The Portland daily press., 1893-07-12
NEWS OF OUR NEIaHBoRs.
Interesting Information From the Bureau
of American Republics.

WASHINGTON, July 11.-The Bureau
of American Republics is Informed
that the Chilean Congress has passed
the act for reorganizing the currency,
and that having received the sanction of
the council of state, the act has now be-
come a law. The act provides that the
paper money shall be redeemed from
December 81, 1899, in the new money to
be coined under the act Of November 26,
1892, at the equivalent value of silver
dollar of IS grams in weight and nine
tenths fine. The paper. money may,
however. be redeemed from the first of
July, 1896, in the money to be coined
under the act of November 26, 1892, OF
in other, words at the rate of "a pence
per dollar. The holders of paper money,
therefore, will have the option of re-
deeming their notes at "a pence, or in
the silver dollar of 25 grams and nine
tenths fine. The paper money will cease
to be legal tender after the first of july.
1896. To prepare for the new coinage
provided for by the act of November 26,
1892, the silver acquired by the state un-
der the act of March ID, 1877; the gold
received in payments of duty and stor-
age; and up to one million and half
pounds sterling of the proceeds of the
trade of government nitrate properties
are to be maintained in deposit in the
treasury. From December 81, 1896, until
July 1st, 1896, the banks must maintain
in gold specie or bullion a reserve fund
of 20 per cent of their authorized issue.
is to be burned. Half of the so per cent
of the duties payable in gold under the
act of November 36, 1892, in the years
1894 and 1895, shall be paid in the equiva-
lent value of paper money, and the por-
tion of import duties and storage re-
quired to be paid in gold may be paid in
good bills on London up to December 81.
1894.
Information has been received by the
Bureau Of American Republics that the
telegraph system Of the Isthmus of Pan
anna is being rapidly extended. Com
munication has been established
between the City of Panama
and Capira, and it is expected that by the
end of the year the service through to
Chiriqui will be working. When the
line shall have been completed to CHR
iqui, on the western limits of the State
OF Panama. only an unimportant connec-
tion will be needed to unite with the SER
vice already In operation to Costa Rica.
When this is done direct communica-
ton will have been established between
the City of Panama and the capitals and
principal towns of the Central American
States.
According to information received by
the Bureau Of American Republics. Mr..
James P. Porteus has obtained from the
Mexican government concession for
colonization purposes of 10000 acres in
the northern part of the States of Vera
Cruz, Puebla and Hidalgo 1t is said to
be the intention of Mr.. Porteus to sell
the lands in lots to suit colonists and to
endeavor to obtain emigrants from the
United States and England. Arrange
ments are said to have been made to put
number of American and English fam
lies upon the property at once. The
cultivation of coffee is expected to be the
chief industry.
Asked to Resign
WASHINGTON, July 1.-THE resigna-
ton Of the following members of the
Board of Pension Appeals of the Interior
Department, have been requested to take
effect July 81: Isaiah VI. Quimby of
Ohio, Alvan T. Tracy of Connecticut,
and Charles L. Wilson of Maryland.
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