“We unhesitatingly and confidently reply, that for all this the colony has to thank Mr. Benjamin Boyd. With this gentleman solely the movement originated; by him and his family it has been maintained and supported. To this cause Mr. Boyd has devoted his individual labor; he has lavished his wealth on it; he has enlisted in it the activity and talent of his own relations, and that of their numerous and influential friends; he has supplied them with information and advice, and urged on their flagging zeal, when requisite, up to the formation of the Colonization Society, and the commencement of the Colonization Crusade now in progress. And in this course he has persevered, in spite of obstacles cast in his way by the colonists themselves, in spite of obloquy and ridicule from men who were to benefit by his exertions, but on whose ignorance and supineness his stirring activity was a bitter and ceaseless censure.” CHAPTER XV. _Loan to Guatemala.—-Dispute concerning it.—Greek Loan.—Its Mismanagement.—Asserted Jobbing.—Mr. Hume.—Dr. Bowring.—Quarterly Review.—Proposed Tax on Transfers._ Guatemala was a further specimen of loan-making. According to custom, Barclay & Co. announced that they were appointed agents to the above state, and were prepared to receive tenders for a loan to the amount of £1,500,000. The house of Powles & Co. stood highest on the list; and it was publicly stated that their offer of sixty-eight per cent. was accepted. The first payment was to be made on the 22d of September, 1825; and should either of the instalments not be paid, those previously received were to be forfeited. The price was considered low; and Mr. Alderman Thompson took £10,000 of the loan, at an advance of five per cent., paying £4000 as a deposit to Barclay & Co., as the agents. When the sixth instalment became due, Powles & Co. advised Mr. Thompson not to pay it, as a serious disagreement had arisen between the government of Guatemala and their agents. It appeared that Barclay & Co. had induced Powles & Co. to allow their names to appear as contractors for the whole, while Barclays were the real possessors of a million of that stock, the whole of which they publicly announced had been taken by Powles. The news, however, reached South America; and the government, indignant at this conduct, repudiated the acts of Barclay, refusing to pay any dividend on the loan. Under these circumstances, the purchaser declined to pay any more instalments, and Barclay declared the previous deposits to be forfeited.