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The Dominican government took no warning from previous disasters but continued in its course of reckless debt contraction. In order to equip warships and arsenals it borrowed money right and left at rates of interest which ranged anywhere from 18 to 30 per cent per annum. The loans were guaranteed by customs revenues which the creditors were authorized to collect direct from the importer.
I also saw that loans were attended with risk commensurate with the rate; nevertheless, I could not attempt to reform the rules and customs established by others before me, and had to drift along with the rest toward that Niagara that none foresaw at the time.
And the worst of it was that no one could point to a remedy for this state of things, or assign any probable end to it. Under such circumstances the public credit sank at home as well as abroad. Foreign creditors even France, who had been nothing if not generous with her loans might be made to wait; but there were creditors at home who, should they prove ugly, could not be so easily put off.
A comparison has more than once been made between the manner in which our debt was made and that in which the debt of the United States is now being created; and the great point raised in our favor is, that while we were borrowing money we were also taxing ourselves, and that we raised as much by taxes as we did by loans.
Tucked in here and there, at sixes and sevens, are the scarlet and blue of several suits of cast-off theatrical wardrobe he got of Abbott, and now loans for a small trifle to Madame Flamingo and the St. Cecilia Society the first, when she gives her very seductive balmasques; the second, when distinguished foreigners with titles honor its costume balls.
"The property of this Fund consists in mortgages on nineteen thousand acres of land in this county, in the ownership of most of the business houses around the square in Jordantown, in various loans, in 60 per cent. of the stock of the National Bank, and in other properties, including the Signal.
Requests for loans are constantly being received by the Bank from countries desiring to secure goods and services in this country for the reconstruction or development of their economies. On July 31, 1945, the lending authority of the Expert-Import Bank was increased to a total of 3,500 million dollars. I anticipate that during the period covered by this Budget the Bank will reach this limit.
Banks which hold the public money are often tempted by a desire of gain to extend their loans, increase their circulation, and thus stimulate, if not produce, a spirit of speculation and extravagance which sooner or later must result in ruin to thousands.
I would recommend the calling in of your large loans, and the making of only sixty and ninety day or call loans until general business revives. And now, there is one thing more, and I will have finished with the bank. Here are six notes aggregating something like $40,000. They are secured, according to their faces, by various stocks, bonds, shares, etc. to the value of $70,000.
I never asked for the money and it was not until more than two years had passed that he had returned it. I wrote him in 1897 asking a loan of one hundred dollars for a few weeks. In reply he wrote: "You will be surprised at my not granting you this small favor, but I have lost so much money through loans to friends that I make no more personal loans."
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