292  SELLING  LATIN  AMERICA
cidents  as  local  loans,  credits  and  financing,
need  not  concern  us,  and  are  best  left  for  solution ­
  to  those  in  this  line  of  business.  It  is  to
be  hoped  however  that  the  presence  of  American ­
  banking  institutions  throughout  Latin
America  will  result  in  the  financing  with
American  money  of  municipal  and  national
improvements  such  as  water-works,  sanitation,
electric  and  gas  companies,  subways,  harbor
improvements,  fortifications,  building  of  warships, ­
  telephones,  electric  and  steam  railways.
It  was  the  custom  of  the  European  financier  in
making  such  loans  to  stipulate  that  the  work
should  be  done  under  the  supervision  of  citizens ­
  of,  and  with  articles  and  machinery  purchased ­
  in,  the  country  placing  the  loan.  This
was  as  it  should  be.  It  gave  their  engineers
and  contractors  an  opportunity  to  force  upon
these  countries  their  products  and  methods,
provided  permanent  employment  for  many  of
their  countrymen,  who  in  return  created  a  demand ­
  for  articles  of  home  production.
We  may  therefore  consider  the  banking  situation ­
  only  in  so  far  as  it  applies  to  the  travel-