On the other hand, fiscal agreements, commercial treaties, and railways must contribute to the solidarity of these nations among themselves. Europe has invested vast sums of capital in America; she sends thither large quantities of the products of her industries, but there are peoples more favoured than others by this invasion of capital. It should be possible by a series of practical conventions to lay the foundations {385} of a _Zollverein_. The dependence of certain republics as compared with others should tend to make them commercially independent of Europe. Already a number of industries are being developed in America; in Brazil their yield attains the annual value of 46 million pounds; in 1909 the imports were diminished by 3 million pounds in consequence of this new economic factor. It may be supposed that in the still distant future the agricultural peoples of America will buy the products of their industrial neighbours, the Argentine, Brazil, and Uruguay. The unification of the monetary system will still further facilitate the development of this inter-state commerce, this trade between zones almost exclusively agricultural, and other regions both agricultural and industrial; thus closer economic relations will be the basis of a lasting political understanding. No American republic has yet reached the term of its economic development. We may distinguish three periods in the evolution of the nations towards autonomy; during the first their dependence is absolute, in respect of ideas as much as of men and capital; such is the present situation of the majority of the Latin democracies. During the second period agriculture suffices for the national necessities and industry develops; the Argentine, Brazil, and Mexico are already in this state of partial liberty. Finally, the period of agricultural and industrial exportation commences, and the intellectual influence of the country makes itself felt beyond the frontiers. After France and England, Germany and the United States reached this glorious phase. Neither Mexico nor the Argentine nor Brazil is as yet flooding the world with its industrial products nor affecting it by its original intellectual activities; there is no culture or philosophy that we can properly term Argentine or Chilian. Europe is tributary to the Argentine for her wheat and meats, {386} and to Brazil for her coffee, but ideas and machines come from Paris, London, and New York. M. Limantour, who tried to save the Mexican railways from the Yankee capitalists, and the Argentine economists, who endeavoured to convert the foreign into a national debt, are preparing the way for the future reign of financial liberty; but this transformation depends on the increase of public or private wealth and the activity of immigrants, who in hospitable America soon become landed proprietors or merchants.