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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
Spain of To-Day; A Descriptive, Industrial, and Financial Survey of the Peninsula. with a Full Account of the Rio Tinto Mines

Spain of To-Day; A Descriptive, Industrial, and Financial Survey of the Peninsula. with a Full Account of the Rio Tinto Mines

Lawson, William Ramage

Paperback

General World History

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ISBN10: 1151367478
ISBN13: 9781151367471
Publisher: General Books
Pages: 36
Weight: 0.18
Height: 0.07 Width: 7.44 Depth: 9.69
Language: English
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1890. Excerpt: ... HER NATIONAL CREDIT. The most difficult lesson for the financial administrators of a country like Spain to learn, is the supreme value of national credit. If they have not been taught to look beyond the walls of the Treasury, and to see that credit is a delicate network enveloping the whole nation, and affecting its private as well as its public interests, they will not be able to realise how important are the consequences of any change in it, either for the better or the worse. The Spaniards, as a people, have not yet reached this high level of financial intelligence; at all events, some of their representative politicians talk as if they had not done so. In the worst of their budgetary difficulties there has been no proposal, or even suggestion, of direct repudiation; but schemes for taxing coupons, which are repudiation in disguise, are started often enough. A not inconsiderable party in the Congress advocates them on every occasion, and has done so again during the past session. Such men, apparently, cannot be made to see that a degradation of public credit would drag down all kinds of private credit along with it. Unfortunately for the practical effect of this argument, Spaniards have, as yet, made very little use of foreign capital compared with what they might do if they fully appreciated the opportunities they have of using it profitably. The non-saving class of them is very large, and easily contented, while the saving class is small and unenterprising. What little it has to invest it puts either in land or in Government securities. Mortgages and the Four per cents, External or Internal, are the only investments known to the money-making Spaniard. Industrial enterprise he has next to none. He would not put his own money into the most promising of...

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