AN ECONOMIC STUDY OF MEXICO. 449 



ured by the armies of the United States in the War of 1847, as hereto- 

 fore proposed, would undoubtedly greatly contribute to dispel this 

 feeling ; but, apart from this, would it not be well for those who are 

 especially anxious to send the gospel to the heathen, to consider 

 whether it conduces to a higher life and civilization, for two neighbor- 

 ing nations to live on a basis, which, if made applicable to individual 

 members of the same community, would be regarded as akin to bar- 

 barism ? * 



Second. The public debt of Mexico, which is recognized as valid, 



is estimated at about $90,000,000, and the obligations which it en- 

 tails constitute a serious embarrassment to the Government, and a 

 heavy burden upon the resources of the country. Numerous attempts 

 have been made to fund it, with adequate provision for the payment 

 of interest the payment of the principal being regarded as hope- 

 less ; but all efforts thus far have practically amounted to nothing a 

 scheme by President Gonzales in 1884 for a new conversion, by the 

 issue of bonds to the amount of $86,000,000, having well-nigh occa- 

 sioned a revolution ; not that Mexico wanted to repudiate, but be- 

 cause the whole measure was believed to be tainted with fraud. 

 And yet it stands to reason that, so long as this debt remains unset- 

 tled, unsecured, and its interest regularly in default, Mexico, as a 

 nation, can expect but little credit, no sound finance, and no sound 

 government. And, imperative as is the problem, there seems but little 

 present chance for Mexico to solve it. The United States could, how- 

 ever, easily accomplish it. With its interest guaranteed, the Mexican 

 debt could undoubtedly be funded at from two to two and a half per 

 cent interest, involving an annual charge, say, from $1,800,000 to $2,- 

 225,000 less than what is almost annually wasted on river and harbor 

 improvements that subserve only private interests ; and not much 

 more than the four leading railroads of the Northwest have this year 

 (1886) decided to add to their annual interest charges, for the purpose 

 of extended constructions over territory that can at present return but 

 little remunerative business. Is it a sum too great for the American 

 people to pay, if it will help to give good government to a contiguous 

 territory nearly as large as all of the United States east of the Missis- 

 sippi ? 



That such a proposition is likely to be scouted, in the first in- 

 stance, by the American public is to be anticipated. " Have we not 

 debts enough of our own to pay," it may be asked, " without looking 



* In 1878, Hon. John T. Morgan, United States Senator from Alabama, recognizing 

 the importance of this matter, and after thus expressing himself in a speech " Mexico 

 is not destitute of a cause to look with jealous eye upon the people of the United States, 

 while we on our part have the greatest reasons for treating her with a generous and 

 magnanimous spirit " proposed " that the United States should solemnly covenant, not 

 to change the present limits of Mexico, nor to consent to their being changed by any 

 other nation." The proposition, however, did not attract any attention, or lead to any 

 official action. 



vol. xxix. 29 



