The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1890-08-17
PAGES 10 to is.

| decline of one of our old New England
communities. The people there, as at
Buenos Ayres, bad burned both ends of the
candle, and they were caught by the in
evitable catastrophe.
The story of the extravaganza of the
people and Government is generally under
stood, think. The revolution is protest
against prodigality, and | expected it would
occur before 1 departed from the station.
The Government borrowed from all Europe.
London and Threadneede street sent out
limit of gold, as did also Amsterdam, Ham,
burg and other cities.
Specie payments could not continue
this load OF debt and the general eXtreva-
gance of everybody. First they were sus-
pended, then
GOLD COMMANDED PREMIUM,
Which climbed higher and higher. When
gold reached 800 per cent premium the bot
tom dropped out entirely. The price of
goods fluctuated so that you might hear one
figure from shopmaD to-day and 10 per
cent variation tomorrow.
No one could do business safely. Shops
closed, people sold their horses, carriages
and jewelry. Second hand jewelry
abounded. When l last visited the city
of Buenos Ayres the heavy commercial
houses. aided by European capitalists, did
what they could to avert the storm, but the
daily report of business failures finally de-
veloped panic. OF course the Government
was blamed for the distinctions in the
business world, and for a year or more I
have heard OF threatenings against the
President and his Ministry. The latter
tried to raise the wind by every expedient
which was suggested that might tide over
the immediate crisis. IL was currently re-
ported that old notes which had been re-
deemed and which should have been
destroyed were reissued. Government
railway which cost great sum of money
was bartered away for S40000.0O0 Had it
not been for popular clamOr the Govern
ment would have parted with the property
for much less sum when an urgent de-
mand for money was experienced. The
creditors were mostly English, and John
Bull is apt TO insist upon payments due.
[ met President Celnlan twice. He is
man of the blonde Spanish type, without
Indian blood in his veins. He is an edu-
Gated gentleman, less than 40 years of age.
the old type of dictators. He was consid-
cred humane and considerable, and he was
fond of pleasure, after the customary style
of educated Spanish Americans. l have
heard OF no arbitrary executions whatever,
and few imDrisOnments Of political Oppo-
nents. He USED TO 90 in society great
deal, and was favorite Of the senoras and
senoritas.
DR.. Celman is about five feet seven
inches tall, Of slender figure, and he wears
his reddish brown beard in the French
pointed fashion. Suavity and aplOmb dis
tinguish his address. 1t was reported that
he had become very wealthy during his in
cumbency of the Presidency.
The future of the country is assured. of
course, if the Government pursues a wise,
economical policy. The practice being, how
ever. for the leaders of the faction that is in
power to grasp all they can. it is to be feared
that the general interests Of the people will
continue as in the past to be a minor cou-
sideration. Only by rigid governmental
economy and by cutting loose from wild
speculation by the people will there be
return Of prosperity. But prosperity is sure
to come at some future period, for | nave
described the immense territory of the re-
public, its fertile soil and the richness of its
farming products.