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and will always keep it as a proof of your friendship. tados and the islands in proximity thereto, and, in The cordial feelings you express for myself, and the the Atlantic, those lying east of Tierra del Fuego and kind view you take of the part I have had in arrang- of the eastern shores of Patagonia ; and to Chili shall ing the boundary treaty with Chili, are highly flat- belong the islands lying south of Beagle Channel, and tering to me. If the treaty of July 23d assure peace all those west of Tierra del Fuego to Cape Horn. and reknit the bonds that have bound both nations ART. IV. The arbitrators mentioned in Article I together since they achieved their independence, as I shall in like manner fix the limits referred to in Arfirmly believe it will, very much of such a happy con- ticles II and III. summation for the civilization and progress of this Arr. V. The Straits of Magellan shall be neutral part of America will be due to you." We have both for ever, * and the navigation thereof free to all nations ; contributed something to the work you so justly call and, for the better securing said freedom and neutrality; good—I by carrying out the instruction of the Presi- no fortification or military defense shall be constructed dent, and you by so worthily interpreting the pol- there. icy of the Government of the United States. I am Art. VI. The Chilian and Argentine Governments already rewarded by the approval of my Government, shall exercise full sovereignty for ever over the regions my countrymen, and public opinion in general. As to them respectively appertaining under this treaty; for you, my highly esteemed friend, it is a source of and should any question unhappily arise between the extreme pleasure to me that your honored name is two countries, whether in virtue of this treaty or from linked with the international deed of July which re any other cause, such question shall be submitted to stores peace between two peoples who are alike neigh- thi arbitration of a friendly power; but the limits debors and brothers. Your most sincere friend, fined in this treaty can in no event be disturbed.

BERNARDO DE IRIGOYEN. Art, VII. The ratifications of this treaty shall be Here follows the translation of the text of the exchange be effected either in the city of Buenos

exchanged within sixty days, or sooner if possible, and the treaty of limits between the two countries: Ayres or the city of Santiago. In the name of Almighty God. The Governments gentine Republic and of the Republic of Chili have

In witness whereof the plenipotentiaries of the Arof the Argentine Republic and of the Republic of affixed their hands and seals to this present treaty, in Chili, being desirous of effecting a friendly

and hon- duplicate, in the city of Buenos Ayres, on the twentyorable settlement of the dispute between their coun third day of October, in the year of our Lord one tries, and in pursuance of the treaty of April, 1856, have decided to make a treaty of boundaries; and

thousand eight hundred and

eighty-one. to that end have appointed the following plenipoten

(Signed) BERNARDO DE IRIGOYEN,

FRANCISCO DE B. ECHEVERRÍA. tiaries, namely, by his Excellency the President of the Argentire Republic, Dr. Bernardo de Irigoyen, Minister of Foreign Affairs, and by his Excellency the

For statistics relating to area, territorial President of Chili, Don Francisco de B. Echeverria, division, population, etc.

, reference may be Consul-General in the Argentine Republic; who, hav- made to the “ Annual Cyclopædia" for 1872, ing duly presented their credentials, and found the 1877, and 1878. The population of the repowers respectively conferred upon them sufficient, public, which was set down at 2,250,000 in have agreed as follows:

Article I. The limits between Chili and the Ar- 1878, is now estimated at not less than 2,400,gentine Republic are from north to south, as far as the 000, and consequently presents a rate of infifty-second degree of south latitude, the Cordillera of crease hitherto unparalleled elsewhere in the Andes, the dividing line being that extending over South America. the loftiest summits of the said Cordillera and separating the water-sheds of either side. All questions aris

In Dr. Coni's demographic bulletin, under ing as to the limits in valleys, or where the peculiar date of July 31, 1881, the population of the features of the Cordillera render the determination of capital, Buenos Ayres, was estimated at 278,the dividing line of the water-sheds difficult, shall be 603. submitted to two arbitrators, a third to be appointed should such two fail to agree and the decision of the 667; in 1871, 20,928;

in 1872, 37,037; in 1873,

The number of immigrants in 1870 was 39,instrument and duly signed by them, shall be accepted 76,332 ; in 1874, 68,277; in 1875, 42,066 ; in as final by both Governments. The present treaty 1876, 30,965; in 1877, 28,798; in 1878, 35,shall go into effect upon the day on which it is signed, 876; in 1879, 50,205; in 1880, 41,615. and shall thenceforth be regarded as binding and valid, and waiving any further formalities or negotiations;

The following table exhibits the nationality and a copy thereof shall be given to each of the two and number of the immigrants who landed at Governments.

