SPANISH BONDS.
TO THE EDITOR OF THE SPECTATOR.
Montague Place, 17th February 1534.
Sia—May I take the liberty of correcting an error which yourself and many other persons are under with regard to the prices of Spanish Cortes Bonds, as quoted on the Dutch and French as compared with the English market? In your valuable Paper of yesterday, you state the hopes and expectations of the holders to be much more sanguine here than in Paris. On inquiry, you will find that as the French quotations are about 26 ex dividends, and here about 30 and 31, including all the coupons since 1823, on the Paris market these Bonds are at a much higher value than with us,—the coupons unpaid now amounting to half the value of the Bond itself (viz. 2l. 10s.), being on the 1st of May next the twenty-first dividend accrued and unpaid! As an unfortunate bolder of a few thousands of these in- securities since 1822, at the then price of 66 and 68, I was induced to make inquiry, and such is the explanation I received from a banker. If this stigma on Spanish honour and Spanish credit is to be at length removed—if the present Liberal Government are to continue (as heretofore by their predecessors), honourably and regularly to pay interest in full (at the rate of from 20 to 30 per cent. per annum), on GUEBHARD'S and AGUADO'S ruinous and usurious loans and contracts, surely the present Ministers and Cortes, identified as they are, with the debt called Cortes Debt, will not, cannot refuse a full recognition of the latter also. At all events, there are better grounds for anticipating that justice so long denied by FER- DINAND and his imbecile satraps. Towards all creditors this po- licy has been most fraudulent and scandalous; whilst very many are re- duced, others have been almost totally ruined, Con the other hand, re. tribution has already fallen heavily on the infatuated Government and nation for tolerating such frauds. Every other European Sovereign (Don MIGuEL excepted, and he now regrets his impolicy), has at least kept good faith with his foreign creditors. Your attention to, and ad- vice and strictures on this subject at this important moment would be valuable ;—to prevent, on the one hand, rash speculation, and on the other, any ill-timed and unnecessary sacrifice to foreign speculators (who, it is reported, abound in London), at this the eleventh hour, by the British
I am, Sir, your obedient servant,
ONE OF VIE UNFORTUNATES.
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