When in 1890 I wrote an Introduction to M. Latzina’s book, the Argentine was in the full swing of speculation, and apparently saw no limits to its development. “The Argentines,” I said, “resemble an enterprising merchant, who, having opened shop in a well-frequented street, and having borrowed money in order to start with a luxurious establishment, finds himself greatly embarrassed for years, although his business prospers, because his advances and his engagements are larger than his takings. It is desirable that this spirit of enterprise should be fed, so to speak, on diet, or at least, according to regimen; and on such conditions equilibrium would be re-established.” Indeed, it then seemed that a crisis must occur; and it came, a few months later. It was very long and very severe; the Argentine learned what it meant to lose its credit, and for twelve years it suffered the disadvantages of a depreciated paper currency. The country recovered, and speculation rapidly received fresh impetus. Thanks to the excess of exports, gold became plentiful; it is no longer at a premium; if interest——which has decreased——still maintains itself at about 6 per cent., it is because there is a great demand for capital. The budgets still increase at a pace to alarm a prudent financier, in spite of increased receipts. “If the Argentine does not wish to compromise its lofty destinies,” say the authors of the present volume, “it is essential that it should maintain an economical administration, careful of the public moneys, yet open to all material progress. By so doing, it will inspire confidence in men and in capital: the two elements which it must still increase in order to become a great nation.” * * * * * To the population born on Argentine soil were added, between 1857 and 1908, 3,338,000 immigrants of various nationality;[8] 1,706,000 Italians, 670,000 Spaniards, 201,000 French and Belgians, 100,000 Austro-Hungarians or Germans, and 41,000 English. Thus the Latin races are greatly in the ascendant: a fact which facilitates assimilation. [Footnote 8: On the other hand, 1,322,000 persons emigrated. The census of 1895 gave 886,000 foreigners not naturalised, of whom 493,000 were Italians, 199,000 Spaniards, 94,000 French, etc. To-day immigration consists especially of Italians (127,578 in 1906), Spaniards (79,287), Russians (17,434), Syrians (7677), Austrians (4277), French (3698), etc.] The Government should preoccupy itself largely with this matter of assimilation: for the process is not complete. There are two effectual means which it might employ, among others, in order to assimilate its new recruits: ownership of the soil and education.