The " Electors " just elected in the Argentine Republic
are all instructed to nominate Dr. Saenz Pena as President, and Sefior tiriburu as Tice-President, and those gentlemen will accordingly accede to office in June next. The President, an old man of good character, but probably weak, has published an exposition of his policy, which is to avoid all foreign loans, to provide for interest on all debts so far as the resources of the Republic will allow, to enforce strict economy, and to impose a new tax specially devoted to the service of the Debt and the withdrawal of the paper-money. All that is pleasant reading, especially to the Baring guarantors ; but the question is, how much of it will be carried out ? The regular course in the Republic is to promise a withdrawal of paper-money, without which nothing can be accomplished, and then to issue it more lavishly than ever. The Congress, which has a veto on the President's proposals, does not care a straw about the foreign creditor, and likes very much getting prices for produce in gold, and paying wages in depreciated paper. According to Mr. Herbert, British Consul at Buenos Ayres, the Debt may be taken at 2120,000,000, and the revenue at less than 25,000,000. If that is true, 2 per cent. is the most the bondholders of the Republic will ever receive, and even that can hardly be paid unless revolutionary measures are taken to extinguish the overplus of paper.
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