Evening star., 1909-03-11

sion, which has been allowed After
| Cherry's death Alfred Bishop Mason and
his nephew, Tdward H. Mason. of Chicago
| obtained the concession and organized the
Colombian Pacific Railway Company un-
der the laws of Arizona. Their conces-
| sion gave them subsidy based upon 80
per cent of the customs receipts at the
| port of Buena Ventura. but that was not
| enough to keep up the work. and the
company borrowed $4,000 of the Banco
| Central, at Bogota, giving the concession
as security. Upon their failure to meet
the interest and to pay their notes when
| due the bank foreclosed on the property
and the Masons lost their concession.
| But the bank has organized syndicate.
which paid them 100000 cash in addi-
| tion to canceling their notes for $4,000.
| and the construction work has been re-
| sumed.
Protects Rights of Americans.
MIR. Edward H. Mason speaks very high
| ly Of their treatment by the government.
and says that in all matters relating to
| the concession President Reyes complied
scrupulously with his agreements and
showed a decided disposition to protect
| the rights of the Americans. 1t may be
said also that the government and people
| Of Colombia reciprocate the good opinion
| of Mr. Edward II. Mason and hold him
| in very high esteem.
Another railway concession has been
granted to Henry G. Granger Of Philadei-
| phia to construct what is known as the
| Colombia Central railway, from a point
| on the Gulf Of Darien southwark along
the banks of the Atrato river through
portion of the department of Cauca to
the city Of Medelln. 1t is understood that
Mr.. Granger has the backing of B. +.
Yoakum of the Rock Island railroad and
other prominent capitalists. but he has
recently been required to revise his route.
which was not satisfactory to the govern
ment
The banana trust has a railway from
the port Of Santa Marta, where the pa
triot Bolivar died in 1880 on his way
abroad, for distance Of ninety-three
miles to the town of Fundacion. The ter
ritory on both sides Of the track is being
rapidly settled with planters who are
growing coffee and bananas. American
companies now have about 1000 acres
devoted to that fruit. and are producing
about million and a half punches every
year, which are sold from % cents to 35
cents, or an average of about 25 cents.
bunch to the trust as fast as they ripen.
Santa Marta has the advantage of a
perfect harbor and direct communication
with New York. Therefore the banana
and coffee planters can get their produce
TO market at a lower cost than those Of
any other section of Colombia There are
seven coffee estates. with about 100000
trees and an annual production of 5000
bags, located in the mountain, distant
about five hours by muleback. at an ele-
vation ranging from 5000 to 5000 feet.
The climate Is said to be much more
healthful than on any other part Of the
coast.
Continued Peace in Colombia.
Since the election Of Gen. Reyes as
president in 1905 there has been continued
peace In Colombia. for the first time in
many years, and the prospects. are IA
vorable for the future. The national as
sembly in 1905 extended his term for ten
years, which was a wise thing to do be-
cause it will enable him to complete the
plans he is now carrying out for the res
toration Of the finances and the improve
ment of the industrial and commercial
conditions of the country.
Gen. Reyes Is not only a man of great
ability and strong characteristics like
those of President Diaz Of Mexico, but is
the first president of Colombia that ever
received the cordial support of both the
liberal and conservative parties. And he
has justified the confidence of the public
by the impartial and non-partisan manner
in which he has conducted the govern
ment. In his inaugural address he said:
II am the chief executive of the nation,
and not the leader of political faction.
/ intend to govern with the help Of all
classes of citizens without any distinction
as to the party to which they may belong.
My motto will be less politics and more
administration"
That promise has been carried out and
the best men Of both parties have been
appointed to office.
Re-Establishment of Credit.
The most important service of the
president was the re-establishment of the
credit Of the government and the reor-
ganization of the currency which was in
a most deplorable condition. At the time
of his election it required $4,000 of gov
ernment bank notes to buy gold draft
of 800 on London or New York, and the
bonds Of the country were practically
worthless. Since then the foreign debt
has been funded at s2,7OOOOO. at , Der
cent interest. and the bonds are quoted
on the London Stock Exchange at A. The
government has redeemed several hundred
millions OF the paper currency which has
been Issued from time to time to raw ex-
penses of suppressing revolutions, and has
burned the notes. There is now outstand- |
ing about one thousand million dollars Of |
paper currency which, by an act of con-
gress. is worth 500 to 81 in gold, passes
current and Is being redeemed at that /
rate. Within a few years. with the pres |
ent good management, the finances will |
Gently ratified treaty with Panama and |
the United States. by which Colombia re-
ceives S2oO0.0O i'm gold as Panama's |
share of the public debt. will give the /
government dn opportunity TO strengthen |
its credit. |
The expenses OF the government are
now paid promptly. and under the in |
struction of the president no bills can be
incurred unless there is cash in the treas
ury to pay them. The revenues are being
honestly collected. No favoritism As |
shown in the custom houses, and the sur
plus for 1908 was about 81, 10000 in gold.
which will be devoted to the redemption
Of paper currency.
Business is reviving rapidly because the
government guarantees the security of
life and property and the courts are lust
and impartial. The Overproduction of cof-
fee IN Brazil has kept down the price of |
Colombia's principal staple, and there
fore the planters are not enjoying the
prosperity they are really entitled to; but
when the price of coffee goes UP their in
comes Will increase. Altogether the situa-
tion is very hopeful and gratifying
EA Il MED KII g IIYHGSII