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and will always keep it as a proof of your friendship. The cordial feelings you express for myself, and the kind view you take of the part I have had in arranging the boundary treaty with Chili, are highly flattering to me. If the treaty of July 23d assure peace and reknit the bonds that have bound both nations together since they achieved their independence, as I firmly believe it will, very much of such a happy consummation for the civilization and progress of this part of America will be due to you. We have both contributed something to the work you so justly call good-I by carrying out the instruction of the President, and you by so worthily interpreting the policy of the Government of the United States. I am already rewarded by the approval of my Government, my countrymen, and public opinion in general. As for you, my highly esteemed friend, it is a source of extreme pleasure to me that your honored name is linked with the international deed of July which restores peace between two peoples who are alike neighbors and brothers. Your most sincere friend,

BERNARDO DE IRIGOYEN.

Here follows the translation of the text of the treaty of limits between the two countries: In the name of Almighty God. The Governments of the Argentine Republic and of the Republic of Chili, being desirous of effecting a friendly and honorable settlement of the dispute between their countries, and in pursuance of the treaty of April, 1856, have decided to make a treaty of boundaries; and to that end have appointed the following plenipotentiaries, namely, by his Excellency the President of the Argentire Republic, Dr. Bernardo de Irigoyen, Minister of Foreign Affairs; and by his Excellency the President of Chili, Don Francisco de B. Echeverría, Consul-General in the Argentine Republic; who, having duly presented their credentials, and found the powers respectively conferred upon them sufficient, have agreed as follows: ARTICLE I. The limits between Chili and the Argentine Republic are from north to south, as far as the fifty-second degree of south latitude, the Cordillera of the Andes, the dividing line being that extending over the loftiest summits of the said Cordillera and separating the water-sheds of either side. All questions arising as to the limits in valleys, or where the peculiar features of the Cordillera render the determination of the dividing line of the water-sheds difficult, shall be submitted to two arbitrators, a third to be appointed should such two fail to agree; and the decision of the arbitrators, when drawn up in the form of a public instrument and duly signed by them, shall be accepted as final by both Governments. The present treaty shall go into effect upon the day on which it is signed, and shall thenceforth be regarded as binding and valid, and waiving any further formalities or negotiations; and a copy thereof shall be given to each of the two Governments.

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 Dungeness along the land to Mount Dinero; thence westward over the highest points of the mountain-chain of that region to Mount Aymoud; thence to the point of intersection of the 70th meridian and the 52d parallel of south latitude; and thence westward along that parallel to the dividing line of the water-sheds of the Andes. The regions lying north of said lines shall belong to the Argentine Republic; and those south of said lines to Chili, save as stipulated in Article III, concerning Tierra del Fuego and the adjacent islands. ART. III. In Tierra del Fuego a line shall be drawn froin Cape Espíritu Santo, in latitude 52° 40', and, coinciding with the meridian of longitude west from Greenwich, 68° 34', extended south to Beagle Channel. Tierra del Fuego being thus divided, the western portion shall be Chilian, and the eastern Argentine. Concerning the islands, the following shall belong to the Argentine Republic: those of Los Es

tados and the islands in proximity thereto, and, in the Atlantic, those lying east of Tierra del Fuego and of the eastern shores of Patagonia; and to Chili shall belong the islands lying south of Beagle Channel, and all those west of Tierra del Fuego to Cape Horn.

ART. IV. The arbitrators mentioned in Article I shall in like manner fix the limits referred to in Articles II and III.

ART. V. The Straits of Magellan shall be neutral for ever, and the navigation thereof free to all nations; and, for the better securing said freedom and neutrality, no fortification or military defense shall be constructed there.

ART. VI. The Chilian and Argentine Governments shall exercise full sovereignty for ever over the regions to them respectively appertaining under this treaty; and should any question unhappily arise between the two countries, whether in virtue of this treaty or from any other cause, such question shall be submitted to the arbitration of a friendly power; but the limits defined in this treaty can in no event be disturbed.

ART. VII. The ratifications of this treaty shall be the exchange be effected either in the city of Buenos exchanged within sixty days, or sooner if possible, and Ayres or the city of Santiago.

In witness whereof the plenipotentiaries of the Araffixed their hands and seals to this present treaty, in gentine Republic and of the Republic of Chili have duplicate, in the city of Buenos Ayres, on the twentythird day of October, in the year of our Lord one thousand eight hundred and eighty-one. (Signed) BERNARDO DE IRIGOYEN,

FRANCISCO DE B. ECHEVERRÍA.

