Polynesian., 1844-08-31

PoShi'H VI Ills republic, ana OF what imam
clal reforms may be expected under a pow
eriul, energetic and creative government,
it is my conviction, that it would be the in
terest of the bond holders, t, revert to their
original rights, pledges and guarantees,
under the primitive contracts. They are
clearly entitled to one third of all the reve-
nues of all the maritime custom houses. and
If that should not be sufficient for all their
dividends, to as much more of the general
revenues as may be required to complctc
their dividends, and the stipulated redemp-
ton funds, and it is not to be supposed that
Santa Anna who has always respected the
assignments made to the British bondholders
(and he is the only Mexican president who
has done SOY would object to a course 50
just and natural.
Besides by adopting that course the bond
holders would only act consistently with the
opinion of their right in the similar cases OF
Chile and Columbia, expressed by Lord
Palmerston, and afterwards confirmed by
Lord Aberdeen II two deputations Of the
committee, of both of which | had the hon.
or to form one. The bond holders will have
the more confidence in asserting their origi-
nal rights, when they know that several of
the Mexican ministers of Finance, in by-
gone years have actually recommended the
appropriation of the whole net proceeds of
all the maritime custom houses to nav the
dividends and gradually e%xtinguish the prin-
cipal of the national debt, foreign and do
nestle. The eX-ministcrs of Finance Cor
osti-a, Echererria and Canseco. in their re-
spective memorials" for 1888, 1910 and
l84l all support this application of the reye-
mos raised nv tho cncfn,p bo,,oo, -.
adoption Of such a course, is now the more
easy that direct taxation has been resortcd
to, in aid of the general rcvenue.
AS for the assignment of one fifth of the
duties receivable BY Vera Cruz and Tampi-
60, it is wholly inadequate for the purposes
intended, and ought not to be depended upon
by the bond holders.
They will remember that in 1887 and
1889, | almost stood alone in nv opposition
to the first and second terms of COMPOSITION
offered by the agent Of Chile, on the ground
that the high-mlnded people of that country
would scout arrangements so unjust to the
bond holders, so Inconsistent with their re-
sources and 50 unworthy of their fame. The
increased dividends now received as COM
pared with those offered is the measure Of
benefit now accruing to them, from their de-
perdence on Gillian honesty and honor
With the same confidence and knowledge of
their character and resources, | now saw
that the Mexican people will, when duly in
formed OF the arrangement with their British
creditors, in inrlous to their rights, and des-
tructive OF their own credit and fam as q
nation, haste II redeem the errors committed
and resume their rank amongst honest and
h'nourable nations, for which they possess
the most ample means, and to d~evelope
which, they have now a chief well able
for the task.
Although Join with the Mexican minis
ters Of Finance whom ! have named, in ,ust
severity upon their own employts, who have
delraudcd the revenue, reduced the nation t.
bankruptcy, sullied for a time, its fair fame
| am not to be confoundcd with those who
dccry the MeXicans as a people, represent
them as a race without any virtues, sunk in
vicious degradati n and moral corruption,
beneath even the hope of regeneration. On
the contrary ! believe and have found them
II be, in the mass, a mild, docile, brave.
kind and warm-hearted people, Of great en-
durance and capable Of every Improvement,
under good government.
They are not naturally averse or inhospi-
table 10 foreigners, if the latter receive their
manifestations Of good will with becoming
gratitude, though the late policy of their
government with respect to foreign COM
lnerce and industry, may mislead foreign ma
tons into such a belief ! can attest this
from my own experience in Rosario, Tepic
and Mazatlan, where, after an absence of
thirteen years, ! lately experienced a kind
ness and consideration, from the inhabitants
Of all classes that could not be exceeded in
my own country and amongst my own
relations.