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This table shows an increase of nearly eight millions as compared with 1874.

The total value of the imports for 1875 was $55,765,627, against $49,377,129 (according to the Memoria of the Minister of Finance, $55,961,177); from which it is apparent that the balance of trade is still largely and progressively in favor of foreign countries and against the Argentine Republic.

Encouraging views are entertained that the existing state of adversity must ere long be modified, and we quote a recent writer on the subject, a resident of Buenos Ayres:

For the last two or three years the value of Argentine exports has been seriously depressed, and this has, of course, reacted on the general resources; but the quantity, far from diminishing, is rapidly increasing. Any improvement in prices of wool, hides, and tallow, in European markets, would soon be felt in renewed activity of trade at Buenos Ayres, and a larger national revenue. Another source of wealth, which has lately come into operation, consists of wheat and Indian-corn, both being now exported to Brazil and other countries, besides supplying food which formerly had to be imported. From Chili alone the supply of wheat amounted to five million dollars, which are now saved. There are other sources of traffic opening up for the export of Argentine products: a steamer, called the Frigorifique, built and fitted out at Rouen, sailed in October for the Plate, to bring back a cargo of meat preserved on a new principle, which promises to be a success. A large number of horses have recently been exported to France, and are likely to be followed by still larger droves, for the French cavalry. They were sold at very remunerative prices. Railway enterprise, in which a very considerable amount of capital has already been embarked, is one of the means by which Argentine resources are becoming largely developed, and the result of their working traffic proves incontestably the profits de

rived from this new source of locomotion. Some lines, constructed under Government guarantee, and only just completed, are for a time à charge upon tinue, while the lines successfully in operation are the national revenue, but this will not long conyielding large returns, even under the present depression of trade. The very depth of the financial and commercial crisis, which has so long existed in the Plate, is certain to produce a great reaction when once people are satisfied that the worst is over.

A postal treaty with England, and an extradition treaty with Belgium, were among the more important events in the foreign policy of the Argentine Government in 1876.

The following summary of the report of the Minister of the Interior will serve as a rapid review of the state of the various interests dependent upon that department:

Owing to the crisis, there has been such a decline of revenue as to oblige us to cut down the public expenditure in a remarkable manner.

As the Government railways now approach completion, we intend next to occupy the engineers in studies of the Upper Paraná and Uruguay, to improve navigation; also to examine the project of making a port for Buenos Ayres, and to draw a map of all the new railways we shall require when a healthy financial condition shall once more return.

Three new railways were opened to traffic last year (1875), the Mercedes, East Argentine, and Campana lines. The Tucuman line will be completed in 1876, and then we shall have 2,260 kilometres, or 1,412 miles English, as follows:

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As regards the Tucuman line, we have to recog nize the perseverance, energy, and good-will of Messrs. Telfener, who have aided us in every manner, accepting whatever delays or postponements when the Treasury was unable to pay for the works executed; and carrying on the works in spite of war, crisis, and the adverse elements. The contractors have already opened to traffic 416 kilometres, and Mr. Telfener notifies us of another section now ready. The prompt completion of this great work is a matter of national honor. The rails are already within ten or twelve leagues of Tucuman, but the traveler finds more difficulty in this short interval than in the hundred leagues of the railway. We propose a saving of $300,000 in the works not yet completed, especially in the stations. The certificate of the Department of Engineers shows the value of works already done by Messrs. Telfener to reach $7,518,869, equal to £1,505,000. We have made a contract with Telfener to work the line for 80 per cent. of gross receipts, but he has sent in a request to cancel the agreement.

The Andine Railway was opened last October, and Mr. Rogers works it for four years at 80 per cent. of the gross receipts during three years, and 75 per cent. of those of the fourth year.

Mr. W.

The Central Argentine line (which was opened in May, 1870) earned last year a surplus of £32,200 sterling over the guarantee of 7 per cent. Thompson, who succeeds Mr. Armstrong as director, has paid in the above surplus to the Government.

Last year we paid Messrs. Wanklyn and Lezica

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nies.

Congress voted last year $80,000 for free passages to immigrants and supplies for food, etc. We only spent $16,022, namely, in bringing out Tyrolese settlers for Entre-Rios, and sending supplies to the Chubut colony.

