Star.
London, England, 1823-09-17 00:00:00

COLOMBIAN BONDHOLDERS.

Pursuant to public advertisement, a Meeting of the
!solders of Colombian Bonds took place yesterday, at
the City of London Tavern.
Mr. Roweaore was called to the chair.
Mr. Moxon proceeded to say, that he and others, as
members of the Stock Exchange, had been assailed by
very unjust imputations; but they had really, in the
course of this matter, been rather the dupes of commu-
nications made to the House, than the originators of
them. "He held in his hand a series of Resolutions, in
the sentiments of which it was, he thought, impossible
for the Meeting not to concur. Lest, however, they
• should fail- to carry conviction to the minds of those
at it,,ni he was addressing, a second series of Resolu-
.tions had been drawn up, which were jocosely imagined,
by those from whom they emanated, as being precisely
what the Contractors themselves would sanction, if they
proposed a' set of Resolutions. The Hon. Gentleman
then proceeded to defend himself and his friends against
certain imputations which he averred had been cast
against them as Members of the Stock-Exchange, and
declared that so far from wishing to disparage Colom-
bian Stock, he attended there to shew, that if the holders
of the Bonds looked after their interest, they would find
their securities were worth something, and that some-
thing tangible in England. Mr. Moans then proceeded
to read a set of Resolutions to the following effect :
The first set forth, that after duly considering the Decree issued
by the Colombian Senate in Congress, on the 19th of June, and va-
rious passages to be found in the publication called the" Code of
Laws of Colombia," alt tending to the same effect, and issued at
different times; the Meeting were of opinion, from such a series of
acts, all conceived in the same spirit, that the Colombian Govern-
ment had, for a long time past, shown very strong repugnance
against ratifying the Columbian Loan. The Itcl Ilesolution, after
pointing out certain discrepancies between the communications made
by Mr. Jones (the Agent of the Contractors in South America) as
to the certainty of the Loan being ratified. and the information sub-
sequently received, declar ed that the Meeting could not refrain from
expressing their astonishment that the Contractors, with agents on
the spot, should have made communications so much at variance
with decrees emanating from the Colombian Government. The 3d
resolution set forth, that the Contractors for Olio Loan having,
through the negligence or ignorance of their agents, made commu-
nications so very different from the decrees of the Colombian Go-
vernment, did not deserve the confidence of the Stockholders. The
4th resolution declared, that the 3leeting having strong grounds of
apprehension that an unfavourable decree, totally withholding the
ropayment of the Loan which had been negotiated for 2,000,0001.
might pass the Colombian Congres', if it had not already, was of
opinion that the Bondholder. ought to arouse front a state of
sol,ineness towards their property, and endeavour to create a spirit
In the Goyernin,:nt of Colombia with respect to that. Loan,
which- ceuld not be looked for under the present circumstances.
The 3th Hes:Anthill stated, that the ;Meeting having duly considered
the tenacity with uhich the Government of Colombia had refused
to ratify this Loan, was of opinion that the best step was for the
Fun( holders to take their property. into their own hands, and
place it trader the care of trustees. The 6th Itesolution set
forth, that by way of preliminary measure, the Contractors be re-
quested to p..y into the Bank of Eirdland, on the 20th instant, un-
t!er the direction of trustees the sum of ,f 2 ,89'2. ltis. 6d. ster-
lir"°. 3rd likewise to deposit in custody of the same trustees, A:54.450
in Colombian Bonds, which Bonds had• rot been signed, such
amount of money and Bends appearing, on the 17ib of J.,.• onary last,
by an acco::nt under the authority of the Contracrgs, to be in their
ban:s. 'lire -.11, Resolution solicited the four Members represent-
ing the City in Parliament to undertake the said trust. The Bth
directed, that a Committee of Gentlemen shot Id be appointed to
carry the preceding Resolutions into effect; anti the 9th directed
tl at the Resolutions shntt!d be presented to J. R. Itavenga, Esq. to
Le by him bid before his Government. On !-ac'd of these Resolutions,
Mr. MoxoN Hived at considerable length, contend-
ir ty. • from differ ent dectves (w lath has c all eady been
• published'), that M. Zest was not authot ized to ne!•otiate
tl.e Loan: that tl.e Colombian (lover riment would not
ratify it; and that, tinder these C it TIM.I the bond-
holders ought to take into their own hands the unavio-
priated part of the Loan. Ile s..ored iris firs: Resolution.
