New-York tribune., 1879-11-26

invade Peru. landing at Pisagua, ana, pursu-
ing the southern division of the allied army
toward Iduque, gain decisive victory,
which leaves that port at the mercy OF
their military and naval forces. There
would now seem to be nothing 10
prevent an expedition against Callao
by sea, and terms of peace could be
dictated from the Peruvian Capital long be-
fore the main body of the allied Army, which
at latest advices lay at 1acua, 600 miles
away, could march to its relief But the pos
session of Pisagua and Iquique is OF immense
value to Chill for other reasons than purely
military ones. From both these ports railroads
run INTO the interior to the principal regions OF
the nitrate deposits, and the works IN this
section, which are owned in fee simple by
the Peruvian Government, afford an annual
product of 100000 quintals, which are
worth S2O,OOO,OOO.
The desperate straits to which Peru has
been driven can be seen from the fact that
even before this last disaster the Government
at Lima had authorized an additional issue OF
paper currency to the amount or $32,OOO,oOo'
and that too when the currency had already
deprecated until it was worth less than ~
cents to the dollar. When it is considered i'll
addition that Peruvian bonds to the amount
| of $235, 900, 900 are held abroad, and that not
q cent of interest has been paid on them since
1876, it would seem that the country was
hOpelessly bankrupt. Under the circumstances
it is not strange that, in land where there
is no traditional respect for constitutional law
or stable government, the mutterlnes of revo-
luton should be heard. The establishment of
a dictatorship, while the President was away
at the head of the Army, was already discussed
when the naval power of the Republic was
broken by the capture of the Huascar. And now
that Peru has but one vessel of any Impor-
tance left, while her Army is cut in two and
half of it crushed, and her most valuable
territory is occupied by the enemy. one of those
periodical revolutions to which the country Is
always exposed Can be predicted with almost
absolute certainty.
On the other hand the credit of Chill is un-
impaired Her Government has placed only
one war loan, winch was taken by the people.
and she has issued but $6,000,000 of paper
currency, and that with provisions for sink
ing fund for its redemption. The CHILEAN
fleet and army are in excellent condition.
Better still, there is no danger of any revou-
uonary CONNEXIONS at home. For years Chill
has furnished the example of a Republic in
South America with a stable government hon
estly administered, a reverence for institu-
tions, for courts Of justice, and for law.
A people of such temper, industrious and hardy
"A people with business instincts, progressive,
liberal and In full sympathy with the most
enlightened ideas of the agc-must triumph at
last when brought into collision with the
more proud, lazy, superficial, emotional and
triAng children of the tropics. Our SYM
pathes naturally go forth toward the
country whose institutions are modelled
after our own. And when we consider
that there is in Chill such thing as
National conscience and National sense OF
honor and justice, that her foreign policy
has always been characterized by temperance
and moderation, it is difficult to believe that
in this tangled dispute she has not absolute
as well rs technical right on her side.