Buenos Ayres in 1879 and 1880: ART. II. In the southern part of the continent and north of the Straits, the boundary between the two countries shall be a line extending from Point Dunge

NATIONALITIES.

1879. noss along the land to Mount Dinero; thence westward over the highest points of the mountain-chain of Spaniards..

Itallaps,

22,774 18,416 that region to Mount Aymoud; thence to the point of French

2,175 intersection of the 70th meridian and the 52d parallel English. of south latitude; and thence westward along that swiss.. parallel to the dividing line of the water-sheds of the

Germans.. Andes. The regions lying north of said lines shall

1880.

3.112

8.422
2,149

783
717

490

688 581 445 879 84 67 54

1,760 belong to the Argentine Republic; and those south Belgians...

Portuguese of said lines to Chili, save as stipulated in Article III, Dades. concerning Tierra del Fuego and the adjacent islands. Dutch Art. III. In Tierra del Fuego a line shall be drawn Russians

8 from Cape Espíritu Santo, in latitude 52° 40', and, Greeks and Turks. coinciding with the meridian of longitude west from

Americans.. Greenwich, 68° 34', extended south to Beagle Chan

Various.....

864 nel. Tierra del Fuego being thus divided, the west Total.

82,702 26,648 ern portion shall be Chilian, and the eastern Argentine. Concerning the islands, the following shall This neutrality clause was suggested and urged by the belong to the Argentine Republic: those of Los Es- United States minister.

Austrians.

28
78

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15
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The President of the Republic is Brigadier Señor Don Julio Carrié. The Consul-General General Don Julio A. Roca (inaugurated Octo (at New York) for the American Union is ber 12, 1880), and the Vice-President, Don Señor Don Carlos Carranza. The Governors Francisco B. Madero. The Cabinet was com of the several provinces, etc., were: posed of the following ministers: Interior, Dr. Buenos Ayres.... Dr. D. Rosa, A. del Viso; Foreign Affairs, Dr. Bernardo de Minister of the Interior... Dr. Carlos A. D'Amico Oct.,

Minister of Finance. Dr. Mariano Demaria, / 1850. Irigoyen; Finance, Dr. Juan José Romero;

Catamarca. ...

M. J. Rodriguez. Justice, Public Worship, and Public Instruc Córdoba..

M. Juarez Celman.

Dr. A. B. Gallino. tion, Dr. M. D. Pizarro; War and the Navy,

Entre Rios.

Colonel J. Antelo. Dr. B. Victorica.

Jujuy.

Bustamente.
The Argentine Envoy Extraordinary and La Rioja.

.N. Bustos.
Mendoza..

E. Villanueva.
Minister Plenipotentiary to the United States Salta..

Dr. M. Oliva. and Great Britain is Dr. Manuel R. Garcia. San Juan.

...Z. Concha. The Argentine chargé d'affaires in the United San Luis. States, during the absence of the Minister, is Santiago del Estero.

Tucuman...

.J. M. Nouges. Resignation tendered in November, owing to disagreo- Gran Chaco Territory ...... Colonel F. Bosch. ment with President Roca, but not accepted.

Patagonia..

.. Colonel A. Barros.

Corrientes.

A, Gil.

Santa Fé.

s. de Iriondo. ..J. Gallo.

debt...

REVENUE.

Forests.

EXPENDITURE.

The United States Minister resident is Gen- Salaries....

$1,068,720 Post-Office and telegraphs..

539,778 eral Thomas 0. Osborn.

Bridges and highways..

21,882 The Argentine army comprised, exclusive subsidies to provincial governments.

62,488 of the National Guard, 7,203 men, as fol- Immigration

187,713 Diplomatic service..

62,040 lows: 3,865 foot; horse, 2,574; artillery, 764. Legislaturo

502,898 There were 5 generals of brigade, 14 colonels- Public Instruction

782,477 Justice ..

165,256 major, 26 colonels, 126 lieutenant-colonels, 131 Public Worship.

153,857 sergeant-majors, and 568 officers of other Army........

8,874,518 Navy

550,849 grades.

Agriculture.

8,820 The navy, in August, 1881, was composed Railways

282,939 of 27 vessels : 2 steain ironclads, 6 gunboats, National Observatory.

