MONOPOLY OF YELLOW OR CALISAYA BARK. 
47 
fellow-shareholders the results of their management, and who 
must supply, in case of a deficiency of the associated capital, the 
necessary funds for the progress of the undertaking. The govern- 
ment was convinced by its own experience, when endeavoring to 
establish the bank on the basis of the decree of the 18th of June, 
1849, that it was difficult, if not impossible, to accomplish it with 
partners admitted with an equal number of shares. The difficulty 
of their all granting their confidence to the same parties to direct 
the establishment ; the large remuneration that these parties would 
then ask for managing and directing the undertaking in which, on 
the other hand, they would risk little or nothing; the well-grounded 
apprehension that with the associated capital of but $250,000, 
they could not meet the necessities and emergencies of a business 
having to contend with great difficulties in the interior of the Re- 
public, and especially abroad, where still existed accumulated a 
considerable balance of the bark exported by Pinto and Co., and 
of that which was so steadily exported during the last period of 
free egress ; the very slowness with which the directing " Junta," 
named since August of last year, had proceeded in the convocation 
of shareholders and other operations belonging to its functions, 
since it had not even installed itself until the arrival of the Gov- 
ernment in La Paz towards the end of last November, a slowness 
which caused a presumption of great delay when the attempt 
should be made to organize and put the bank in movement ; all 
these difficulties, all these fears and motives were the inducement, 
apart from the intrinsic merit of the proposal of Messrs. Aramayo 
Brothers, for the Government to come forward itself at once in this 
serious affair, and adopt a plan that under the circumstances was 
certainly the least evil, if not the very best. Accordingly all the 
citizens being invited to submit their proposals upon the solemn 
opening of these in a Counsel of the Ministers, and in the presence 
of a large meeting of the most respectable citizens of La Paz, the 
unanimous opinion of the Government, the directing " Junta," and 
the bystanders, decided that of Messrs. Aramayo and Co., to be 
the most advantageous. The Government, impartial and provident 
in the management of the gravest national interests of which it is 
not owner, but administrator, accepted it with certain modifications, 
which were in their turn accepted by the parties proposing. 
