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• 1 media/Thumb 162.png 2024-12-10T12:56:51-05:00 The Situation in Haiti 11 Signs that Haiti is entering an era of peace and prosperity, and a warning about making debt repayments plain 2024-12-26T08:53:50-05:00 09-30-1890 The latest news from Haiti is excellent. From the political point of view, security is assured, and we can hope for a long period of peace. The economic situation, which seems to be the criterion of the state of a country at any given time, is feeling fortunate effects from this. The exchange rate has descended to 5, and if this continues there is no reason to believe it will not reach parity. Furthermore, the upcoming harvests are promising the greatest hopes, and this year seems like it will somewhat compensate the poor Haitian farmers for their painful and too often unfruitful labours.
  
  One can only imagine how happy are the hearts of those whose task is to defend the interests of Haiti in Europe at hearing this news. At a time when all eyes are fixed on the Dark Continent, it is sweet to be able to say to the civilized world: notice our efforts to raise the intellectual level of our race! Do not hinder our development work.
  
  This era of prosperity that seems to finally be opening for Haiti will have as a consequence the immediate growth of our credit, which—alas!—has been so weakened abroad. We must, in my humble opinion, sacrifice much to attain this result.
  
  On this matter, it is our duty to publish the following letter from a Paris merchant who has had very extensive relations with Haiti. It has to do with a financial incident which was quite disturbing in certain speculation contexts.

  Mister Director,
  
  You know that I am following events in Haiti with great interest, and how much I welcome the efforts of your compatriots whenever, renouncing the strange manner in which they kill each other,  they affirm by some vague hope of progress their desire to advance.
  
  The tranquillity that proceeds from the stability of Hyppolite's government permits one to hope for an era of peace, and hence of prosperity, for your country. The great number of Haitians that came to Paris this year, the withdrawal of paper money from circulation achieved recently in Port-au-Prince, the considerable decrease of the exchange rate, all seems to indicate a return of confidence and of the good old days of commerce in Haiti.
  
  Also, we were not even slightly surprised to learn that the bond coupon of your national loan from 1875 had not been paid. As soon as you knew it, on 1 July, a sum of 936,460 fr. was due, breaking down as: 519,262 fr. for the interest and 263,700 fr. for the amortization; 101,778 fr. for the interest and 31,720 fr. for the amortization of bonds. It would have been better to pay this 936,460 fr., instead of letting it be added to the 621,041 fr. that will be due on the 1st of January 1891. There is a question of what prevented Haiti from making this payment, since Haitian finances are in a state of prosperity.
  
  Credit is an extremely delicate thing, it takes almost nothing to unsettle it. Look what the good example in the Republic of Brazil when, in the aftermath of a great revolution, it impose immense sacrifices on itself to make sure it keep its commitments. Haiti's bonds should be at an honourable rank on the European market, and it is unfortunate that this negligence should have been committed. 
  
  You direct a newspaper that is called to render the greatest services to your country and to your race, it is therefore your job to reveal over there the effects produced in Europe by certain acts which, as insignificant as they seem, sometimes have grave consequences.
  
  Pardon my frank speech, and I ask that you see it as a sign of my respect for you, cordially... etc.

  We infinitely thank this friend of Haiti for the frankness with which he approaches the question he is considering. We would he happy if everyone who is in commercial or other relations with our country would thus offer us their observations and concerns.
  
  The reported fact is not of little importance. The recent difficulties between Haiti and the Dominican Republic are perhaps one of the causes of the delay in paying the bond coupon; one should be ready for all possibilities. But now that this difficulties have been happily levelled, the Haitian Minister of Finance should have already taken effective measures to give satisfaction to our bond holders.

  Benito Sylvain