24,464

64,552 2 steam torpedoes, 12 steamers transformed Railway guarantees

223,605 into war-vessels, 3 transports, and 2 sail of the Rio Negro Expedition..

896,654

Interest and sinking fund of consolidated national line, with an aggregate tonnage of 12,000, an

7,512,412 armament of 88 guns, and manned with 2 chiefs of squadron, 5 colonels, 8 lieutenant

The following tables exhibit the estimated colonels, 6 majors, 7 captains, 26 lieutenants, revenue and expenditure for 1881: 22 students, 43 midshipmen, 7 pay-masters, 36 engineers, 900 seamen, including officers, Import duties.

$18,500,000 200 infantry and artillery (National Guard), 1

Export duties..

8,000,000 Warehouse tees

850,000 torpedo section comprising 3 coinmandants, 8 Stamped paper, etc..

650,000 subaltern officers, and 80 privates. Before the

Post-Office and telegraphs..

452,000 Light-houses, etc.

88,000 end of the year, however, the number of ves

Railways

700,000 sels was increased by the addition of a new

Interest.

164,777 Wharfage..

14,000 ironclad, the Almirante Brown, armed with six

80,000 40-pounder breech-loading guns, of new model, Sundries..

1,000,000 on automatic carriages; eight 8-inch 11f-ton

Total.

$19,898,777 breech-loading Armstrong guns, also of now model, firing projectiles of 180 pounds weight,

$3,262,413 with 90 battering charges, and a number of Ministry of the Interior

of Foreign Affairs.

189,920 smaller guns. The 8-inch guns, so mounted

of Finance.

9,576,646 that two can be fired straight ahead and three of Justice, Public Worship, Public In

struction, etc

1,375,072 on each broadside, are described as surpassing of War and tho Navy...

5,482,450 in range all the guns hitherto mounted in the British navy, and inferior to only a few in pen.

Total........

$19,836,501 etrative power. There is a naval school and Almost every item of the foregoing tables is a school for cabin-boys, and at Zárate there indicative of continued financial prosperity. is an arsenal.

In the first place, the relatively small deficit The national revenue and expenditure for observed on comparing the total revenue and the fiscal year 1879-'80 has been officially re- the total expenditure for 1879-'80, and which ported as follows:

would in all likelihood be covered by the rev

enne derived from the capital, is the more Import duties

$12,844,738 striking as the Treasury was called upon in Export daties.

2,887,868 that year to meet extraordinary obligations Warehouse fees. Stamped paper, etc.

612 394 amounting to $8,631,243. Then the yield of Post-Office

847,481 the custom-house department was $15,732, 101, Telegraphs.. Light-houses, etc..

34,384 agaiust $13,150,824 for the year immediately Railways

604,642 preceding, thus showing an increase of $2,Sundries...

3,904,618 581,277, or little less than one half of the enTotal...

$21,463,040 tire national revenue of the United States of

Colombia, although the population of this latter

country exceeds that of the Argentine RepubMinistry of the Interior..

$2,805,298 lic by more than 500,000. And again, in the of Foreign Affairs of Finance

7,512,412 budget for 1881, the proposed appropriation of Justice, Public Worship, Public Instruction, etc...

for public instruction was set down at $941,

1,051,090 of War and the Navy..

8.921,957 496, while the actual outlay upon that imporSundries (including salaries, etc.)...

1,969,343 tant branch of the public service was but $732,Total ordinary expenditure..

$16,845,885

477 in 1880, almost a quarter of a million less. To which are to be added :

In August last, the minister laid before ConExpenditure extraordinary. $425,181 Matured debts from 1877.

gress his budget for 1882, in which he estiMatured debts from 1878. 7,599,991 8,631,243 mates the customs receipts at $18,785,000, inGrand total.......

cluding an additional duty of one per cent on

828,476,078 all imports and exports already subject to duty. The following are among the more impor- We subjoin the schedules of this latest budget, tant items of expenditure comprised in the lat- in which the revenue presents an estimated tor table:

total of $24,632,000, and some sources of rev

REVENUE.

[graphic]

EXPENDITURE.

606.071

cit:

( 1896 i 1890

1862

1910 1895 1897 1902 1906 1894

enue are enumerated that are not separately it is being more felt, and I therefore hope that the expressed in any of the tables heretofore given, appended bill will meet with your approbation. Alwhile a small surplus appears in place of a deti- foreign debt of the nation, that you may with all ac

statement of the home and

curacy appreciate the bill which I have framed on the REVENUE.

subject. The following table shows how the public Imports...

