By the end of the year 99 per cent of the bonds had been redeemed.

“Give me four roubles anyway—I'll redeem it, it's my father's.

To that end, external debt was swapped for domestic (as in the case of Argentina, Colombia and Peru) and bonds issued on the external market were redeemed (as in the case of Argentina, Brazil, Mexico, Panama and Peru).

By advancing to private people at interest, and upon land security to double the value, paper bills of credit to be redeemed fifteen years after their date, and in the meantime made transferable from hand to hand like bank notes, and declared by act of assembly to be a legal tender in all payments from one inhabitant of the province to another, it raised a moderate revenue, which went a considerable way towards defraying an annual expense of about L4500, the whole ordinary expense of that frugal and orderly government. The success of an expedient of this kind must have depended upon three different circumstances;