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1910 1695 1897 1902 1906 1994

enue are enumerated that are not separately it is being more felt, and I therefore hope that the expressed in any of the tables heretofore given, appended bill will meet with your approbation. Alwhile a small surplus appears in place of a deti? low me to present to you a statement of the home and

foreign debt of the nation, that you may with all accit:

curacy appreciate the bill which I have framed on the REVENUE,

subject. The following table shows how the public Imports..

$18,850,000 debt will stand on the 31st of December of the present Imports additional.

650,000 year, and also the different dates when the several Exports..


emissions will be extinguished, should their present Exports additional.

695,000 Warehouse fees..


service be continued : Stamped paper..

1,230,000 Licenses. 600,000

ExtinDirect imports, deducting 40 per cent for educa


Total. guished tion

720,000 Post-Office.

500,000 Telegraphs

250,000 English loan, 1824: Light-houses..

40,000 Original bonds. Health inspection.

14,000 Deferred bonds.

£123, 915

1890 Woods and forests.

80,000 English loan, 1868..

214,500 1887 Judicial auctions.

40,000 English loan, 1871.

025,134 1890 Judicial deposits.. 100.000 Provincial loan, 1870..

73,279 1903 Water-works

200,000 Provincial loan, 1873..

144.558 1906 Notaries...

12,000 Railway loan..

178,540 1914 Interest on Eastern Argentine Railroad shares.. 116,000 Interest on state lines.

755,000 Total.

£1,254,821* Guano.

10,000 Sundries .. 800,000



Total. guished
Ministry of the Interior...

$3,990,772 National public funds, law of No.
of Foreign Affairs.
109,250 vember 16, 1663..

$1,180,028 48
of Finance..

12,074,402 National public funds, law of Octoof Justice, Public Worship, and Public

ber 1, 1860.

239,999 99

1,952,584 National public funds, law of Octo-
of War and the Navy.
6,435,996 ber 21, 1876.

84,783 00
Bridges and road stock.

180,720 00 Total..... $24,618,034 Debt to foreigners..

81,343 00 Treasury bills.

649,703 00 The funded national debt of the Argentine Treasury bills.

130,000 00 Republic was reported in November, 1881, at Provincial public funds.

50,328 00 $107,982,592, and those of the provinces at Total.......

$8,570,432 53 $29,689,047, constituting a total funded debt of $137,681,639, or $57 per capita approximate The national bonds of the law of November 16, 1863, ly. The foreign debt comprises $82, 365,930 na- will be extinguished : tional, and $2,611,320 provincial (exclusive of First series..

$5,000,000 in 1891

Second series. the Buenos Ayres debt assumed by the nation).

6,100,000 · 1913 Third series.

6,143,264 It is proper here to transcribe the following extract from President Roca's special message 420,060 (law of the 5th of November, 1872), to pay

In this table are not included the emission of $1,to Congress, under date of September 23, 1881, the shares of the National Bank subscribed by the on the subject of the so-called $100,000,000 loan Government, nor the $16,000,000 lately created by for the conversion of those debts. The total Congress to close the account of the nation with the amount proposed to be converted is $76,588,- laws, and the special conditions of the issuing of the

Provincial Bank. The special object of each of these 323, and the effect of the scheme would be to loans, besides their bearing 5 per cent interest, render reduce the present annual service (interest and it unnecessary to take the same into consideration. I amortization) from $8,570,432 to $5,414,187. also consider that they should not be included in the TO THE CONGRESS OF THE NATION: If it was in ear

conversion, and therefore they do not appear in Ar

ticle III of the project, neither do the deferred three lier days necessary to discuss the prerogative which per cent bonds created to pay overdue interest on the a nation enjoys of paying off its debts at any moment, 1824 loan, nor the home debt created by the law of 1st that right is now, at least, an undisputed fact. The of October, 1860. The relatively low interest of those most advanced nations of Europe and the United bonds renders any explanation unnecessary in referStates of America have exercised it amply, when com ence to them; and, as the last will be all paid off by patible with the situation and public interests of the amortization before the end of next year, I have country. The question of convenience is evident, deemed it unnecessary to include them, the more so since with a lesser sum the state can meet its obligations to its creditors, and is enabled at the same time Thus, the total amount of home and foreign debts

