1831 · Haitianyear only
The government spends more than it takes in and blames France
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The book tracks the shortfall through two years. In 1825 the government took in 2,820,196 gourdes and spent 3,115,295. By 1831 it received 2,336,549 and spent 2,543,039. Contemporary opinion laid the blame on the customs concessions in both directions and on the indemnity itself. Haiti stopped paying. Boyer negotiated relentlessly and in 1838 obtained French recognition of independence purely and simply, a reduction of the indemnity to sixty million francs, and the removal of the preferential duties in both directions. None of this produced accumulation fast enough to rebuild the sugar estates. A weak domestic capital market, laws prohibiting foreign ownership that kept investment out, and military spending absorbing more than half the budget under Christophe, Petion and Boyer alike, all prevented the bourgeoisie from forming capital. The bourgeoisie was left weak against foreign capital and able to deal with it only from below.