New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-10-12
COLOMBIA SEEKING A LOAN.
SHE WANTS TO BORROW NEARLY $4,000"
TO REDEEM PAPER MONEY IN SILVER

Washington. Oct. Hunted States Minister
Hart has informed the State Department that tho
Colombian Government Is about to seek a loan VI
sl4 $3.50 In order TO redeem its paper money III
silver The guarantee offered includes the rentals
OF the emerald mines. the match monopo,y ana o ,o
tain sums ANNUALLY dpe baDk i has aso been
esta blshed.
The efforts Of the Republic OF Colombia to boz
row money with which TO bolster up the national
treasury come at a time when the finances OF the
country probably at the lowest eob they nave
ever reached. Owing TO the low price OF coffee
and the exceedingly high rate OF exchange. Colom-
ba has been reduced to the most critical state In
its history. This condition has been aggravated
by an almost general distrust OF the Government
and only the inability Of the Liberal party to dis
tribute arms among It's supporters has prevented
the outbreak Of serious revolution
The rate OF exchange Is usually higher in the In
terror than on the coast. Last January in the
cities OF Barranquila and Cartagens one dollar
In merican god brought s. 30 in Colombian money
An American tourist who sold gold at this ex-
change secured 81 20 less than three months later
In Bogota the national capital Travellers re-
turning recently from Colombia report that Ameri-
can gold is bringing anywhere from & % 20
81. So serious did the condition become that the
merchants OF Bogota held meeting and decided
to order no goods from abroad and to buy
no more drafts for six months
General Julio Rengfo. formerly Colombian
Charge d'Afaires in Washington who persisted In
the destruction Of the steamer Montoya on the
Magdalena River about three weeks ago, was
called home TO take the portfolio OF Secretary or
the Treasury When he reached Bogota and learned
NJ the wretched condition OF the national finances.
he asked n he relieved OF the office and Pres-
dent San Clemente appointed him Minister TO
Ecuador.
The guarantee offered for the loan Is regarded
as OF considerable value The Muzo emerald mines
he f,rpo In fbs
seventy-fve miles from Bogota and were dis
covered in 300 Mining began in 1863 and 40 great
the output Of fine stones that they ceased 10
be They have been continuously worker
since operations began. and although no record ex-
lists of the quantity value OF the stones pro-
duced the mines have made fortunes for many
generations Of essees. The mines are now operated
by a French company. which insists that Tor the
last year II has found almost no emerads
emeralds have continued to reach Bcgota
The salt mines. which constitute another GOV.
eminent monopoly have an average yearly yieli OF
about p 900 tons This is worth about 100000, and
II is said that the profit TO the Government IS over
20 per cent. ,
The value OF the match monopoly may be Judged
when il is said that a French company recently
offered $250GD for IT, the monopoly 70 extend over
a long term Of years. II would have been sold at
a strong fight against being excluded from the
market
The Panama Railroad concession consists OF It's
right Of way the Isthmus. Colombias In
terest in the Panama Canal has a problematcal
value