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ics。 Even when elected by the connivance of government officials； the chief magistrate governed in accordance with republican forms。 Presidential power； in fact； was restrained both by the huge size of the country and by the spirit of local autonomy upheld by the States。
Ever since the war with Paraguay the financial credit of Brazil had been impaired。 The chronic deficit in the treasury had been further increased by a serious lowering in the rate of exchange； which was due to an excessive issue of paper money。 In order to save the nation from bankruptcy Manoel Ferraz de Campos Salles； a distinguished jurist； was commissioned to effect an adjustment with the British creditors。 As a result of his negotiations a 〃funding loan〃 was obtained； in return for which an equivalent amount in paper money was to be turned over for cancellation at a fixed rate of exchange。 Under this arrangement depreciation ceased for awhile and the financial outlook became brighter。
The election of Campos Salles to the presidency in 1898； as a reward for his success； was accompanied by the rise of definite political parties。 Among them the Radicals or Progressists favored a policy of centralization under military auspices and exhibited certain antiforeign tendencies。 The Moderates or Republicans； on the contrary； with Campos Salles as their candidate； declared for the existing constitution and advocated a gradual adoption of such reforms as reason and time might suggest。 When the latter party won the election； confidence in the stability of Brazil returned。
As if Uruguay had not already suffered enough from internal discords； two more serious conflicts demonstrated once again that this little country； in which political power had been held substantially by one party alone since 1865； could not hope for permanent peace until either the excluded and apparently irreconcilable party had been finally and utterly crushed； or； far better still； until the two factions could manage to agree upon some satisfactory arrangement for rotation in office。 The struggle of 1897 ended in the assassination of the president and in a division of the republic into two practically separate areas； one ruled by the Colorados at Montevideo； the other by the Blancos。 A renewal of civil war in 1904 seemed altogether preferable to an indefinite continuance of this dualism in government； even at the risk of friction with Argentina； which was charged with not having observed strict neutrality。 This second struggle came to a close with the death of the insurgent leader； but it cost the lives of thousands and did irreparable damage to the commerce and industry of the country。
Uruguay then enjoyed a respite from party upheavals until 1910； when Jose Batlle； the able； resolute； and radical…minded head of the Colorados； announced that he would be a candidate for the presidency。 As he had held the office before and had never ceased to wield a strong personal influence over the administration of his successor； the Blancos decided that now was the time to attempt once more to oust their opponents from the control which they had monopolized for half a century。 Accusing the Government of an unconstitutional centralization of power in the executive； of preventing free elections； and of crippling the pastoral industries of the country； they started a revolt； which ran a brief course。 Batlle proved himself equal to the situation and quickly suppressed the insurrection。 Though he did make a wide use of his authority； the President refrained from indulging in political persecution and allowed the press all the liberty it desired in so far as was consistent with the law。 It was under his direction that Uruguay entered upon a remarkable series of experiments in the nationalization of business enterprises。 Further； more or less at the suggestion of Battle； a new constitution was ratified by popular vote in 1917。 It provided for a division of the executive power between the President and a National Council of Administration； forbade the election of administrative and military officials to the Congress； granted to that body a considerable increase of power； and enlarged the facilities for local self…government。 In addition； it established the principle of minority representation and of secrecy of the ballot； permitted the Congress to extend the right of suffrage to women； and dissolved the union between Church and State。 If the terms of the new instrument are faithfully observed； the old struggle between Blancos and Colorados will have been brought definitely to a close。
Paraguay lapsed after 1898 into the earlier sins of Spanish America。 Upon a comparatively placid presidential regime followed a series of barrack uprisings or attacks by Congress on the executive。 The constitution became a farce。 No longer； to be sure； an abode of Arcadian seclusion as in colonial times； or a sort of territorial cobweb from the center of which a spiderlike Francia hung motionless or darted upon his hapless prey； or even a battle ground on which fanatical warriors might fight and die at the behest of a savage Lopez； Paraguay now took on the aspect of an arena in which petty political gamecocks might try out their spurs。 Happily； the opposing parties spent their energies in high words and vehement gestures rather than in blows and bloodshed。 The credit of the country sank lower and lower until its paper money stood at a discount of several hundred per cent compared with gold。
European bankers had begun to view the financial future of Argentina also with great alarm。 In 1890 the mad careering of private speculation and public expenditure along the roseate pathway of limitless credit reached a veritable 〃crisis of progress。〃 A frightful panic ensued。 Paper money fell to less than a quarter of its former value in gold。 Many a firm became bankrupt； and many a fortune shriveled。 As is usual in such cases； the Government had to shoulder the blame。 A four…day revolution broke out in Buenos Aires； and the President became the scapegoat； but the panic went on； nevertheless； until gold stood at nearly five to one。 Most of the banks suspended payment； the national debt underwent a huge increase； and immigration practically ceased。
By 1895； however； the country had more or less resumed its normal condition。 A new census showed that the population had risen to four million； about a sixth of whom resided in the capital。 The importance which agriculture had attained was attested by the establishment of a separate ministry in the presidential cabinet。 Industry； too； made such rapid strides at this time that organized labor began to take a hand in politics。 The short…lived 〃revolution〃 of 1905； for example； was not primarily the work of politicians but of strikers organized into a workingmen's federation。 For three months civil guarantees were suspended； and by a so…called 〃law of residence；〃 enacted some years before and now put into effect； the Government was authorized to expel summarily any foreigner guilty of fomenting strikes or of disturbing public order in any other fashion。
Political agitation soon assumed a new form。 Since the Autonomist…National party had been in control for thirty years or more； it seemed to