28 



ARGENTINE REPUBLIC. 



enne are enumerated that are not separately 

 expressed in any of the tables heretofore given, 

 while a small surplus appears in place of a deli - 

 fit: 



Imports 



Imports additional 



it is being more felt, and I therefore hope that the 

 appended oill will meet with your approbation. Al- 

 low me to present to you a statement of the home and 

 foreign debt of the nation, that you may with all ac- 

 curacy appreciate the bill which I have framed on the 

 subject. The following table shows how the public 



$13,850,000 debt will stand on the 81st of December of the present 



6:<u,(K)0 year, and also the different dates when the several 



H . 8 RQK ono emissions will be extinguished, should their present 



hxports additional ............................. oao,UOU K p P vir>p hn pnnt-imiArl 



Warehouse fees .............................. 880,000 servlce ** contmue<1 - _ 



Stumped p.. per ................................. 1,250,000 



Licenses. .... .................................. 600,000 Extin- 



Direct imports, deducting 40 per cent for oduca- FOREIGN DEBT. T O II. piijied 



Won..... .................................... 720,000 in 



rost-Offlce ..................................... 800,000 - 



Telegraphs .................................... 250,000 English loan, 1824: 



Lighthouses ................................... 40,000 Original bonds. ) <-IOQ si* j 1?96 



ll.-alth inspection ............................. 14,000 Deferred bonds, f .............. *iJ,8io -j 18!)0 



Woods nud forests ............................ 80,000 English loan, 1868 ................. 214,500 1887 



Judicial auctions .............................. 40,000 English loan, 1871 .............. . 625,134 1890 



.Judicial deposits ............................... 100.000 Provincial loan, 1870 ............... 73,279 1908 



Water-works .................................. 200,000 Provincial lor.n, 1873 ............... 144,553 1906 



Notaries ....................................... 12,000 Railway loan ...................... 173,540 1914 



Interest on Eastern Argentine Railroad shares. . 116,009 



Interest on state lilies .......................... 755,000 Total ......................... 1,254,821* 



Guano ......................................... 10,000 - 



Sundries .................................. .... 800,OCO 



Eitin- 



Total ..................................... $24,632,OCO INTERNAL DEBT. Total. gulthed 



EXPENDITURE. 



Ministry of the Interior ........................ $3,996,772 National public funds, law of No- 



" of Foreign Affairs ..................... 1C8.2SO vember 16, 1863 ................. $1,130,02848 



" of Finance ............................ 12,074,402 National public funds, law of Octo- 



" of Justice, Public Worship, and Public ber 1,1800 ...................... 239,99999 1S82 



Instruction ......................... 1,952,584 National public funds, law of Octo- 



" of War and the Navy .................. 6,430,996 ber21,1876 ..................... 84,78300 1910 



-- Bridges and road stock ............ 180.7-20 CO 1895 



Total ..................................... $24,618,034 Debt to foreigners ................. 81,84300 1697 



Treasury bills ............ ........ 649,70300 1902 



The funded national debt of the Argentine Treasury bills ..................... 130,00000 1906 



Republic was reported in November, 1881, at Provincial public funds ............ 



$107,982,592, and those of the provinces at Total ......................... $8,570,43253 



$29,689,047, constituting a total funded debt 



of $137,081,639, or $57 per capita approximate- The national bonds of the law of November 16, 18C3, 



ly. The foreign debt comprises $82,365,930 na- will be extinguished : 



tional, and $2,611,320 provincial (exclusive of First series ...................... $5,000,000 in 1891 



the Buenos Ayres debt assumed by the nation). SSffiSSr::::::::;;;:;::::;:: Sffi'26* ." ]J2 



It is proper here to transcribe the following T ... . , , 



i f T> -i j. T> i i In this table arc not included the emission of $1.- 



extract from President Roca's special message 420 060 (law of the 6th of Novembe , 1872) to Ly 



to Congress, under date of September 23, 1881, the shares of the National Bank subscribed by the 



on the subject of the so-called $100,000,000 loan Government, nor the $16,000,000 lately created by 



for the conversion of those debts. The total Congress to close the account of the nation with the 



amount proposed to be converted is $76,58* I,- ^^i^^J^S^^I^ySl 



323, and the effect of the scheme would be to i oanSi besides their bearing 5 per cent interest" render 



reduce the present annual service (interest and it unnecessary to take the same into consideration. I 



amortization) from $8,570,432 to $5,414,187. also consider that they should not be included hi the 



conversion, and therefore they do not appear in Ar- 



To THE CONGRESS or THE NATION: If it was in ear- ticle m of &e pro i ect neither do the deferred three 



her days necessary to discuss the prerogative which per cent bonds cre ated to pay overdue interest on the 



a nation enjoys of paying off its deots at any moment, 1824 i oa n, nor the home debt created by the law of 1st 



that right is now, at least, an undisputed fact. The of October, 1860. The relatively low interest of those 



most advanced nations of Europe and the United bonds renders any explanation unnecessary in refer- 



States of America have exercised it amply, when com- ence to them . anc V ^ t b c ] ast W QJ be a ll paid off by 



patible with the situation and public interests of the amortization before the end of next year, I have 



country. The question of convenience is evident, deemed it unnecessary to include them, the more so 



since with a lesser sum the state can meet its obliga- as the ; r amoun t is now comparatively insignificant. 



tions to its creditors and is enabled at the same time Th the total amount o f ome and foreign debts 



to attend to the usual public service, under a reduced is to be converted into 76,588,323 hard dollars. If all 



system of taxation in the country, or place a larger thc bondholders accept the equitable and even advan- 



capital to increase the wealth, comfort, and develop- tageO us terms of conversion offered to them, should 



ment of the nation. The opportune moment to realize V( f u pass the pro j ect the result will be as follows: 



these operations depends on a combination of many The interest and amortization on the public debt, 



circumstances and complicated elements, not easily which now cost $8,507,432, will be reduced to $5,414,- 



denned and specified, but which show in their results, 187 ^ and this will be further reduced bv $239,999 be- 



by the improved credit of the state and the facilities fore tlie er , d of 1882 ; and, in 1890, when the deferred 



for solving financial problems, that the opportunity b onds of the 1824 loan will be paid off, the total ser- 



li? n r w *? *> Ct e $ op 6 .^ 1011 of consolidation ^ ce of the deb t8 ^m be an annual saving of $748,041 



of the debt, in order to make it less onerous and more __ r _ ! _ 



reliable for the. sake of the creditor. I believe that * Reduced to dollars at the rate of 4-88 per pound sterling, 



this moment has come for our country, and every day 6,123,526-48 hard dollars. 



