New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-07-27
LIGHT on 4 DARK SUBJECT.

A flood of light is thrown upon Argentine
finances by the letter Of President Pellegrini to
| the commercial camera, extracts from which
| are published on another page. A body of in
| fuential financierS and merchants had proposed
a series of radical measures to be adopted by
| the Argentine Government iR releasing the
| country from the state of paralysis which has
| followed the collapse of it's credit in Europe
| The President takes up the suggestions one by
one, and shows that all the proposals have al
ready been acted upon as far as practicable.
The review of the Governments policy brings
into clear light the bankruptcy of the country
and the magnitude Of the financial reverses
which have been caused by speculative reck-
essness and administrative miSmanagement in
the past.
1t appears that interest payments on the
national debt have been suspended with the
exception OF the loan of 1886, for which col
lectiOns OF revenue were guaranteed to the ex-
tent Of 100000 a month. This is the only
| interest payment which is now made and it is
required by the conditions of the loan. An
public works involving aid from the National
Treasury have been suspended for nearly two
years, excepting those subjected to the require
|
provements at Buenos Ayres and few rail-
ways in the INTERIOR and even these are to be
brought to an end as soon as possible. The
budget OF expenditures has been reduced by the
| discharge of hundreds of officials in the civil
service, over 1000 employees having been
turned out during the last few months: vet
owing to the depreciation of paper money it is
impractcab,e to establish an equilibrium. With
an enormously diminished importation it is i'm
possible TO increase the revenues even under an
exceedingly high tariff, and the commerce and
industries of the country are paralyzed. With
interest payments on the national debt suspend
ed with the cedula tax suppressed, with the
railway corporations helpless and with every
business enterprise stagnant, the Argentine
shows every sign of utter exhaustion
President Pellegrins main ground for hope
fulness is the conviction that the bottom has
been touched and that as there can be no lower
depths it is reasonable to look for indications
of revival and Improvements. lie seems TO
take it for granted that the finances of the ma
ton are now so badly diSordered that there can
not be any change for the worse. When this
fact is generally appreciated he thinks that con-
fdence will return. When men begin to say
" the worst is over then the times will mend.
The cessation Of importation will inevitably Gre
ate balance of trade in favor of the Argen-
tine, which will have large crops to export.
With money coming into the country he conf
IDENTIFY looks for an improvement of credit,
especially if new bank can be established for
regulating the deprecated currency. The Pres
idents letter reveals remarkable courage and
frankness in dealing with the disordered con-
ditions of the State. Something has been gained
when the first citizen can look the facts in the
face and tell the plain truth that the Argentine
has been for years living on brandy and is
suffering from prolonged debauch. Unfortu-
nately, a race with Spanish blood is not the one