In addition the Republic's
credit was established on a high plane; burdensome concessions were
redeemed and adequate revenues for the maintenance of the government
and the progress of the country were assured. As time goes on proper
appreciation will be given to the men who were the principal agents in
securing this financial and economic regeneration, especially to the
Minister of Finance, Federico Velazquez, and to Prof. Jacob H.
Hollander. While the fiscal convention largely increased the customs
revenues, the Dominican government made no attempt to accumulate a
reserve fund, but spent more even than authorized by its ever
increasing budgets. During the period of civil strife following the
assassination of President Caceres in 1911 the government, in order to
carry on its military campaigns, neglected to pay the salaries of its
civil employees, pledged its internal revenues, diverted and
misapplied amounts of the trust fund set aside for public works, and
incurred indebtedness for supplies and materials purchased and money
borrowed. It thus violated the spirit and letter of the convention in
which the Dominican Republic expressly agreed not to increase its
public debt except by previous agreement with the United States.
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