Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1890-06-16
The Argentine Crisis.

The Argentine Republlc is known
throughout South America as Yam
keedom, but it is one of England's
commercial colonies. While its pop
ulation has been recruited largely
from Italy, its enormous material
prosperity and the rapid development
of it's resources have been wholly de-
pendent upon investments of British
capital. A correspondent of the
London Times in Buenos Ayres as
serts that competent authorities esti-
mate the aggregate amount of these
investments as 5000, 100000 at the
minimum, and as 81 900, 900, 900 at
the maximum. British capital has
gone into every enterprise on which
interest has been guaranteed by the
state. The confederation at large
and the various Provinces individu-
ally have borrowed money freely in
London; the elaborate system of
railways to which the progress of the
country is mainly to be attributed has
been built by English engineers with
English money; and every specula-
tive movement has been promoted by
the facility of securing financial sup
port from Great Britain. The cred
itors of the nation in the monetary
crisis through which it is now passing
are mainly English investors, and the
burdens of national bankruptcy, if
that be the final result of reckless
mismanagement of the finances, will
fall upon them.
From the account furnished by the
correspondent of the London Times
it appears that a political revolution
was narrowly averted early in the
spring. When gold rose to 315 a
most serious agitation laid hold of
the entire population of the capital.
The laboring and mercantile classes,
whose savings were deposited in the
banks, suddenly appreciated the fact
that their fortunes were reduced two
thirds by currency imitation. A mass
meeting was attended by $4,000 peo-
pie, and a revolution was imminent
when the Ministry resigned. Presi-
dent Celman acted with great sagaci-
ty and self-possession. He formed
a new Ministry without delay, and
placed in the finance department
statesman who commanded public
This was Senior Uriburn,
whose acceptance of office was quick
ly followed by a fall of 70 points in
the rates of gold. The France Min
lister Immediately declared that the
treasury would certainly meet its OBJ
legations, and he had succeeded on a
former occasion in averting the
of the country public
was restored.
The problem which is to be worked
out by the Finance Minister is the full
fillment of national engagements
to $23, 100000 in depre-
ciated currency during the present
year. If gold rises, as it will if the
speculators bring on another panic,
this amount will be largely increased;
but as the present rates Of premium
that is the aggregate of this years
financial engagements with the Eu-
ropean creditors. AS the market is |
overstocked with importations for at
least eight or twelve months ahead,
there is no reasonable hope of accu-
this sum from the customs |
revenues. The Finance Minister will !
be compelled to appeal
to the great London houses holding |
securities to grant him
assistance in tiding over
the crisis. AS he enjoys the conf
dence of those houses, he will proba-
bly, succeed in borrowing the money |
required in order to avert the repudi
alton of interest payments this year.