Star.
London, England, 1825-03-17 00:00:00

NC*4k

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they said frothing of expenses, and even that sum woto
not give them a tolerable profit. Let, however, the
turns be judged from the former Pasco project. In 18.
a Draining Company was established to a-sist in tl
working of these mines, and 11.0001. was advanced
the house of Dabois, of London, to pus chase steal
engines, to carry the .objects of the Company into
effect. Four engines.. were accordingly purchased,
and two of thenm after great delay. Land atifteutties,
erected.• Upon that occasion the Governor of Jansat
wade a report of the undertaking in the most flattering
terms and pmgnosticatea that the consecinence must be
the diffusion nt wealth and happiness over the whole
conntr). But what was the event ? That the whole
of those employed died, and that the project totally
f•olial. The English miners who were sent out sunk
under the climate,and of £170,000 which was expended,
not a shilling of return ever came to hand. The parties
connected lost all their property, and the shares that
were given to the house of Dubois and Co. after having
been sold at a vast price became valueless. Some of
those £9O shares rose to £1,400; and others, originally
sold for 10 dollars or 45 shillings advanced to £lOO.
'from which they 'fell to nothing. The sale too, on which
this speculation was founded, D JuanVivez never ra-
tified—on the contrary, in the teeth of that contract,
and while the proven!, was under confiscation, he again
sold it to tht present Company ! The mines, therefore,
in point of fact, belonged to the old Company, and by
that Company he (Mr. lobhouse) has been assuted that
they wall use every means to recover their rights. Such
indeed has been the effect of this annunciation, that one
of 'the original shares was lately sent into the market,
and hid for at a very high rate. To give some idea of
the difficulties of mining in the Pasco districts, he might
mention that when the tv:o steam-engines already no-
ticed were erected, it took three thousand mules and
four thousand Indians to carry them us the place where
they were erected, and even thus the task was only ac-
complished at the instance of the Governor of Jamar
and the arvernor ol Callan, who were concerned in the
undertaking, and compelled the people to lend them
assistance. It was said by the present Company, that
the mines were to he worked by Europeans, but M. He-
lenio, who was sent out as First Assayer from Madrid,
in the year 1754. stated, that no European was able
to undergo tl e fatigue—that they became sick and
died. A Physician, a fii.!nd of his (Mr. Hobhouse's)
who had lately returned from thence, assured him that the altera-
tion of the air was so great, as to render it impossible to sleep.-..-
The ascent, besides, was so rapidithat although the Mining district
was only distant fifty-six leagues front Callao and Lima, it took
the carriers sixteen days to proceed thither from either of those
towns, and thirteen days to worn. The mines could no longer be
worked as tl:ey, used to be. They must now be worked by free
labour, and that cost two dollars a day for each Indian. He did
not mean to deny that the (grown of Spain drew large sums of
money from them formerly, !put then Spain did not care who suf-
fered for her gain. Parliament, however, ought to care who suf.
fered, in order that this Company should gain. He concluded by
moving that this Bill be read a second time that day six months.
Mr. F. BUXTON said, he should be able to chew
that tha speech of the Honourable Gentleman was one
plot of a deep laid scheme for depressing the value of
shares in these mines. When the shares of these mines
were first open to the Public, the first calumny propa-
gated was, that these were no mines in existence of the
stat ire described. One day, however, was the full ex-
tent of this falsehood ; since proof to demonstration was
