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that establishment; and to remove guish the debt of the government all doubt of its being possible to to the Bank. remedy, without sacrifices to the “Since, therefore, the sacrifice state, the evils arising out of a cir. is necessary, and that it becomes culation devoid of credit
. The re. imperative, under present circum. port has been printed and submit. stances, to avail ourselves of some ted to the consideration of the Ge. one of the means pointed out, the neral Assembly, and the members government is persuaded that the of the committee who presented first is not so dangerous as the se. it are deserving of public acknow. cond, nor so onerous as the third ; ledgment for the zeal with which and it is besides fully sensible of the they served and the difficulties necessity of taking measures for the which they overcame.
administration and settlement of the “ It is therefore unquestionable affairs of the bank, by supporting that the primary cause of the exist. and securing the circulation of its ing calamity is the superabundance notes, guaranteeing its deposits, of notes ; it is, consequently, our and by obtaining for the sharehold. duty to withdraw them as soon as ers a reasonable profit. I have possible. And as it cannot be ex resolved to draw up, and, by his pected that the bank will be able majesty the Emperor's orders, I to realize so expensive an opera
have the honour to submit to you tion, the state is bound to do it, the following :since the state is a debtor to the Art. 1. The Bank of Brazil shall bank ; and the national credit, be administered by a commission which cannot sustain itself on any of seven members, four of whom other basis than justice and good shall be appointed by the govern. faith, is highly implicated in its cir. ment, and three by a majority of culating medium.
votes of a general assembly of the “ The government, convinced said bank. The government will of the solidity of the reasons above select the president of the commis. manifested, cannot but deplore the sion from among the seven mem. nature of the means which appear bers, and the said assembly shall obvious and efficient for this opera. fix the monthly remuneration which tion of paying off the discredited shall be due to their services. As notes. They are these-1st. To soon as the commission is installed, contract a loan in specie, sufficient all the existing agreements with the to cover the amount of the notes bank shall cease. lent to the government by the bank, Art. 2. The directing commission by applying new branches of the shall by incessantly engaged-first, revenue for the gradual extinction in withdrawing from circulation all of the same. 2d]y. To convert the notes which are payable at the notes into paper-money of a different bank, or may have a metallic cur. standard, that they may circulate rency ; secondly, in ascertaining throughout the whole empire, by the exact number of notes in circu. assigning fresh capitals, in order lation, substituting for them new gradually to pay it off; and, 3dly, ones, which shall be signed by two to sell national property and impose members ; thirdly, in winding up heavy taxes, in order that the pro. all the accounts of the bauk, and reeds may, in a few years, extin. especially those relating to the debt
of government: fourthly, in liquida. of the administration of them ; and ting all the regular transactions of when the commission has conclu. the bank, which may be found still ded the liquidation of the bank's pending; fifthly, in receiving the debts and credits, and redeemed its active credits of the bank, and li. notes, they shall distribute the ba. quidating the passive ones forthwith; lance which may remain among the and sixthly, in examining the state shareholders, and then dissolve the of the Bahia Orphans' Fund, and of establishment. St. Paul, and to liquidate both with Art. 7. The government shall be speed.
authorized to contract a loan in gold Art. 3. The government shall or silver specie, equal to the three give to the directing commission the fifths of the amount of its actual necessary instructions, and will debt to the bank. The produce of decide on cases of doubt, which this loan shall be exclusively ap. may occur in the execution of the plied to the purchase of notes of the preceding article.
