caused scenes of the wildest excitement, and not until then was the real magnitude of the disaffection known. Public holidays were observed for three days. In no quarter was a good word to be said for the defeated President or his administration, and he disappeared from view almost as completely as if the earth had engulfed him. In Europe the keenest pleasure was shown, as the downfall of the President was looked upon as evidence that Argentina would thereafter insist upon honesty in the conduct of its public officials. Dr. Carlos Pellegrini, the Vice-President, succeeded to the office of chief magistrate. The new President had already acquired a somewhat varied experience in public affairs. The name signifies his Italian descent, but his mother was an Englishwoman of distinguished family, and he had thus inherited some sturdy Anglo-Saxon qualities. He had many friends, but there were skeptics also, because he had not protested against Celman’s policy. No one doubted his ability. His first duty was to organize a cabinet that would conciliate the various factions, but that was no easy task. He succeeded in getting former-President Roca to accept the portfolio of Minister of the Interior, and the other appointments were then easily and successfully filled. The new cabinet was a fortunate combination of the diverse political elements. Every one seemed fairly well satisfied, except the Cordoba “Clique.” An empty treasury and a legacy of debts of the Celman administration soon made trouble for the new President and his cabinet. Concessions which contained money guarantees had been scattered broadcast, and these obligations were being pressed. The Congress still contained the corrupt members who had been elected through the official influence of Celman. Things drifted from bad to worse, and the general inflation of public and commercial enterprises brought about an economic and financial crisis. The government had no funds with which to meet even the ordinary expenses, let alone the contractual obligations, and national bankruptcy was threatened. The resources had all been mortgaged. As a makeshift the President decided to issue inconvertible notes, and an issue of sixty millions was legalized. This gave temporary relief only and paved the way for greater complications in the future, as the currency rapidly depreciated. Foreign creditors became pressing. The government finally defaulted in its obligations. The Banco Nacional failed, and the resources of all the banks were taxed to the uttermost. Pellegrini, knowing that his tenure was only temporary, became discouraged, and no permanent solution was attempted by him. No human foresight could devise measures that would immediately bring prosperity, and the people were impatient. Dr. Pellegrini was obliged to wait until later years before his work was really appreciated. He served as national senator in after years, and passed away in 1906, mourned by the nation.