$18,850,000 debt will stand on the 31st of December of the present Imports additional.

650,000 year, and also the different dates when the several Exports.

8,860,000 emissions will be extinguished, should their present Exports additional.

595,000

service be continued : Warehouse fees..

880,000 Stamped paper..

1,250,000 Licenses. 600,000

ExtinDirect imports, deducting 40 per cent for educa

FOREIGN DEBT.

Total.

guished tion..

720,000 Post-Office..

600,000 Telegraphs

250,000 English loan, 1824: Light-houses.

40,000 Original bonds. Health inspection.

14,000 Deferred bonds.

£123,815 Woods and forests.

80,000 English loan, 1868.

214,500 1887 Judicial auctions.

40,000 English loan, 1871.

525,184

1890 Judicial deposits.. 100.000 Provincial loan, 1870..

78,279 1903 Water-works

200,000 Provincial loan, 1873..

144,558 1906 Notaries.

12,000 Railway loan..

173,540 1914 Interest on Eastern Argentine Railroad sbares.. 116,000 Interest on state lines.

755,000
Total....

£1,254,821* Guano.

10,000 Sundries 800,000

ExtinTotal..

$24,632,000
INTERNAL DEBT.

Total.

guisbed EXPENDITURE. Ministry of the Interior...

$3,996,772 National public funds, law of No-
of Foreign Affairs.
158,250 vember 16, 1863..

$1,180,028 48
of Finance..

12,074,402 National public funds, law of Octoof Justice, Public Worship, and Public

ber 1, 1860.

239,999 99
Instruction...

1,952,584 National public funds, law of Octo-
of War and the Navy..
6,435,996 ber 21, 1876..

84,783 00
Bridges and road stock.

180,720 00 Total..... $24,618,034 Debt to foreigners..

81,843 00 Treasury bills..

619,703 00 The funded national debt of the Argentine Treasury bills.

130,000 00 Republic was reported in November, 1881, at Provincial public funds.

50,328 00 $107,982,592, and those of the provinces at Total.

$8,570,482 53 $29,689,047, constituting a total funded debt of $137,681,639, or $57 per capita approximate- The national bonds of the law of November 16, 1863, 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

Second series. the Buenos Ayres debt assumed by the nation).

5.100.000 “ 1913 Third series..

6,148,264 · 1949 It is proper here to transcribe the following extract from President Roca's special message 420,060 (law of the 5th of November, 1872), to pay

In this table are not included the emission of $1,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 $76,588,- laws, and the special conditions of the issuing of the

Provincial Bank. The special object of each of these 323, and the effect of the scheme would be to loans, 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 in the

conversion, and therefore they do not appear in ArTO THE CONGRESS OF THE NATION: If it was in car

ticle III of the project, neither do the deferred three lier days necessary to discuss the prerogative which per cent bonds created' to pay overdue interest on the a nation enjoys of paying off its debts at any moment, 1824 loan, 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 referStates of America have exercised it amply, when com- ence to them; and, as the last will be all 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 their amount is now comparatively insignificant. tions to its creditors, and is enabled at the same time Thus, the total amount of home 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 the bondholders accept the equitable and even advancapital to increase the wealth, comfort, and develop- tageous terms of conversion offered to them, should ment of the nation. The opportune moment to realize you pass the project, 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,detined and specified, but which show in their

results, 187, and this will be further reduced by $239,999 beby the improved credit of the state and the facilities fore the end of 1882; and, in 1890, when the deferred for solving financial problems, that the opportunity bonds of the 1824 loan will be paid off, the total serhas arrived to effect the vast operation of consolidation vice of the debts will

be an annual saving of $748,041 of the debt, in order to make it less onerous and more 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.

