The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-06-30
Report OF Consul Baker Touching
the Recent Financial Crash
Down There.
Great Development Of tho Country
and Disproportionato In
crease of Debt.
The Panic not Over, Thinks tho Consul
HarrisOn Second Choice Of Min
nes0ta Republicans.

WAsHINGToN. June 29.-The report of
United States Consul Baker. stationed at
Buenos Ayres, touching the recent financial
crash in the Argentine republic, has Just
been received at tho state department. He
described the feeling produced by the intel
ligence that a new national loan had been
placed in London. providing for interest on
the foreign debt for three years, and then
says:
But the Argentine people had not re-
covered from it's rejoicing when it was
confronted with the intelligence that the
National bank and tho bank of tho Prov
ince of Buenos Ayres, the two great fnan-
cial institutions of the country, the first
accredited with capital of $40,O00.O0O and
the other with $32,OOO,0OO. and each
with deposits amounting respectively
to double those sums, owing to bad
management and reckless loans to
government favorites and political men of
straw, were in distress and unable to meet
the calls of their depositors, and that IN
less the government came to their relief they
would be compelled to close their doors,
thus suggesting, if not opening, the way to
an uprising among thousands of working
banks for safekeeping.
1.-The government came to the rescue. By
extraordinary efforts. the foreign banks do
ing the most of the subscribing land the
wealthiest natives very little of it, about
$40, 600 of the amount proposed has been
raised, and the national government,
though needing more, has accepted it at
seventy five cent on the dollar, the interest
being six per cent.
Baker says many think that the crisis is
over, but it does not look so to him. A sta
tistical summary of the growth Of the Ar
gentine Republic since 1861 shows that in
thirty years the population has increased
from 1,350,000 to 1900, ,0O0 and the number
of acres in cultivation from 100000 to 700,-
600. In 1861 the only railroad in existence
was from Buenos Ayres to Merio, distance
of eighteen miles. Now there are over &, 900
miles open to traffic and 5000 more in
course of construction. The commerce and
national wealth have multiplied five times
within the same period, but the public icsebt
has increased in much greater proportion.
1t WAS ST., 7,000, 900 in 1861; in 1890 it was
$401, ,00O, 900 exclus i've of cedulas and paper
currency, which would raise it to $613, ,000, 900.
Ex-Congressman Perkins of Kansas, who
was member of the commission which
went to Mankato, Mimi, to select site for
new public building in that city, has re-
| turned to Washington. Mr.. Perkins said
to- day that he met good many prominent
republican politicians in Minnesota. He
asserts that they are sanguine of party vic
tory in the next presidential campaign. He
believes Blaine would have no trouble in
securing the Minnesota delegation if he de-
cides to be candidate. If he is not, Mr..
Perkins thinks that Harrison is the second
choice.
The Kansan says Minnesota republicans
believe that the alliance movement is dead
in the North Star state. He does not be-
lieve that Senator Plumb can afford to take
the third party nomination for president. He
admits, however, that there is dicker on
foot between Plumb and some of the lead
ers of the new movement. He says he has
heard considerable talk about it, but doe &
not think it will amount to anything in the
end.