Mr. YouNo was obliged to the Hon. Gentleman ft r
having brought the subject forward; but, as the busi-
ness s, as not yet cenclodeJ with the Colombian Govern-
ment, he thor•ght it e ould be much better to wait till
the next arrivrris, which, in all probability, would bring
something explicit on the subject—(hear).
Mr. Coosa approved of this sslggcstion. The par-
tici sc ho called thi4 meeting were too respe‘table al) have
iurproper metires imputed to them. But he could not
help thinking, that resolutions like these, brs.ught for-
-44 ard just beim e an account day, were likely to produce
fluctuations. and could not add to the security of the
fund, or to the benefit of the stockholders. lie would
a'k, whether Mr. R. Moron, jun. did nut openly state
his opinion, before the last arrivals, ragain.t those
Colombian Bonds? He should also be glad to know,
whether the lion. Gentleman who had provided two
sets of resolutions, bad communicated to those who
wzre c Interned a copy of tho.e resolutions ?
Mr. it. Mottos, jun. observed, that whatever he had
said in public, he had said fearles.ly ; and he knew well,
from private sources, that what he had advanced \N
be borne out to the very letter. lie had, within the last
ten minutes, learned from a merchant, who was con-
nected with the Colombian Government, that the Loan
never would be ratified by that Government. I.e did
not want to depreciate the property—{t ars2htt r, and
airs of " .Name.") He was not at liberty to ns me the
individual, and therefore he must refuse the cl enrage.
Mr. Pow Les said, it seemed to him to be highly in-
deccrous and irregular to discuss an act of the Co-
lombian Government before it was completed. The
Resolution was erroneous in speaking of a Decree of
Congress. These was no such thing. The Members
of the Adississistration were net Members of the Con-
gress ; and though the Decree in question had gone
through one branch of the Legislature, it had still to
be sanctioned by two others. That Decree might be
greatly modified ; and what was of much importance,
it gave to the Executive Government complete power
to liquidate this Loan, with a due regard to the rights
of all parties. The Bondholders had to wait until the
=muse was completed by the Colombian Government,
and then, and not till then, could they judge of the in-
tentions of that Government. If they looked to the
Decree, they would find the line chalked by which the
brr,iness could be satisfactorily arranged ; because it
rzssly said, that the existing obligations might be
i.rv,•ed in any new Loan which might be agreed on.
• '1 nee were many different par ties connected with this
Loan. lst, the Colombian Government; 2J, the Mi-
nister who negotiated it ; .Id, the Contractors ; and 4th,
the Bondholders. Each of these had distinct rights
and functions ; and they could not be mixed up with
each other without producing the utmost confusion.—
The Decree, as he said before, might be modified; or,
as was expected, an Act might be passed referring to a
new Loan, and thustlie question between the Colombian
Government and the Bondholders would be put an end to.
• The honourable Gentleman then proceeded to shew, by
extracts from a letter of Mr. Jones, the Agent in South
America, that the contractors had acted in the most
cautious manner. The whole of that letter he would not
read. If communications with the Colombian Minis-
ters and Senate were to be divulged, and if names were
to be published, it would be impossible for their Agent

to procure information. Mr. Jones wrote, that on the,
29th of April he was informed by the Colombian Mi-
nisters that " the ratification was proceeding slowly, but
that it would be concluded before the end of the sitting
of Congress" Now, if Ministers had told Mr. J. this, what
better information coulchhe contractors have laid before
the bond-holders? He now begged leave to say a few
words on the part of a Gentleman who could no longer
answer for himself—he meant Mr. Zea. To shew the
fullness of Mr. Zea's powers—powers that never were
withdrawn from him to the day of his death—he would
read a few documents—CHere the honourable Gentle-
man read an extract from a Decree issued at Angos-
tura, on the 10th of January, 1820, by which Mr.
