Evening star., 1923-12-23
HIGH ROAD TO PROGRESS.
is TAKEN BY COLOMBIA
$25,OOO,OW to Be Paid to Nation by
u. S. Is Chief Contributing
Factor.

sole right Of bank note issue in CO.
lombia and within few years will be
issuing the only paper money which
can circulate in the republic. The
bank is required TO hold 60 per cent
gold reserve against notes and de-
posits. and, as the fiscal agent of the
government, has limited powers of
dealing directly with the public.
Has New Budget Law.
Colombia has a new budget law
which is considered on a par with the
best modern budget legislation. II
provides an executive budget Tn
less additional revenues are provided
for, the executives budgetary esti-
mate OF r~,enue may not exceed the
average 81 tie national revenues re-
ceived duftnx the preceding three
years. In passing this law congress
imposed upon itself self-denying
ordinance not TO vote expenditures in
excess of the budget submitted by the
executive. unless IT should provide
additional revenues to meet them. Un-
der this law, 1t is stated, expenditures
now are being cut to the bone, econ
y omy and efficiency is the slogan for
the administration and there is good
prospect that in the years Immediate
ly to come Colombia will exhibit the
unusual spectacle for Latin America
of balanced budget. During the last
few months, indeed, revenues have
been exceeding expenditures.
Country Has Great Future.
Colombia is country with great
future. Right at our doors, the port
of Cartagena is only two-thirds as
far from New York as San Francisco.
Its area is about ten times that of the
state of Pennsylvania, but with only
about six million inhabitants. It's
temperature varies from tho intense
heat of the lowlands with their vast
banana plantations, to the frisid tenn
perature of Mt. Tolima. which is COW
cred with perpetual snow. IT has
thousands of square miles OK table
lands, where the temperature Is that
of perpetual spring, and where the
products are those of the temperate
climate of the United States. 1t is the
worlds greatest producer of platinum
and of emeralds. 1t is one of the
deposits of gold and petroleum. I'm
like most of the South American cuun-
tries, it has an abundant supply OF
coal It is rich in water power and
produces some of the finest coffee in
the world, while its resources for cat
tie raising are virtually unlimited.
Lacking In Railways.
Colombia's comparative isolation
from the rest of the world is due to
its lack of railways. The total mileage
of the country is considerably less
than that of Connecticut. Her great
est problem today is the lack OF
transportation. She has an abun-
dance of the things the world needs.
but she cannot get them to the mar
ket. The key to a development which
must come soon is more railroad con-
struction, and of the twenty-five mil
lion dollars to be paid her by the
United States twenty million dollars
is to be devoted chiefly to railroad
construction, and of this amount ten
million dollars is already in the
hands of the government.
With the twenty million dollars de-
voted to railroad construction as
margin, Colombia expects to borrow
further funds TO extend her railway
construction in the years Immediately
to come. With the financial reform
legislation just put through, with her
small public debt and her fine debt
record, with her great natural re-
sources and with the strong group OF
men now in control of the govern
ment. Colombia's future is considered
bright.