as their amount is now comparatively insignificant. to attend to the usual public service, under a reduced is to be converted into 76,588,323 hard dollars. If all system of taxation in the country, or place a larger the bondholders accept the equitable and even advancapital to increase the wealth, comfort, and develop- tageous terms of conversion offered to them, should ment of the nation. The opportune moment to realize these operations depends on a coinbination of many The interest and" amortization on the public debt,

you pass the project, the result will be as follows: circumstances and complicated elements, not easily which now cost $8,507,432, will be reduced to $5,414,detined and specified, but which show in their results, 187, and this will be further reduced by $239,999 beby the improved credit of the state and the facilities fore the end of 1882; and, in 1890, when the deferred for solving financial problems, that the opportunity bonds of the 1824 loan will be paid off, the total serhas arrived to effect the vast operation of consolidation vice of the debts will be an annual saving of $748,041 of the debt, in order to make it less onerous and more reliable for the sake of the creditor. I believe that * Reduced to dollars at the rate of 4.88 per pound sterling, this moment has come for our country, and every day 6,123,526-48 hard dollars.

* 1949

in interest and $2,396,242 in amortization. This re- don loan for similar purposes of £2,450,000 duction will, I consider, compensate for the advantages offered to the bondholders, who, on the other

was placed at 91 per cent. Both these prices hand, in addition to the premiums, will have the se

seem high for 6 per cent Argentine loans, curity that their bonds can not be converted for ten especially when the old loan was at par or a years, excepting, so far as 1 per cent yearly amortiza- premium. The last London loan, issued at 91 tion, established by Article I, goes. If, however (but price, is really better than the old 6 per cent tarily, there is nothing for it but to pay them off in loan, which commands par or a small premiuin, cash, at par; and, in this case, I think the new 5 per since the heavy accumulative sinking fund of cent bonds can be negotiated at a price that will give the old loan is rapidly paying those bonds off the same results as the voluntary conversion offered at par. The 1868 6 per cent loan has already to the present bondholders. The operation can be been nearly paid off, and will be entirely exinterests of the state and if, by some inconceivable tinguished by 1889. Therefore, those ő per error, the bondholders totally or partly refuse to con cents can never go to much premium. But vert voluntarily, in a very short time the increase of the new 6 per cent loan, whose security is just public and private wealth, and the elements at the

as good, has an accumulative sinking fund of disposal of the nation, will show that the country has sutficient means wherewith to amortize, in a short time,

1 per cent, which discharges the principal at at least the most onerous of its debts. The credit of par in 33+ years. Therefore, these bonds may the country at home and abroad is rapidly reaching reach a higher premium than the old, for their the level it has a right to. Our debts religiously paid time of repayment at par is much more distant. even in the midst of the greatest difficulties, brought

The credit of the Argentines being so sound, on by our political errors and the effect of a commercial crisis, have gained confidence for us at home and

and the prosperity of the country so great, we abroad, and consequently our credit is improved and

should have thougbt that 6 per cents could increased.

JULIO A ROCA. have been placed at par. The Buenos Ayres Juan José ROMERO.

Great Southern Railway 6 per cent debenture It was regarded as probable that the project stock is at 120 with the dividend just off, would be passed, there being a majority in its and the Central Argentine Railway 6 per cent favor in both Houses. Another important bill debenture stock at the same price, at which brought during the session was one for the the pnrchaser only gets 5 per cent for his monabolition of forced inconvertible paper money,

ey. The government security may never stand and the success of which was looked forward

so high as the railway, but there would have to as all but certain; indeed, the sanguine been a wide difference if the government 6 per went so far as to predict the return to specie 6 per cents commanding 20 per cent premium.”

