[XXXIII-42] A security for the payment of the interest and of the sinking fund to extinguish the principal, the revenue from tobacco and customs was hypothecated. Under the contract the interest was payable quarterly together with $50,000 for the sinking fund. It was calculated that the debt would be extinguished in twenty years, and that the interest would come to $482,571. El Indicador de Guat., Apr. 21, May 18, 1826; Guat., Mem. Min. Hac., 1830-1.
[XXXIII-43] A natural result of selling $100 bonds at $30, and paying $100 the next year. The govt was shamefully swindled by the few men who had a share in the transactions. Id., 1846, 51-6. On the other hand, the funds received from the loan were misapplied. Marure, Bosq. Hist. Cent. Am., 142-7.
[XXXIII-44] Direct imposts: Guatemala's sources of revenue were 3 per thousand on the assessed value of real estate, military, and road taxes. Several others existing as late as 1882, such as a tax on sugar-cane, were suppressed. Indirect duties on imports and exports, and port charges paid by ships. Stamped paper, slaughtering cattle, imposts on native flour, salt, inheritances, and endowments, and 5 per ct on sales and transfers of real estate. Monopoly of spirituous liquors, tobacco since 1879, gunpowder, and saltpetre. To these are to be added a number of other means of lesser import, but which in the aggregate yield considerably over $100,000.
[XXXIII-45] From the following sources, namely: direct taxation, $176,908; indirect ditto, $1,916,987; govt monopolies, $1,549,173; special revenue, $323,212; divers and extraordinary receipts, $88,577; contracts and divers negotiations, $2,569,418, being for temporary loans, etc. The total amount of revenue from customs included in the item of indirect taxation was $1,485,280, mostly collected at the general custom-house in Guatemala city; to which must be added $52,793 collected on the frontiers, $3,734 for export duties, and $1,530 for port charges. The revenue from imports in the four preceding years were: 1879, $1,501,729; 1880, $2,008,237; 1881, $211,765; and 1882, $1,679,047. The total revenue from all sources from 1852 to 1862 footed up $8,442,835; from 1863 to 1871, $8,547,529; 1871 yielded only $750,848; 1872-9, $19,571,233; 1880, $4,158,199; 1881, $4,423,964; 1882, $4,131,945. The net proceeds or actual revenue from the sale of spirituous liquors for 1878-83 was $6,178,095; from tobacco, 1879, for licenses, $8,656; 1880, two months, $32,232; 1881-3, $484,263. The total amount of municipal revenue throughout the republic was $485,622 in 1883, and $535,364 in 1884. Guat., Mem. Sec. Hac., 1873, 1880-4; Id., Fomento, 1885.
[XXXIII-46] The outlay in 1855 appears to have been $993,522, including $317,094 applied to payment of the public debt; 1864, $1,130,708; 1879, $4,526,263, as follows: Ordinary expenses, $2,728,457; public works, $27,837; advance to the railway company, $200,000; payment of warrants, reimbursement of temporary loans, etc., $1,569,969; 1881, $7,313,889, of which only $3,333,470 was for expenses; $163,241 was for purchase of tobacco, powder, and saltpetre; the balance to payment of debts; 1882, $6,503,422, of which $3,414,747 was for the actual expenses. Astaburuaga, Cent. Am., 84-5; Camp's Year-Book, 1869, 1527; Guat., Mem. Sec. Hac., 1880-4.
[XXXIII-47] In order to be enabled to meet expenses, and payments of the internal debt, the rate of duties on imports was raised in 1873 and again in 1879. It also established an export duty of 12½ cents per quintal on coffee. In 1879, after consolidating the whole debt, 40 per cent of the customs revenue was reserved for its gradual payment.
[XXXIII-48] The interest and portion of the sinking fund were made payable twice a year; viz., April 1st and Oct. 1st. After several deductions, the amount actually received in Guat. was $1,351,069. One of the deductions was of £15,000 for retiring from the London market £20,000 five per cent bonds of the federal loan, purchased at 75 per cent. Samayoa, Apuntam., 1885, 29-37; U. S. Gov. Doc., H. Ex. Doc., Cong. 48, Sess. 1, pt 1, 72; Mex., Informe Sec. Hac., 1873, 24-5; Pan. Canal, Jan. 13, 1883; Id., Cronista, Feb. 21, 1883; Guat., Mem. Sec. Hac., 1880-4.
[XXXIII-49] According to the calculation of the secretary of the treasury, it had become increased on Apr. 1, 1880, to $3,404,967.
[XXXIII-50] Guat. Presupuesto Gen., 1886, 111-14.
[XXXIII-51] The chief sources are import duties and port charges, export duty on woods, tax on spirituous liquors, stamped paper, tobacco, and gunpowder monopoly, etc. Squier, Cent. Am., 271, estimated the revenue in 1856 at about $250,000; but Astaburuaga, Cent. Am., 71-3, sets it down at $154,248, and deducting $37,713 for loans and other receipts not belonging to ordinary revenue, and $24,000 for two years' interest on the English debt, there remained $92,535 to meet an expenditure calculated at $116,898. The assembly voted for 1857, $134,253; 1858, $119,852; 1859, $132,912. In 1857 and 1858 $40,000 more had to be added, owing to political disturbances. Wappäus, Mex. und Cent. Am., 306. In 1867 the receipts seem to have been about $200,000, exceeding the expense some $17,000. Camp's Year-Book, 1869, 527. Those of 1869 are set down at about $560,000. Mex., Informe Sec. Hac., 1873, 88. For 1872 they were estimated at $400,000. Am. Cyclop., viii. 791. According to President Soto's message in 1883, the revenue in 1881 was $1,120,175, and in 1882, $1,298,878. Pan. Star and Herald, March 23, 1883; June 2, 1886.