New Britain herald., 1928-03-24
PROSPERITY IN VENEZUELA

and prosperity in Venezuela. This notable era followed a century Of constant revoutions"
 Rumblings from Venezuela re- gently indicated that students were participating in disorders and that they were being punished. Probably these disorders have been magnified; or possibly a censorship has pre- vented exact knowledge of their eA- tent.
 Be that as it may, it is exception ally interesting for any student of Latin-American affairs to contem- plate the amazing progress that has been made in Venezuela during the last quarter century.
 General Juan Vicente Gomez un- occasionally has to his credit an achievement in Nenezula which scarcely any modern head of a state has equalled. He has been species Of democratic dictator while presi- dent Of the republic. and has made his countrymen realize that the first attribute of government as he sees it is submission to a chief who has been vested with sufficient power to attain worthy ends. His ideal has been to wield his power to produce a maximum of happiness. social se- curity and political stability. One of his achievements has been the cx- tnction of old political parties that flourished on antagonism and had few if any principles Of ideals.
 Perhaps Americans can under stand what has been done in Venezuela better if the finances are mentioned. After a century of revo- lutions Venezuela had a vast public debt. owed mostly to foreigners. During the last 25 years this debt has been reduced one-third, although actually extinguished, as the govern ments cash deposits protected by gold reserve in the Bank of Venezuela fully equals the remain ing debt. This debt. therefore, could easily be repaid. but the creditors have been holding paper that had a certain value and yields good re- [ turns. and consequently they do not present it for repayment.
 The economic independence of Venezuela is so firmly established that there is enough money to meet all its needs without depending upon foreign creditors. Francis B. Loomis former under-secretary of state in the United States. declared some | time ago that Venezuela could raise loan of s100.000,0o0 within o4 hours, with only it's own credit as the guaranty. It is perhaps the only nation on earth that does not owe d cent to the United States.
 1 As large as the states of Texas. Louisiana and Arkansas combined travellers can traverse any part of i; in perfect safety-which alone is q vast difference than in the old days of numerous bandits Roads have been built, social and political democracy have attained a high efficiency
 And all this has been done with out raising taxes. Moreover. the taxes | are the lowest in th. world.
 But Nanezueia has one difficulty that il cannot shake off so easily. It ] has large petroleum deposits, and where there is oil there is trouble. i The oil interests centering in other i''i'" HdturdllS lHllh they are not given enough rights in the oil dis 1rlcts, and in order 10 bring this about there would need 10 be q revolution against the existing gov '"rnment. so that the independence of these districts could be attained. We rather glless that is the reason for the recent student outbreaks in Venezuela. The oil interests are busy.