The homestead law is imperatively called for, as every dollar we spend on immigration gives 150 per cent. per annum in increase of revenue. Last year our Immigration Department cost altogether $207,447, which, in relation to 42,000 new-comers, represents an outlay of $4.93, which, for 42,000 newcomers, is equal to an increase of $352,000 in import revenue. Moreover, it is impossible to estimate the increase of products to be obtained by the introduction of 100,000 agricultural settlers, which would cost the republic only a million dollars.*

Señor Olivera's report upon the Post-Office Departinent shows a saving of $95,797 on the sum appropriated by Congress, and an improvement of $52,000 in favor of the Treasury, as compared with

1874.

Some of the provinces want to tax the coaches we employ to carry the mails, and Congress must pass a law exempting the lines from local taxation. By abolishing Government mail-cars, and subsidizing private ones, we have effected a saving of $50,000. The Galles contract, for carrying mails to Patagonia, has been rescinded, As the European mailsteamers complained of the number of free passages granted, we have agreed to reduce them to one first

and two steerage passages.

The number of telegraphic dispatches increased from 262,376 in 1874 to 277,254 in 1875.

The department is now annexed to the Post-Office. Mr. Rogers is making the telegraph-line from Rio Cuarto to Rio Quinto. Señor Carranza has received materials for the line from Jujuy to Bolivia, for This law has since been passed.

which we pay him £120 per mile. Mr. James Anderson is making a line from Córdoba to Salto, and Señor A. Santamaria one from Concepcion to Paysandú.

It is desirable to plant trees throughout the Pampas, from Buenos Ayres to San Luis, but this will be a work of years. Mr. Oldendorff distributed last year 32,300 collections of seeds among 1,326 persons. In future we propose to sell the seeds and plants, instead of giving them gratis. The Botanical Garden has $20,000 worth. We have given $1,440 for certain colonists at Tortugas, who have planted 18,000 mulberry-trees; also $724 to coloniste in Concepcion, for rearing silk-worms.

A subsidy of $250,000 has been paid to the Bermejo Navigation Company.

ARIZONA. The Governor in his message to the biennial session of the Legislature, commencing January 4, 1875, states that the amount on hand and in the general fund, December 31, 1872, was $16,466.33; receipts to December 31, 1874, $19,721.53; making a total of $36,187.86. The disbursements from the general fund were $27,827.33; balance, $8,360.53. At no period had the Indian affairs been so satisfactory; comparative peace reigned throughout the Territory. The subject of obtaining water by means of artesian wells was engaging attention, and it was recommended that a reward of $5,000 be offered for the first flowing water obtained by means of an artesian well in the Territory. "The advantages that would be derived from developing flowing water by artesian wells can hardly be estimated. We have millions of acres of grazing and agricultural lands, and many valuable mines, unserviceable unless water be developed upon them." With reference to mining, agriculture, and grazing, the Governor says:

There has been a marked increase in mining enterprises during the past year. Many new and valgold, silver, copper, and lead, is being extracted. uable discoveries have been made, and considerable work mines; but in a small way, and with rude maThere is but little capital among us to develop and chinery, our hardy miners have started and are succultural interests are not prosperous, in consequence cessfully operating a large number of mines. Agriof the low price of grain. Farmers have supplied have had a surplus left. No greater encomium could the citizens, military, and Indians, with produce, and be paid the productiveness of the Territory. The market being limited, the low prices have seriously embarrassed the farmers, but, with the development for produce. Our unequaled grazing facilities are of the mines, a more extended market will be opened beginning to be appreciated. Large numbers of horses, cattle, and sheep, have already been brought here from the adjoining States and Territories, and far distant when Arizona will be one of the first many thousands are now en route. The time is not Wool-producing Territories of the Union.