said bank which are in circulation, Art. 4. The nation shall ac. according to the value they may be knowledge the current value of the found to bear on the market : and present notes of the Brazil bank, all the notes thus bought up shall and those which may be substituted have no longer any value, excepting for them, so that they may freely as payment to the directing comcirculate, and be received as readi. mission on account of the said debt ly as specie by the public until they to the bank. are duly redeemed, in security for Art. 8. The purchased notes from which the primitive funds of the the market, which are to be can. bank are assigned—that is, its celled and delivered to the direct. funds of reserve, or the metallic ing commission, shall remain for funds existing in its coffers, the the account of the Junta, and em. debt of the government, the debts ployed in the reserve fund created of private individuals to the bank, by the law of the 16th of Novemand every thing else which may ber, 1827, so that they may be constitute the credits of the bank. delivered up by the public treasury The deposits in the bank are also to the Junta in extinction of the said assigned as security to the public. loan, in proportion as they are
Art. 5. The debt of the govern. received. ment to the bank, before and after Art. 9. The produce of the loan, the liquidation by the directing authorized by the present law, shall commission, shall continue to pay not be applied to any purpose but an interest of 1 per cent., which will that which is specified in the 7th be given by the public treasury article, on pain of the penalties to the said commission, that it may attached to those who dissipate the be divided half-yearly among the national property.; neither shall the shareholders.
bank note withdrawn with that pro. Art. 6. The directing commis. duce be applied to any other purpose sion shall render to the government than that specified in that article, a monthly account of their labours, under pain of the same penalties. and shall every year lay before Art. 10. (This article authorizes the Legislative Assembly a state. the Chamber of Deputies to furnish ment of the affairs of the bank, and the necessary subsidies, or a suffi.
cient revenue, for the annual pay. fund reserved for the loan in ques. ment of interest, and for the sinking tion.)
MESSAGE OF THE EXECUTIVE OF BUENOS-AYRES TO THE LEGISLATURE, 1828.
must be hereafter united. It has The government of the province the satisfaction to announce to you, of Buenos-Ayres, sees with the that the result has corresponded greatest satisfaction the opening of with its hopes, and that reason has the seventh legislative assembly. rarely obtained a triumph so easy At this moment are realized the and rapid in the midst of so much hopes conceived on the first days of agitation. The government has the revolution ; therefore it presents cause to congratulate itself in the itself with the fullest confidence to naming of the deputies who have salute the honourable representa. acted in a negotiation so importtives, and to give a faithful ac. ant. The provinces, in addition count of the affairs confided to its to having withdrawn their arms direction. Nevertheless, it is not from civil war, have given them a possible to do so with the same mi. more noble direction, and have nuteness as heretofore, the war named representatives to form a having paralyzed a portion of the convention in the city of Santa Fé, means of interior improvement; which will probably have the good and for this reason, it can only fortune to lay the foundation of speak of the most important points, the national happiness. as far as the actual state of the The negotiations for peace with country will permit. Internal his majesty the emperor of Brazil, tranquillity has been the first ob. still continue, and there are well. ject to which it directed its atten. founded hopes that the day is not tion, satisfied that without that we far distant in which the war will should be condemned by the world, terminate satisfactorily; notwithand be the derision of our enemies. standing which, the government, Past experience has not been suffi. sensible that honour is the vital cient to convince us, that the form. principle of nations, continues to ation of a state is subjected to the support it at every sacrifice, until general laws of nature, in which peace can be realized ; and hopes nothing can arrive at perfection ex- that, should necessity require it, cept slowly and progressively. The you will with pleasure make every government, acting upon this prin- necessary sacrifice. The nations ciple, applied itself to the extinc of our continent continue to give tion of discord and re-establishment us proofs of their good wishes, and of the quiet of the interior, under Great Britain renders us constantly whose shade alone can flourish the the good offices of a true friend. real interests by which the nation The officers and forces by land and
sea have displayed great constancy if it is found necessary. But the and bravery, and have obtained most important is, that in this considerable advantages, which re. establishment we have occupied commend them to the respect and the interesting position of White gratitude of every good citizen. Bay, (Bahia Blanca,) which is sur. When it appeared that the war was rounded with commodious har. at a stand, and that the armies of bours, agricultural land, and ex. the two hostile powers faced each tensive woods. Its maritime coasts other, without either being able to abound with fisheries, and some advance, an intrepid chief, with a ports, enabling us to have hereafter handful of Argentines, has reco. a respectable marine, which will vered our old possessions of the be the shield of the republic. “ Misiones Orientales ;" his force The communication to Chile by has been there increased, and the land, from the same point, is short joy evinced by the inhabitants in and convenient; and the navigation returning to the bosom of the re. of the Red river (Rio Colorado) public, sufficiently proves the ab. will perhaps afford a more easy surdity of conquest. The expedi- exportation of the produce of some tion from the north now marching of the interior provinces. The to the same point, when united to government has ordered the land the said force, will form a respect to be surveyed, and to trace out able army, the expense of which is the most proper place to erect a inconsiderable, and which can easi. city, to be called the “New Buenos ly combine its operations with the Ayres." The importance to which main army, and will prove the it is likely to arrive gives it a symbol of the concord and enthu. claim to so glorious a title. The siasm of the provinces.
