In financial matters Colombia is known abroad chiefly through repeated defaults in meeting her bonded indebtedness, and through the extraordinary depreciation of her paper currency.
Careful and continuous regard to the various kinds of errors and defaults that are found in transcription will enable us to judge whether a reading which it is suggested stood in the archetype of our text is likely to have been corrupted to the reading, or readings, which stand in the extant manuscripts or editions.
Interest defaults led to a conversion of the debt in 1851, the interest rate being reduced from 5% to 3%.
Further defaults followed and in 1888 another adjustment was made by the issue of 6% gold-bearing bonds.
The financial situation in Venezuela was for a long time extremely complicated and discreditable, owing to defaults in the payment of public debts, complications arising from the guarantee of interest on railways and other public works, responsibility for damages to private property during civil wars and bad administration.