The condition of the public schools for the Total receipts from all sources, $28,759.92, an year ending December 31, 1875, was as follows: increase over the previous year of $16,986.77: total disbursements, $24,151.96, an increase over the previous year of $14,999.82; balance, $4,607.96. Says the report:

A tax of 15 cents on each $100 worth of taxable property is levied and collected annually for a Territorial school-fund, and is divided between the sev

eral counties in proportion to the average daily attendance at the various public schools. A tax of 35 cents on each $100 worth of taxable property is levied and collected by each county in its own confines, for a county school-fund, and is divided between the public schools of the county on the same basis as is the Territorial school-fund. This makes a total tax of 50 cents on each $100 worth of taxable property in the Territory, for the maintenance of public schools, and I believe is the largest direct public-school tax paid by any State or Territory in the Union.

The total number of children in the Territory, between the ages of six and twenty-one years, reported up to December 31, 1875, was as follows, by counties:

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Of these 2,508 children, 1,265 were boys and 1,243 girls, and 908 could read and write, leaving 1,600 who could not read and write. There were eleven public schools in operation during the year, with 560 pupils enrolled, and an average daily attendance of 412. A schoolhouse was erected in Tucson during the year, at a cost of $9,781.96, and paid by donations from the people. In this school three teachers are employed. There are three rooms in the building, one occupied by girls, one by boys of higher grade in studies, and the third by boys in primary studies. The boys in the primary room are taught Spanish and English. In the other rooms English only is taught.

ARKANSAS. There was a very quiet state of affairs in Arkansas during the year, general acquiescence in the supremacy of the constitution of 1874, and the administration established under it. Peace was preserved and the laws executed throughout the State, and a fair degree of progress made toward a condition of prosperity. The political canvass of the year was remarkably free from excitement.

The Republicans met in convention at Little Rock on the 27th of April. After the organization had been effected and delegates appointed to the National Convention of the party at Cincinnati, the following resolutions were adopted:

Resolved, That the Republicans of Arkansas renew their allegiance to the Republican party of the nation, and reaffirm its principles of free government as proclaimed and defended by the Father of the Republic one hundred years ago.

Resolved, That the citizens of the several States are also citizens of the nation, equal under the Constitution and the law, without regard to place of birth, color, race, or previous condition, and it is the duty of the General Government to enforce free and equal protection in their enjoyment and exercise.

Resolved. That we favor an honest and economical administration of the State and national Governments; that integrity and fidelity should be required of all officials, and, if found dishonest or corrupt, should be promptly prosecuted and punished.

Resolved, That we favor an efficient system of free schools, wherein the youth of the State may receive such education as will fit them for all the duties of citizenship; and we hold the Democratic party responsible for robbing the State of its schoolfunds to pay the per diem and salaries of officials, whereby the public schools were closed by reason of the theft.

Resolved, That to the soldiers and sailors, who fought to preserve the Union, the nation owes a debt of gratitude, and they, as well as the widows and orphans of those who have fallen, are justly entitled to a liberal provision for their support.

Resolved, That we hereby declare Hon. Oliver P. Morton to be the choice of the Republicans of the State for President.

With regard to the nomination of a State ticket, the following was adopted on motion of Judge McClure:

Whereas, The Democratic party at the election held in September of 1874, for the adoption of the present constitution, and the election of State and county officers in twenty-nine counties, Cast nine thousand and more votes than there were male persons over the age of twenty-one years resident therein, according to the census; and

session, changed the time of holding all State and Whereas, The Democratic Legislature, at its last county elections from the first Monday in September to the first Tuesday after the first Monday in November, but refused to make any change as to the next election for State and county officers; andbeen based upon any other theory or idea than to Whereas, The refusal aforesaid could not have repeat the frauds which were perpetrated in 1874, which could not be done, if held where a United States supervisor was present; andpublican party to put a State ticket in nomination, Whereas, It would be worse than folly for the Rewith hope of electing the same, at an election held by Democratic judges and clerks of election, at which a Republican would not be allowed to be present: therefore

Be it resolved, That in view of the facts stated, and in view of our personal but bitter experience, we deem it advisable not to put a State ticket in nomination.

A State Central Committee was appointed, to whom was left the duty of nominating candidates for presidential electors.

