Star.
London, England, 1829-11-27 00:00:00

TO THE EDITOR OF THE STAR.

Ste—Notwithstanding all that has been said on the subject of
the Portuguese Loan, it appears to me that owing to the compli-
cated manner in which it has been treated, the matter is still but
very imperfectly understood by the public. Will you allow me to
state the case in the light I have always viewed it ?
The writer of the City article of the Times, who is himsel
suspected of being a dabbler in the public funds, bas, w►en treat-
ing this matter, been constantly shifting from one side to the other,
without aiming at a cornet statement of facts, though always
throwing blame on the IBrasiliatt and Portuguese agents for mis-
applying the funds destined to pay the dividends. To me the
question appears simply as follows :
In 1223, and while Saura TO (Conde de Povoa) was Minister of
Finances, Portugal contracted a loan, for which the Tobacco con.
tract was pledged u security. Subsequently, (August 49, ls2f,)
and through the mediation of Great Britain, a treaty of separation
and acknowledgment of Brazilian independence was concluded by

Sir OSIAILLSSOART. One of the articles in this compact stipu-
lated, that Portugal should pay .C 2,000,000 sterling to Brasil,
besides other sums, by way of compensation for the property
of Portuguese subjects, and that left there by Joan VI.
Another clause of the Treaty declared and acknowledged
Don Pasco lawful heir of the Crown of Portugal. In
order to facilitate the payment of the dividends, the old King pro-
posed, since the two Crowns belonged, by the consent of England,
to his son, that the latter should furnish his agents In London
with funds to facilitate the payment of the dividends.
The bondholders who bad been in the habit of re-
ceiving part of the money from the Portuguese agents, were
never consulted on the subject. Indeed, it was immaterial to them
whether the money came from Portugal or elsewhere, so they
were paid. And when the Marquis PALKULA proposed to pay
them a part of the dividends on account of the Brazils, which was,
to be henceforward considered as their real debtor, they positively
refused it, insisting on retaining the right on Portugal. The con-
sequence of this was, that the dividends continued to be
invariably paid by the Portuguese agents. Having re-
ceived the stipulated sums from the agents of Don PADAO,
the Marquis of PaLwastr, as Ambassador from Portugal,
continued to pay the dividends till 1828, when the usurpation of
Alston altered the question in tote. Having protested against the
treason of his brothel, and acknowledged Donna Mann alone as
the Lawful Sovereign; having no responsibility whatever for the
debts of her kingdom until restored to her, upon what principle, it
may be asked, would the Emperor have been justified in paying
monies, merely to sustain the credit of a person whom the British
Cabinet itself bad denounced as a traitor and usurper?
Under these circumstances it is absurd to maintain that if Por-
tugal does net pay the bondholders, Brasil should do so. The
korai fide guarantee being the Tobacco contract, it is surely to the
agents of the usurper who have been appropriating the profits of
this branch of the revenue to the support of tyranny and oppres-
sion, that they ought to apply. Nothing can be clearer than that
the contract, having been made with a lawful sovereign, it would
be a violation of its letter and spirit, to allow the monies to be
paid on behalf of an Usurper. It is both unjust and erroneous
to say, that there has been any misapplication of the sums paid by
the agents of the Emperor to the representatives of the young
Queen. Equally absurd would it be to assert, that the Marquis
of PaLstaLLA retained a particle of responsibility, after the Usur-
pation, when his diplomatic functions naturally ceased. There is no
denying that the case of the bondholder is one of extreme hardship.
But it is only one of the hundred consequences springing from the
treason of Mavis. Bad however as this ease may be, what is It
in comparison with the persecution and oppression of a whole
people—with the destruction of commerce and the application of
the revenue of Portugal to every vile and infamous purpose ?
When, on a late occesien, certain persons, headed by a hireling of
Asseca's, waited on Lord ASSRDISN in behalf of the bond-
holders, why did they not say to the Foreign Secretary, since
the agents and representatives of Donna Mama refused to pay t►e
dividends, it was the business of Government to insist on the
original contract being fulfilled? Instead of this, which was the
only true line of argument, the object of the seas-disent deputation
seemed to be nothing more than to throw discredit on these
diplomatists, who, during the trying situation in which they have
been placed, have displayed a degree of talent and firmness no less
honorable to themselves, than useful to the cause of legitimacy and
justice.
Nov. 28. J. M.

CITY. TwaLvs o'CLoec.

