- 30 - and the adjustment in the balance of trade and the shortage in borrowing, a shortage in the availability of purchasing power that meets general needs, and abstention from hoarding gold. In conclusion, the evidence is abundant from various sources that the country has begun to move in the direction of economy. "This tendency towards economy is discouraging, but it must be admitted that the biggest reason for it is the pressure of debts and the necessity of liquidating the debts that the public bore the burden of during the period preceding the financial crisis. It is generally accepted that if the weak positions had been completely liquidated after the crisis of 1907, it would have led to the acceleration of the return of economic strength and activity to the market and the public. The slowness of liquidation is evidenced by the number of foreclosures and expropriations to settle debts, and the resulting feeling of loss of confidence and security that prevailed in financial and commercial circles, which is evident in the deliberations of chambers of commerce and public companies." Then the advisor said: "What is surprising at first glance is that the great increase in the value of the country's crops since the beginning of the current century has not given the country a more stable financial position than its current one, even though it was accompanied by security and order guaranteed by good governance. While some factors like population increase and high cost of living have contributed to this, this disappointing outcome must be attributed primarily to the accumulation of debts and extravagance in spending. "Since the increase in debts places a burden on the country's wealth resources that will last for a long time or endure, the current unsatisfactory situation will be improved by continuous liquidation and the passage of time, becoming more stable and less demanding than it is now. The greatest hope for accelerating improvement is linked to the efforts made by individuals to reduce expenses and refrain from taking out new loans unless the purpose is to generate income. Commercial statistics indicate a positive trend in this regard, as previously mentioned. Clear evidence supporting this conclusion is the reduction of expenses among farmers. "It is likely that most of the credit for this latter matter is due to the outcome of the law of foreclosures. Those who followed this law were quick to judge that it deprives the small farmer of all financial confidence, while this confidence is essential for him economically. However, the truth is that the actual needs of the small farmer or owner who cultivates his land himself without hiring laborers are less than what was thought, and the funds he used to borrow by mortgaging his land