The Democratic State Convention was held at Little Rock on the 14th of June. Presiden

tial electors were nominated, together with the following State ticket: For Governor, William R. Miller, of Independence; for Seeretary of State, Benton B. Beavers, of Saline; for Auditor of State, John Crawford, of Howard; for Treasurer of State, Thomas J. Churchill, of Pulaski; for Attorney-General, William F. Henderson, of Randolph; for Commissioner of State Lands, James N. Smithee, of Pulaski; for Superintendent of Public Instruction, George W. Hill, of Calhoun. The following resolutions were unanimously adopted:

Resolved, That the present State administration has realized the hopes and expectations of the Democracy of the State, and its course is most cordially and fully indorsed.

Resolved, That the present Executive of this State having been recommended almost unanimously for the position of United States Senator by the different county conventions recently held, he is most heartily indorsed for such position by this convention as the reflection of the will of the people.

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the creditors of the State as could result in any definite offer. The creditors have delayed any such step, saying that, on account of the embarrassments growing out of the outstanding floating debt of the State, they did not find that the State could at present assume the payment of the interest on any new bonds which might be issued on the basis of such a settlement. They therefore express themselves as preferring to let the matter stand until the ability and resources of the State can be more clearly ascertained.

The present amount of the outstanding Treasurer's warrants is about $1,400,000. The amount of such warrants paid into the State Treasury from other sources than that of direct taxation is $154,321.47. This sum includes all payments made into the Treasury from the first quarter in 1874 up to the close of the third quarter in 1876.

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S. J. Tilden as the candidate for President was defeated by the adoption of a substitute declaring the choice of the St. Louis Convention to be the choice of this convention. The State election occurred on the 4th of September, and resulted in the choice of the Democratic candidates. The vote was as follows:

At the presidential election in November, 97,029 votes were cast, of which 58,071 were for the Democratic electors, and 38,669 for the Republican; majority for the former, 19,402.

Two hundred and forty thousand dollars of Treasurer's warrants have been funded in the six per cent. bonds of the State.

The total vote for Governor was 108,007, of which the Democratic candidate, Miller, received 71,298, and the Republican candidate, Bishop, 37,306; Democratic majority, 33,992. The Legislature consists of 29 Democrats and two Republicans in the Senate, and 76 Democrats and 17 Republicans in the House. Four Democrats were elected to Congress.

From the estimates that have been made, it will appear that it will require the taxes of between two and three more years to retire all the outstanding Treasurer's warrants, provided that the present rate of taxation is continued, and that no further issue of said warrants is made. It is the deliberate opinion of the members of the board that it will be better for the State to continue the policy that has been pursued since its organization, of borrowing money to pay current expenses until all the outstanding Treasurer's warrants are taken up and canceled, rather than to renew the system of issuing more warrants, and thus bringing about a further and constantly-increasing depreciation of such paper. The result of that depreciation would be, that the public institutions of charity would perish for want of support; official salaries would be reduced so low that good men of fair abilities would be compelled to decline the public service, and the State would have to pay enhanced prices for everything purchased by it. In the end the State would have to adopt, under augmented difficulties, the same policy which is now being successfully acted upon; or otherwise the State government would become so clogged with irredeemable and uncurrent paper as to render all its operations difficult if not hopelessly impracticable. The board say that they have every reason to believe that the six per cent. bonds of the State could be disposed of at as much as seventy-five cents on the dollar; but it may easily be shown that such a method of raising money is far less economical to the State than that of yearly loans at a rate of interest even much higher than that paid for the loan negotiated in 1875. There will be no necessity for continuing these loans beyond the term of the next two years; and at the end of that time it will certainly be a satisfaction to the people of the State to reflect that, amid all the difficulties of the situation

An act of the Legislature approved November 16, 1875, created a Board of Finance, and authorized it to borrow money for State expenses, etc. Two loans were contracted by the board, one of $250,000, at ten per cent. interest, which has been repaid. The other was of the same amount, at eight per cent. interest, and payable in July, 1877.

The Board of Finance has caused a statement to be made of the State debt, from which it appears that it amounts, with interest to September 30, 1876, to $17,620,362. This includes the whole nominal debt.

The board has had an extensive correspond ence with persons holding evidences of the State's indebtedness, with a view to ascertain what could be done toward making such a settlement of it as would be fair and just, and within the ability of the State to meet. While in a general way the holders of the paper of the State have expressed a desire to settle the debt on such terms as might be equitable, and within the probable resources of the State, there has not been, as far as the board has been advised, any such concert of action among

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