The republic. [volume] (Washington [D.C.]) 1849-1853, 1849-08-01

From the Monitor Rspubicano, of the l4th inst
the following article is translated, unfolding the
state of Indebtedness of the sister republic
The Globs--a journal whose principal object
seems TO be TO sustain particular interests, and to
keep the European spectators in Mexican bonds
in continual state of agitation-in one of its arti-
cles in No. l44, published the 9th inst, making
a review after its own manner of the terms of the
convention which has been entered into by the
Minister of the Treasury with the British creditors,
says that the convention is defnltive, notwhstand-
ing it is subject to the appreciation of the Cham
Der, and then, as if 1t feared some untoward event,
conjures the fathers of the country to give proof
of their patriotism and intelligence by sanctioniog
this scandaous act, which has no parallel in the
history of improvidence and . But for
tunatey, in spite of the intrigues which have been
put In practice, and though the committee of the
Chamber of Deputies should present favorable
report, the proposition will, as we have been in
formed by many members, be lost in the Chamber
itself Or if by one of those anomalies which
sometimes occur in collective bodies the measure
should be carried by one or two votes, we can as
se without fear of denial, that neither in the hon
orable Senate, nor in the committee of that body,
will this project receive favorable consideration.
This is so certain, that his Excellency, con-
WINGED Of his impending defeat, has given up his
office, placing his signature for the last time to the
correspondence which goes out to day in the packet
Ii is now to be seen, whether his Excelency will
authorize the communications referring to this sin
guar affair Will it be ,done by his successor 7
We understand not, and we believe also that, al
though the authors Of this measure feel deeply the
i'll success which is about to attend their project,
their object now is to make the European specula-
tors in bonds seeing the advantages which are pre-
scented, and DESTROYS of making up the losses Of
their last operations undertake new ones, and thus
cause them to suffer from the lash which was APP
piled to themselves, by the publication of the notes
and communications Of Sr. Pima Cuevas, not
withstandins he did not at all compromise the ma
tiona interests
We propose to make just and impartial analysis
of this C LIBERATED arrangement after which we will
publish it,
Since writing the above we learn that yesterday
the most excellent Minister of the Treasury pre-
scented new proposition to the Chamber Of Depu-
ties, in which he solicis that the Government may
be empowered to adjust the foreign debt, on the fol-
lowing bases
/. The Government will adjust the foreign debt.
2. This adjustment will be made according to the
following bases:
|. That the amount shall be reduced to forty
seven million dollars.
H. That the rate of interest may be three and a
half per cent from the LIST of January Of the coming
year to the LIST of July, 1859, when new adjust
ment shall be made, if il be permitted by the state
of the exchequer
Ill. In order that the debt may be reduced to
forty-seven millions of dollars the Government
shall be authorized to dispose of three millions of
the indemnity
3. If the Government should not be able to make
the adjustment on the conditions specified in the
clauses and of article 3D. it shall give up the eff
fort and report to Congress.
In view of this new project, we must believe that
tine Minister of the Treasury himself considers as
null the one Of which we have spoken above. This
is the best proof of what might be its prejudical eff
feet upon the nation Not having to-day the neces-
sary time to consider the subject with the attention
its importance demands, we will limit ourselves to
expressing the hope that the national representation
will refuse to grant the powers which solicited
remembering how dear this class of concessions has
always cost the treasury of the Republic.
In our opinion whatever arrangements may be
entered into between the Government and its foreign
creditors, should be first subjected to the scrutiny
of the chambers, which, as general basis, should
accept that il not definite, as these transient
adjustments, like that now under consideration,
will only more and more increase the sacrifices of
the nation, without at all remedying its unfortunate
situation. On the other hand, partial arrangement,
such as that contemplated, can do no manner of
good, because that system from which only part
of the creditors derive any advantage, but serves TO
make each day more impossible an arrangement Of
the public debt, which is imperiously demanded by
the honor and interest of the nation.