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London, through the agency of the dollars, for our services in the Messrs. Ricardo, of which it after- premises." wards appeared, that about one In the mean time, the equiptenth part had been remitted in ment of the steam boats in Lonspecie to Greece, where no satis- don did not proceed a whit more factory account of its progress successfully. By the contract for through the hands of the members equipping them, five steamof government into whose pos- vessels, within two months, or two, session it came, could be obtained. months and a half at the latest, The great object was, the equip- from the 17th of August, '1825, ment of lord Cochráne's Heet. were to have been placed at the The two sixty-gun frigates were disposal of lord Cochrane, as comto be built in the United States, mander of the auxiliary marine and 155,0001. were transmitted to force in the service of Greece, and new York to cover the expenses. his lordship was engaged to sail The superintendence of the execu- in the th of November:" for tion of this naval contract, the the equipment of this armament, building and equipment of ships 150,0001. of the loan were set of war, was intrusted' to Lalle- apart.
the month of May, mande, an ex-general of Napoleon. 1826, before one of the vessels was The Greek deputies subsequently ready to leave the Thames; and took credit, in their accounts, for even then,only one of them, the Per13,0001. paid to this person
for severance, was fit for se She his services during twelve' months sailed under the command of capin a department of which he was, tain Hastings for the Morea, and and must have been known to her machinery turned out to be have been, profoundly ignorant; useless. She was tossed about this the general denied, declining helplessly in the Mediterranean, to answer "personal reflections, and, having heen forced almost and injurious remarks," and with to 're-construct her machinery in this denial he remained satisfied. Sardinia, it was not till the 14th The progress of the commission of November, nearly four months was what might" have been ex- after her departure, that she was pected from the wisdom which able to reach Napoli di Romania. characterized its commencement. The other steam-vessels The 155,0001. were expended in either in the state in which New-York; and in return, the she had left them, or, when they Greeks received, in the very end were tried in London, in Septemof 1826, instead of two ships of ber and October, it was found that war, one frigate of sixty guns the machinery refused to work, which was not worth one half of that it would be necessary to take the money. A dispute ensued it out, and that the whole work with the contractors; it was re- was to do again. The machinist, ferred to the decision of three to whom the construction of the American arbitrators, who con- machinery had been committed, firmed the honesty and fair-deal- had a son in the service of the ing of the whole transaction, and pacha of Egypt as an engineer; the first finding of whose award and inquisitive persons could not adjudged to themselves $ 4,500 be prevented from asking, what security would there be for the contract for the steam boats: son's if learn, that the steam-boats which upon learning that, although
thit the pacha should and it was still more, astounded were defeating his fleets had been scarcely any thing had been done, fitted out by the father? In the the whole 2,000,0001., raised by mean time, lord Cochrane was the loan, were disposed of! Ninelingering, in vain expectation, about tenths of this sum had never come the shores of France and Italy. into their hands; but they were Instead of leading a gallant fleet to told it was expended, and all they the assistance of Greece in No- had received in return were a sixty vember, 1825, he had not a ship gun frigate, and a miserable steam under his command in Nov. 1826. boat, both of which arrived too
When the Greek government late to be useful, when punctuconsented to appropriate so large ality in point of time was essential a portion of the loan to this arma- to their value. Some of the ment, it made a great sacrifice at chiefs began to clamour loudly the moment, but made it likewise for an account of the manner in for a great object. If the terms which the money had been applied, of the contract, on which they and no one of them was willing were entitled to rely, had been at that, where plunder and peculation all observed, it is difficult to be- were to be practised, they should lieve that Missolonghi would have be practised by other hands than fallen. The intended armament, their own, In the month of June added to the Greek fleet already the government recalled from on foot, and led by an officer like London the deputies who had lord Cochrane, would have been managed the negotiation of the to Ibrahim a very different force loan, and ordered them to give in from 1 any that he had yet encoun- their accounts.
