The evening times., 1898-09-19
MONEY AND CREDIT GONE
San DomingolT Threatened 4 With
Financial Ruin.
NO PROSPECT, OF RELIEF
BOndholders YainIy Clam0r for
Cash, While the Coinage of the
Country Is Debased and It's Revc-
nues MISUNDERSTANDING to FIOnt
u Loan in New York.

New York, Sept. 1s.-The widespread fl
nancial panic in San Domingo. as detail
ed in recent cable dispatches. is confirm
ed by the statements made by two mer-
chants of Monte Cristi. now political
refugees In New York The little repub-
lis has apparently reached the limit of its
credit. with no prospect of bettering its
condition, according to the story told by
these men.
Toribio L. Garcia and Adriano Grullon
were seen at the apartments of the for
yesterday, and with copies of records for
their guidance gave the information de-
sired.
1--WE have been for a long time engaged
in mercantile pursuits at Monte Cristi,
said Mr.. Garcia, but are at present refu-
gees on account of being associated with
Gen. ]. Y. Jimenez. in his recent filibus-
tering expedition. We are perfectly ia
miIiar with financial conditions in San
Domingo. The credit of the island has
gone and the personal credit of Presi-
dent Heureaux has gone with it The
entire financial system of the country is
wrong, and there is widespread lack of
confidence that has grown into finan-
cial panic.
Exchange on New York has gradu-
ally risen to an absolutely ruinous rate.
The result Is that merchants have had
to cancel orders for goods, and wages
have been cut until strikes have been
precipitated."
"As for details said Mr. Grullon,
they show u very sad plight With a
81, mi IL
ions there is an Indebtedness of S2O,0oO,0o).
Six per cent on that means sl.20O.0O0 per
annum, and this must be paid out of a
revenue of about S200O,0e0. with heavy
deductions for collecting and official pill
fering.
THE result is no credit can be obtain
| ed for the present bondholders, princi-
pally In France and England, are clam
oring for interest, and obligations of the
government are daily increasing. L am
| informed on the best of authority that
| in order to ease up the present strain.
the San Domingo, government is now try
ing TO foat a 81. $4,000 loan in New York,
with but little prospect of success, for
| there is really no security TO offer. All
possible revenues have been anticipated
| far in advance.
More than that, the government has
| not control of its own customs receipts,
| for, by an agreement, they are paid
| into the hands Of "a committee of the
| Improvement Company" for the benent
| of the bondholders.
The entire condition" continued Mr..
Grullon, lis very much like the private
| financial affairs of President Heureaux.
| II is reported IN banking circles here
that his paper TO the amount of 100000
| has gone to protest IN New York within
| a month. His drafts are simply refused.
| 1T is reported that he is trying TO
| compromise by paying 30 per cent cash
| and promising 10 per cent monthly. The
| offer will have to be accepted, and 1t is
practically case of that or nothing.
Now, compare this with the condition
| of affairs twenty years ago, when neither
| the government nor Heureaux was in
| debt There is something very radical
| ly wrong. and conditions are growing
| worse Heureaux is the man who does
| ii all His ministry is simply figure
head. and his policy is carried out in
| everything That corruption rules there
| is no doubt.
His methods are illustrated by the sill
| yer coin the government has issued.
| There is so much copper with the silver
| that each dollar is worth about u cents
| in American money. OF this specie $500,
900 has been issued, and about S5O0.000
| more is expected soon. San Domingo
| Is indeed in a bad way financially, with
| no prospect of relief in sight