Daily American telegraph. [volume] (Washington [D.C.]) 1851-1852, 1852-01-12

our own pecuniary interest alone. Mr.. Marks ,
had lived in Mexico many years, during which
time he had experienced much kindness, and in
return entertained warm attachment for her
people. We may say the same Of one of our
selves, who resided for some time among them;
and in declaring our sympathy for them, We do
80 the more proudly because we can confidently
appeal in their favor to many wounded Ameri-
cans who experienced, and to others who wit
messed, their generous hospitality and kind sym
pathies in the late war. Mr.. Marks was also
warm personal friend and admirer of the present
distinguished head of the Mexican government,
and of the members of the then existing Cabinet
and his and our attention was drawn TO this sub
,ject Of the indemnity less by any desire to make
profit out Of it for ourselves than by sympa-
thy for the Mexican government, and indignation
at the combinations formed by foreign bankers to
plunder the treasury of our own government, as
well as Mexico.
But, sir, we have it from high authority that
the laborer is deserving Of his reward; and the
Mexican government, in availing itself Of our la
bors and suggestions, could not in honesty and
good faith, do less than admit that we were en-
large sums thus to be saved to both governments.
And as Mr.. Clayton had authorized Mr.. Marksto
90 to Mexico and urge the acceptance of our pro-
position, aided by and acting in concert with Mr..
Letcher, so the Mexican government thought it
due to us that we should be employed to aid and
act in concert with Mr.. De Ia Rosa in consum-
mating the business here.
A., holf po;ll uoff
intended by the Mexican government for q set
tlement with its domestic creditors, o like sum
for the foreign creditors and the balance for the
current expenses of the government, Mr.. Marks
proposed that the Mexican government should
allow u.s. on the $5,000000 intended for the
creditors, 8 per cent; out of which we were to
pay to the United States one per cent. more than
any banker should offer. On the balance, in
tended for the current expenses of the govern
ment, we asked of Mexico only the premium we
should have to pay to the United States. Thus
on this last we were to make nothing, and the
difference between the premium paid to the Uni
ted States for accepting (say At per cent? ana
the premium of exchange (say 10 to 10 per
cent? was to inure wholly to the benefit Of the
Mexican government.
Our compensation was thus to be only on the
ST, ,O00, 900, and was the difference between the
premium to be paid to the United States (say Al
per cent. and the 8 per cent to be allowed by
the Mexican government, viz: $175,000.
Thus the Mexican government would save by
premium of exchange on the $5,OOO,OOO the diff
ference between per cent. and 10 to 15 per
| cent viz: from $500, 600 to $3.50, 600
And on the remaining $2,
$780, 900 the difference
between 45 and 10 to Is
per cent, viz from 124, 300 to 237, 300
Total gain to Mexican gov
ernment on the exch'ge 224,300 to 5s7, 300
And the saving to the United States would have
been, as above explained:
On premium for accepting. ST., 600
BY accruing interest $4,000
Total -. $612, 600
To prevent any loss, however, which otherwise
might possibly be occasioned by the combinations
of the bankers to prevent the negotiation of the
acceptances or to put down the rate of exchange,
it was proposed to the creditors to agree to allow
the per oent. intended to cover the premium to
the United States and our compensation; to which
the domestic creditors promptly and gladly as
sented.
! Further to guard against the contingency of
those combinations, it had been agreed between
Mr.. Marks and ourselves, before his departure
for Mexico, that VIC would find some American
banker who, for a fair proportion of our com
mission, would undertake to make any advances
that might be required at fair business rates On
Mr.. Marks's arrival in Mexico, however, he ex-
planned the transaction to Mexican banker, in
no way connected with the government, save that,
as friend of the administration, he desired to
sustain and aid it, while, as a Mexican, he pa
triotically wished to sustain the credit Of his ma
ton. This gentleman agreed to enter into the
arrangement on an equal footing with Mr.. Marks
and ourselves, and to make through himself and
friends, any advances that might be required to
protect the negotiation of the acceptances from
the combinations already frequently mentioned.
We make this explanation now, because Mr..
Marks. in hurried and confidential letter, in
tended merely to inform us that he had found in
the patriotism of Mexican banker that aid which
we we're to look for in on American banker, said
that he was to pay to party in Mexico third Of
our commissions, and would require the aid Of no
banker in the United States As we were acting,
and have acted, throughout the whole Of this
matter, in good faith and without any occasion for
concealment, we placed this letter in the hands of
the Hon. p. soulG, Senator from Louisiana, and as
such Mr. Marks's representative. BY accident
Mr.. SoulG left this letter with the memorial and
other papers intended for the Senate; and you