zeal manifested in this undertak. The militia of the city and the ing, by all those charged with the country, which had been almost execution of it, deserves the highest dissolved, and in a state of nullity, praise. Through the stagnation has been reorganized, and performs of our foreign commerce, that of important services, enabling the the interior has rapidly increased, troops of the line to be placed on especially those capitals that have the frontiers, and wherever their been applied to agricultural pur. attentions
be called for in the poses, labourers being abundant, foreign war. The new line of from the cessation of the impress. frontier is established ; this under. In the midst of all this, the taking, as desirable as it is im. establishment of public grammar. portant, commenced under the most schools for children in the city and auspicious circumstances. The In. country required particular atten. dians, with whom the government tion. The government took them continues the measures of peace into consideration, and having and conciliation with the most placed at the head of them an happy effects, will no more commit individual who is well known for depredations with impunity, and his philanthropy, it has produced the immense acquisition of territory the desired effect. Private colleges has doubled the guaranty of the and houses of education have be. public debt, so that this burden gun to be established ; the govern. may be taken off in a short time, ment encourages, by every means,
this species of industry, the most of the 8th of May has suppressed useful for the country, and hopes in part this licentious writing, that in a short time it will not be and public opinion will by degrees necessary for youths to cross the banish it. The administration of seas, seeking the treasure of science justice requires a change, from with the danger of losing those which considerable advantages are sentiments which alone can be expected. The government will cultivated in their native land. have the honour of laying it before The ladies of the Benevolent So. you for your consideration. Of ciety have shown in the present all our domestic wants, none is year how much the nation is in. more urgent than to fix, in a debted to them for their assiduous certain and positive manner, the efforts to forward education. The basis of the national bank. This public schools continue in the establishment, at present, requires same state : that of San Miguel the strongest guaranties ; and to has improved. The works at the give them, it will be only necessacathedral church, and of the high ry to act with prudence. road to Ensenada, and the canal of As the province of Buenos Ayres San Fernando, are nearly com has providod exclusively the funds pleted. Many country towns have for the defence of the nation, it is been assisted with funds to repair but fair to state that when the pretheir churches, or to build new sent administration shall have been ones; and until, in process of time, one year in office, in August next, our laws and customs be improved, they will have expended 1,000,000 a new prison for debtors is fitting of dollars less than they had cal. up. The hospitals, especially that culated upon ; after having disfor women, receive important im. charged enormous outstanding provements; the government thus debts, established the frontier, endeavouring to alleviate the suf. clothed, armed, and paid the army ferings of the unfortunate. The and navy, paid for the transport important establishment of vaccina. and armament of the contingents tion has been augmented, and its from the provinces, provided the utility has never been more felt expenses of foreign affairs, and than at this moment : whilst the nearly all those of the convention; neighbouring provinces are visited supplied the parks of artillery and by the terrible scourge of the magazines, having attended at the small-pox, it has scarcely been felt same time to the internal expense in this city, and the government of the province. It is true that has put in practice every means they have suspended for the present entirely to eradicate it.
the payment of the interest upon 'The liberty of the press has of the loan in London, and that this late been greatly abused. Some dreadful measure was foreseen in ill-advised persons have carried its making the above calculations, but licentiousness to such an extent as it was one of those alternatives to bring discredit upon the country necessary to be taken, in order to among foreign nations, where it is avoid greater evils: the operation not possible to know that such pro. of issuing paper in Buenos Ayres ductions only produce here con. to send gold to England would be tempt for their authors. The law like adding fuel to fire, and, in