Zea was authorized to undertake any project that ap-
peared to him likely to benefit the Republic.]—
The next document, he was sure, had not been laid be-
fore the Colombian Congress; because no public body
could meet to state knowingly that which was not true,
and the document in question was opposed to certain
statements that had been made in Congress. To account
for its not having been produced, it was only necessary
to observe, that in 1819 and 1820, the seat of Govern-,
ment was at Angostura, that the seat of the Capital at
present is 2,000 miles from that place; this removal,
together with the want of organization, most probably'
prevented the document from being submitted to Con-
gress. Another unfortunate circumstance was, that the
Ministers, Ilulivar and Itavenga, were totally absent
from Congress. The document in question was dated'
Angostura, December 24., 1819, and was addressed toi
Mr. Zea. It set forth, that though the Republic was in
a flourishing condition, it stood in need of certain sup-
plies. It went on to say, " the advances for those arti-
cles may be sought for from the Governments most
favourable towards us, or front capitalists who will ad-
vance money for those supplies, or for what you may
want for your own expenses. For such advances the,
Government mill give ten per cent. per annum, secured
on all the.lands of the Republic"—(icar). This was
explicit. And be would repeat, that whether Mr.
Zea tent beyond his instructions er not, the fund-
s had nothing to do with it. It was a question
entirely between the Government and himself. The ho-
nourable Gentleman then took a review of the instructions
given to Mr. Zea, with respect to his intercourse with
England, Fiance, Denmark, &c. and pointed out the
mode he took when he came to this country to liquidate
the debts previou-ly contracted by his Government, and
thus to rescue her credit from smpicion. The intercep-
tion of his dispatches was the greatest possible misfor-
tune : for, in their absence, the worst rumours u ere cit.-
cblated to his disadvantage. Ile said thus much to shew,
that this was throughout a boßti /de transaction. Mr.
Zeds powers, he contended, were never withdrawn, so
far as this Loan was concerned. The Colombian Con-
gi es, said, first, that ke had applied his powers to that
hich was never intended ; and next, that the Constitu-

tion was a virtual repeal of those powers. This Loan'
was made in March, and, from that period to the day
of his death, Mr. 'Lea was employed in negotiating im•
poi tant treaties. How could it be said, that a Comfit&
Lion could at on:e do away powers which were given
in the face 01 the world ? In the first place, not a word
was ever stated to Mr. Zea of thelnnulment of his

towers by the Constitution. But if it did annul them
low did it affect them? He had taken the-opinion of a
great constiortional lawyer, Sir James Mackintosh, on
this question. It was suggested after the last meeting,
that it would be well if lie were aired whether a Congo
jution, making an-alteration in Mr. Zea's powers, would
affect the fund-lwlder s? And lie was of opinion that it
would not ; lecause the parties were not bound to know
that the Constitution would revoke those powers. This
was suite clear : fur you never could treat with the
Reprisentative of a distant Government, if a change in
the laws or Constitution of his country, pending the ne-
gociations, was to destroy his powers. What mattered
st to the Fund-holders it the Constitution were changed,
when the original pow ers remained, and were as full as
they could he given to any person ? He would say,
that that Constitution never came before Congress
until long after the Conn act had been entered into ;-
44rd Le did not read it until two months afterwards.
Under all these circumstances, he advised the Fund-
holders to adjourn the Meeting.
