agreement, made this 27th
day of August, in the year 1825, between Jacob and
Samson Ricardo, gentlemen, of Warnford-court,
Throgniorton-street, in the city of London, on the
one part ; and Alexander Galloway, engineer, &c.,
of West-street, Smithfield,-in the said city, on the
other part. The said Aleicander Galloway agrees
to construct and make four good substantial high-
pressure steam-engines, each of .50-horses power,
with wrought-iron boilers, and their apparatus, with
paddle-wheels, and all the necessary machinery, to
enable the said engines to propel two vessels, each
of 150 feet long, 25 feet beam, and to draw four feet
and a half, but not to exceed five feet, of water,
when the engines, boilers, machinery, and stores are
,on board their respective vessels, for the sum of
8,0001.' sterling, and the further sum of 8001. for con-
veying and fixing the said four engines and machinery
on board the said vessels : the first pair of engines
to be delivered on the 25th day of October; the
second pair on the 25th clay of November next
land each pair to be fixed and set to work in 14 or
18 days after the delivery of each pair of engines
and machinery, at the stipulated periods. And the
said Alexander Galloway further agrees to construct
and mal:e also four good and substantial high-pres-
sure steam-engines, each of 20-horses power, with
wrought-iron boilers, paddle-wheels, and all the ne-
cessary machinery for propelling two vessels, each of
100 feet long, and 16 feet beam, and to draw from
two feet and a half to'three feet of water when the
engines, stores, &c. are placed on board their respec-
tire vessels, for the sum of 4,8001.; and to convey
and fix the said four engines on board their respec-
tive vessels, for 'the further sum of .5001.; the first
pair of these engines to be delivered on the 18th day
of October, and the second pair on the Bth day of
November; and to fix each pair of these engines in
their respective vessels in fourteen days after the
stipulated periods for the delivery of the said en-
gines. The said Jr and S. Ricardo agree that the
said vessels shall be placed in some convenient yard
or dock between London Bridge and Deptford,
while the said engines are fixing in the said vessels.
And the said J. and S. Ricardo further agree, that
all the timber and -shipWiight's work necessary for
the fixing and connecting the said engines to the
said vessels shall 'be at their expence, together with
the cost of all coals, fuel, arid materials necessary for
the workisg of the said engines. And the said J.
and S. Ricardo agree to pay the said Alexander Gal-
loway the sum of 14,100/. for the manufacture and
completion of the before-mentioned engiues and
worki, being eight of the 14 engines ordered by
Lord Cochrane, and to be paid in the following
manner :-3,5001. on the signing of this agreement,
and 2,000/. on this day one month, and 1,0001. on
the delivery of each pair of engines and their boilers
and machinery ; and the remaining 4,6001. when the
whole works are completed to the satisfaction of
Lord Cochrane. It is lastly agreed by the said par-
' ties to this agreement, that should Lord Cochrane
not be satisfied with the manner in which the said
stipulated engines and works are completed, or
should any difference of opinion arise as to the exe-
cution of any of the conditions of this agreement, it
it is hereby mutually determined upon, that each
party shall appoint an arbitrator; and, in'the event
of the two arbitrators disagreeing, then they shall
be authorised to appoint a third, and the award of
' any two of such arbitrators shall be final and conclu-
' sive, both in law and in equity ; and the said con-
treating parties hereby bind themselves, their heirs,
and assigns, in the sum of 10,000/., to abide the
award of such arbitrators." •

(Signed by all the parties.)

The Deputies heard of this bargain only on
the 11th or 12th of September, 1825,, and went,
in utter astonishment, to the Ricardos, to inquire
the truth, and to insist on the countermanding
of the order, from which ' they anticipated, too
truly, an irretrievable and destructive delay. They
were, however, borne down by representations,
which they now state to have .lieen altogether
fallacious ; and the following letter is given from
Captain Hastings, who afterwards commanded
the Perseverance, addressed to Mr. Edward
Ellice, and dated on the 16th of January, 1826,
tip months and an, half after the period of
sailing for Greece, which had been stipulated in
the
_contract with Lord Cochrane,—
" 29, Leicester-square, Jan. 16, 1826.
" Dear Sir,—Hearing that you were to be in
town yesterday, I have delayed writing, but. as I am
informed to-day, that some days may elapse before
your arrival, I think the subject upon which I wish
to communicate with you too important to admit of
delay. On the 29th of November, Galloway pro-
mised most faithfully before yourself; the Messrs.
Ricardo and Ilarvie, to complete the Perseverance
in three weeks ; yet she is now in that ,state that I
will venture to say she will not be really in six
weeks. This being the case with the Perseverance,
what are you to expect with the other vessels ? I
(to not hesitate to give it as my opinion, that the-
year will be terminated before the whole are com-
pleted. Lord Cochrane has sent over a Mr. Iles-
keth lately, Who brought me a letter; he says, that
if he is not out in the month of March or April, it
will be too late. I knew, and told both the Ri-
cardos end yourself, that alloway could not do any
thing within the. time he promised, and that it would
be at last too late to save Greece. I visited vessels
which ,night have been purehased, but I was over-
ruled by those who had the power in their hands ;
now behold the result. You may also recollect that
I always told you that frigates would render no service
to Gree.ce eittiv4lent t o the expense of the equipment;
. ,
and diet, if cempeten, there was no means of main-
taining so expenSivh 4 farce, Every body seems
now to have come to the same conclusion.. I have
thus exposed what were my opinions on a former
occasion, and which were then disregarded, in a hope
of showing that, as I then saw correctly the state of
Greece, I may probably not err now; and this may
perhaps eliiiae me to more influence on the present
occasion. My eouvip,tien at this moment is, that the
expedition in the hands of Q4)lOlvey cannot by any
means be prepared in time to be of service te Greece.
414.0 see that the frigates in America cannot be
equipped i and even if they could, they would not
.(as I said before) under any service equivalent to
their cost, and the expeitie of keeping them up
would be too great. Under these iinpressiong, the
only course that presents itself to me is, to raise as
large a stun of money as possible on the frigates, and
to send out in tt furtnigk py three weeks, a steam-
vessel and three or four Leith smacks, and let them
be strengthened out there to carry heavy guns. At
the /ism the that this is going on, Galloway should
discontinue his work on all the other steam-vessels,
and throw aft his workmen on the Perseverance, so
that she might sail in three weeks' time.
" The Deputies (who, to do them justice have
not in any way occasioned this unaccountable and
disastrous delay) are willing to do every thing in
iheir pow.ox o forward such an arrangement. Mr.
flobhotise (Whom i tlwe frequently seen upon the
subject) is quite of opinion that s.upir a measure ca n
mots; save Greece. I shall say nOihi
mots;ng c *p
penses, 414 sys, and disappointments,' that I have
experienced by the arrangements that. have taken
nothing, if such had
to •
been beneficial to the cause ; but as
', ,lace • of these I should fittn
bass have gone
very far to dept: Ay it, it
and have also been adopted
expresily contrary to y ,opinion, I think I have
some cause for urging, that whilst there is a hope
left, sump salutary measure should be adopted. I
hope, Sir, you will se,e the necessity of coming to
town and using all your influence to save a cause in