No. 4.
Mr. Osborn
to Mr. Evarts.
Buenos Ayres, October 3, 1877. (Received November 30.)
Sir: The ordinary session of the Argentine Congress closed on the evening of Sunday, the 30th of September.
The President sent in his “prorogue” which is simply calling an extra session of Congress, for a certain number of days, to consider certain measures named in his special message, which have not been considered, or but partially considered, in the ordinary session, and which, in his opinion, should be considered and passed by Congress.
Among the most important bills which have passed and been approved by the President was the bill to authorize the executive to spend $267,000 in establishing a mint at Buenos Ayres to coin gold and silver money; copper coin to be imported and stamped here.
This measure is considered to be of much importance from the fact that the want of a national coin causes much inconvenience, and the [Page 8] multiplicity of foreign coins results in much damage to the commercial interests of the country.
The act abolishing the old Spanish system of weights and measures and adopting the decimal system has become a law, and may be considered a step forward, and in harmony with the spirit of the age.
The measure which may be considered of the greatest national importance passed by Congress is the measure which authorizes the President to accede to certain modifications in the concession granted Mr. Clark some years ago. This concession was granted Mr. Clark in 1873, and he entered into contract with this government to build a Trans-Andine Railway and open through communication between Valparaiso, Chili, and the River la Plate by joining two railroads, one in the Argentine Republic and the other in Chili.
It appears that up to the present time little or nothing has been done by Mr. Clark to carry out his contract, on account of the crisis, and the difficulty of obtaining money in foreign markets without a government guaranty.
In the modified concession just passed by Congress, the Argentine Government guarantees to pay 7 per cent. in gold or in bonds, but in sufficient amounts to produce 7 per cent. in gold to the holders of the shares, whether the road earns it or not.
With this guaranty of the national government, and as Mr. Clark has a similar guaranty from the Government of Chili, it is believed that he will experience little or no difficulty in obtaining sufficient money in the London market to carry out the project; and but a short time will elapse before the “pack-mule” in the Andes will give way to the steam-engine, and direct and rapid communication will be had between the Pacific coast and the River la Plate.
The custom-house law for 1878 failed to pass because of a disagreement of the senate and house of deputies on certain modifications adopted by the senate. The law will be considered in the special session.
I have, &c.,