to Mr. Fish.
Quito, Ecuador, August 11, 1874. (Received September 9.)
Sir: Hereto I append copy and translation (Nos. 1 and 2) of a recent correspondence between the fiscal agent of this government and certain prominent merchants, bankers, and commercial men of Guayaquil, in reference to the late financial crisis in Ecuador, which seriously imperiled the monetary and business interests of the country.
The effect of this correspondence, superadded to the proposed abolition of the executive decree prohibiting the exportation of silver in bars and certain silver coins, has been beneficial.
Exchange has fallen to a decent figure, trade is reviving, confidence being restored, and the Bank of Ecuador has issued a call for the payment in full of its capital stock, and offers to redeem its outstanding notes whenever presented.
The roads (rail and turnpike) are again in course of construction also.
The cost of the ecclesiastic establishments and their accompaniments in Ecuador constitutes a serious and needless drain upon the national revenue, and is out of all proportion to the wealth and resources of the republic.
I have, &c.,