Page:Vol 6 History of Mexico by H H Bancroft.djvu/479

Rh concessions to the merchants, the law went into effect. The government of Diaz has made it imperative to the present time, and its observance is undisputed.

Much deeper was the excitement caused by the recognition of the British debt, and the plan of converting the Mexican bond in London into others, entitled the Consolidated debt of Mexico in London. Some intriguing persons, who had entertained the idea of themselves entering into arrangements with the bondholders, under the belief that they would be well compensated by the latter, endeavored to hinder Gonzalez from so doing, imagining that when the next administration came into power they would be appointed the agents to complete the negotiation. The terms of the convention were that the debt should nominally represent £17,200,000. Of this sum there would be recognized to the bondholders orly £14,448,000; the by no means insignificant difference, £2,752,000, was to be set aside by the Mexican government to meet the expenses of conversion. What Gonzalez had in view was that this large sum, which his successor, and not himself, was to receive — as his administration would terminate in fifteen days — should be applied, one part to meet the expenses of conversion, and the other to place the next administration in funds to pay the bondholders the first coupons, thus protecting the credit of the government, and paving the way for it to raise a loan in London, and facilitate the development of internal works. But that sum, under the name of gastos, became the touchstone of scandal, which the enemies of Gonzalez made the most of to charge him with the intent of using it to his own advantage, while it was impossible for him to do, in view of the fact that he Lad but a few more hours to wield the executive authority. Through the agency of paid agitators and of a few deluded students, they incited the rabble of the city of Mexico to revolt at the moment the chamber of deputies was discussing the clauses of the