Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-08-03

paid AS0O, 200 for portion or the other
half that he held. and he subsequently
sold the remainder tcr s2o, oo9; Coz; ,.h.
Province OF Buenos Ayres. islocated about
ten miles below the city of Buenos Ayres.
Iess than dozen years ago the place was
q sheep pasture: to-day II Is one Of the
handsomest little cities / ever beheld.
Tho waterfront is bold and the docks now
in process OF construction will cost $i2,-
1000. Two piers run out over mule:
The city has everything. one OF our smart
and the character of tho buildings
are generally finer than you Will
see In this country. Two. years ago
/ saw at Rosano, the second city IN the
Argen tine Republic, the evidence OF thrift
aud commercial activity characteristic OF
few great marts of tho world. ! saw
seventeen ocean steamers gong IN the
port in one day. was so much Impressed
by this circumstance that made report
20 the Government at Washington. There
were at least 900 vessels in port. kosano
grew from AZ. 900 population In 1884 to up
ward of l50, 900 in 1880.
LIKE MAGIC LAND.
81 knew of two young Englishmen,
clerks in o bank. who bought with the few
pounds which constituted their savings q
little ouinta with some land about 1t, IN
tending it for q home. 1hey soid u I0r
81, 5O0, 900. II they had delayed awhile
they might have received larger sum.
The last time went to RosaDo was after
the Commercial depression which COM
menced last autumn was felt. The town
was half dead. Many shops were closed
and few ships were Mt the piers. Inc CITY
seemed going into the commercial decline
of one OF our old New England communl-
ties. The people there as at Buenos Ayres
had burned both ends of the candle. ana
they were caught by the inevitable ca
tastrophe.
The story of the extravaganza OF the
people and Government is generally IN
derstood, | think. The revolution 10 q
protest against prodgality, ard expected
If would occur before / departed from the
station. The Government borrowed from
all Europe. London and Threadneedie
street sent out limit of gold. and Amster-
dam. Hamburg, and Paris followed. Up
ward of $500 600. 900 came to Buenos Ayres
from the Old World. The Government
works were generally conducted as all such
things are done in the Latin-American re-
publics. There were dividends to be
made. and the friends of the Gov
eminent were to be provided for.
Governmental extravaganza is pro-
verbal there. and the recent regime a.
fords no exception. Upward of $3.50 ,OOOOoo
was capitalized in JOINT stock companies;
Loans were on q gold basis, OF course, ana
when the paper went below par a paper
basis was recognized in the Argentine
country. There are two mortgage banks
the Hypothication Bank of Buenos Ayres.
and the Bsnco National. They issued a
peculiar sort of bonds called cedulas. The
bonds were sold to individuals who gave
security in the form of mortgages on
houses, lands, and sometimes other prop
mi. .hn OF
property did not receive cash from the
bank. hut he was compelled to negotiate
and sell the bond that was given HIM to
brokers and spectators. The latter de-
inanded full commissions and brokerage,
and the unfortunate mortgage was thus
bled at each end of the transaction.
Specie payments could not. continue
against this load OF debt and the genera
extrayagance of everybody. First they
were suspended, then gold commanded
premium which climbed higher and higher.
When gold reached 300 per cent. premium
the bottom dropped out entirely. The
price of goods fuctuated 50 that you might
hear one figure from shopman to-day
and 10 per cent. variation tomorrow.
ANAzIoSAL PANIC.
"No one could do business safely. Shops
closed. people sold their horses. carriages,
and iewelry. Secondhand jewelry abound
ed. When last visited the city of Buenos
Ayres the heavy commercial houses, aided
bv European capitalists. did what they
could TO avert the storm, but the daily
report of business failures finally oe-
veloped panic. OF course the Gov
eminent was blamed for the destruc-
tions in the business world, and for
a wear or more | have heard of threat
enincs against the President and his
Ministry. The latter tried to raise the
wind by every expedient which was sug-
gested that might tide over the immediate
crisis. II was currently reported that old
notes which had been redeemed. and which
should have been DESTROYED, were reissued.
A Government railway which cost great
sum of money was bartered away for $40
| OOO. 600. Had il not been for popular
| clamor the Government would have parted
| with the property for a much less sum
| when an urgent demand for money was e1-
perienced. The creditors were mostly
| English. and John Bull isapt to insist upon
payments due.
~ heard the name of DR.. Don Carlos
| Pelleerini mentioned as III available sue
| oessor TO Celman. DIR. Pellegrini is the
| e-President. He has a oodreputation,
| too good to suit the harpies who plumber
| the people and who wish less scrupulous
| President. The Pellegrini party was al
ready quite large when. l departed and 1t
u
| doys. his home. and it was believed by
many that he would not return, but he
| did. General Mitre, who was formerly one
| of the military dictators they call president,
| ia abroad living on the proceeds OF his adj
| ditions. divisions, and silences. he would
| like to 90 back. / heard. and try another
game at politics. So one may hear that he
| is on the sea en- route towards the BANDA
| Oriental.
1.-The Italians had commenced the re-
| turn voyages to Italy last winter. Times
were too hard for them.
1.-The Buenos Ayres Improvement Com
pany is q corporation with Its head office
| in London. heard that it paid $1,000 900
| for its franchise TO certain persons not far
| from the Government palace, which meant
| bribery pure and simple. A common
TO secure q Government appraisal
of his land. Through influence of
a political sort he would obtain
| an appraisal ut perhaps double or treble
| the actual value of his property, then he
would go TO one of the mortgage banks to
which have previously referred and Sc
cure one half the appraised value, VIII ich
was ell the banks would advance IN the
| form of cedllcs. He would in this man ner
secure more than the full value OF his
| land. and he escaped any unpleasant con-
| SEQUENCES because of his connection with
the ring of authorities
| PRESIDENT GILMAN.
IT met President Celman twice. He is a
Young man of the blondesSpanish type,
without Indian blood in his veins. He is
an educated gentleman. less than forty
years OF age. and az he is not soldier he
is not one of the old type of dictators. He
was considered humane and considerate
and he was fond of pleasure, after the Gus
tomary style of educated Spanish-Ameri-
| cans. / heard of no arbitrary executions
whatever, and few imprisonments OF politi-
cal opponents. He used to 60 IN society
a great deal. aud was favorite OF the
senoras and senoritas.
"Dr. Celman is about five feet seven
| inches tall. of slender figure. and ne wears
pointed fashion. Susvity and aplomb dis.
! tinguish his address. 1t was reported that
| he had become very wealthy during bis in-
cumbency of the presidency.
1.-THE future of the country is assured,
of course. if the Government pursues