cent stock bad been placed at par, the railway payments by the end of the

year. “We are in the habit,” writes a British

The new departure in Argentine foreign comfinancier, “ of saying the number of paper dol- merce referred to in the “ Annual Cyclopædia” lars to the pound has fallen 10, from 149, at for 1880 (p. 21), namely, an excess of exports which they were this time last year, to 139;

over imports, ruled in a still higher degree in but a telegram has been received this week the year following the one alluded to in that informing us that they have very recently de- volume. “Ships now leave our ports,” rescended to 127, or only 5 above par, the

marks President Roca, "with what we for

par value of the paper dollars being 122 to the merly imported, and each successive year we pound. We have loug said that paper and have some new product to export. Here is one gold in the Argentine conntry would come to

fact : 4,000 tons of flax shipped from the couna level, as they have in the United States. Pa- try between January 15th and April 15th this per has now arrived at that standard, saving 5 year.” dollars on 122. The fact is most important in London at 101% to 102 on December 22,

Argentine 1868 six per cents were quoted to the railway and tramway interests of that country. It is also important to the country 1881. These securities first reached par in itself, and its creditors. It affords a further

December, 1880. assurance, if any were wanted, of the perfect and destinations, respectively, of the exports

The subjoined tables show the values, sources, good faith of the Argentines toward their bondholders. When their 6 per cent bonds and imports for 1880: were at 30, they never failed to pay the full interest and apply the heavy sinking fund.


$2,403,000 Now, that those cloudy days have passed away, the country is at peace, prosperity in a full blaze, and money matters are easy, of course Germany.. the case of the bondholders is better than ever.

12,108,000 The old 6 per cents have reached a premium.


2,584,000 But we can not say that the Argentines have Paraguay....

806,000 managed their financial matters well as to



8,120,000 raising new loans. The recent Paris loan of


8,183,000 £3,000,000 ($12,000,000) for railway extension was raised * at 82, and the more recent Lon

2,965,000 * October, 1880.







503,000 8,025,000 2,289,000

Great Britain.


United States.

West Indies.
Other countries.
In transitu..

131.000 984,000



Number of vessels.



have to legislate on the attributes, means, and authorBelgium

$13,893,000 ity of the nation-80 great was the want of a permaBrazil

1,928,000 nent capital for the republic. Now you may make Chili.

1,278,000 laws in full liberty, knowing that they will be obeyed, France.

15,583,000 and without consulting anything but common sense, Germany


0,169,000 Great Britain..

justice, and expediency, or fearing that any provincial Italy


governor should enter these halls to protest against or Paraguay.


dictate your measures. Spain..


The Executive is in perfect accord with the authoriUnited States..

4,961,000 ties of all the provinces, and not even the slightest hitch Uruguay

1,799,000 has occurred in the working of the liberal and comWest Indies


plicated laws of our political system. The law orderOther countries..


8,925,000 In transitu....

ing national intervention in Rioja resulted in a speedy

and satisfactory solution, thanks to the clear terms in Total....

$56,497,000 which the orders of Congress were expressed, and the

tact and prudence of the commissioner appointed. On comparing these two tables, the balance I feel pleasure in telling you that the republic is of trade in favor of the republic in 1880 is on the best terms with all foreign powers. We can observed to have been $12,431,000, against easily keep so, as the fundamental principle of our $2,898,000 in 1879. To the usual list of Ar- foreign policy is a determination to defend our rights

and to respect those of others. gentine export staples * have been added some

The Executive and the whole country have witnew articles; as, for instance, ostrich-feathers, Dessed with profound sorrow the horrible drama on of which 72,229 kilogrammes were shipped in the Pacific, the ruin of two sister republics, and the 1880, of the value of $156,000.

gulf dug between three nations of the same blood, The shipping movements at the various ports stead of tearing each other to pieces. For this reason

who should be united for mutual advancement, inwere as follows in 1880:

the mediation of the United States Government in Aggregate tonnage.

October last was so joyfully hailed by public opinion. Entered : Steamers ..., 2,517

902,290 We had a right to bope that such a powerful and reSailing-ressels 2.147

808,167 spected nation would be able to bring about peace beCleared : Steamers..... 2,112

822,882 tween the belligerents, and only when it failed did I Sailing-vessels 1,022

