The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-03-06
ARGENTINE GOING TO RUIN.

Government Squeezing Out Money In .
Way to Destroy Commerce.
WAsHIxcroS CITY, March 5.-The bureau
Of American republics is informed that the
president Of the Argentine Republic has
recommended to congress several radical
revenue laws which have created bitter
enmity against the administration in COM
mercial circles. The president in his
message holds that such measures are alb
solutely necessary to maintain the credit
Of the government, and asks their indorse-
ment by congress. but congress has not
yet ratified the suggestion. He proposed,
first, to impose an export duty Of S per
cent. ad valoreni upon animal oil,
horses, jerked beef, bone ash, horse
hair, hides and skins, bones, wool,
tallow and ostrich feathers which con-
stitutes the greater bulk Of the exports of
the Argentine Republic. It il also pro-
posed to materially increase the import
tariff, and to impose license on vessels
under foreign flags in the coast trade. An
other decree recommends license tax of
$4,000 on foreign insurance companies,
and requires deposit of 500, 600 as a guar
antee before they may be allowed to con-
tinue business. 1t further requires for
eign insurance companies to pay tax of
per cent on premiums received from
policies insured in the Argentine Republic.
This course will seriously affect number
of life and fire insurance companies
Of the United States, which have
branches in the Argentine Republic The
same decree imposes tax Of 2 per cent. on
gold and paper deposits of private banks,
which will greatly damage the general
business OF the English, French, German
and Italian banks now established in the
Argentine Republic, with capital exceed
inn S7S M M IF eyol1 A asy 1ncrnIo
requires all taxes. duties and licenses to
be paid in gold.
LONDON. March 5.--Argentine and Bra
lillian securities are fiat. 1t is announced
that T. Morgan & Co., colonial and foreign
bankers, have signed the Argentine fund
ing contract.
BuENos AYREs, March 5.--Gold today
was quoted at 27l per cent. premium.
The bOurse became panicky today on
rumors Of fresh paper issue and that the
government would probably have recourse
to a national loan.
Advices say that the Chilean insurgents
have met with defeat at Ovalle and are
retreating to Lazerna.
BERLIN, March 5.-During the debate on
naval estimates in the reichstag today
Herr Jebsen, shipowner, complained Of
the failure Of Germany to send man-of-
war to Chile. He urged that the British
man-of-war did not satisfactorily protect
German interests. Admiral Holman re-
piled that with the multiplicity of naval
stations it was impossible at present to
send vessel to Chile, and he urged the
reichstag to sanction the proposed increase
of estimates for naval service,
LONDON, March 5.-A dispatch to the
Times from Buenos Ayres says: Two
financial conferences have been held with
out result II is stated that the govern
ment will ask a loan from English banks
10, 81 80 H. Il ~
need support, though no run has
been made on them. In return
the government promises that when con-
gress meets It will seek to abolish or re-
duce the deposit tax. The government is
unable to pledge itself for future debts, but
disclaims any present intention of resort
ing to forced issues. It expects other for
eign banks to cooperate. All reasonable
guarantees will be given. The bankers are
still undecided what to reply.