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the poor wretched people of Co-sold the bonds, must be a dead lombia were to pay to these vil-loss to somebody or other in Englanous Jews and Jobbers of Lon-land.don seven per cent. for the use of money, and were to become the has actually been the case. Events have proved that this slaves of fundholders to all eter-money has come from Colombia nity. Thank God, my friends, to pay the interest on the bonds; this scheme has been blown into air; and, though we are compel led to bear the intolerable burden of a national debt, these Spaniards seem resolved not to do it, either in the Colonies or in Old Spain.
not a farthing has come either for that purpose or for that of paying off the bonds; so that, the goods which had been purchased of my lords of Manchester remain unpaid for to them, or have been Well, you now understand the paid for by the people of this manner in which the loans were country, who bought the good-formade. The Colombian agent or nothing bonds. How, then, my Minister sold the bonds. The friends, stands the case with rebonds for this Republic amounted gard to these bonds at present? to the pretty little sum of six mil-Pray mark what I am now about lion seven hundred and fifty thou-to say. This famous and prospe sand pounds! But, you see, in rous Republic of Colombia, which the first place, he sold his bonds has been acknowledged by our for a seventh less than the nominal wise Ministers, who have neamount of them. There cunning John Bull took him in for pretty nearly a million. Then John did not give him the money for all the rest; but, like a true trader, gave him some money and some goods. It was curious enough to see gold and silver go from England to those countries where the mines of gold and silver were. But, to pass this over, some money was sent, and great parcels of goods, particularly Manchester goods. Now observe, these goods were paid for in the money which the Colombian agent got for the bonds; so that the goods were paid for by English people out of their own money; and it was have explained to clear, that, unless the Colombians that, when these bonds were first I have explained to you before, should send over money to pay sold in England, a hundred the interest on the bonds or to pound bond sold for eighty-six pay the bonds off, the whole pounds. They have come down amount of the goods, and the by degrees, till one of these hunamount of the money sent out to dred-pound bonds now sells for, Colombia by the agent who had perhaps, less than twenty pounds. C 2
gotiated with its President and its Congress; this renowned Republic has just been split into two, by the edict of a general, who, find ing himself at the head of three or four thousand men, and finding no government capable of paying his men, appears to have thought it wise and prudent to set up a government for himself. This news, which any man in his senses might have anticipated, seems to have opened the eyes of the almost stone blind; and these Colombian bonds appear now to be hastening to that state when the holders of them may light their pipes with them.
The newspaper price states them-no, you will ask yourselves at twenty-three pounds; but if the no such question-whether Mr. holder had really to sell them, he WOOD, or STANLEY, ever foresaw could not get in gold and silver, any of these consequences. In twenty pounds for each bond. instances like this, we have the Thus, he has lost, even according proofs of men's fitness or unfitness to the newspaper price, sixty-three for taking part in the making of pounds sterling upon each bond laws or suggesting of public meaof one hundred pounds; that is to sures; and to remind the whole say, he has lost sixty-three pounds country of what 1 said upon this upon every eighty-six pounds subject in November last, is due that he has laid out upon these to you, my friends, not less than to bonds! This sixty-three pounds, myself. It will shew to the counand all these numerous sums of try, that you were wise in your sixty-three pounds, are so much choice; and it will make that actually lost to the bond-bolders, country perceive that, if it is not or, to the creditors of these bond-now to have the benefit of the holders, great numbers of which mind of the man who could thus bondholders must be totally foresee and thus foretel, the fault ruined. The Colombians have is not your's, but that it belongs to got the goods and the money. To those who have thwarted your be sure, they have been pretty wishes, who have nullified your well cheated in the quality of the rights, and thus prevented the goods and in the jugglery of the good which would have resulted money; but, at any rate, all that from your never-to-be-forgotten the Colombians have received in exertions of public spirit. money or in goods, THEY HAVE RECEIVED FOR NOTHING!