231,946 deem it right to make a fresh attempt at conciliation, Of railways there were ten in operation in with the aid of a South American state which, being 1881, of an aggregate length of 1,545 miles; tinent, and for other reasons, I considered the best and in course of construction three other lines, wherewith to initiate a fresh 'attempt at friendly inaggregating 190 miles. Of telegraph lines terference. The Minister of Foreign Affairs will rethere were, in 1877, 4,848 miles (3,365 miles of port to you the result of this negotiation. The which were the property of the state), with Governments of Peru and Bolivia addressed that of an aggregate of 9,887 miles of wires. The strife, and protesting against the terms of peace pronumber of dispatches in 1879 was 242,259, of posed by Chili. In its turn the Chilian Government which 42,636 were official; the receipts having sent us the protocols of the conferences at Arica, exbeen $165,266, and the expenditures $169,266. plaining its line of action, and declaring that it sought In 1879 the number of letters that passed

no conquest. I trust that, after the recent battles, de

corous and satisfactory bases of peace may be arrived through the post-office was 6,696,328, of which

at. The reclamations made by the legations of the 1,494,854 were official; and that of packages belligerents here have been impartially attended to, of printed matter 11,162,089, of which 457,913 with due regard to the exigencies of those at war and were to or from foreign countries.

the rights of those who, in peace and tranquillity, re

main strictly neutral. On the occasion of the opening of Congress, The Colombian Government asked us to send a May 8, 1881, President Roca, in a long but representative to the conference at Panama, to introunusually interesting message, presented an duce the principle of arbitration into American interelaborate sketch of the country under its va

national law. Our relations with Brazil are perfect.

The treaties which guarantee them are strictly obrious aspects-political, financial, commercial, industrial, and intellectual. Here follow a few fore the circumspection and foresight of both Govern

served, and the efforts of some uneasy spirits fail bebrief extracts from that document:

ments. We must definitely settle our boundaries with MESSRS. SENATORS AND DEPUTIES : As you are aware,

the empire. It is a joint work, and, once the dividpeace, order, and complete liberty, with every pros- ing line, through mysterious and deserted forests, is pect of a long duration, prevail all'over the republic, traced, the science and civilization of both countries and our credit has reached every country and market will soon break in on their solitude. In more peacein Europe, where they are at last beginning to believe ful days for Bolivia we can also settle our boundaries that we have reached the years of discretion and com

with her. We maintain with Uruguay the good relamon sense. The uncertainty in which we were living, tions natural between nations whose blood and intereven in times which were apparently the most tran

ests are identical, and any differences that arise are quil, has been succeeded by a most boundless con- promptly settled with good-will on both sides. Parafidence in the future. Life, movement, a spirit of guay has broken off her commercial treaty with this progress, and a love of work, have sprung up in all country and Brazil, but this shall not alter our wishes parts. The provinces are no longer armed in defense for hver prosperity. of their autonomy or against revolution, but are occu

The Holy See, and the American and European pied in political, social, and economic reorganization, Governments, send us frequent proofs of friendship. improved administration, agriculture, irrigation, roads, I will lay, before you this year several conventions banks, and all kinds of improvements.

which will consolidate our good relations with those The session before you is full of work to be done. powers. It is as if we were a people newly born, as you will

I have the utmost confidence in the rectitude of our

foreign policy. Nothing shall divert us from the prin* See " Annual Cyclopædia" for 1880, p. 21. ciple of peace abroad and the firm assertion of our

rights. Our native land, whole and without a stain, promises to be effective, if enforced rigorously, shall link us equally with the past and the future. The credit and wealth of the nation are apparent in State has borne an evil reputation. It is the

in diminishing a class of crimes for which the every way, now that it is felt that peace and order are firmly established. The receipts at the custom-house so-called “pistol bill," which makes it a misin the capital for the last six months exceed by 1,045,- demeanor, punishable by a heavy fine, to sell 500 hard dollars those in the same period of the pre

or to keep for sale, or to furnish in whatever vious year. Our bonds have reached the highest quotations in London, while here there is no price, as

panner to any person, any species of sword or nobody will sell. "Ships now leave our ports with dagger, or any kind of pistol, excepting the what we formerly imported, and every year we have regulation navy revolver. It also prohibits the some new production to export. Here is one fact: carrying of deadly weapons of any sort, except 4,000 tons of flax shipped at the Riachuelo between the wearer be on his own premises, or on a revenue of the national railways was $805,379. The journey, or be an officer of the law. Officers Central Argentine Railway is now beginning to return and justices of the peace are subject to like what it received as guarantee. The balance in favor penalties for neglecting to arrest or to enterof government in 1880 was $130,993. The shares aro tain proceedings under the act. at a premium in London. The mint is finished, and

