Chili, after a protracted resistance to the mother country, found success followed its efforts. Lord Cochrane gave his powerful support to the navy; and, in 1818, a large tract of coast was declared by him in a state of blockade. The vigor of his Lordship proved too much for the royalists; and in a short period a free constitution, with a popular government, was appointed. But neither the free constitution nor the popular government could do without money. The Chilian republic, therefore, borrowed one million of the English people, at six per cent., and, having received the cash, thought it unnecessary to pay the interest after 1826. Peru, a place so interesting to the historic reader, from its early discovery, its connection with the Spaniards, and the cruelties of Pizarro, exhibited another specimen of loan-contracting. After years of violent commotion and of resolute resistance, her independence was proclaimed; but independence did not produce quiet, and the name of Bolivar became known in a sanguinary and protracted war. The Spaniards refused quietly to yield their territory; Lima surrendered to Spanish troops; and though they were dispossessed by Bolivar, and Peru became safe from subjugation, doubt, distrust, and anarchy remained. During this period, the opinion of the English people may be guessed from the fact, that they lent, in 1822, £450,000 at six per cent., and that it was contracted for at eighty-eight per cent. Colombia, which only dates its history as a nation from 1819, followed. During the contest which preceded its independence, the insurgents were supplied with implements of war and ammunition from this country, on the security of debentures bearing ten per cent. interest; and when the great battle, in which Bolivar the hero of American independence obtained a complete victory, and consummated the freedom of Colombia, was fought, the new state borrowed two millions at eighty-four per cent. Poyais was another instance of English liberality. £200,000 were lent on a security so visionary, that not one dividend was ever paid; while sadder and more sorrowful effects than this followed. Adventures which commercial history has rarely paralleled marked its progress; and sufferings, which make us shudder at the recital were the result of the delusion. But little known out of a particular circle, the name of the Poyais settlement is never mentioned there but with feelings of unmitigated detestation.