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Money and Credit (By a law passed)

By a law passed in 1890 the Government was authorized to issue 60 million dollars of Treasury Bills, with force of legal currency. The new government, which was inaugurated on August 6, 1890, has, according to official statement, presented to congress a series of bills introducing important reforms in the financial policy pursued by the last government. One of these bills already approved declares null and void all the guarantees granted for the construction of railways, when the terms of the contracts have not been complied with by concessionnaires. By the law of October 16, 1891, the old National Bank was placed in liquidation, and a new bank, called "Banco de la Nacion Argentina," was created with a capital of fifty million dollars. The new Banco de la Nacion provides (December 1891) for a new issue of $80,000,000 of inconvertible notes, of which $45,000,000 go to the new bank, $5,000,000 to the National Mortgage Bank, and $30,000,000 to redeem the Patriotic Loan of 1891. The events of July 1890, which caused the resignation of President Juarez Celman and a severe crisis, greatly disturbed the resources at the disposal of the Government during that year.

URUGUAY.

Uruguay, the smallest of all the South American states, having an area of only 63,300 sq. m., lies between lat. 30° and 35° S., and long. 53° and 58° 30′ W. On the N. and E. it is bounded by Brazil, on the S. by the ocean, and on the W. by the Argentine Republic, from which it is separated by the Uruguay river and the Rio de la Plata. It borders for 200 m. on the Atlantic, on whose shores is Monte Video, the capital and chief city of the republic, and for 155 m. on the Plata. There are also about 300 m. of navigation on the Uruguay river, while numerous other streams tributary to it can be used for short distances. The facilities for water communication are therefore excellent. In the interior are wooded hills and grassy plains, with occasional mountain ridges, which nowhere rise more than 2500 ft. above the ocean level. The mineral wealth of the country is thought to be extensive. It is known that gold, silver, iron, and lead exist, but no attention has yet been paid to the development of the mines. Alabaster and amethysts have also been discovered.

HISTORY.-The history of the country has been a stormy and sanguinary one, ever since its first settlement by the Jesuit missionaries, in 1862. Its possession was in dispute between the Portuguese and Spaniards until 1724, when it fell into the hands of the latter. In 1821 it was annexed by Brazil, but revolted a few years later, and in 1828 its independence was recognized. From that time until within a few years, internal dissensions have distracted the republic, the chief cities have been destroyed, and at times foreign powers have been compelled to intervene.

Theoretically it is republic. There is a president, elected for a period of four years, and ineligible for two consecutive terms, while legislative power is entrusted to a senate of 13 members, one being elected for each department, and a house of delegates of 40 members. The former are elected for six years, and the latter for three. The population is 559,668, of whom nearly one-fourth are Italians. Most of the natives are of mixed Indian, European and African blood, and are a low and degraded race, uneducated and blood-thirsty. The population of Monte Video was returned as 104,472. The dominant religion is the Roman Catholic,