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That warrants will be used to bolster up credits 

 and finish by unduly inflating the circulation of pap- 

 er money, and so finally to a repetition of a fictitious 

 boom, with all its accompanying evils ; in short achieve 

 quite the contrary to that intended for the remedy will 

 be worse than the disease. 



That it is better to leave things as they are, and 

 wait till the farmer emancipates himself by his own ef- 

 forts. . . . etc., etc. 



The first objection that warrants require the con- 

 struction of elevators, and these demand huge capital- 

 isation, is no argument at all, and much less a funda- 

 mental objection to warrants and credits on warrants. 

 In the first place, as I have stated previously, there 

 are many people disposed to construct elevators, and 

 many financial houses willing to provide the capital not 

 * i lone for building the deposits but also for attending 

 to loans on warrants; into the question of finance and 

 elevator construction 1 have irone extensively elsewhere. 

 If the matter were one for State intervention alone then 

 I believe that this difficulty would soon be solved were 

 the Government to treat with the parties previously in- 

 terested and at one time willing to undertake the con- 

 struction and financing of an adequate elevator sys- 

 tem ; and in case they were not disposed to renew their 

 offers, then there are others assuredly anxious to open 

 negotiations; provided they are treated seriously. Ap- 

 parently there is no shortage of home capital with 

 which to undertake the construction of all the elevators 

 the country requires, although there does appear to be 

 a scarcity of the necessary enterprise. 



The money necessary to finance the warrants we 

 have in abundance in the country. It is sufficient to 

 recall once again that 70 per cent, of the paper money 

 issued is in the banks, and a remunerative use for the 

 enormous sums of money lying idle in the banks is one 

 of the most serious problems of the banker and financier 

 here. From the manifest tendency of the majority 

 of Argentine capitalists, who are not fond of inverting 

 their money outside of land and houses except on short 

 time loans, and who always favour inversions where 

 they can rapidly recover the command of their capital, 

 the opportunities for warrants and short time loans 

 could not seem more favourable. 



FIELD FOR HOME CAPITALISTS. 

 At the present time the only field for productive 



