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that from the high price which it bears in that territory, salt of very bad quality is worked, mixed up with foreign substances, and which, on that account, bears a low price as compared with what is good; it is the price of the latter that should be taken as the basis for the tax.

No deposits of rock salt, nor salt springs so rich and abundant as to be worked with advantage on account of the Royal Treasury, having been found in the territory which now surrounds the States of Cauca and Antioquia, and salt being, in consequence, very dear in those parts, the Sovereigns of Spain allowed private persons to work on their own account, and to claim as their own property the little salt springs which were discovered there. This continued until a law of the Republic, declaring that all unappropriated salt works belonged to itself, was considered to have withdrawn that favour, which had not operated to lower the price of salt, for it has usually been double what it is in towns where the salt produced at the works of the Republic is consumed. The said favour was afterwards restored and extended to the territory comprised in the Provinces of Neiva and Mariquita, although, in regard to these there were not the same grounds. The measure which I propose will put an end to the complaints of the towns where the salt produced on account of the Republic is consumed, because it will make all equal, imposing a tax upon those who are now exempt, when the price of the article may be such as to bear the imposition.

The concession of the Revenue from stamped paper made to the State of Panamá, and the intimate relation which it bears to civil legislation, which has now passed within the competency of the States, have induced these to possess themselves of this financial resource, each State having established special stamps for its own business. The Executive Power has not thought proper to contend with the Legislatures as to their right of deciding on what kind of paper the documents should be written in matters of which the arrangement belongs to them; but the Executive Power was not of the same opinion when the question was the taking possession of the national paper and of the money obtained by its sale, because the cases are essentially different. This revenue, then, is lost to the Republic, for although the obligation is still in force to use. paper with the Republic's stamp in matters of national import, the returns from that source will be insignificant. If this provision be maintained it will be well to raise the amount of the stamp, and to extend the period of its validity to 3 or 4 years, in order to lessen the expense of preparing the paper and the vexatious operation of its annual distribution.

The reformation made in the national coin by the law of the

30th of June last, has been successful.

The mints have been employed again with advantage to the Treasury and to trade.

The new political form given to the Republic, transferring to the Government of the States the judicial and administrative ser vice which has to preside over the management of the posts having their central stations in the capitals of the States, made a reformation of this branch necessary; in consequence of which the service of the national posts is restricted to the lines from the capital of the Republic to foreign parts, to the capitals of the States, and to places where there are Custom-Houses or salt works carried on on account of the Republic; the States themselves having to establish and regulate the posts of which they have need.

The increasing alarm in trade on account of the insecurity of consignments and correspondence circulating by the River Magdalena; the want of the indispensable means for imparting the necessary regularity and security to the course of the mails on that river; the desire of obtaining those conditions, and the evident advantage of getting the steam navigation on that river established regularly and periodically, have induced the Executive Power to enter into a contract for the conveyance of the mails with the Company whose steamers are employed in that navigation. Some difficulties have been met with in carrying out that arrangement, and it has as yet only answered part of the proposed ends; nevertheless it is a step in the right direction, for steam navigation is gaining ground every day, while that by manual labour is losing it; and it cannot be long before the former entirely supersedes the latter, unless indeed our industry, instead of progressing, becomes paralysed and retrograde.

The arrangement proposed to our foreign creditors, in virtue of the law of the 25th of June, 1856, was not accepted by them, and their Representatives made several proposals, not adopting any other idea contained in the arrangement offered according to the law, except the issue in their favour of bonds admissible in payment of 25 units of the import duties, on account of the arrears of interest. The Executive Power has not been able to accede to those proposals, because they are not in accordance with the law, nor does the state of the Treasury allow the fulfilment of what they demand.

The comparison made in another part of this message between the income and the expenditure, clearly proves that although the Congress and the Executive Power entertain the most earnest and sincere desire religiously to fulfil the engagements entered into with the foreign creditors of the Republic, it is not in their power to do so at present. The interest on the foreign debt due and unpaid

up to the 31st of December last, amounts to 2,029,626 dollars, and the interest for the next financial year to 922,557 dollars, amounting together to 2,952,183 dollars. It is unnecessary to make any observation in order to convince you of the impossibility of paying this sum with our present means, As in each succeeding year the amount of the annual interest will increase a quarter per cent., according to the existing agreement, the difficulty will become continually greater.

When, in 1845, an arrangement was entered into with the bondholders, a considerable abatement of the sum due for arrears of interest was obtained; it was also agreed that the active debt, during some years, should only bear a part of the interest stipu lated when the debt was contracted, and that the arrears of interest should be capitalized, without bearing interest for 16 years, at the expiration of which it was to bear 1 per cent., to be augmented annually, until it reached 3 per cent. These concessions were made in consideration of the inability of the Republic to pay the annual interest on the active debt, and the arrears of interest then due, and in the hope that the new arrangement would be punctually fulfilled. I have no doubt that such would have been the case, if a large part of the revenue which then existed, and upon which the calculations which led to the agreement were founded, had not been destroy el.

