The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1891-06-17
THEY WE'RE NOT sILURIANs.

Nell-iHedllnS Bub llnpeLltCllg III luA tliVd
people, who call every opponent Of vision
airy schemes a silurian, will do well to de-
vote a little attention just now to the con-
dition Of affairs in the Argentine Confedera-
ton. That is a country in which silurian-
ism. in the San Francisco meaning of the
term, was long ago buried so deep under the
sod that its resurrection has become almost
IMPOSSIBLE Progress, wild, headlong prog
TeSs, has been the watchwOrd of the day;
there never has been any brake on the
lightning train which was to carry Argen-
tire to the highest pinnacle of prosperity.
The nation has every element that is
ESSENTIAL to prosperity. 1t has territory al
most boundless in extent, and as fertile as
our prairies. It is splendidly watered. The
climate is admirable. No country in the
world has been more blessed by nature.
When General Roca became President in
1880. he had ample ground for entertaining
high hopes of the future of the country
whose government he was called upon to
administer He straightway fell to study
ing its deficiencies, with view to their re-
mOval
The first desideratum which struck his eye
was the scarcity of labor To overcome
this vessels were provided which carried
immigrants free from the ports of Spain
and Italy to Buenos Ayres. On arrival,
they were lodged and fed in Government
buildings; they were then conveyed on
Government river-bOats up the country,
located on Government land, for which they
paid nothing, and supplied with agricul-
tural implements and food until they could
raise it. Under this stimulus, million
immigrants arrived at Buenos AYres be
tween 1882 and 1889; the population of the
country was nearly doubled; the population
Of Buenos Ayr5s was nearly trebled. There
was nothing silurian about ROca.
Next TO population what Argentine
wanted was railroads. ROca induced his
Congress to guarantee and 6 per cent
on foreign money invested in railroad build
ing, and gave each company an immense
land grant besides. This b0untiful offer iu-
duced EngiShmen 10 build railroads so
rapidly that in 1889 about 1000 miles were
in operation. and 5000 miles more in course
of construction. A siluTian would have
asked where all this mileage was to get
traffic in a country of 100000 inhabitants.
But ROca was no siluTlan.
The enormous development Of business
caused by immigration, railroad building,
and the ex ension Of agriculture led to an
active demand for money at BuenOs Ayres.
R0ca was equal to the occasion. He founded
national bank with power to issue paper
money In 1885 there vas SIS, 000,O 600 Of this
money ahOat, and it was equal in value 10
gold But there, as in some other places, a
cry arose fer an issue Of sufficient currency
to transact the business of the country, and
in the fall OF 1885 S41,0OO,00O more paper
money was issued. The cry for more
money still continuing, in 1887 new banks
were chartered, which flOated S15S, 000, 900 of
nationar bank notes. Then gold began to
Jump up, and Roca's successor, Celman,
who was not a silurian either, got a law
passed declaring speculation in gold a mis-
demeanOr, and authorized an increase in the
national bank Issues from SIS, DOC, 900 to
S225, 0O0,000. Still the people of Argentine
declared that the whole trouble which was
disiOcating the business Of the country arose
from the scarcity of money. and CeIman de-
vsed the plan which has since been Dor
rowed by an American statesman. He got
Congress to authorize an issue of cedulas,
or Treasury notes based on the security of
land, and nearly everybody who had farm
moTtgaged it to get some of them. In July
last the total issue of eedulas amounted to
S4I1, 440, 600. Shortly afterward the failure
Of the Earrings brought Argentine progress
to a sudden stop. A commercial crisis set
in, and is still raging.
Gold is quoted at BuenOs Ayres at $50
premium that is to say, that barrel of
-four which is worth s. in gold is worth $40
in currency. A coat worth IS in English
money cannot be bought for less than $50 in
the money Of Argentine. Laborers are
paid, like every one else, in paper, but there
are few strikes, as nearly all labor consuming
enterprises have been stopped. No railroads
are being built; the shipyards are deserted
no houses ara going up; there is no move
| ment Of wool, or wheat or hides To the sea-
board Utter and complete stagnation pre-
walls. Every one who can raise the money
is trying to get ont of the country. Civil
war breaks out every few weeks; there was
a little skirmish the other day, in which
| 1000 men were killed and 1000 wounded
But the Argentine statesmen have one
| consultations: they cannot be accused of
| being si!uVians.