Bassoco to The Citizen, October 29, 1867

No. 2.

The undersigned, members of the permanent committee of the fund of the Spanish convention, before your excellency respectfully set forth:

That Mr. Miguel Buch has had the honor of receiving, and has passed to us, the note dated the 22d instant, in which you have been pleased to state that it has reached the knowledge of the President that there exists in the possession of the agent $38,000 proceeding from the Spanish convention, which it is proposed to distribute; and it is required that such distribution shall be suspended, and that the said sum shall be placed at the disposition of the supreme government. We have to believe that the said supreme disposition has been obtained by means of false or erroneous information. It is our duty to rectify the same, and for that purpose it will be permitted to us to state some antecedents of this affair, and to refer to the true facts as they have occurred.

By articles 3 and 4 of the convention, adjusted between the governments of Mexico and Spain on the 12th of November, 1853, ratified by the former government on the 22d of the same month, and by the latter on the 30th of May, 1854, the supreme government obliges itself to pay to the Spanish creditors the credits which they represented, allowing an interest of three per cent. per annum, payable half yearly, from the 14th of August, 1852, as stipulated in the convention of the 14th of November, 1851, and allowing also five per cent. per annum for the redemption of the principal. To cover these two sums the supreme government assigned eight per cent. of the product of the duties of importation caused in the custom-houses established in the ports of the republic. It was also stipulated that the general treasury should pay the said eight per cent., delivering its amount in drafts to the agents named by the creditors, without the necessity of any further orders, the one then given being sufficient, and of which a copy was passed to the representative of her Catholic Majesty that it form part of the convention. In virtue of this contract a general meeting of the creditors, presided over by the minister of her Catholic Majesty, established regulations, of which we inclose a copy, for the direction and administration of the fund; and some time afterwards Mr. Buch was appointed to discharge, the duties of agents and the undersigned as member, of the permanent committee. This appointment was made in November, 1860, and it is therefore not true that the agent has been appointed by the government of the empire, as mistakingly or maliciously has been stated to the minister of treasury.

As stipulated in the convention, the agent and the permanent committee have limited themselves, in the years that have passed, solely by the receiving of the eight per cent. of the products of the maritime custom-houses, without making any innovation upon the terms of the convention, and without entering into any contract with the government of the empire.

The $34,184 86 which exist are the remainder of the sums received, which, it is proper to remark, have not been distributed, both because a part consists in drafts which, it has not been possible to collect, and because the amount is not sufficient to cover the one per cent. due on account of the sixteenth dividend, which coupon has been cut from the bonds and is held in the safe of the agency.

From what has been stated it will be seen that the said sum belongs in full property to the creditors, that it has been received by their agent in part payment of what is due to them from the nation, and that in consequence it does not belong to the treasury, as has been maliciously denounced to the department under your worthy charge. We are aware that the denouncer complains that the committee and the agent do not distribute the funds of the convention equally among the creditors. Such complaint, however, is without foundation, and only has for its object to obtain undue preferences, as it will be easy to demonstrate.

Convinced that the means that have been employed by the party interested, to obtain advantages to the prejudice of the majority of the creditors, will not exercise any influence in the just mind of the President, or in the integrity and intelligence of yourself, we beg you to have the goodness to entreat him to consent to withdraw the supreme order of the 22d instant.

In concluding this statement we have to make known to you that in the archives of the committee there exist paid coupons to the amount of over $1,000,000, which we have held, and are at the disposal of the constitutional government, trusting that it will be pleased to give its orders that they may be delivered in the general treasury in conformity with the convention. Wherefore we beg that you will be pleased to direct in conformity with what we have asked, in which we will receive favor and justice.