The morning call., 1890-12-30
A STORY OF HIGH TREASURE.

In view of the share which Argentine
bonds have had in causing the present finan-
cial crisis in England and the East, the latest
returns of the trade of the republic possess
interest In the year ending June 80, 1889.
the total foreign trade of Argentine amounted
to $3.50, $4,000. TO wit: Imports valued at
S172 .410, 600, and exports valued at sos, 2S0,-
600. w have now received the figures for
the year ending June 30th last They show
an aggregate volume of foreign trade
mounting to 1886, 577, GOO, TO wit: Exports
of S159.627, eco and imports of SIZE. CSC, GEO.
Considering that the total population of the
republic is only 100000. so rapid COM
mercial development implies artificial slim
illus and monetary initiation. The foreign
trade OF Argentine last year was larger than
the total foreign trade of the United States
was in 1850, when we had 90 COO. COO ofpeOple
In fact, the people and Government of
Argentine have been working things at high
pressure, and though enterprise and energy
are excellent things in their way. they may
be overdone, and when they are reaction
which may be serious is inevitable. One
thing which Argentine wanted when the
present era of progress began was pop'lla-
ton. Accordingly the Congress passed a law
to encourage immigration from Europe. The
Government was to pay the passage of all
immi grants, in well-appointed steamers; on
arrival at Buenos Ayres, it was to support
the immigrants until transportation was
provided to the interior; it was to defray the
cost OF that transportation on river steamers
or railroad trains; it was to give each head
of family a piece of land large enough,
which under cultivation, to support him
and until the land was cropped it was TO
q llyy tnnt nf hfc
arrangement may be inferred from the fact
that in a single month the cost Of ocean
passages for immigrants amounted to half a
million dollars. OF course, the plan accom-
plished its object. In 1884 10O, coo Europeans,
chiefly Italians and Spanlafds, arrived at
Buenos Ayres, and in the year ending last
June 2S9,o0O persons landed at the same
port, 10000 of whom were imported at the
cost of the Government. A State which,
fifteen years ago, was no further advanced
than tine Northern States Of Mexico. is now
receiving more that half as many foreigners
as the United States. :.
This prodigious development ramifes into
every branch of production and commerce
Fifteen years ago New York shipped -four
to BuenoS Ayres. Now that port has more
wheat available for export than California.
Back of Buenos Ayres stretches vast
prairie as fertile rs the valley of the Missls-
sippi and with climate resembling that OF
the valleys of California. Stock requires no
shelter. They can raise four or five crops Of
alfalfa in a year. Hence they ship 9. 500, 600
hides per year There ara said to be leo, Co.,
600 sheep on the pastures and the supply of
beef is SO large that in order to dispose of
the surplus the Government pays bounty
to shippers of dressed beef. To carry off
this surplus produce nineteen steamship
companies, not one of which is American,
have vessels plying constantly between
Buenos Ayres and Europe. To- supply
facilities for the enormous business thus
forced into existence, banks with CAPT
tai Of s4l9.o00,0o0 paper, which "a short
time ago was equivalent 10 a metallic capt.
tai of about $3.50, 00e 600, were established,
and have been paying on the average annual
dividends OF II per cent
This is the finest example on record of
dollhouse Development. No such example
of forced growth has ever been presented
by any country before. From this it will be
seen that ii takes time to demonstrate the
simplest problems. The best laid plans of
men require time to work out, and during
the period of suspense there will always be
danger of the machinery breaking down
through its Inability to. bear the strain
That is precisely the peril which Argentine
failed TO provide for, and it is that which
has upset its hot house.. go: i: