The nomination and election of Dr. M. F. de Campos Salles, who was inaugurated President of the United States of Brazil on the 15th of November, 1898, "marks the decided distinction of parties in Brazil. Previously, there had been various divergencies among the Republicans, but no distinct party differences. But at that time there arose a party advocating the selection of a candidate who would favor the national against the foreign (naturalized) element; one who would have influence with the few remaining advocates of the monarchical government; who would give preference to a military over a civil government; finally, one who would introduce into the government the system called 'Jacobinism,' a designation which the new party did not refuse to accept. Dr. Campos Salles was the candidate of the moderate Republicans or Conservatives, who were organized under the name of the Republican party, with a platform demanding respect for the constitution and declaring for the institution of such reforms as only reason and time should dictate. The sympathies of the conservative element and of foreigners who had interests in the country were with the candidate of this party and gave him their support. The election of Dr. Campos Salles inspired renewed confidence in the stability of Brazil, a confidence which was at once manifested by the higher quotation of the national bonds, by an advance in the rate of exchange, and by greater activity in business throughout the country. Brazil, in spite of all hindrances, has prospered since 1889." _Bulletin of the Bureau of American Republics, December, 1898._ {55} BRAZIL: A. D. 1900. Arbitration of the French Guiana boundary dispute. Award of the Swiss Government.