New-York tribune., 1905-12-24
CoLOMBIA GETTING on.

Two bits Of good news come from Colombia,
bracketed together and logically connected
They are that an attempt at revolution has
been suppressed and that the rate OF exchange
is falling A third bit is that much dissausfac-
ton exists In parts OF the republic because OF
the increase of taxation. That Is not quite SO
pleasant as the others. but it need not cause
apprehension Lots of people outside of Colon
bia as well as within it dislike to pay their
debts, and such reluctance may well be espe'
cialIy marked in q land whose President not
many years ago publicly declared that any
body was fool who paid debt unless he was
forced to do so. The Colombians may grumole
q little st the change of policy, from Nunez 10
Reyes, but they will pay their taxes ana tnelr
debts
The whole trouble arises-and the auspicious
features of the situation proceed-from the
resolution of the existing government to pay the
republics debts and to place its currency on
sound and worthy basis. Acting upon the pratt
cal policy of Nunez the country has Tor years
been in a state of fiscal chaos Paper money
has been SO cheap that it was not worth Whlie
to engrave 1t, so it was printed on ordinary
printing presses-lightning perfecttng presses, we
might suppose-in order to supply the demand.
It's value has naturally decreased as It's volume
has increased, until not long ago it took S2'U0o
Of it to equal single dollar in gold AS for the
it by such appreciative names as "tin money,
"monkey money" and "spcketty money. 1t is
not much better in quality than some of the
sterling" silverware of some of our shops, De-
ing at best only S35 fine and it is said TO nave
often been light weight at that.
Now. under a law enacted last spring the
country is next week to be put upon goid
basis The old paper and silver trash will De
recalled, and in their place new currency VIII
be issued. This will consist of gold coins, OF
one. five, ten and twenty dollars the dollar, OF
100 cents, being of 1.672 grams weight and
900 fine; of TO- 20 and 90 cent silver pieces
also 900 fine, the ratio between silver and gold
being 33 to 1; and of I, and cent bronze anu
nickel coins It is enacted that the silver put
into circulation shall never be more than III per
cent as much as the gold, and the bronze and
nickel shall never be more than per cent as
much as the gold.
In order to effect this most desirable nscal
reorganization the imposition of some new
taxes has been necessary, and 1t may De that d
foreign loan will be sought though it is hoped
+o avoid the necessity. It is against these new
taxes that some people are expressing dissaus-
faction. and 1t was against them and against
the whole scheme of reform that the revolution
was planned. It is also because of the prospect
of success In establishing this great reform thaC
the rate of exchange is falling. We must cord
tally sympathize with General Reyes in his pa
triotic endeavors to do for Colombia's finances
what General Diaz has done for those of Mexico
and rejoice in his suppression of the malign
factionists who would have plunged their coun-
try into civil war again rather than have its
finances put upon an honest basis. The pres
ent time is one of great hope for Colombia. but
that hope is largely centred upon the accom-
nIished statesman who Is now PRESIDENT OF
that republic and upon the maintenance of his
wise and honest policy.