For statistics relating to area, territorial division, population, etc., reference may be made to the "Annual Cyclopædia" for 1872, 1877, and 1878. The population of the republic, which was set down at 2,250,000 in 1878, is now estimated at not less than 2,400,000, and consequently presents a rate of increase hitherto unparalleled elsewhere in South America.

In Dr. Coni's demographic bulletin, under date of July 31, 1881, the population of the capital, Buenos Ayres, was estimated at 278,603.

The number of immigrants in 1870 was 39,667; in 1871, 20,928; in 1872, 37,037; in 1873, 76,332; in 1874, 68,277; in 1875, 42,066; in 1876, 30,965; in 1877, 28,798; in 1878, 35,876; in 1879, 50,205; in 1880, 41,615.

and number of the immigrants who landed at The following table exhibits the nationality Buenos Ayres in 1879 and 1880:

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The President of the Republic is BrigadierGeneral Don Julio A. Roca (inaugurated October 12, 1880), and the Vice-President, Don Francisco B. Madero. The Cabinet was composed of the following ministers: Interior, Dr. A. del Viso: Foreign Affairs, Dr. Bernardo de Irigoyen; Finance, Dr. Juan José Romero; * Justice, Public Worship, and Public Instruction, Dr. M. D. Pizarro; War and the Navy, Dr. B. Victorica.

The Argentine Envoy Extraordinary and Minister Plenipotentiary to the United States and Great Britain is Dr. Manuel R. Garcia. The Argentine chargé d'affaires in the United States, during the absence of the Minister, is

Resignation tendered in November, owing to disagreement with President Roca, but not accepted.

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The United States Minister resident is General Thomas O. Osborn.

The Argentine army comprised, exclusive of the National Guard, 7,203 men, as follows: 3,865 foot; horse, 2,574; artillery, 764. There were 5 generals of brigade, 14 colonelsmajor, 26 colonels, 126 lieutenant-colonels, 131 sergeant majors, and 568 officers of other grades.

Salaries..

Post-Office and telegraphs..
Bridges and highways..
Subsidies to provincial governments.
Immigration
Diplomatic service..
Legislature
Public Instruction.
Justice
Public Worship..
Army........
Navy
Agriculture..
Railways.

National Observatory.
Public Works..

Railway guarantees.

Rio Negro Expedition...

Interest and sinking fund of consolidated national
debt...

$1,068,720

589,778

21,882

52,488

187,713

62,040

502,898

732,477

165,256

153,857

8,874,518

550,349

8,820

282,939

24,464

64,552

223,605

896,654

7,512,412

The following tables exhibit the estimated revenue and expenditure for 1881:

REVENUE.

Import duties...
Export duties..
Warehouse fees
Stamped paper, etc..
Post-Office and telegraphs..
Light-houses, etc...
Railways
Interest...
Wharfage..
Forests..
Sundries.

The navy, in August, 1881, was composed of 27 vessels: 2 steam ironclads, 6 gunboats, 2 steam torpedoes, 12 steamers transformed into war-vessels, 3 transports, and 2 sail of the line, with an aggregate tonnage of 12,000, an armament of 88 guns, and manned with 2 chiefs of squadron, 5 colonels, 8 lieutenantcolonels, 6 majors, 7 captains, 26 lieutenants, 22 students, 43 midshipmen, 7 pay-masters, 26 engineers, 900 seamen, including officers, 200 infantry and artillery (National Guard), 1 torpedo section comprising 3 coinmandants, 8 subaltern officers, and 80 privates. Before the end of the year, however, the number of vessels was increased by the addition of a new ironclad, the Almirante Brown, armed with six 40-pounder breech-loading guns, of new model, on automatic carriages; eight 8-inch 114-ton breech-loading Armstrong guns, also of new model, firing projectiles of 180 pounds weight, with 90 battering charges, and a number of Ministry of the Interior. smaller guns. The 8-inch guns, so mounted that two can be fired straight ahead and three on each broadside, are described as surpassing in range all the guns hitherto mounted in the British navy, and inferior to only a few in penetrative power. There is a naval school and a school for cabin-boys, and at Zárate there is an arsenal.

The national revenue and expenditure for the fiscal year 1879-'80 has been officially reported as follows:

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$13,500,000

8,000,000

850,000

650,000

452,000

88,000

700,000

164,777

14,000

80,000

1,000,000

$19,898,777

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Total.