I will now insert this article, which was published, as I said before, on the 26th of November This is the history of the flou- last. You will please to observe, rishing affair of South America; that, just before this article was and, now, my good and intelligent published, Mr. Canning had put and public-spirited friends of forth what he called a state-paper, Preston, please to hear my PRO- which, curiously enough, was PHECY on this subject, which dated in the month of March, prophecy was published on the 1825, though not published until 26.4 day of November last. The November, 1825. This "statepassage which I have taken for paper" was a most stupid promy motto to this Register makes duction, at once dull and flippant; part of an article on the subject. this production was put out in That article I am now about to November, with a view to prop up lay before you. Receive it, my the credit of the South American friends, as a mark of my respect loans and bonds, which credit befor you, and my desire to possess gan to be pretty seriously shaken your good opinion. Pray observe in November. You will find that with what accuracy I foretold I foretold that this propping up of what would be the consequence Mr. CANNING would produce a of these loans to the South Ame- most ruinous effect in the end. ricans; and then ask yourselves This has now been proved by
events. However, let me now" to bear six per cent. interest, insert the article before I make was not worth a farthing, unless any further remarks upon the sub-" some interest were paid upon ject of it. I beg you to have the" it. I declared, when Spanish goodness to read it with that de- " bonds were at seventy-five, that gree of attention with which you" I would not give a crown for a so often, and so highly honoured" hundred pounds in them, if I my speeches delivered from the" were compelled to keep them Castle Inn. "unsold for seven years; and I "When the foreign loans first" now declare, as to South Ame began to go on, Peter MACCUL-"rican bonds, that I think them "LOCH and all the Scotch were 66 of less value than the Spanish "cock o' whoop. They said that" bonds now are, if the owner be "there were prodigious advan-" compelled to keep them unsold tages in lending money to South" for a year. It is very true, that “America, that the interest would" these opinions agree with my "come home to enrich us; that" wishes; but they have not been "the amount of the loans would go" created by those wishes. They "out chiefly in English manufac-" are founded on my knowledge "factures; that the commercial" of the state of things, and upon "gains would be enormous; and my firm conviction of the folly "that this country would thus be" of expecting that the interest of "made rich, and powerful, and" these things will ever come from "happy, by employing in this" the respective countries to which "way its surplus capital,' and "they relate.
thereby contributing at the same "Mr. Canning's despatch has, "time to the uprooting of des-" 'doubtless, had a tendency, "potism and superstition, and the" (whether expected or not) to "establishing of freedom and li-" prop up the credit of these sub"berality in their stead. Unhappy" lime speculations. The prop"and purblind, I could not for " ping up of the credit of them "the life of me see the matter in can, however, do no sort of "this light. My perverted optics "good. The keeping up of the "could perceive no surplus ca- price of them for the present "pital in bundles of bauk-notes." may assist some of the actual "I could see no gain in sending speculators; but it can do no"out goods which somebody in " thing for the speculation in the "England was to pay for, with-end, and this speculation, which "out, as it appeared to me, the "was wholly an effect of the " smallest chance of ever being "Small-note Bill, will finally "paid again. I could see no "have a most ruinous effect. "chance of gain in the purchase "How is it to be otherwise?"of a bond, nominally bearing" Have we "Have we ever received any "interest at six per cent., and on "evidence, or any thing whereon " which, as I thought, no interest" to build a belief, that the inteat all would ever be paid. I "rest of these bonds will be paid? "despised the idea of paying "Never; and the man must be "bits of paper by bits of paper. "mad; mad with avarice or a "I knew that a bond, though said" love of gambling, that could
"advance his money upon any thing; and this would be the "such a thing as these bonds" Scotch way of obtaining enor "The fact is, however, that it was mous advantages for the country "not money: it was paper: it" by laying out its surplus ca"was borrowed, or created, for " pital in foreign loans. How"the purpose of being advanced." ever, let the bond owners keep "Observe too, that when the their bonds. "loans were made, money was at
