public Debt 129 



try ; and whether a man has a thousand dollars or a million he can go 

 there and make money if he exercises ordinary precaution and judg- 

 ment, and if he makes up his mind to stand the discomforts of the 

 country. It is a good country for the prospector, too, because there 

 are no seasons against him, and there are many new fields entirely un- 

 touched; but he needs money enough to get there with and enable him 

 to obtain the proper kind of outfit, and time to familiarize himself 

 with the requirements of the law and select some district in which he 

 wants to operate. 



For the small capitalist, or for a small syndicate, there is no finer 

 field for the organizing of small legitimate companies for the purposes 

 of opening and working old abandoned mines, which are filled with 

 debris or water, and which it will pay to clean out and work, and 

 of which there are still many to be had. In times gone by they were 

 abandoned because of the refractory condition of the ores, or lack of 

 machinery, or want of transportation, all of which conditions have been 

 removed. There is also a fine opening for capital for the exploration 

 of the new gold-fields in the vicinity of Guadalupe y Calvo, in the 

 range between Sonora and Chihuahua, in the State of Guerrero, and 

 in many other localities. 



There are in various parts of Mexico educated, experienced, and 

 thoroughly reliable Americans to be found, who have lived a long 

 while in the country, and know the language, the laws, and the people, 

 and would be willing to give reliable information to young Americans 

 wishing to go there. 



PUBLIC DEBT. 



The public debt of Mexico is represented by bonds drawing differ- 

 ent rates of interest, some payable in gold and others in silver. In 

 1825, very soon after our independence, we contracted two loans in 

 London, both for 10,000,000 pounds sterling, which we mainly used for 

 buying war-ships and war material. On account of the disturbed con- 

 dition of the country, the interest on that debt could not be paid punc- 

 tually, and the bonds naturally fell to a very low nominal price. In 

 1851, after the war with the United States, we refunded that debt in 

 new bonds, the interest of which was reduced from 5 to 3 per cent, 

 which we expected to pay punctually, but the disturbed condition of 

 the country made it impossible for us to do it. Finally, in 1888, the 

 debt was readjusted and gold bonds bearing 6 per cent, interest issued, 

 and as we have paid since punctually the interest, they have reached par. 



We had issued bonds from 1849 to 1856 to pay claims of English, 

 French, and Spanish subjects under certain conventions signed with 

 those countries, and such bonds were exchanged at different rates for 

 the 6 per cent, gold bonds of our foreign debt. 



VOL. I Q 



