Papers Relating to the Foreign Relations of the United States, Transmitted to Congress, With the Annual Message of the President, December 3, 1888, Part I

No. 3.
Mr. Hanna to Mr. Bayard.

[Extract.]

Legation of the United States,
Buenos Ayres, November 29, 1887. (Received January 5, 1888.)

No. 98.]

Sir: The Argentine Congress, just adjourned, has vastly increased its railroad guaranties. Before the late additions they stood at $188,000,000; now they are increased by $88,000,000, making the total of such guaranties $276,000,000. The greater part of these guaranties are on a 5 per cent, basis—that is, that the roads when completed shall not fall below that on cost of construction and expense of operation.

I have, etc.,

Bayless W. Hanna.