M. Spaniolacki, tered; and the peculiar powers of another Greek, was authorized to steam vessels, enabling them to examine these accounts, in conenter the harbour, when the easterly junction with two respectable gales blew the blockading squad- English gentlemen, and he was ron off
ff the coast, would have in- instructed to use the utmost dili sured the garrison against famine. gence" froin the present moment, After what had been already in examining the accounts / and achieved by the Greek fleet on eliciting the truth.” more occasions than one, there While the deputies were prewas no extravagance in supposing paring forthis investigation, a comthat it might now acquire and mittee of Inquiry was appointed maintain the supremacy at sea; by a public meeting of the bondand, in that case, the fate of holders in London. Though the Ibrahim, dependent as he entirely committee consisted nominally of a was upon Egypt for supplies, was considerable number of persons, the sealed. The Greek government, pretended investigation seems to therefore, had every reason to have been conducted only by colonel complain of the mismanagement Stanhope and Mr. Bowring. Mr. of those who had received, or had Hume, though a member of the assumed the control of, this loan, committee, did not attend one of and a clear right to annul the its meetings.
A report was prepared in the ning of 1824.
The Greek comname of the committee, but, in mittee appear to have sanctioned fact, by Mr. Bowring, which, on the thearrangements made with Messrs. 23rd of October, was submitted to Loughnan, Son, and O'Brien, as a meeting of the bond-holders. contractors; the proceeds were It manifested on the very face of not controlled by the Greek depuit a strong, anxiety to conceal ties, without the sanction of Mt. much of the truth, rather than to Edward Ellice, Mr. Joseph Humé, present to the world a full disclo- and Mr. Loughnan, sen., who sure of the fraud and folly with were appointed trustees; and it which the Greek loans had been was stipulated that the monies connected : and yet it betrayed should be remitted to four enough to excite in the public other trustees in Greece (of whom mind strong disgust at the inca- three were Englishmen) to watch pacity and dishonesty of most of over the proper appropriation of those who had been parading on the public stage as disinterested
The following was given as a friends of Greece.
statement of the application of the The first loan, the report stated, first loan :-was contracted for in the begin
80,0000 Commission on loan,* and shipments to Greece 225,7469 2 Sinking Fund
16,000 0 Specie sent to Greece
298,726 11 9 Stores sent to Greece
10,063 6 5 Bills drawn from Greece
3,858 15 0 Expenses of Agents, &c.
1,027 15 10 Loan of Lord Byron, and interest repaid .
4,683 68 Freights and Passages paid
1,624 15 11 Mr. Orlando, for 10,0001. Bonds.
5,900 0 0 Individual Expenses of the Deputation
5,045 0 0 Advertisements and Solicitors' Bills.
140 0 0 Balance paid to Messrs. Ricardo and Ralli
27,5010 0 ***
£.480,317 11 2 What those shipments were, that the whole of the first loan, which were represented as amount- though placed under the guarding to nearly 200,0001.; how the ianship of Mr. Ellice and Mr. 298,0001, was remitted in specie Hume, had disappeared without to Greece on these and similar producing even the semblance of topics the report gave no informa- benefit to Greece. tion. All that was known was, w. The report did not deal quite It was afterwards discovered that
so gently with the second loan: this commission (sd curiously blended the management of which had in one item with Shepeuhano 235,000r. minal amount was 2,000,00017
Greece) been in other hands. allowed nominally to Loughnan and Co., sterling, which had been taken at but who in their turn paid 11,000% to Bowring.
55 per cent; and with some
other sums had produced nearly
The disbursements were 1,200,0001.
£. S. d. Interest for two years
200,000 0 0 Commission,*
64,000 0 0 Brokerage paid to Mr. Bonfil
4,800 0 0 Sinking Fund
20,000 ob Specie sent to Greece
182,401 14 4 Bills drawn from Greece
33,713 5 6 Stores sent to Greece
59,732 19 6 Expenses of Agents ..