in interest and $2,396,242 in amortization. This re- don loan for similar purposes of £2,450,000 duction will, I consider, compensate for the advantages offered to the bondholders, who, on the other

was placed at 91 per cent. Both these prices hand, in addition to the premiums, will have the se

seem high for 6 per cent Argentine loans, curity that their bonds can not be converted for ten especially when the old loan was at par or a years, excepting so far as 1 per cent yearly amortiza- premium. The last London loan, issued at 91 lion, established by Article I, goes. If, however (but price, is really better than the old 6 per cent tarily, there is nothing for it but to pay them off in loan, which commands par or a small premiuin, cash, at par; and, in this case, I think the new 5 per since the heavy accumulative sinking fund of cent bonds can be negotiated at a price that will give the old loan is rapidly paying those bonds off the same results as the voluntary conversion offered at par. The 1868 6 per cent loan has already to the present bondholders. The operation can be been nearly paid off, and will be entirely exinterests of the state; and if, by some inconceivable tinguished by 1889. Therefore, those ó per error, the bondholders totally or partly refuse to con

cents can never go to much premium. But vert voluntarily, in a very short time the increase of the new 6 per cent loan, whose security is just public and private wealth, and the elements at the

as good, has an accumulative sinking fund of disposal of the nation, will show that the country has sufficient means wherewith to amortize, in a short time,

1 per cent, which discharges the principal at at least the most onerous of its debts. The credit of par in 33+ years. Therefore, these bonds may the country at home and abroad is rapidly reaching reach a higher premium than the old, for their the level it has a right to. Our debts religiously paid time of repayment at par is much more distant. even in the midst of the greatest difficulties, brought The credit of the Argentines being so sound, on by our political errors and the effect of a commercial crisis, have gained confidence for us at home and and the prosperity of the country so great, we abroad, and consequently our credit is improved and should have thought that 6 per cents could increased.

JULIO A. ROCA. have been placed at par. The Buenos Ayres JUAN José ROMERO.

Great Southern Railway 6 per cent debenture would be passed, there being a majority in its debenture stock at the same price, at which It was regarded as probable that the project stock is at 120 with the dividend just off

,

and the Central Argentine Railway 6 per cent favor in both Houses. Another important bill brought during the session was one for the the pnrcbaser only gets 5 per cent for his monabolition of forced inconvertible paper money,

ey. The government security may never stand and the success of which was looked forward

so high as the railway, but there would have to as all but certain; indeed, the sanguine been a wide difference if the government 6 per went so far as to predict the return to specie cent stock had been placed at par, the railway payments by the end of the year.

6 per cents commanding 20 per cent premium.” We are in the habit," writes a British

The new departure in Argentine foreign comfinancier, “ of saying the number of paper dol

merce referred to in the “ Annual Cyclopædia lars to the pound has fallen 10, from 149, at for 1880 (p. 21), namely, an excess of exports which they were this time last year, to 139; the year following the one alluded to in that

over imports, ruled in a still higher degree in but a telegram has been received this week informing us that they have very recently de- marks President Roca, " with what we for

volume. “Ships now leave our ports,” rescended to 127, or only 5 above par, the par value of the paper dollars being 122 to the merly inported, and each successive year we pound. We have long said that paper and have some new product to export. Here is one gold in the Argentine country would come to

fact : 4,000 tons of flax shipped from the couna level, as they have in the United States. Pa- try between January 15th and April 15th this per has now arrived at that standard, saving 5

year." dollars on 122. The fact is most important

Argentine 1868 six per cents were quoted to the railway and tramway interests of that in London at 1014 to 1024 on December 22, country. It is also important to the country 1881. These securities first reached par in itself, and its creditors. It affords a further

December, 1880. assurance, if any were wanted, of the perfect

The subjoined tables show the values, sources, good faith of the Argentines toward their and destinations, respectively, of the exports bondholders. When their 6 per cent bonds and imports for 1880: were at 30, they never failed to pay the full interest and apply the heavy sinking fund.

Belgium..

$2,400,000 Now, that those cloudy days have passed away,

2,892,000 the country is at peace, prosperity in a full

508,000 blaze, and money matters are easy, of course

8,025,000 Germany,

2,289,000 the case of the bondholders is better than ever.

12,108,000 The old 6 per cents have reached a premium.

Italy

2,534,000 But we can not say that the Argentines have Paraguay..

806,000 managed their financial matters well as to

Spain

2,894,000 United States.

8,120,000 raising new loans. The recent Paris loan of Uruguay

From

IMPORTS.

Valnes.

Brazil.
Chili..
France

Great Britain.
Holland..

844,000

8,183,000 £3,000,000 ($12,000,000) for railway extension was raised * at 82, and the more recent Lon- In transitu..

2,965,000 * October, 1880.

Total

$44,066,000

West Indies.
Other countries.

131,000
984,000

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