The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-08-04
AFFAIRS IN EUROPE.
SPECIAL DISPATCHES, AND EXTRACTS
FROM THE PAPERS RECEIVED
MSHIP HIBERNIA,
NEW YORK HERALD OFFICE.

NEW IUhk nEnHlu uITIVL'
&c. &c. &c.
The British Government and the Foreign
Debts to the British Peopie--Threats iro"
John Bull.
[From the London Times July l6
bulky parliamentary psper has lately appeared con
tanning the from 1929 to the present day
between the British Government foreign powers
atiye to the loans advanced to the latter by the sub
jecs Of this country We hardly know WIN what Ieel
ings to regard this curious ledger OF national
bad debts and imperial applications for payment Per-
haps the extent and amount OF our transactions might
euggest sentiment of complacency ana
it not that such is very easily purchasa-
BILE everybody under similar penalties The addresses
Of the defaulters indicate somewhat strKinsy the
change of the relations between the New World anu
the Old since Western Europe relied the unfahoma-
bic riches of America With the exception OF the twin
spendthrs of the Peninsula and the infant monarchy
of the orea customers all from the other siue
of the Atanc and the appearance OF any small repuo-
lie the scene in the character OF independence ~ &C.
neray with its appearance our books in
the character of debtor very good business we nave
certainly had though little scattered perhaps Nothing
Is said in the present schedule certain outlying debts
above the peninsula OF Florida but we commence trans
actions, Immediately below with Mckee, take IN the
la aud Buenos Ayres, then double Cape Horn and run
up the coast of the Pacific to Chilli Peru, Ecuador and
New Granada. Reserving for another occasion some
general conclusions and maxims which may be deduced
the contents of this guide to capitalists, we
conne ourselves ut TO the exposition OF the law
policy lately delivered, question so interesting
the right Of foreign bond holders to national pro-
lection The conditions of this question render it pos
sble that the law should be laid down for all
guide and precedent tor future occasions. The ac-
cidenta relations of the two States involved the
per the country the general aspect of the political
world, and the circumstances OF the particular case
Judgment given and acquiesced in at this period of
l517, appears to be as follows THAT when British
edy competent for the British government according to
the law of nations to compel payment by reprisas or
war; but that the cxerton OF this right rests entirely
with the government be determined by their view of
what il best for the whole State and cannot except in
of special compact to that effect be demand
thn;r hnhu Tha
whole case of the Spanish bondhoders clearly turns
the belief which the creditors might justly
have entertained at the time Of their advancing the
money, as to the duty of the government to bear
them harmless. II, rs it has been attempted to
prove, it demonstrable from civil law or con-
stitutional precedent and moreover popularity I'M
derstood, that the British government was as much
bound to exact redress tor British subject in this par
tcular in certain others, anu ts moneys were
lent under the Impression Of this general and ultimate
guarantee there then be doubt that the govern
ment could only release itserom the performance OF this
duty condition of assuming the liabilities in question.
