The War with Mexico, Volume 2 (of 2)Smith, Justin Harvey
History
The War with Mexico, Volume 2 (of 2)
Smith, Justin Harvey
Mexican War, 1846-1848
The clergy gave nominally a million and a half, but they appear to have
taken up indirectly, at a discount of forty per cent, the drafts of
which this donation consisted. Citizens provided a large part of the
new ordnance, but aside from this we hear of few substantial gifts.
Just after the battle of Molino del Rey, in order to obtain bread for
the army, the government requested the bakers of the capital to meet,
but only a part of them came. A "positive supreme order" then brought
them together, and they promised contributions; yet the promises were
not kept.[33.4]
Every possible effort was made to borrow. Once the treasury offered
a national loan of two and a half millions, but it fell flat in the
states that might have paid the most. Just before the battle of Cerro
Gordo there was a door-to-door canvass at Mexico; but only small sums
can have been picked up. About three months later the government
imposed a forced loan, of which more than $280,000 were assigned to
the capital; but the Mexicans had learned to evade such extortions,
and it proved hard to collect the allotted amounts. In July, 1847,
the British consul general, Mackintosh, loaned $600,000 in exchange
for the ratification of an arrangement negotiated with the British
bondholders. In four loans the clergy furnished some three millions,
all told. The President raised money, it was reported, on public and
private securities, sold bonds freely at very low rates, and borrowed
in effect by giving contracts on terms favorable enough to make the
transactions worth while as gambling propositions. The principal mint,
for example, was turned over to the British consul general for a period
of ten years in February, 1847, in exchange for some $200,000 in cash
and a promise to pay one per cent on the amount coined; and on similar
principles arms and other necessaries were sometimes obtained.[33.4]
All of these financial operations were at least ostensibly lawful, but
Santa Anna did not pause here. Wherever money could be found, he seems
to have taken it, holding that the exigency outweighed all rights and
all pledges. Funds belonging to the tobacco revenue were illegally
seized, for instance; and a large sum due the Academy of Fine Arts
fell into this voracious maw. Not only cash but everything needed
for the army went the same way. At Jalapa early in April, 1847, for
example, all the owners of horses received orders to bring them in.
Grain, forage, lead, lumber, arms, ammunition, tools, cattle, mules and
laborers were taken by force; and sometimes military officers exhibited
the burglar's predilection for a midnight hour. Here was a kind of
finance that saved the expenses of accounting, and without it even the
low cost of the Mexican soldier would not explain Santa Anna's holding
out so long.[33.5]
[THE AMERICAN FINANCIAL OUTLOOK]
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account