Mr. IL:CLIARDSON argued, that the documents re-
ferred to by Mr. Powles would, when examined, bear a
very different interpretation. It was" quite clear that
the instruction sof Mr. 'Lea were limited. The money
he was authorised to raise was to be laid out in procur-
ing supplie,, which were particularly s, ecified. Now
the nioi:ey obtained by this Loan was not procured for
the purpose of purchasing the articles so specified in
Mr. Zea's instr uctions. There was another article read,
which had nothing at all to do with the Loan. It was
that w hick related to the powers of Mr. Zea to under-
take any projects for the benefit of his country, and
which clearly referred to his intercourse, not with mo-
nied capitalists, but with Courts. But it went on to
state that those powers were not to take effect till the,
necessary documents were signed by the Executive
Government.—Mr. Powles.—They did sign them.
Mr. Rtcriaaoson.--He would now call the attention
of Mr. Powles to the letter of the 27th of November,
1821, in which Mr. Zea declared that his powers had
been revoked, and were limited to political objects. It
these powers were so revoked, they could claim nothing
from the Colombian Government. If the claim of Mr.
Powles were invalid, so also was that of the fundholders.
But it was asked, why touch on those points? For a
very good reason—in order to establish a ground for
'demanding the funds now in his possession, which, in
equity, he ought to deliver—which, in justice, he can-
not retain, and which, as an honourable merchant of the
City of London, be ought to invest in Government secu-
rity. In what security did this 292,0001. now stand in-
vested ? If it did not stand in Exchequer bills, or some
other security equally valid and subsantial, Mr. Powles
had not done justice to the holders of Colombian Bonds.
On the 4th of January, 1823, Mr. Ravenga declared to
Mr. Powles that the loan was illegal, and he repeated
the statement on the 12th and 13th of the same month.
Farther, Mr. Ravenga furnished him and his friends
with a copy of the code of. Colombian laws, which
proved that what he said was true. Now, four days
after he had received that information, Mr. P. appeared
before the Bond-holders, but he never mentioned Mr.
Ravenga's declaration, nor shewed the code of laws.
Mr. P. also laid a case before three eminent lawyers,
but he said nothing of Mr. Ravenga's statement. The,
most important declaration made by the Colombian
Government was not laid before Counsel. The most
important document for the guidance of their opinion
was not submitted to them. Mr. Powles had stated, this
day, what had been written by Mr. Jones. Now, he
would say, that Mr. Powles ought to have brought Mr.
Jones before this meeting ; for, if he were not grossly
misinformed, Mr. Powles could have done so. He un-

derstood, so tittle chance Lad the Contractors of getting
the Government of Bogota to ratify the Loan, that Mr.
Jones had left the country, and was now in Paris. lie
had been informed that Mr. Jones had arrived in Paris
on the 13th of August last, and, on the 2d of Septem-
ber was seen, where they might naturally have expected
to see him, in a box at the Italian Opera, with the
widow of Mr. Zea—(Loud cries for the natne of Ike
informant.) He could only state, that the information
came from a gentleman of high character, and, fearful
of a mistake, he got him to write the statement. The.
Hon.Gentlemna concluded by arguing that there was no
pretence for supposing that the Colombian Government
would ever ratify this Loan. There was not a single ,
document pubiished by them that did not speak the
same plain language. They had throughout denomi-
tutted these transactions as scandalous and illegal.
Mr. FOWLES said, that Mr. T. Mostyn Joness of Bos-
ton, had called to take leave of him, a week ago, as he
proceeded to Paris. That Gentleman had transacted
business with the Colombian Government ; and, know-
ing Mrs. Zea and her daughter, it was very probable
that he might have been seen at the Italian Opera with
them. But the Mr. Jones alluded to never was at Paris
in his life—(Hear).
Mr. Moxos proposed to withdraw all his resolutions
except the 6th and 7th, relative to paying the funds into
the Bank of England.—After some further conversation,
Mr. YouNG moved the adjournment Gf the meeting
as an amendment, which was carried by a large majority,
lend the meeting broke up.