A law to protect the public against unqualimight have been at work, but the Executive decided to wait to lay before you some measures to meet diffi- fied medical practitioners requires every person culties that have arisen since you passed the coinage desiring to practice as a physician or surgeon act. The abolition of forced currency and a uniform to prove his or her qualifications before a circulating medium are of primary interest to the county board, and to be registered in the office countryForced currency and privileges are against of the county clerk. Persons denied registry which guarantees freedom of trade and industry; may demand an examination, as to their prothey also drive away foreign capital, disturb business, ficiency, by a State medical board. and inflict enormous loss on the Treasury: Every The law relative to larceny was changed so effort that Congress and the Executive can make to free as to make thefts of property under the value the country from this burden will be amply repaid. of ten dollars petty larceny only, the law having free from inconvertible paper and privileges, there been excessively severe, thefts of above two will be an immense influx of foreign moneyBad dollars being punished as grand larceny. coin, like the primitive languages of America, is not Arkansas is still one of the most backward a means of civilization, and, if we have progressed in States in educational facilities. The publicspite of monetary chaos, it is solely due to the exuberant vitality of the country.

school appropriations amount to only $205,000 The twelve-million loan, authorized in October last, per annum, being considerably less in proporfor railway extension in the interior, was successfully tion to the school population than is spent by are progressing. As you will see in the Finance Min- any other State. Congress has granted over ister's report, it is the first loan launched here (and 1,000,000 acres of land to Arkansas for school perhaps in South America) direct, and with special purposes. In some sections the State fund is commissions.

supplemented by liberal local levies. ConsidThe National Bank, reorganized in 1876, shares the ering the facts that the public-school system general prosperity of trade. The price of its shares shows its improved credit, and it will be of much

was not established until 1868, and that in 1870 greater service in the interior when the monetary con

only 75 per cent the adult population could fusion that interferes with the circulation of its notes read and write, substantial educational progress shall have disappeared.

is being made. The State tax for school pur

poses is only two mills on the dollar. The ARKANSAS. The biennial session of the local tax raised in the individual districts is deLegislature commenced in January. The finan- termined by popular vote every year at an ancial affairs of the State occupied considerable nual school-meeting. The tax usually voted in attention. A State Board of Finance was cre the more progressive districts is five mills. ated, consisting of the Governor, the Treasurer, Some depend solely on the scanty allowance and the Auditor, and is empowered to bor- afforded by the State fund. row money to meet the expenses of the gov A state of violence and intimidation, in which ernment by pledging the State's bonds, which the authority of the law was superseded, preshall not be hypothecated for a less amount vailed for several months in Perry County, than three fourths of their face value. The terminating in the assassination of J. L. W. debt thus contracted is to bear no higher rate Matthews, editor of the “Fourche Valley of interest than 6 per cent per annum, and is Times.” The judicial acts of County Judge to be payable in two years. A senatorial com- Harris had been murmured at by a group of mission was appointed to examine the Audi. citizens, who coipplained that the murdered tor's and Treasurer's books, upon the suspicion man had procured or influenced obnoxious proof a default in the Treasurer's accounts. That ceedings. One day a band of armed men rode officer's honesty was not impugned, however, into Perryville, and frightened the judge from by the instigators of the investigation. the bench by their menacing appearance. The

A law was passed, prohibiting the sale or Governor was appealed to, and General Newgiving away of intoxicating liquors within a ton, of the militia, visited the county, but found radius of three miles from any church or no outward evidences of lawlessness. There school-house in the State.

were no further disturbances until the evening The Legislature passed one measure which in July on which Matthews was shot. Judge

