The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-01-13

ary state, and official salaries are to be
fixed at the lowest limit consistent with
good service and the preseryation Or sat
lstnctiOn and Scontentment IN ollclal cir
cles. ~ $S8 VA RYE 5$
Win all or this Panama looks a de1citof
about $500, 900 a year squarely III tna
lnce Under these eircnmst m dos nera y
ton Of her Immediate financial prospects.
NO RELIEF IN SIGHT.
The situation may be eased slightly by
productions of alcoholic LIQUORS, and by
more rigid enforcement of the law III
such respects, though it Is impossible TO
nope for much from this source. me
saloons here are as poverty-strlcken as
are the people. while the only liquors
produced are what is known as "chica,
the native whiskoy. and a native white
Of circumstances small IN quantity and
marketed at an extremely low figure;
The imposition of a tax on personal
property would avail nothing, as. aside
nave no property worth assessing, nor Is
It possible to add very. much to the
revenues BY increasing the tax ION on reul
at present would be to tax 1t out Of tho
hands of It's, owners.
After explaining all of these facts and
es o a% oea ps0e ot H Hs se ss
Will very frankly admit that they arc
in qudhdary. It would be impossible
Of course, for them to pay expenses ouI
concessions until the payment Of the
ury, but this they are loath to do. They
to deplete tho only asset they have. or
arc evor likely to have. 1t would, too,
DC impossible for then, to float a loan.
after tho esabl'shment Of the Fe aoaa
upon with favor, for loan would only
increase the annual charges against tho
government and sooner or later the
nfln E pTN Trn!6 n saTs e m fp' HELP
Two other reasons present themselves
to forbid acceptance Of either OF these
plans and tat i me peuctanre Of 1nosS
ready cash not absolutely needed for
current expenses or for reforming the
syfsm sr9usn te ha eoe eR
planned this reluctance In an interview
which ! quoted In my first letter. IN that
interview Senior EspnnoZa very frankly
be trusted to protect 100000 in gold
from being wasted. mIsapplied or from
becoming Il hone of contention between
rival factions and an incentive to peyT moG
, that tho only hope Of the republic IN q
financial way was to evolve some scheme,
ny which all except the s2oO0'OoO needed
held iut Of Panama as a Jatlonal inter.
est bearing asset. 80 safesuarded that
It will be secured III perpetuity 10 tne
government, no matter who may pc IN
CONTROL Senior Espano2a stated a simple
TACT In the latter part OF that interview
TO relieve her conditions and extrlcnie
herself from this financial dilemma u "
absolutely necessary for Panama 10 nave
IS, 900, Oo0 or thereabouts, OF tho canal
hsr ony hope This sum i placed ssp, a
goes to a gold basis, AFFORD u revenues
ample for all It's legitimate requirements.
hut how. can 1t be done? l,ne govern,
ment, neither now nor hereafter, can so
invest the money, that It VIII be entirely
sa 70 from succeeding sets OF officials, ana
here tho possibility OF the dishonest ana
ncrupulous obtaining control q aralrs
is always to BIO considered, So Ions.
therefore,, as this sum Is controlled b,
ddissipation. thereby leading to tho. de,
struction OF the republics only asset,
For the desperat to hnancal dilemme con-
fronting Panama there is but one relief;
The Investment must be with the United
States and SO secured by convention
tnat tho principal can MAYER DO lived
upon by the republic, Just now the
United States Ia in tho highest favor on
| the lNthmus, 1t would materially IN
besides, Strengthening her ,eontr9l :, a Snl
problems appertainng to dominion over
the canal zone. II she should meet ran
anna half way In this matter, BY max,
Ing herself the custodian OF elght-tenths
Of the canal-concesson fee she would
ease the financial strain upon the ". new
repuhlIc and. while keeping SS,tnpUO ~
! her aoskeI Incur no obllga tton. a%ssns 1as