Page:Mexico in 1827 Vol 1.djvu/419

Rh From this amount, Mr. Esteva deducts, (with the alleged concurrence of the Minister of War) 2,595,744 dollars, for reductions to be made in the Army and Navy estimates; thus bringing the total expense of the year to 13,363,098 dollars: viz.—

Such is the result given by Mr. Esteva's official Report, of January 1827, and repeated in the Manifesto published by him, at the President's desire, on quitting the Ministry shortly afterwards.

It is unfortunately but too evident that this result is incorrect; for how, (it will be asked,) can Mexico, with a balance, however small, in her favour, have allowed her credit to be destroyed in Europe, as it has been during the present summer, by the non-remittance of the funds required for the payment of the dividends due upon her loans?

It is by no means easy to answer this question,