2,297 16 6 Freights and Passages paid
33998 Set aside for a projected Expedition
160,000.00 Paid for Frigates building in America
156,990 5 0 250,0001. Bonds of 1st Loan purchased
113,182 00 Sent to Colonel Gordon
15,108 '16 Due by Mr. Orlando, as per his account
5,039 9 11 Due by Mr. Luriottis, as per ditto
4,552 11 0 Individual Expenses of the Deputation
6,716 19 8 Loss on Exchequer Bills, and on Money sent' to. Marseilles and returned
411 12 10 · Ditto by Failure of Mr. Mavrocordato..
2,695 5 3 Penalty to Mr. Contostavlos, for the non-fulfilment of a Contract for Guns
1,000 '00 Paid to Mr. Graham for Military Stores, not sent, on account of the Proclamation..
2,000 Sent for the relief of Missolonghi
3,350.00 Arms and Clothing sent from Paris to Greece. 10,893 516 Paid to Captain Miaulis and his Crew...
915 00 Advertisements and Solicitor's Bills ... Assistance and Charity to Poor Greeks in London
Titleist 16,tas The detection of the gross mis- Orlando, Luriottis and Spanioapplication of a sum, which, if lacki (deputies or agents of the employed with common sense or Greeks), Hume, Ellice, Bowring, common honesty, would have and Messrs. Ricardo, filled the ensured the liberation of Greece, newspapers with letters of pallialed to squabbles among the indi- tion or recrimination. We shall viduals who had been accessory not descend into the details of the to the mismanagement of the petty meanness and maneuvring, money: and these squabbles led 'which the correspondence unveiled tomutual accusations little honour- 'to the public: but two or three inable to the parties concerned. stances may be given of the mode
in which the agents and trustees * Of this commission, it was stated of Greece dealt with her money. that Mr. Ellice had received 14,0001. In the first loan, Mr. Hume had Mr. Easthope, 10,000); Messrs. Lløyd med and Co, 6,5001.; the deputies 7,5007.; assigned to him 10,0001. stock, &c.
at the rate of 591. per hundred,
the original price at which the 1,3001., would amount to 541. He contract was made. Some time accordingly applied also for this afterwards, the bonds having fallen sum of 541. and received it. In like to 16 per cent discount, Mr. manner Mr. Bowring took 25,0001. Hume became alarmed, and applied of stock at the original price of to the deputies and contractors to 591.per cent. The stock fell, and he, relieve him from his loss, The being unable to pay his instalments, deputies at first refused, intimating made vehement remonstrances, that, if the stock had risen, Mr. coupled with representations of Hume would not have parted with his services to the Greek cause, the profit. He, however, insisted on to induce the deputies to make his demand; he was powerful, for Greece bear the loss accruing he had a control over the pro- upon his speculation. Hume ceeds of the loan; and at length the seconded his entreaties; and, partly deputies consented to take the stock by menaces and partly by peroff his hands at the rate of 13 persuasion, the deputies were precent discount. Thus Mr. Hume vailed upon to commit a breach of lost only 1,3007. instead of 1,6001.; trust and to take back the stock at and the loss of the 3001. was gra- the rate of 10 per cent discount. tuitously thrown upon Greece. The stock having subsequently Some time afterwards Greek stock risen to a premium, Mr. Bowrose above, par; and Mr. Hume ring applied to have the stock remade strenuous and persevering turned to him. The answer applications to have the 1,3001. his request was (and the answer returned to him. The request was supported by the production of excited considerable surprise, but, his own hand-writing) that he had from an unwillingness to disoblige sold the stock to the deputies. He
ardent and faithful a friend of declared that he had forgotten or the Greek cause,
this sum was
misunderstood the circumstance; also given to him. Still Mr. Hume Mr. Hume again interfered in his was not satisfied. He discovered behalf; and the deputies paid him that the interest on the 1,3001., back 2,5001., to which he had no
date when the con- right, and which was so much tractors took his stock from him money abstracted from the funds at 13 per cent discount to the date of Greece. when they made him a presentofthe *** [19445 911 oil sdt tu jari, lot et b 11:} - Troll