The Sun. — 1857-04-16 (London, England)

APRIL 16; 1857,  PHAUVIAN BONDS.  The f vilowing le ter relat-s to a attempt !ikely to be made to obtain introduction on the Lcurclon market of those portions of the home debt of Peru winch have long been celebrated for their questionable origin. The temptation to be offered is said to bo au increase of 2 per cent, on the sinking fund of the English debt; but the precedent would be bad, and should be resistol. If the existing Peruvian Government, notwithstanding their former determination to the contrary, choose BOW, for reasons known to themselves, to recognise, these liabilities, they can do so, and pay the proper rate of interest upon them at home. The fact of their having them represented by sterling bonds shows that the object is to get rid of them here—a result which would operate on our market just as if the amount were raised by a new loan : "Sir,—The last advices from Lima state that General Cistilla had signed a decree acknowledpring the iniquitous Increase of the internal debt.underEchenique, and the conversion of 11,000,000 dollars of that debt into 2,200,0001. of sterling bonds. "It was to oppose the' introduction of these bonds, which the Government and agents of Peru had so treacherously converted, and were endeavouring to put on this market, to our great injury, and to take such other measures as might be deemed necessary, that a committee was appointed on the 11th of January, 1854, of which Mr. Richard• Thornton is chairman.. To the vigilance and strenuous exertions of that committee we owe the defeat of the various attempts first made with those interal bonds, as well as the increased sinking fond we have on our own, and if the committee had been properly supported by us no doubt our legal right of fiveeighths of the proceeds of guano sold in this kingdom (which by this time would have, iquidated more than half the debt owing us) could have been obtained ; ani the payment of the interest, and purchases for the sinking fund, as also some minor points, placed on a more satis factory footing than they now appear to be to the general body of the bondholders. But instead of giving those representatives the support they deserved, we suffered them to be insulted at a meeting notoriously packed by parties well known to have for their sole object the circulation of the intrusive bonds, and who, after the adjournment of that meeting, constituted a committee f.,f their number, which obtained the name of the New Committee.'  "Annoyed. as the Old. Committee must have been at our culpable neglect in not supporting them against the machinations of a. cabal opposed to our interests, they deserve much• praise for•not having thrown up our cause, and for resisting the two attempts which the New Committee made to obtain an •official. quotation of the obnoxious bonds. Nor among our obligations to them can be forgotten their opportune protest inzur behalf against the acts of the New Committee, thus maintaining our right to five-eighths of the guano proceeds, which would otherwise have been lost through the suicidal resolution Passed at a meeting held by the New Committee, accepting the present sinking• fund as final. "Oar actual position is most unsatisfactory, as well as dangerous. No one can doubt that renewed efforts will now be made to circulate the spurious bonds in this market, and it is essential to .our interests and to that of the British public that such attempts be opposed, no :matter by whom made, or however plausible the pretext 'or bait offered; for we•need no new lesson& in Spanish'American faith. Nor should we forget that our present sinking fund has not yet received the sanction of any ,Peruvian Congress. • • "Our old triends have evidently continued to watch over "our interests; butt understand that, tired of the unthankful task they accepted, as well as of the'expenditure of their time and money, they have long wished to resign, and it is not to be wondered at. "As we have no right to • expect the Old Committee to persevere in our behalf- after the treatment they have -received it. behoves us to lose no time in appointing men of efficiency, knowledge,, and fidelity to enforce our legal rights and confront the imminent danger we are exposed to. • An internal debt of some 27 or 28 —millions of dollars, an external one of about 4i millions of dollars, and our own debt of nearly 4,000,0001. sterling (no trifling total for a population of less than two millions, two-thirds Indians), a costly naval force, without native seamen to man it, and of but little utility, a ,staff of military officers sufficient for an army of 1501,000 men, the chief 'industry of the country (mining) in decadence, an internecine warfare wasting its resources, and which, if now put down, may again soon spring up when there are so many greedy of the spoils of the State, and 'a rapid diminution of the deposits of guano, which are in the hands of an insurgent force—such is a sketch of the actual position of Peru; and let us, old. bondholders, beware lest, before our debt is•extinguished, we learn that a few bare rocks alone remain to show where our principal, and probably only, security was. . " London, April 15."  AN