submitted in answer to it. The next was as to the state
of the mines, and this had been repeated by the Hon.
Member for Westminster, who declared that the utmost
delusion prevailed upon that point. Now in answer to
this he would quote the authority of Baron Humboldt,
who said that the Mines of Pasco were the worst worked
of any belonging to the Spanish Crown; yet they af-
forded two millions of dollars annually, and from the
years 1792 to 1801, produced no less than 20 millions.
This view had been since confirmed by a very respect-
able Gentleman, who was Secretary to the Mexican
Embassy. There was, however, another circumstance
in confirmation, which had come to his knowledge only
since the commencement of the debate. The son of the
Honourable and gallant Member for Southwark, was
Aide-de Camp to Bolivar, and the Honourable Member
had Jbst put into his hands a letter received from him,
in which he said 66 it is to my surprise strictly true, that
silver here is in such quantities, that the meanest uten-
sils of the peasantry are made of that metal" (A laugh).
He assured the House that he had received the letter
from his Honourable Friend, and that neither the writer
nor himself were interested in this question—(Hear):—
The writer went on to say, that for a few shells, or any
thing which the peasantry valued, such as knives, he
could obtain several pounds weight of silver; but such
was the inconvenience and expense of carriage, it would
not be a profitable exchange. The Honourable Mem-
ber for Westminster, had also told them that there was
no population in the neighbourhood of the mines. It
so happened that intelligence had been received from
an English Major,whn was on the spot with 4,000 troops,
and who stated that he bad seen in one town 4,000 in-
habitants. The Honourable Member next told them
that these were no coals in the country, and had al so
repudiated their title ; but he was convinced that a full
and valid title would be made out to the satisfaction of
the house in a Committee. Neither could he see that
deceit and bubble upon the public which the Honour-
ahle Member attempted to wake out from the terms of
the prospectus. He would now take leave to turn to the
other side of the question, having disposed of these as-
persions. The lion. Member had mentioned the name of
Duboss--and he (Mr. B) w ould tet him into the secret
of that person's conoexion with the concern. He was
o iginally the most anxious to become a shateholder.
But the Gentlemen at the head of the speculation being
men of high character, did not wish to associate Mr.
Dubois with the undertakiro. Immediately upon their
retusal came nut all the falsehoods of which he coin-
planted. [The Hon. Member here made some state-
ments relating to the particular conduct of this indi-
vidual, which we abstain from putting in print.) The
Diiectors, conscious of their °an honour, and the sub-
stantial value nt the shares, did not think fit to accept
the proposal. of Ms. Dubois. ill was ruse the Hon.
:'!umber for Westminster would join him in repro.
bating the conduct of that man, who, from base and in-
txrested motives, engaged in a scheme to deceive him, the public,
and the House of Commons.
Mr. HUDSON GURNEY said, it was not worthy
Of the House of Commons to press down one Company
in contradistinction to another. As the object of the
Biil was only to enable the Company to sue and be
sued, like other incorporated Companies, vrhy.should it
• be resisted? If others got this right, be saloon) reason for refusing
• It4t. this Company.
Mr.t. WILSON thought that she Hon. Member for
West:biomes- did . not seem to know much about the
nuttier. 11.114 i had certainly distorted the facts of the case.
lije spoke of the bisectors selling the whole of their
4ales. 'rise truth was, that each birectOr retained a
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3 than
nr irn-
climate. But
- and he
unenaces of the