Let them feel the sweets of the Small-note Bill, a lower value than it is now; "and of the consequent puffing "therefore, those who would have up of the English funds. The "to pay the interest, would have affair is theirs. They have re"too much to pay if they were to "jected my advice; they have "fulfil their engagement. Mr." listened to the broad sheet; and Canning's State Paper clearly "let them take all the conse66 proves to me, that the main ob-66 quences. Let them, with all ject of it is to make the loans to " my heart, die with starvation, "South America finally be paid, "and as they expire, let them "because, if they be not paid, "curse Mr. Brougham's best pos"not only is the amount of them" sible public Instructer. "lost to the bond-holders; but, "As to Mr. Canning's famous "there is an end, at once, to all State Paper, than which I never "that brilliant commerce with read one more flimsy or more "which that shining Minister ap-" foolish, if the King of Spain be pears to be so much enchanted." wise, he will treat this Paper "All the silver and gold, all the" with that silence which it de"Mexican and Peruvian dreams" serves. He will keep to his re"will vanish in an instant, and solution of not acknowledging "leave behind the wretched Cot-" the independence of the ColoIton Lords and wretched Jews"nies. He will keep some effec"and Jobbers to go to the work-“tive and faithful troops at the "house, or to Botany-Bay. The" Havannah, under able leaders. "whole of the loans are said to "He will offer such terms of com"amount to about twenty-one or "merce to the United States, as twenty-two millions. It is sup- "I dare say, they will be quite "posed, that twelve millions have ready to accept of. He will "actually been sent out in goods." leave time then to work a little "These goods have perhaps been "for him; and he will leave the paid for here, but they have "English Quakers, Jews, and "been paid for out of English "Jobbers, to howl over their "money or by English promises." bords, and leave me and others "The money to pay with has" who see the matter in the right come from those who gave "light, and who may be given to "money for the South American" smoke, to buy the bonds at a "bonds, and these bond-holders" penny a thousand to light our "are to be repaid, if repaid at " pipes with." "all, by the South Americans. If Now, my good and kind friendsof "not paid at all, then England Preston, pray reflect how different "will have sent away twelve mil- things would have been, if my ad"lions worth of goods for no- vice had been followed. If my
suggestions had been acted upon. [ elected, that he did not think that Though our Ministers, though the one man could do any great good Cotton Lords, though the greedy in Parliament, He, doubtless, Quakers, though the Jews and meant a man like himself; and Jobbers, paid no attention to what then, contrary to his usual practice I said, it would appear that the at Preston, he spoke truly enough; King of Spain did pay attention but you will believe, and the to what I said; for the King of country will believe, that the man Spain has treated the flippant who could, in November last, forestate-paper of Mr. CANNING with see so precisely what was about to silent contempt; the King of happen as to this great departSpain has kept to his resolution of ment of the nation's affairs; you not acknowledging the indepen- will believe that such a man would dence of the colonies; the King have done something in Parliaof Spain has kept some effective ment. troops at the Havannab under able Aye; and this the Government, leaders; the King of Spain has the Boroughmongers, the whole left time to work a little for him; body of tax-eaters know right and the King of Spain already well. They know that that man sees one of the republics, which would have done something; and owes six million seven hundred they know that that something and fifty thousand pounds to the would have affected them most bond-holders and Cotton Lords of deeply. Vain, however, are their England; he already sees one of efforts to keep me out of Parliathese republics broken up, and ment: in that Parliament I must ready to return to his sway; the be, OR THERE MUST BE King of Spain has left the English A DREADFUL CONVULQuakers, Jews, and Jobbers, to SION. Now mark, this I prehowl over their bonds; the King dict with as much confidence as of Spain has left me and others I ever predicted any thing in who may be given to smoke, to my life. Every day has added a buy the bonds at a penny a thou- thickening to the mess from the sand to light our pipes with. The time that I last embarked for truth is, my friends, I, in Novem-America to the present day. I ber last, could pretty clearly see have proposed the remedy; that that the King of Spain would act is to say, I have proposed the thus, and that the result would be principles of the remedy; and much about what it has been; there is no other remedy under and, being able thus to look into heaven, whereby this nation is to the effects of time-being able be saved from a dreadful convulthus to foresee and foretel that sion. I have the details of that which will happen, and not being remedy down to the minutest able even to guess at it; this, my friends, it is which constitutes one of the striking differences between a man like me and a man like Mr. Wood, who had the justice to tell you, as soon as the Mayor had declared him to be
provisions, drawn up in the shape of an Act of Parliament. That remedy adopted, that Act once passed, all would soon become harmony in the country, safety to the State, competence amongst the now half-bankrupt tradesmen,