and discharging the debts whchit conceived impoc to
If it expedent for the State that the just
rights of certain of It's citizens should be postponed to
che general good of course the state which derives the
benefit should make the onsation and should thus
purchase the privilege of nacton which its own
demand The first principles, however, Of public law
and national policy initiate against the uncSnditona
acceptance Of maxim which would leave State thus
perpetuay and helpessly exposed to the hazards OF
war and apart from the conclusions iuseparable from
such primary considerations, it is evident enough
chat such belief as we have hypothttically sog
yested did not prevail, could not be justified At
that had been exacted for the British hold
Of French bonds only special considerations aud
expressly stated that when British subjects for the f
ture exchanged their money Tor such obsatons they
must understand that they did so at their risk
less the special sanction of their government had been
first obtained And that the necessity OF such sanction
pretty well comprehended is clear from the observa
ton OF Lord Pamerston that appcaiton had more than
been made for it to the governments OF which he
had been member, and had been Invariably Refused
We take it therefore as established and We conceive
taken by the advocates Of the sufferers that
the Spanish bondhoders have not peremptory right to
the alternative protection or compensation but that
their only just falls short OF such title be de-
MED by As far the two contracting parties are
it would be impossible to make out out cease
either harder on one side or NOR. fagtous tho
other It cannot have escaped the notice of any
person who has peruscd either the representations
of their petition or the arguments oil recent de-
bate. that the law of debtor and creditor Is APP
piled to States with very remarkable leniency. In
the of an individual confessed inability is not al
protection against very serious har4sh but in
that of nations it Is at once allowed TO preclude any
trouble annoyance is assumed as al Indispensable
condition for the responsibility of indebted state
that should be fourishing and prosperous aud the
creditors and their patrons think it absolutely necessa
abundant axe beouer Nothing but lis annual disengag
surplus considered liable 10 its just debts Though
Lord Pamerson ayowed that nations so indebted were
point of fact receivers OF their mortaged reve
ia trust for their creditors, to whose use they
bonnd in the very first place to apply them, yet
they Permitted to supersede by the claims Of their
own public SERVICE" and by any requirements OF
public private extravaganza, all honest demands
upon them Nothing is asked for until it is proved
by figures that unbounded wastefulness and
prongacy still leave out Of the which
these very have mainly contributed TO create
aud then with the utmost coolness Is this very surplus
refused some risks lender must necessarily incur by
ntrustng his money to the CHANGES Of foreign nation
aud remote land under circumstances generally of diff
icuty and danger; and for these recognized risks a
higher amou.t Of interest than common is ordinarl,
taken compensate But do think that 1t
the common character and credit OF Chrsten-
DOM shameless dishonesty Of the borrowing State
should be superadded the worst and most probSle
TO all other hazards attending the recovery of the
debit but that compuson should insure honor does
not dictate, decent discharge OF obligations from all
who competent to meet them The iat' proceedings
in Parliament can hardly be lost on these indebted
Sfates Though IL is ruled that single creditor may
no. proclaim continental upon proctSs, yet
6v an ciGsses of oitcian is affirmed that The right
Of the government 70 act is neither questioned nor lost
5a simply susprnded from aaotir's 81 pohcy and hg-
mdnity n creditor II he most ample and TIessh6ie
pctcer pd dH the lao and all The reason on ms sue,
under The most traspsrang Proeocaons and Gjter re-
emphatic wdrnng TO perfectly COMPETENT aud
perfectly soIrent debtor, rather than enddnger disturb
fhe great family Of nations by summary sey-dgence
Let hope that interest may compel course which
honesty has not yet suggested
The English View OF Mr.. Trist's Mission 20
Mexico
From The London Cropicle July IS
Tho last news from America Is OF greatly more pacific
tendency than any that we had received for long time
In short IL could give implicit credence to the
counts which have reached both from the States and
from the seat of might regard II certain that
the whole honorable to the States, and much less
humating to Mexico, than, uuder all the circunstan
cea she bad any reason 10 expect. Wtue TOO biuch
rroced at the prospect of cessation OF this most mpo
lite aud upjustnabe to be disposed to examine too
closely into the motives which have led the government
Of the States to change their policy 1t may be that
President Polk, growing and jealous Of Gene
rails Scott and Taylor and being unable to set them by
the ears has resolved to cut short their career OF glory
In the only effective way Could he himself have reaped
in popularity and renewal of his term of Office, the
fruits Of their toll and danger 1t would have been diff
fereut matter In that every furtherance would
have been given to the war and reasonable over
lures OF peace either made or listened to- Rough
M mi
out their lives In their country's service, and
quarreled or not quarreled just the humor took
them, had President Polk remained that idol Of
the Yankee democracy which he four years ago
1t not however hopeless with Mr. Polk 1t
or reelection to the Presidency he has chance
But he Is comparatively young man; considerably
younger than either Of the celebrities who have
thrown MIN into the shade. Let peace be concluded
what terms may, half years will eapse
without renewal of the Let the ambitious MIR