The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-06-04

series from the Isl Of October, lstii ant 10 ~
better securing the Punetaal paymsHi Of ~ $40
interest, the Mexican government .hsn ~ :.
lrreyoeably theTeunlo, one-siNth 80 % AZ ~
enstom-house duties Of the ports OF vera Cfsh ane
Iampico."
IL need not he exclaimed that the bonds % The Arsi
series ara the Aetses and those Of tho second seres
the deferred The words "said interest, /" say he
deferred bondhoders distinctly refer 10 al the n,s.
resi- which shall fall due on either Of the esaass 81
bonds, as well 10 that which commenced IN lS17 e.
70 that which will Tor, rather, ought TOY commences IN
647; and there Is not the slightest teRabls pfets NJ
for distinction. Certainly looking over the clause
in question: this seems 10 be It's natuFn and rs,ti.
mate Interpretation, and the distur Jon IN ~hicL
reference was made yesterday, seems eomPk'sly 10
vanish.
On another distinction, not Of the rights, bat Of
the interests Of the active and passive Claimants
correspondent writes as follows
"Iour city correspondent, in his observations on
the unjust proposition Of the Mexican government In
regard TO the holders Of deferred bonds, remArks--
"'fhe active bondholders may indeed b, a h..
de dissatisfied at the composition which Is offered
them for their three overdue coupons, but they Will
be pleased 10 find the large quantity Of active stock
which threatens To flow into the market in the aU-
tumn Of lS47 reduced TO less than half In original
amount
"Permt me to observe that IL they do escape such
nundaton IN lS47, il is only to submit 10 Il IN 1896
the deferred debt due in ls47 amounts TO i62t 600
which is proposed to be cut down to $4,000,
whereas the decree which makes this unfair propo-
ston creates an active debt Of $50 900, the divi-
dends TO commence from June 1886,
sit Is professed that Mexico cannot meet the
payment Of dividends 1924 900 in lsts, and yet
she offers security for the payment Of dividends on
L. $50, 900 in lo4O
"f is hard for the holders Of active bonds 10 have
their coupons which have been overdue for one
year and half converted at par, what must be to
the unfortunate deferred bondholder, whose bonds
represent overdue coupons, to be kept out Of his
money for ten yearsl and then, instead Of his divi
lends being converted at par, they are again cut
down TO 40 per cent.
"The best thing for the meeting TO do would be to
reject the terms offered unanimously, and authorize
the committee 70 treat for better terms, and II Is gen
orally understood that the Mexican minister here
has full powers TO grant them.
alt would indeed be very lamentable that any
division should exist among the bondholders, and
trust there is too high.minded feeling among the
active bondholders TO seek any temporary advantage
at the expense Of their fellow bondhoders."
Ii remains to be seen what arguments be
brought forward on Monday aganst the very clear
ind stringent objections the deferred bond holders
Statements that Mexico can do more, or Is IN
immediate want Of money, will not suffice. The
deferred bondholders are not pressing any claim;
they are contented TO remain quiet for the next
sg hteen months and let their active brethren have
he benefit Of their position in the meanwhile. All
they ask is, that their present situation may remain
and that they may not be deprived Of the
rights which ought 10 accrue to them in October,
1871 If the Mexican government is thea unable
10 satisfy the demands OF its increased number OF
claimants, let 1t, they say, propose some arrange
nent to the whole body without distinction.
A correspondent suggests plan which we insert
without the slightest notion Of recommending it, ex
,ept by remarking that is based on the principle
Of treating all the bondholders alike:
al would suggest to my fellow -bondholders, for
their consideration at their next meeting that the
whole amount of active and deferred Mexican debt
rs well as the debentures shall be consolidated into
per cent. stock, and that more bonds shall be
issued than are actually necessary for exchanging
the present amount Of bonds for new ones which
believe, would be for about 81 / ,O00, 900 sterling
altogether. This would enable the government, &C
cording to their own showing TO pay the future in
terest with punctualty, whilst the sacrifice on the
part Of the bondholders would be more equally
borne. But to exempEify my proposal in figures,
should state the consolidated Mexican debt to be- in
round numbers, say ell, 900, 900, upon which the
annual interest would be, at
3 per cent 1880, 900
" Now, according to the state
ment of the Mexican FL
nance Minister, the
tom-houses Of Vera Cruz
and Tampico produce
nually S6,000,000; and
therefore the 20 per cent.
assigned for the interest on
the foreign debt would be- 81 100000
"The duties on the exports-
ton of silver from the ports
, in the Pacific (Which he
proposes to add 100000
"And the minimum net rev.
enue of the tobacco mo-
nopoIy, which is also pro-
posed to be added l,5l6,67O