It should come in the form of Argentine bonds (“Cedulas” principally), and in coined gold all that is not employed to cover debts payable to our commerce and industry to European banks and manufacturers, which sums cannot be very considerable, although it is difficult to fix them. … The reaction will bring about the investment of savings in Argentine revenue-producing bonds instead of in purchases of land on monthly payments; it will bring about a reduction in interest and as a consequence of this an abundance of money which will stubbornly withstand speculation in land. The movement of the Stock Exchange will reawaken—it has been dead since 1906—and there will be money for mortgages and business, replacing that which came from abroad and which has to be repaid. All of this will bring in time an immigration of Cedulas of our external debt bonds and of railway and industrial shares. What will probably not take place for several years, perhaps for many, is what I mentioned at the commencement, namely, that land and other objects of speculation which do not produce anything will rise to prices which their owners dream about and pretend to obtain, as neither banks nor capitalists will invest their money in such objects, neither will they stimulate speculation, all of which are circumstances which will contribute to develop the economic forces of the country and to foment its industries and its commerce until there arrives for the Argentine Republic the psychological moment of being able to produce all that it consumes, that is to say, become self-supporting, without having to fall back on European industry, a situation at which the United States of North America have arrived after great efforts. Remains only to be added that Mr. Tornquist appears to have omitted consideration of the possibility of money being _withdrawn_ from South America by European investors, not on account of any lack of confidence, but simply because such investors may under existing conditions have actual need of all the pecuniary resources they are able to realize. For the getting in of the 1914-15 harvests there has been sufficient labour available; because of the stoppage of much municipal and building work, on account of retrenchment rendered necessary by the situation. But for the future, if, indeed, they are to occupy the prominent place in the world’s economy for which Nature appears to have destined them, the River Plate Republics will have to increase their agricultural populations greatly and speedily.