The Federal system does not appear to work well in
the Argentine Republic, the separate States so mismanaging their financial affairs that the Central Government considers them bankrupt. A Bill has accordingly been brought in to the Central Congress ordering the National Government to assume all provincial foreign debts, and to take over all public works constructed with the proceeds of such loans, the further con- traction of which is in future prohibited. These loans have been jobbed in the grossest way ; but though the Central Government will obtain few assets, it may be able to compro- mise with the creditors. The most valuable prerogative of self-governing States is, however, taken away. Unionists should remember that after Home-rule is accepted, England will always be liable to a similar call from Ireland, with this aggravation, that Irishmen believe England to be endlessly rich. We shall probably have to advance £20,000,000 every five years without real security, under penalty of the Irish Members stopping all Imperial legislation.
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