The facility with which the Coosa Account passed off yesterday
tufted the hopes of t►e party acting for the rise, who, towards the
afternoon, appeared in the market as buyers for the January open-
ing (20th), and gave a fresh impulse to Consols of g per cent. They
opened this morning at 9311 for money, and 931 to 94 for January,
and without any apparent busineas; but the market, about eleven
o'clock, became very firm—buyers at 93i for money, and 94 for
the opening. The general aspect of the British Market is decidedly
favourable to the hopes of the Bulls party. The paying and re-
ceiving Accounts go off well to the present hour.
In the Foreign Market, Greek Stock improves.
CITY, HALF-PAST ONIL

The account is now looked on as to be well wound up,
and which has terminated without defaulters. This, no doubt, is
a great surprise to the public, owing to Its immense weight and
fluctuation ; but .It may be attributed to the great balance of diffe.
reuces being between the great speculators, whose pockets are well
filled, and can afford to dub up. Consols reached, in the course of
tie morning, 94* for the Account, since which they are not quite
so good. and may be quoted at Raj to 3 for January, and 931 for
money. Stock still continues scarce, although some bloney Stock
came to market.

Is the Foreign Market, Greek has improved; Spanish Stock
has rather declined; and Danish is latter. '
FROM A CORRESPONDENT.

Great interest has been exerted in the City this morn-
ing, in consequence of its being the day for the payment
of the differences on the Account, which terminated yes-
terday, as these are nearly 4 per cent. and it was feared
some defalcation would take place. At present, however,
all has passed over tranquilly, but the operations of the
Bull party are as bold as ever, and the result is, that
the money market wears a most animated appearance, at
94A for the January Account, and 94i for Money. At
the final closing of the Account yesterday, Money Stock
was so scarce, in consequence of the Bulls having raised
money from the banking interest to take in the Stock
they had purchased, that a very considerable portion has
borrowed until the time of shutting for the dividend,
which is the 3d of next month ; and had this not been
lent, a still greater advance in the price of the English
Funds must have taken place, and the Bears would have
suffered severely.
The attention of the Foreign Stook Market continues
attracted almost entirely by Spanish Steel. It Is still
more confidently asserted than ever, that negotiations
have been aheady opened at Paris, fbr the recognition in
some shape or other, of the Cortes Bonds : and that he
parties in the French metropolis are in native sommuni-
cation with our leading capitalists upon the subject. Al-
though nothing certain has transpired, yet the general
belief is that proposals fora loan to the Spanish Govern-
ment will be introduced, and that-thc Bonds of the Cortes

will be taken in part at a ratio to be agreed upon by the
partienconcemed ; but doubts are entertained as to whe-
ther this will include the Bonds of the second loan of the
Cortes. Spanish Stock is 11i.

FASHIONABLE INTELLIGENCE.

CHANGES.

The Marquis of Lansdowne, at Landsdowne House, Berkeley-
square, from Brighton ; Lord King, at his seat, Oakham, Surrey,
from a tour ; Captain and Mrs. Mounsey, in Manchester square,
from tke Continent; Mr. and Mrs. T. Jones, in Wimpole-street,
from their seat in Norfolk; Dowager Lady and Miss Shot, at
Crawley's (late Cook's) Hotel, Albemarle•street, from Mudiford.
Hants ; Dowager Lady Neale, at her house in Albemarle-avert.
from Richmond; Sir James Longhorn, Bart., at his seat, Cottes-
brook, Northamptonshire, from Essex ; the Hon. Colonel Howard
M.P. at his seat, Castle Rising, Norfolk. from &affordshire; J.
Fullerton, Esq. and J. Fullerton, jun. R4q. at the Hyde park
Hotel, from Thryberg-park ; Mr. and Mrs. Henry Prikard, at
ditto, from Northamptonshire ; Mr. and Mn. Astley, at ditto,
from Broderop park ; Mr. and Mrs. Ainslie and family, at ditto,
from Langdde House, Scotland.

The Duke and Duchess- of CLARENCE entertained
some of the Members of the Royal Family and a select
party to dinner yesterday, at their residence in Bushy
Park.

Prince LEOPOLD dined with the Duchess of Kuxr on
Wednesday, at her apartments in the King's Palace at

Kensington.
The French AMBASSADOR had a long interview with
the Earl of ABERDEEN yesterday, at the Foreign Office.
The American Minister had a conference with Mr.
VESET FITZGERALD yesterday, at the office of the
Board of Trade.

Viscount ST RANO YOB.D transacted business yesterday
at the Foreign Office.
The rumour very generally circulated through Dublin,
and universally believed, namely—that Messrs. Bond,
Low, and Creagh, had resigned their Commissions of the
Peace, and were about to withdraw themselves from this
country, is without foundation.
It is calculated that since the year 1800, 2,500,000
acres of land have been added to those previously under
cultivation : but no additional quantity of barley has been
produced.—Brighton Gazette.
The Judges who are to preside at the ensuing Winter
Circuit in Glasgow are Lords MEADOWBANK and
MACKENZIE.