The Republic possesses property more than enough to pay her debts, but the unfortunate circumstances which have pressed upon her, have almost rendered it useless. More than 80,000,000 hectares of waste lands, emerald and silver mines, the profits accruing from the Panamá Railroad, and many other valuable possessions, ought now to be sufficient to cover all our liabilities, and to leave a very considerable surplus to our credit, if we had succeeded in inspiring abroad the confidence that is enjoyed by the North American Union, Chile, or even Brazil; and I have no doubt that we shall gain it we firmly establish public order and give unquestionable guarantees for the security of life and property. But in the meantime those great possessions cannot extricate the Republic from her present difficulties.

The floating debt, the amortization of which absorbs 42 per cent. of the total revenue, will be in part redeemed within a few years. The 1st, 2nd, 3rd and 9th classes will be extinguished in the year 1859, and consequently 47 units of the import duties now applied to the payment of that debt will become available. The 4th class now absorbing 12 units, will be redeemed in 1860, and the 5th class representing 15 units in 1862. Thus remaining available for other objects 74 units of the 1094 now applied to the redemption of the floating debt. These units as they become free must be applied, in

preference, to the amortization of the Treasury debt, the interest of which weighs very heavily, being for the most part 18 per cent. per

annum.

In case a practicable arrangement can be made with the bondholders, that part of the importation duties may be applied to the fulfilment of the engagements contracted with them. Should the creditors become convinced of the real situation of the Treasury of the Republic, and be content to wait a few years for the full payment of the interest, on condition of a gradual augmentation as in 1845, they may be assured that their documents will rise in value and, at the end of a few years, the annual interest being punctually paid, the bonds will be at par in the market.

Until the arrangement be made the bonds of the foreign debt, for capital and interest, might be admitted in payment of the units of the import duties which become free after the Treasury Debt, bearing a high interest, is cleared off; augmenting the number of units in proportion as the value of the paper rises in the market; but in such a manner that importers should find it to be their interest to make their payments in such paper rather than in cash.

Fully confiding in your wisdom and patriotism, and convinced that the Almighty who protects the innocent and Catholic Granadian People, and who has preserved the Republic from anarchy in the dangerous crisis we have just gone through, favours righteous intentions, I trust that your labours will be crowned with success, and that New Granada will receive from your enlightened zeal, a Constitution which, rendering liberty and security effective, will ensure order and peace for ever. I recommend to your attention the statements which will be made to you by the Secretaries of the different departments, in their detailed reports of the various matters within the sphere of your authority.

MARIANO OSPINA.

SPEECH of the King of Saxony, on the Opening of the Diet.-Dresden, May 25, 1859.

(Translation.) GENTLEMEN,

THE momentous circumstances of the time have induced me to assemble you again in my presence after a short interval. After a peace of more than 40 years, war has again been kindled in the heart of Europe, and threatens to call in question the treaties on which her rights are materially based.

The Germanic Confederation could not remain indifferent spectators. They resolved to arm in order to guard their safety and honour; and Saxony, as a faithful member of the Confederation,

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has, without delay put her army into the requisite state of readi-
ness. Hard as it is to my paternal heart, to impose new taxes upon
my people, I find myself compelled to apply to you for the grant
of the pecuniary means necessary under these circumstances, and I
am quite convinced that you will promtly supply them with patriotic
readiness.

The particulars thereof shall be laid before you, as well as some
urgent legislative measures imposed by the present circumstances,
for your supplemental approval.

However serious the times which we are to encounter, the conscientiousness supports me that I have always raised my voice for everything that the honour of Germany and the preservation of the principle of right upon which the confederation of her states rests, seemed to command; the conscientiousness supports me, that the whole Saxon nation shares my sentiments herein. Those liable to serve in the army have readily obeyed my call to arms, and joyfully flocked to the Saxon standard. And thus the hard trial will only serve still more to strengthen the ties between the Sovereign and the people, the sincerity of which has in the latter times manifested itself so nobly in joy and sorrow.

Should it come to a struggle for the just cause, God will-as I confidently trust-be with us and the whole German fatherland.

TREATY of Friendship, Commerce, and Navigation, between
Denmark and Siam.*--Signed at Bangkok, May 21, 1858.

[Ratifications exchanged at Bangkok, September 15, 1859.]

His Majesty Frederick VII, King of Denmark, of the Vandals and Goths, Duke of Schleswig, Holstein, Stormarn, the Dithmarshes, Lauenburg and Oldenburg; and their Majesties, Phra Bard Somdetch Phra Paramend: Maha Mongkut, Phra Chom Klau Chau Yu Hua the first King of Siam, and Phra Bard Somdetch Phra Pawarendr Ramesr, Mahiswaresr Phra Pin Klau Chau Yu Hua the second King of Siam ;

Desiring to facilitate and extend their relations of good understanding and trade, between their respective subjects, have resolved to conclude a Treaty of Friendship, Commerce and Navigacion, based on the common interests of both countries, and have therefore, to that end, named their Plenipotentiaries; that is to say,

His Majesty the King of Denmark has named John Jarvie,
Esquire, Consul of Denmark for Singapore.

* Signed also in the Danish and German languages.
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[1859-60. L.]

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