1922 to 1930 · Haitianspan
The great Haitian bonanza turns out to be coffee and a little bauxite
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In 1922 the National City Bank floated sixteen million dollars of Haitian bonds at 96.50. The French loans, worth 21.4 million dollars in 1915 francs, were refunded for 6.04 million, which left the government ten million in working capital and unwound seven years of financial deadlock. The national railway came off the state's back. Its absentee president and later receiver, Roger Farnham, went on drawing twenty five thousand dollars a year from a company earning eighty five thousand, while the New York firm of Sullivan and Cromwell held a twenty thousand dollar retainer. The economist Paul Douglas concluded that Haitian peasants were paying for an expensive luxury. The larger finding was emptiness. United States geological surveys turned up bauxite at Miragoane, marginal copper and little else. Agriculture was the only resource, and plantation agriculture needed land titles that did not exist. Peasants resisted the cadastral survey, and in 1926, after Marine aviators had photographed the country from the air, the building holding the negatives burned down.
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