The United States and Latin AmericaLatané, John Holladay
History
The United States and Latin America
Latané, John Holladay
Latin America -- Foreign relations -- United States; United States -- Foreign relations -- Latin America
The grievances of the British government were based on the following
facts: non-settlement of claims of British bondholders; the murder of
the British vice-consul at Tasco; the breaking into the British legation
and the carrying off L152,000 in bonds belonging to British subjects,
besides numerous other outrages committed on the persons and property of
individuals.[193]
The claims of the British bondholders referred to had been recognized by
the Pakenham convention of October 15, 1842, and formed into a
consolidated fund of $250,000, which was to be paid off, principal and
interest, by a percentage on import duties at the custom-houses of Vera
Cruz and Tampico. This convention was not carried out by the Mexican
government, and on December 4, 1851, Mr. Doyle signed on behalf of Great
Britain a new convention, in which not only the claims under the
Pakenham convention, but others, recognized by both governments, were
likewise formed into a consolidated fund, on which the Mexican
government bound itself to pay five per cent. as a sinking fund and
three per cent. as interest until the debt should be paid off. This five
and three per cent. were to be met by a percentage of customs receipts.
In 1857 the sinking fund was to be raised to six per cent. and the
interest to four per cent.
Two days after the signing of this Doyle convention the Spanish minister
in Mexico also signed a convention on behalf of some Philippine
missionaries, known as the "Padre Moran" convention, on almost the same
basis as the British. The consolidated fund in this case was $983,000,
the sinking fund five per cent., and the interest three per cent.
The interest was paid on both funds in almost the whole amount, but the
sinking fund was not kept up. Succeeding agreements were made in 1858,
in 1859, and in 1860, by which the custom-house assignments to satisfy
both conventions (British and Spanish) were raised from twelve per cent.
in 1851, to twenty-nine per cent. in 1860.[194]
It will thus be seen that the British and Spanish claims were perfectly
legitimate. The French claims, however, were of a somewhat different
character. During Miramon's administration arrangements were made
through the agency of Jecker, a Swiss banker, by which $750,000 were to
be raised through an issue of $15,000,000 of bonds. These bonds fell
into the hands of Jecker's French creditors and were pressed by the
French government, which thus demanded the repayment of twenty times the
original sum advanced. A claim was made also for $12,000,000 for torts
on French subjects.[195]
Public-domain text, read in full here on John Shaqi.
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