[100] See Memoria del Departamento de Hacienda de 1899, by Joseph M. Rosa.
If Argentina truly wishes, not to compromise her lofty destinies, but to remain a centre of attraction to the labourers or the disinherited children of fate to whom she offers the resources of her fruitful soil; if she aspires to be, in the twentieth century, the great centre of the world’s emigration, as were the United States in the nineteenth
century, she must obtain an administration both methodical and economical; careful of the public moneys, and at the same time open to all material progress. It is thus that she will win the confidence of men and of capital; that is, of the two elements which she must still multiply in order to become a great nation.
CHAPTER II
THE PUBLIC DEBT
Statistics of the public debt on the 1st January 1909—History of the public debt—The first loans.
The financial crisis—Consolidated loans—The Romero arrangement—Loan for the rescission of guarantees—The internal public debt—The total of the Argentine public debt, and its annual cost in dividends and redemption—The proportion of financial charges as compared to other budgetary expenses.
The burden of the public debt is heavy, but not unduly heavy in relation to the productive power of the country—The necessity of restraining further issues and of converting old debts—The efforts of the Argentine to improve her credit.