Total........

Almost every item of the foregoing tables is indicative of continued financial prosperity. In the first place, the relatively small deficit observed on comparing the total revenue and the total expenditure for 1879-'80, and which would in all likelihood be covered by the revenue derived from the capital, is the more striking as the Treasury was called upon in 2,887.363 that year to meet extraordinary obligations 882,135 512,894 amounting to $8,631,243. Then the yield of the custom-house department was $15,732,101, 84,354 against $13,150,824 for the year immediately 504,642 preceding, thus showing an increase of $2,8,904,618 581,277, or little less than one half of the en$21,463,040 tire national revenue of the United States of Colombia, although the population of this latter country exceeds that of the Argentine Repub$2,805,298 lic by more than 500,000. And again, in the 7,512,412 budget for 1881, the proposed appropriation for public instruction was set down at $941,1,051,090 8.921.957 496, while the actual outlay upon that impor1,989,543 tant branch of the public service was but $732,477 in 1880, almost a quarter of a million less. $16,845,335 In August last, the minister laid before Congress his budget for 1882, in which he estimates the customs receipts at $18,785,000, including an additional duty of one per cent on all imports and exports already subject to duty. We subjoin the schedules of this latest budget, in which the revenue presents an estimated total of $24,632,000, and some sources of rev

62,040

$425,181
606.071
7,599,991 8,631,243

$25,476,578 The following are among the more important items of expenditure comprised in the latter table:

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Total .....

Treasury bills.
Treasury bills.
Provincial public funds.

Total....

The national bonds of the law of November 16, 1863,

First series..

Second series..

Third series.........

The funded national debt of the Argentine Republic was reported in November, 1881, at $107,982,592, and those of the provinces at $29,689,047, constituting a total funded debt of $137,681,639, or $57 per capita approximately. The foreign debt comprises $82,365,930 na- will be extinguished: tional, and $2,611,320 provincial (exclusive of the Buenos Ayres debt assumed by the nation). It is proper here to transcribe the following extract from President Roca's special message to Congress, under date of September 23, 1881, on the subject of the so-called $100,000,000 loan for the conversion of those debts. The total amount proposed to be converted is $76,588,323, and the effect of the scheme would be to reduce the present annual service (interest and amortization) from $8,570,432 to $5,414,187.

TO THE CONGRESS OF THE NATION: If it was in carlier days necessary to discuss the prerogative which a nation enjoys of paying off its debts at any moment, that right is now, at least, an undisputed fact. The most advanced nations of Europe and the United States of America have exercised it amply, when compatible with the situation and public interests of the country. The question of convenience is evident,

since with a lesser sum the state can meet its obliga

tions to its creditors, and is enabled at the same time to attend to the usual public service, under a reduced system of taxation in the country, or place a larger capital to increase the wealth, comfort, and development of the nation. The opportune moment to realize these operations depends on a combination of many circumstances and complicated elements, not easily detined and specified, but which show in their results, by the improved credit of the state and the facilities for solving financial problems, that the opportunity has arrived to effect the vast operation of consolidation of the debt, in order to make it less onerous and more reliable for the sake of the creditor. I believe that this moment has come for our country, and every day

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420,060 (law of the 5th of November, 1872), to pay In this table are not included the emission of $1,the shares of the National Bank subscribed by the Government, nor the $16,000,000 lately created by Congress to close the account of the nation with the laws, and the special conditions of the issuing of the Provincial Bank. The special object of each of these loans, besides their bearing 5 per cent interest, render it unnecessary to take the same into consideration. I also consider that they should not be included in the conversion, and therefore they do not appear in Article III of the project, neither do the deferred three per cent bonds created to pay overdue interest on the 1824 loan, nor the home debt created by the law of 1st of October, 1860. The relatively low interest of those bonds renders any explanation unnecessary in reference to them; and, as the last will be all paid off by amortization before the end of next year, I have deemed it unnecessary to include them, the more so as their amount is now comparatively insignificant. Thus, the total amount of home and foreign debts is to be converted into 76,588,323 hard dollars. If all the bondholders accept the equitable and even advantageous terms of conversion offered to them, should you pass the project, the result will be as follows: The interest and amortization on the public debt, which now cost $8,507,432, will be reduced to $5,414,187, and this will be further reduced by $239,999 before the end of 1882; and, in 1890, when the deferred bonds of the 1824 loan will be paid off, the total service of the debts will be an annual saving of $748,041

