No. 192.
Mr. Scruggs to Mr. Fish.
Legation of
the United States,
Bogotá, February 27, 1875. (Received April 19.)
No. 88.]Bogotá, February 27, 1875. (Received April 19.)
Sir: I have the honor to transmit to the Department separately, by this mail, the annual report of the secretary of the national treasury of Colombia for the year ending December the 31st, 1874.
The foreign debt of the republic is $10,708,000, and is composed of the following items:
| 1. | Bonds of 1873, issued in virtue of a compromise effected that year with foreign creditors holding the old bonds of the New Granadan Confederation | $10,000,000 |
| 2. | Bonds of 1868, issued in virtue of a compromise effected that year with foreign creditors | 105,500 |
| 3. | Bonds of 1873 | 602,500 |
| Total foreign debt December 31, 1874 | $10,708,000 |
The domestic debt, as set down in the secretary’s report, is nominally $9,752,559. But this is above its present value. It may be analyzed as follows:
| 1. | Privileged consolidated debt, drawing 6 per cent, interest, paid punctually in coin, worth par, and held by charitable institutions | $1,828,240 |
| 2. | Ordinary consolidated debt, at 3 per cent. interest, (in private hands;) nominal value, $3,225,100, now worth about 50 per cent | 1,612,550 |
| 3. | Floating debt, (treasury bonds,) at 6 per cent. interest; nominal value, $3,070,860, worth to-day 40 per cent | 1,228,344 |
| 4. | Floating bonds, drawing interest at 3 per cent.; nominal value $1,484,707; actual value, 16 per cent | 237,513 |
| Bonds non-interest-bearing, issued in settlement of overdue interest; nominal value, $88,780, now worth 80 per cent | $71,102 | |
| 6. | Bonds for foreign claims, &c., about $10,000 outstanding in December, 1874, but now redeemed | |
| 7. | Treasury bills, nominal value $44,500, worth only 65 per cent | 28,925 |
| Actual cash value of the domestic debt February 1, 1875 | $5,006,674 | |
| Foreign debt, as above, December 31, 1874 | 10,708,000 | |
| Total debt | $15,814,674 |
I have, &c.,
WILLIAM L. SCRUGGS.