The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-01-29


! TENDER II, 1916 I,01l 900
Retrenchment in salaries fees, pensions, &C.,
under the general government 4s0,l43
Rerenchment in salaries, fees, pensions, &c,
under the State governments 4So143
All other sources S03053
Total S. ,600,976
The half of which, together with the years advance
of the direct contributions referred to- and not included in
the above, give the amount of $5,41l Ass available
for the six months.
The committee do not refer to any data for their est-
mate OF the above amounts, and evident that such
of them depend the foreign of the
try must be regarded very uncertain, and likely to
fail them very nconvenient degree, if blockade
should be extended and more vigorously enforced The
duties foreign imports omitted altogether, except
it would appear the duty on Specie imported
The estimated expenditures under the different depart
ments for the six months follows:
Department of Foreign Affairs provIsion being made
for legations only at London, Paris, Madrid, and
Rome0 S79620
Justice and ecclesiastical affairs 1886
Treasury 90, 1883
War and marine (ordnary expenditures l,ls2s3s
Extraordinary war expenditures 100000
Total $5,1s4 1854
AS the committee in their report make no alusion to
the foreign debt Of Mexico except to wash their hands
of the suspension of payments from the treasury on
count of it, "pre-existing fact" for which no re-
tiny alone, account Of lie pfeselit Stale Of this
debt may be interesting From letters recently published
in the Mexican papers from Don Thomas Murphy, late
minister OF the republic in England, appears that the
amount of the foreign deb bonds and debentures of
the Mexican government, in May 1915, was as follows
Active debt f5;5ol $50
Deferred debt 1924 900
Three dividends and half due on the active
debt 4so 1859
Debentures 499096
Total Eli ,2oi oI5
AS MIR. Murphy estimates the value Of the pound
sterling at five dollars, the whole amount in our money,
is $56 ,D20o75.
On the 5th Of March, 1916, General Paroles issued
decree, in virtue OF of the Mexican Congress of
the Goth of APRIL 1885, establishing new consolidated
fund of El 100000 bearing an interest Of per cent and
redeemabe in 90 years. the tobacco of Mexico
being specially pledged for the payment of interest and
principal This fund was TO be appropriated to the pay
men OF the interest due the active bonds provided the
holders would consent to receive the bends par
and also be exchanged for the deferred bonds and de-
benures at discount of 60 per cent the latterhat
is $40 Of the bonds being given in exchange for
OF the deferred bonds and debeptures.
Upon the basis of this decree, Mr. Murphy, the Mex
can Minister in London and other agents Of The govern
ment associated with him for the purpose were subse
quently authorized TO make arrangement in London
with the holders OF Mexican bonds for the of
the foreign debt I'm Arrangement accordingly made
with the house of Manning and Mcintosh the agents Of
the bondhOders, to this effect Bonds of new consoda
ted fund to the amount OF E5,o3a,4s5 were to be ex
changed tor the whole amount OF active bonds and div
dends due them; E3,073 s5760 of the same fund
be exchanged for the whole amount OF deferred bonds
and debentreS; and R2,l35 3O7tl Of the SAME to be is
sued in favor of Manning and Mcintosh. The whole
amount Of the foreign debt would then have been Eo
2i.65o instead of Ell ,2o oI5making difference of
E962 1865 in favor Of the Mexican government But in
addition to this, Manning and Mcintosh were 10 pay
the government in consideration of the agreement, ST.
100000 in cash. and $5,0oooo0 in credits The nature
of the credits is not stated but they probably consisted
liqudated claims on the Mexican government The pay
ment OF the principal and interest of the fund was
to be secured by the payment of $l7,7os monthly cutc
the tobacco revenue, the rght~o exporting silver from
the Mexican ports the Pacific and one fifth part of the
receipts of the custom houses at Vera Cruz and Tam
plco!
As soon as the nature of this arrangement became
known in Mexico, a violent clamor raised against
the agents Of the government who accused of ex
ceeding their powers, and of attempting to enrich them
selves al the expense CT the government and bondholders
The administration of General Salas withheld its ratfca
ton of the agreement Mr. Murphy recalled from his
post minister and the agency of the Mexican govern
ment in London was taken away from the house OF
Schneider & Co.. who were concerned IN the arrange
ment and restored to Lizard and Brothers. the former
agents. Nevertheless, Senior de Rosa who was the
Mexican Secretary Of the Treasury at the time, has de-
clared that the arrangement Highly advantageous to
the government and Mr. Murphy, in his letters to his
government published in the papers last received, con-
tends that one equally advantageous cannot be made
again The London papers express different views OF the
matter, which Is Still unsettled being before the
Mexican Congress The London Herald, of October 10,
says.
eve have always deprecated the official interference
of our government favor of the bondhoders of foreign
States beyond that of friendly remonstrance on the
grourl that the relation strictly private and not
national affair." and because consider all foreign loans
to foreign governments principle lnmical to public IN
erest IT, however, the government OF Mexico were to
should consider it fair exception to the general rule
1t would then be incumbent duty OF the foreign MN
ser interfere officially, and, if he did not make the
be sufficient TO justify reprisas, to break oil
all diplomatic intercourse with government capable OF
committing such breach of public faith
OF the Mexican domestic debt, due account of forced
and other loans, contracts, &C., it would be difficult to
obtain any accurate information; the amount has been
estimated as high $iO0Oo,OO) 1t is very probable
that the whole national debt OF Mexico amounts to
$1O0Ooo,OO0
The nett amount of the revenue of Mexico. derived
from customs during the six years from 1889 to 1884, in
elusive, was follows:
1880, S5,1A,sss 1s42, S4,90o,667
1910, 7,ll5,Sis lo93, f,2l9,t2i
1871, 5,5d4,06o lo44, I,o35,fZo
The only favorable feature in the financial condition of
Mexico is the fact that the people, being accustomed
- IN nm Nyhich i'm he