Harris received at the same time a notice of be nominated which should be supported by warning to leave the county. Through fear, both divisions of the party unitedly, and that a the sheriff and magistrates refrained from in- resolution should be adopted, calling for a constituting proceedings against the suspected stitutional convention for the settlement of the murderers, appealing to the Governor to re- debt question. Every member of the party store order. Two detachments of militia were should be guided by his own convictions on the sent into the disturbed district to protect the debt question in the canvass for the Assembly civil officers in the discharge of their duty. elections, and in his action with reference to The arrest and commitment of the prisoners the Constitutional Convention. The Democrattook place under military guard. A guard of ic State Central Committee, in a meeting in May, State soldiery was posted in the town for concluded to bring forward in the State Conseveral weeks to preserve order. Similar law- vention a proposition for an amendment which less developments occurred in Polk County, would not invalidate the objectionable bonds, though of a less serious character. Writs of but would yet prevent their funding or paythe court were defied, and the sheriff threat- ment without the express acquiescence of the ened. Exhibitions of mob-law have not grown people. The purport of the proposed amendless frequent in Arkansas. Various cases of the ment, by which it is sought to stave off the infliction of vengeance on supposed criminals question and avoid a final committal of the by bands of lynchers occurred in 1881, as in party, is expressed in the following first draft former years. Instances of the violent seizure to be submitted to the party convention in the of prisoners in legal custody, and the wreaking beginning of 1882: of popular rage upon their persons, continue to 1. Hereafter the General Assembly of this State shall take place. These manifestations of lawless- be prohibited from making any settlement or adjustness accompany, as usual, a high rate of crime, ment of the bonded debt of this state, based on what especially of the crimes against the person ford bonds, which shall be binding upon the State, which spring from anger or revenge, or reck- until such adjustment shall have been submitted to less bravado. The customary difficulty of pro- and voted upon by the qualified electors of this State curing salutary convictions for serious assaults by the next succeeding general election after such act of this character still obtains. There are many have been ratified by a majority of the qualified electsigns, however, of a rapid reformation of the ors voting at such election. manners of the people in this respect. This 2. That no act of the General Assembly of this State, tendency is clearly reflected in the expressions which may hereafter be passed, making an appropriaof the press, and in the attitude of the influ- tion to pay off any part of the principal or interest of ential classes of citizens. The strict and judi- any of the bonded indebtedness of this State, based ciously framed law against the unwarranted bonds, or Holford bonds, shall be binding on the State carrying of deadly weapons, passed at the last or paid from the Treasury until such act shall have session of the Legislature, indicates the vigor been submitted at the next succeeding general election of the movement. The recent temperance leg- after such act of appropriation has been passed to the islation had for its principal motive the desire people, and the same shall have been ratified by a

majority of all the qualified electors voting at such to prevent violence and crime. An active agi, clection; and they further recommend that no action tation, which wins a remarkable moral and on said indebtedness be taken by the General Assembly numerical support, is now being carried on in until such amendment shall have been submitted to favor of stringent restrictive or prohibitory a vote of the people. enactments to suppress the liquor-traffic. This The financial troubles of Arkansas date from movement takes rank with the debt contro- its first erection into a State in 1836. A State versy as a leading political question. It has its Bank was organized, and authorized to issue root in the determination to redeem Arkansas $2,000,000 of bonds, and further credit was from its reputation for savagery and anarchy; obtained by means of a real-estate bank, whose although the majority may condemn a prohibi- $1,500,000 of bonds were guaranteed by the tory law, as unnecessary or impracticable. State, and secured by the public lands. Both

The question of the repudiation of a part of institutions suspended payments in the second the bonded debt of the State bas rendered immi- year. This was the commencement of the nent a disruption of the Democratic party. The State debt, the unskillful management of which plan of resettlement embodied in the Fishback has ever since impeded the progress of the amendment, so called, which was rejected in State. The State debt matured in 1862. Since the general election of 1880, is earnestly ap- the restoration of self-government in 1869 the proved by a large section of the party, while weight of public sentiment has favored the the other branch includes its most decided op- evasion of the vast liabilities which it would ponents. Neither faction can sacrifice their still tax all the resources of the State to disliberty to speak and vote according to their charge in full. The debt contracted in waging principles in this question, while both are war against the Federal Government was deequally anxious to preserve the party organiza- clared void. Its repudiation was followed by tion in order to prevent the administration a series of defaults on other obligations. The from falling into the hands of the Republicans. levee bonds were decided to be unconstituIt was proposed, therefore, that at the Demo- tional by the Supreme Court in 1878, and all cratic Convention of 1882, a State ticket should the railroad-aid bonds have since been declared

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