The snow has fallen most inopportunely for sports-
men. Among the rest, the Ministerial party assembled
at Mr. PEEL'S mansion, in Norfolk, must, it is to be ap-
prehended, betake themselves to the affairs of the State,
for want of something else to employ themselves about.
Morning Herald.
The names of fifteen Catholic gentlemen appear upon
the High Sheriff returns in Ireland for the ensuing year.
Of these it appears that five are likely to serve.
At this time there are at Eton College the unprece-
dented number of 620 boys. •
At the recent sale of the late Earl of Bridgwater's
wines at the Rectory House, Whitehurch, by Churton
and Sons, port and sherry only sold for from 7s. to 10s.
per bottle. The residue of the old stock, such as hock,
sack, &c. from 10s. to 225. per bottle. Home-made
wines as low as from 4s. to Bs. per bottle.
THE COBBETT LECTURE-SPEECHES.—The 'The-
atre of the Mechanic's Institution, in Southampton-
buildings, was last night crowded by a respectable audi-
ence to hear a lecture from Mr. Cobbett on the present
prospects of merchants, traders, and farmers. The gist
of Mr. Cobbett's argument, in tracing the present mit-
feri,ngs of the people throughout the country, lay in the
legislative measures adopted, altered—re-adopted and re-
altered—on the subject of the currency. Among many
proofs which he adduced of the danger of tampering with
the currency, he dwelt with great force on the declaration
of Mr. Hasx esson —" that the country was within
forty-eight hours of barter."—" Yes !" said Mr. Cob-
bett—" Ministers brought this rich and opulent country,
famed for a thousand years as a commercial country, to
a state in which there could be no property safe, and in
which no man could say what was its worth. And what
barter was a man to have with a soldier ? What was the
soldier to give in exchange ? If they were within 48
hours of barter, they were within 48 hours of military
violence, to be sure. A soldier must live as well as another
man. What has he to give ? He has his bayonet to give.
This is no charge which I am bringing against the Par-
liament and the Government—it was their own declara-
tion, and I believe it was true also. What sort of a
Parliament must that be which would let these same
men remain in power after they had acknowledged they
had brought this country to within 48 hours of barter ?
Landsmen are frightened at sea—so were these ignorant
men who had had experience, for they were not chickens.
HUSKISSON, who said this, was not a chicken. He had
had, for pretty nearly thirty years, our money in his
pocket, when he said " they had brought the country to
within 48 hours of barter." Mr. COBBITT'S aim seems
to be, to rouse a feeling among the people to a sense of
their acknowledged grievances ; and to this end, be
thinks that the first and most essential step is to touch
the sinecures, and exorbitant salaries, in all the
offices pertaining to the administration. He held them
severally up to the ridicule and derision of his auditors—
from the Prince of SAXE-COB U BO'S £50,000 a year for
doing nothing, down to Mr. GouLavaw's salary of
£6,000 a year " for his skill as a financier" ! In speak-
ing of what we were, what we are, and what we are
likely to come to, Mr. COBBETT said :—" Some imagine
that, when.things have come to the worst, they will mend.
I see no reason for any thing mending when it has come
to the worst. But what is coming to its worst ?
Suppose wheat came to the price of ten shillings a
bushel— that a man could not have a joint of meat
on his table once in three months—how was he to
get out of it ? He would continue where he wee, to be
sure. His worst situation not does not make taxes
lighter. Is it any comfort to say we are as low as we
an be ? Is it any comfort, when a man's leg is getting
come and worse, to say, by and by I shall lose it ? The
wuke of Wellington has said that he is very desirous we
should be brought back to' our ancient habits. 1, too,
should be very glad to see us. brought back to them.
' Our ancient habits were to pay no duty on malt; good
beer was sold for 2d. a pot. Our ancient habits
were that labourers in the fields should not live on
potatoei, but meat and bread. I could tell the Duke
of Wellington, if I could get to his ear, that the way
to go back to our ancient habits is by giving a man like
Goulburn 501. a year, in the place of 6,0001.—by a vast
redaction in all expenses. They want us to go back to
ancient habis, but are far indeed from going back to an-
cient habits ;benne:Wes. We have now two Admirals
to every ship of the line—more Generals and Admirals
thaw all the world put together. lam for going back
to the time whenl3,ooo soldiers was all that England had,
which was the case at the time I wasa young man. lam
for going back to the time when the gaol was not a place
of refuge for the poor man—when it was a place of pu-
nishment, and when the gaols were large enough to bold
those committed to them. The Ministers receive double
salaries, whilst we are in a state of want." There were many
other very striking passages in Mr. Cobbett's address;
and, judging by the attention and respect with which he
was listened to, and the repeated cheers with which he
was cordially hailed, we left the theatre under the im-
pression that he made a decided kit.