Reduced to dollars at the rate of 4 ES per pound sterling, 6,123,526-48 hard dollars.

in interest and $2,396,242 in amortization. This reduction will, I consider, compensate for the advantages offered to the bondholders, who, on the other hand, in addition to the premiums, will have the security that their bonds can not be converted for ten years, excepting so far as 1 per cent yearly amortization, established by Article 1, goes. If, however (but that is not probable), holders refuse to convert voluntarily, there is nothing for it but to pay them off in cash, at par; and, in this case, I think the new 5 per cent bonds can be negotiated at a price that will give the same results as the voluntary conversion offered to the present bondholders. The operation can be carried out in a lump, or successively, as may suit the interests of the state; and if, by some inconceivable error, the bondholders totally or partly refuse to convert voluntarily, in a very short time the increase of public and private wealth, and the elements at the disposal of the nation, will show that the country has sufficient means wherewith to amortize, in a short time, at least the most onerous of its debts. The credit of the country at home and abroad is rapidly reaching the level it has a right to. Our debts religiously paid even in the midst of the greatest difficulties, brought on by our political errors and the effect of a commercial crisis, have gained confidence for us at home and abroad, and consequently our credit is improved and

increased.

JUAN JOSÉ ROMERO.

JULIO A ROCA.

It was regarded as probable that the project would be passed, there being a majority in its favor in both Houses. Another important bill brought during the session was one for the abolition of forced inconvertible paper money, and the success of which was looked forward to as all but certain; indeed, the sanguine went so far as to predict the return to specie payments by the end of the year.

"We are in the habit," writes a British financier, "of saying the number of paper dollars to the pound has fallen 10, from 149, at which they were this time last year, to 139; but a telegram has been received this week informing us that they have very recently descended to 127, or only 5 above par, the par value of the paper dollars being 122 to the pound. We have long said that paper and gold in the Argentine country would come to a level, as they have in the United States. Paper has now arrived at that standard, saving 5 dollars on 122. The fact is most important to the railway and tramway interests of that country. It is also important to the country itself, and its creditors. It affords a further assurance, if any were wanted, of the perfect good faith of the Argentines toward their bondholders. When their 6 per cent bonds were at 30, they never failed to pay the full interest and apply the heavy sinking fund. Now, that those cloudy days have passed away, the country is at peace, prosperity in a full blaze, and money matters are easy, of course the case of the bondholders is better than ever. The old 6 per cents have reached a premium. But we can not say that the Argentines have managed their financial matters well as to raising new loans. The recent Paris loan of £3,000,000 ($12,000,000) for railway extension was raised at 82, and the more recent Lon

*

* October, 1980.

1

don loan for similar purposes of £2,450,000 was placed at 91 per cent. Both these prices seem high for 6 per cent Argentine loans, especially when the old loan was at par or a premium. The last London loan, issued at 91 price, is really better than the old 6 per cent loan, which commands par or a small premium, since the heavy accumulative sinking fund of the old loan is rapidly paying those bonds off at par. The 1868 6 per cent loan has already been nearly paid off, and will be entirely extinguished by 1889. Therefore, those 6 per cents can never go to much premium. But the new 6 per cent loan, whose security is just as good, has an accumulative sinking fund of per cent, which discharges the principal at par in 33 years. Therefore, these bonds may reach a higher premium than the old, for their time of repayment at par is much more distant. The credit of the Argentines being so sound, and the prosperity of the country so great, we should have thought that 6 per cents could have been placed at par. The Buenos Ayres Great Southern Railway 6 per cent debenture stock is at 120 with the dividend just off, and the Central Argentine Railway 6 per cent debenture stock at the same price, at which the purchaser only gets 5 per cent for his money. The government security may never stand been a wide difference if the government 6 per so high as the railway, but there would have cent stock had been placed at par, the railway 6 per cents commanding 20 per cent premium."

The new departure in Argentine foreign commerce referred to in the " Annual Cyclopædia" for 1880 (p. 21), namely, an excess of exports over imports, ruled in a still higher degree in the year following the one alluded to in that

volume.

"Ships now leave our ports," remarks President Roca, "with what we formerly imported, and each successive year we have some new product to export. Here is one fact: 4,000 tons of flax shipped from the country between January 15th and April 15th this year."

Argentine 1868 six per cents were quoted in London at 101 to 1024 on December 22, 1881. These securities first reached par in December, 1880.

The subjoined tables show the values, sources, and destinations, respectively, of the exports and imports for 1880:

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