Si: F. BURDETT declared that the Pasco Mining
scheme was, in his opinion, utterly hopeless and 'delu-
sive. The only object generally of these schemes was,
to get shares into the market, of which to make a cer-
tain profit to the loss of the public. He thought it full
time that some legislative provision should be made to
secute the public against the effects of these bubbles.
A high judicial character had given notice that he would
employ his talents for the attainment of some means to
check the evil; and he sincerely wished him success. The project
appeared to him in every point of view Is which it could present
itself a bubble, and nothing else. He hoped the Bill would trot pus.
Mr. LOCKHART said, the House should be aware
in granting Bills to such parties they were themselves
assisting in the delusion practised upon the public. As
to these Pasco Peruvian Mines, in a country where
I.ilver was so plentiful that the very spade and pickaxe of the
labourer was made of that material, be confessed be had no faith
in them whatever.

Mr. BARING thought, that if the House were to
listen to the advice of the Honourable Member (Mr.
Lockhart) they would be placed in a singular situation,
for then it would appear that as they refused to give
their sanction to this measure, because they could not
examine it, the other Bills, of a similar nature, which
had been passed, would, by implication, appear to have
received that sanction. He agreed with the Honourable,
Member for Westminster in regretting the great extent
to which speculation bad been carried; destroying the
ancient character of our Merchants, and demoralizing
the Royal Exchange. Everything appeared to give
way to the system of gambling, from one part of the
country to another, at once. The Merchants seeing
gambling-houses set up at the West end of the town,
they proceeded to make a gambling-house of the Royal
Exchange, with the difference only of keeping better
hours. He (Mr. Bating) was acquainted with one of
the pt incipal promoters of this Company, and he would
say, that a more honourable man could not exist ; but
that did not alter his opinion of this or other Mining
speculations, many of which, he was persuaded, would
turn out unfortunately, and the people would lose their
capital. The mistake was, a people supposing that by
their junction in such speculations, more activity would
be infused into them than had hitherto been the case,
not conceiving that though the native Government
might be inactive, the Mines possibly had been worked
in the hest manner. He would instance the Austrian
Government, yet there were no Mines worked with
more skill than the Gold Mines of Hungary. No per-
son could be more convinced than be was, that many
of these schemes would be attended with great disap-
pointment; yet the present was, at least, as promising
as any other-4t had, at all events, something of reality
in it. It appeared that these Mines had been worked
for years, and there was a return of the precious metals
which had been raked there. The arguments of the
Honourable Member for Westminster had not made any
impression on his (Mr. Raring's) mind; he thought that
the Honourable Member had been deluded by a person who is
interested in crying down this Company.
Mr. CALCRAFT said, that the argument of the
Honourable Member for Taunton was this, that as the
House had given its sanction already to bubbles, they
therefore ought to let this Bill pass also. He differed
with him as to the value of the Parliamentary sanction;
it was,.in fact, as his Honourable Friend well knew, a
bonus, for the instant the Bill passed the shares rose •in
price; what the applicants for the Bill wanted, was to
make money of the shares, and to leave the mining to
those in whose hands the shares might ultimately come.
He would take his stand here, and oppose all such
Bills, from which no public benefit was likely to accrue, aid leave
trade to its own free and unbiassed exertions.
Mr. ELLICE said, he had been applied to to take a
pan in the Company, but he had refused on motives of
prudence personal to himself. He hoped his Honour-
able Friend (Mr. Hobhouse) would allow the Bill to go
into a Committee, as he would have an opportunity of
taking the sense of the House on the third reading. He
had stated what his refusal to belong to this Company arose from;
but he thought the speculation as promising as any of the others.
Mr. ATTWOOD considered, and indeed history
proved it, that all the speculations by which the country
had derived wealth and honour, had been the produce
of Joint Stock Companies. This was the case with all
the canals and bridges in the country, and indeed with
all great public works, which had not a political ob-
ject. Such for instance as docks for our navy, and such
like; these were the work of Government, and so was
the Caledonian Canal, which was for a political pur-
pose. With regard to this Bill, he thought the House
Might to grant them what they asked, which was nothing more
than to place them in a situation of legal ability, to transact the bu-
siness for which they associated.

Mr. ROBERTSON opposed the Bill. He was con-
vinced that the whole scheme would turn out to be a
delusion. It seemed to be entirely forgotten, that the Mexicans
would not part with a certain value without an adequate return.
Mr; Alderman BRIDGES defended the conduct of
the Directors of the Company.

Mr. HOUR OUSE said he should not divide the House its the
state it was then in, but reserve his final opposition to a later stage
of the Bill.—The Bill was then read a second time.
Mr. LA MBTON presented a Petition from the town of Cnve, in
Ireland, in favour of the Catholic Association.—Laid on the table.
Colonel BAG WELL presented a Petition from Westport, in
favour of the County Banks.—Laid on the table.
Mr. BRIGHT obtained leave to bring in a Bill to make per-
petual the Act relating to vexatious Arrests.

=--- hundred shares for himself, an • anything were
uld ing to prove that this was a a fole transactil
re- dieb pa this woulhi supply siefFiency. If
r
314 was any übion, it as strag Gleam gler Director:
the on the pit lc.' Thotymli, point tha;hoef made an
by motion ups h Oki w* the utsbealthigetilt Of the climate
irn-
some of the Directors 'hitt.more tholt a hundred shares;
believed would continue to do so in spite of the.anuaces
nt? Hon. Member for Nekirminster. -r ---